According to Transparency Market Research, the worldwide market for facilities management is expected to grow at CAGR of 13.6%, touching US$1,887 billion by 2024.
Green-tech startup Facilio has bagged funding of close to $1.5 million from Accel Partners.
Founded on March 17 by former Zoho execs Prabhu Ramachandran, Rajavel Subramanian and Yogendra Babu, the startup offers an integrated facilities management software that harnesses IoT and machine learning to manage building operations, maintenance and sustainability performance, in real-time, across a portfolio of buildings.
Ramachandran said, “Our product is for companies that own and operate multiple buildings. 20-25% of construction cost goes towards facilities ranging from fire-fighting equipment to heating, ventilation, and air-conditioning (HVAC). Today, the building owner is not on the driving seat. While hardware has been developed, the influence of software on buildings is yet to be seen in a big way,”
Shekhar Kirani, partner, Accel Partners stated, "We have been looking at the IoT space for a while. Hardware focussed startups have limitations because they are capital intensive and take time to scale. Facilio's software can deliver value to the customer quickly and works with the existing hardware. The team is solving a global problem and th0e timing is right given the emphasis towards green buildings and sustainability.”
According to Transparency Market Research, the worldwide market for facilities management is expected to grow at CAGR of 13.6%, touching US$1,887 billion by 2024. While individual players offer IoT-based solutions for various aspects like energy management or HVAC, Facilio is looking to create an integrated platform that gives the building owner a bird's eye view of systems across buildings. The startup counts behemoths like IBM, Microsoft, and SAP amongst its competitors.
Ramachandran said, “Energy management is typically a post facto exercise. With IoT and the data we source from buildings, we hope to offer actionable intelligence and drive sustainability, which is important not just for the building owner but every stakeholder in the building from the tenant to the ground staff and occupant.”
He added, “The startup has pilots running across 10 buildings and is in talks with players in the US and the Middle East. “No customer to date has refused to try our product. That gives you a sense of how relevant the offering is today.”