Tiger Global and Accel put $6.4 Mn Series A fund in Facilio

Facilio

Facilities management software maker Facilio has secured $6.4 million series A round from Tiger Global and Accel Partners. The Chennai-based startup had scooped up $1.5 million from Accel in March, this year.

The fresh capital will be used in boosting its footprint in India, US and in the Middle East besides foraying into new markets.

Floated in 2017 by former Zoho executives–Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu, and Krishnamoorthi Rangasamy, Facilio’s software helps commercial real estate property owners keep on top of regular maintenance such as air conditioning systems, elevators to lower their energy consumption.

With centralised IoT and AI-driven solution, Facilio claims to manage all aspects of building operations, predictive maintenance, real-time asset performance, and IoT-driven energy analysis, under a single set up.

Facilio competes with global behemoths like IBM, Microsoft, FSI, and SAP.

Apart from the aforementioned investors, the facilities optimisation startup is backed by Freshworks chief executive Girish Mathrubootham.

Last month, media reports suggested that the New York-based investment firm has issued term-sheets to two software companies Fyle and Facilio. The investment also marked Tiger Global’s first bet on Indian startup after a gap of three years and raising $3.75 billion worth 11th fund that concluded in October.

Last month, the Lee Fixel-led firm had invested $3 million in CheckMate. Based out of New York, the Vishal Agarwal-led startup has a 25 member operational and tech team in India.

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here