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An AI-powered property operations software platform based in New York City — with offices in Dubai, India and Singapore — has raised a $35M funding round, with a commercial real estate giant coming on as a new investor.
Facilio secured a Series B round led by Dragoneer Investment Group that included equity from new investor Brookfield Growth, as well as existing investors Tiger Global Management and Accel India.
Facilio, which offers a suite of products that allow property owners to control and monitor systems and equipment across multiple facilities, launched in 2017, aiming to help customers reduce operating costs and meet sustainability goals.
The company compares its function within real estate operations management to Salesforce’s role in customer management, and it has established a global customer base within its four years of business. Its portfolio within the property operations software market includes commercial office buildings, hospital systems, higher education campuses and retail chains, it said in a press release.
“We have been customers of Facilio and now it's incredible to be a partner in their journey,” Brookfield Managing Partner Josh Raffaelli said in a statement. “The company is writing the blueprint for how modern real estate portfolios will operate in the next decade and beyond.”
Facilio founder and CEO Prabhu Ramachandran said in a statement that the funding secured by Facilio will smooth the real estate industry’s transition toward IoT-led connected buildings.
“This investment will allow us to extend our market leadership, expand sales and marketing, and enable more companies to reach success through a predictive, connected model of real estate operations,” Ramachandran said.
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