Global property operations software provider Facilio has raised a $35 million Series B round led by Dragoneer Investment Group. Other participants in the Tuesday round included Brookfield Growth and existing investors Accel India and Tiger Global Management.
Founded in 2017, Facilio operates an AI-powered software platform, targeting commercial, corporate enterprise, health care and retail properties. Using data analytics, the companies SaaS applications work to target disparate systems in cases like maintenance, sustainability and remote performance.
In particular, the software driven proptech aims to transition property operations towards a more all encompassing “connected buildings” approach. Facilio does so by leaning on an IoT-led model.
More recently, this form of automation has been associated with Smart Buildings, which connect building operations through the IoT that simplify tasks like controlling building temperature, security and maintenance through mobile devices and computers.
Additionally, the startup provides prescriptive AI-driven insights to every building stakeholder (including property operators and technicians) to proactively manage asset performance, and applies machine learning to predictively analyze performance of high-value assets and fine-tune energy performance.
“Facilio has unlocked a world of potential with its AI-based predictive approach to increase operational effectiveness,” said Eric Jones, Partner at Dragoneer Investment Group.
Headquartered in New York City, the company was launched by Prabhu Ramachandran, Rajavel Subramanian, Krishnamoorthi Rangasamy and Yogendra Babu after the four saw how little attention efficiency got in the realm of facilities management.
Facilio’s last round took place in 2018 – a $6.4 million Series A led by Tiger Global and Accel. At the time of that raise, Facilio was managing 20 million square feet of space across 150+ commercial buildings globally.
“There is a definitive shift towards embracing an IoT and AI led software system that empowers the built environment with speed and agility to improve efficiencies. We aim to be frontrunners in leading this transformative change in the industry,” said Ramachandran, Founder & CEO of Facilio at the time of its Series A raise.
Ramachandran says that the proceeds from the series B, which bring Facilio’s total raised to $45 million, will be put toward expanding the startup’s sales and marketing operations.