Facilio, an Atlanta and Chennai-based facilities management technology start-up that offers the world’s first unified Internet of Things (IoT) and Artificial Intelligence (AI)-driven facilities optimization software, recently announced a $6.4 million funding round led by international venture capitalists Tiger Global Management, LLC and existing investor Accel.
Founded in 2017 by cloud and IoT veterans Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu and Krishnamoorthi Rangasamy, Facilio offers real-time facilities management to commercial real estate owners, using IoT and AI to predictively optimize operations and sustainability, while providing a superior tenant experience. Within a year of starting commercial product availability, the company has exhibited strong performance and market penetration across its global territories – Middle East, US, and India.
“Buildings today need agility to adapt to a rapidly transforming landscape,” Facilio fonder and CEO Prabhu Ramachandran said in a statement. “Legacy systems, high upfront costs and long implementation cycles of traditional FM software vendors are bogging down clients with their inflexibility. 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.”
Ramachandran recently spoke with Connected Real Estate Magazine about how Facilio works, how it will help the CRE industry and more.
Connected Real Estate Magazine: How do you describe Facilio to someone who asks, “What does your company do?”
Prabhu Ramachandran: Facilio is the world’s first AI & IoT-based real-time facilities optimization software offering unified facilities and sustainability management.
(And the smartest way to manage facilities!)
Connected: So what does that mean?
PR: It means that yes, we are a technology company, but what we ‘do’ is to leverage that technology to connect together the three integral parts of a building—people, sustainability and machines—in real time.
High upfront costs and operating expenses, long implementation cycles and the legacy, siloed systems of traditional FM software vendors have been bogging down commercial real estate owners with inflexibility, preventing them from keeping pace with modern experience-driven services.
What Facilio does is that it brings in connectivity and intelligence to break these rigid boundaries to deliver continuous efficiency. By providing operation wide visibility and insights from the existing goldmine of performance data within existing automation systems, we empower building owners and facilities managers with intelligence to guide their decision-making. This helps facilities shift from being reactive and tactical to being run on a predictive and strategic model.
And all of this together helps us achieve our eventual goal – enhancing the facilities experience for tenants and users.
Connected: How does Facilio’s software work to provide building maintenance, operations, sustainability and tenant experience, etc.?
PR: As opposed to the traditional hardware-centric automation systems working in silos, Facilio’s software-led approach helps to predictively optimize facilities and create a unified experience.
Facilio helps CRE owners to centrally manage facilities, providing them with portfolio-wide visibility and insights from performance data to help enable predictive building maintenance. This can save CRE owners up to 30% in operating expenses.
Poorly managed assets and buildings can not only increase opex costs by 25%, but can further impact property perceptions due to downtime and maintenance concerns. Additionally, suboptimal assets mean a higher carbon footprint! Facilio’s IoT-enabled operations and energy intelligence helps integrate asset and sustainability data in real-time, helping CRE’s realize multi-fold efficiency.
By bringing transparency, continuous efficiency and everyday sustainability to building operations by harnessing AI & IoT, Facilio helps CREs create superior experiences where people can thrive.
Connected: Congrats on the recent funding round. What will these funds mean for Facilio as the company moves forward?
PR: Now that we have raised capital, we are going to put it to work hard towards two things: making our software suite more powerful and extensive, and two expanding our operations.
We will still remain committed to our vision of helping CRE owners achieve continuous efficiency in real time. And this means we will not only be looking to significantly expand Facilio’s product offering, but also to improve our machine learning infrastructure to produce more predictive models of building performance, enhance AI-driven capabilities to address long existing pain points for CRE owners, and much more.
The funding will also help us increase our operational footprint across the US, Middle East, and other territories, and as always, we will continue to cultivate an inspired partner community we can rely on, globally and in existing regions. We will also be setting up regional sales and support offices to focus on customer success and partner training while also investing in R&D for product innovation.
Connected: How can Facilio help our audience, commercial real estate owners?
PR: CRE owners are key targets for Facilio. In fact, the pain points of the modern day CRE owner triggered the inception of Facilio!
Today CRE owners know that the next frontier of facilities management is experience-driven. Therefore they feel the need to evolve into value-players, beyond everyday fire-fighting and reactive maintenance. But managing these new objectives along with increasing pressures of ROI and sustainability regulations is becoming difficult within the inflexible & cost-heavy boundaries of traditional CAFM.
Facilio helps put CRE’s back in control of driving efficiency and sustainability by providing them with operation-wide and portfolio-wide visibility into building performance. And once buildings and facilities start running on a predictive model of continuous efficiency, it leaves CRE’s free to focus on enhancing the ‘value’ of the facilities experience for tenants and users.
Connected: What else would you like our commercial real estate audience to know about Facilio?
PR: I think CRE owners know that the time to move and transition into the modern era of facilities management is now. By bringing Facilio on board, CRE owners can benefit from a combined operations and sustainability management real-time solution, within one platform. Having Facilio in their buildings will help CRE’s position themselves as progressive value-players, using a modern tech-driven approach to facilities management plus a predictable model of overall sustainability across their portfolio, to deliver a superior experience to tenants and users.
We understand the CRE owners’ pain-points. In fact, we spent a large part of our inception year working closely with some very large customers and honed our product to suit the existing needs and evolving demands of the industry.
We are young and eager, while being smart and committed. And we are moving full steam ahead to be front-runners in the innovation and tech-driven transformation of the built environment.