Our Batch 1 Travel startup, Sensorflow - Singapore’s leading proptech startup has just raised US$8.3 million in their Series A+ round! 👏🏻
SensorFlow, a Singapore-based startup that helps hotels and commercial properties optimize energy and operations, today announced that it has raised US$8.3 million in a series A+ round led by Openspace Ventures and Gaw Capital Partners.
Proptech-focused venture capital fund Aurum Investments and Pierre Lorient, a private investor and finance veteran, also participated in the round.
The new investment follows SensorFlow’s US$2.7 million series A raise from Lorient, Cocoon Capital, and Playfair Capital in February 2019.
Founded in 2016, SensorFlow uses the internet of things and AI to help buildings automate heating and ventilation and air-conditioning (HVAC) systems, as well as monitor equipment performance and optimize housekeeping routes.
Its wireless IoT solution gathers real-time data on guest behavior within hotel rooms, then optimizes energy usage automatically. It also activates maintenance alerts when it detects faulty equipment. According to SensorFlow, the solution can be retrofitted into any room within five minutes.
The firm claims that its solutions could help save up to 30% in total energy bills and up to 40% in maintenance costs.
With the investment, SensorFlow plans to hire for hardware and data science roles and expand to new markets such as Japan, Australia, Europe, and the US. It will also develop solutions that automate heating systems and help hotels navigate the Covid-19 economy.
To help its partners cope, SensorFlow said it is developing new solutions, such as a “housekeeping view” feature that uses live occupancy data to help hotels optimize cleaning routes. Engineering teams, meanwhile, can also leverage system performance data to generate performance benchmarks, develop predictive maintenance strategies, and resolve HVAC issues on the spot.
“For the hospitality sector, the need for optimizing energy and operational efficiency is especially pertinent now as it works on recovering from the Covid-19 pandemic,” said Saikrishnan Ranganathan, the CEO and co-founder of SensorFlow. “Our technology can help hotels and properties maximize the use of limited resources, adopt clean technologies, and become more sustainable.
SensorFlow’s solutions are being used by about 10,000 hotel rooms across Southeast Asia, according to a statement. The company aims to increase this number to around 1 million worldwide by 2023.
This article was written by Doris Yu, a Tech in Asia Writer - a finance and technology writer based in Hong Kong, and edited by Charmaine de Lazo.
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