Our Batch 1 Travel startup, Sensorflow - Singapore’s leading prop-tech 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.
SensorFlow is an IoT and AI-based startup that specializes in optimizing energy consumption and equipment performance in buildings. Founded in 2016, the company's wireless IoT solution monitors guest behavior in hotel rooms and then automatically optimizes energy usage while providing maintenance alerts in case of faulty equipment. The company claims that its technology can be retrofitted into any room within five minutes and can help save up to 30% in total energy bills and up to 40% in maintenance costs.
The startup recently announced that it has raised $8.3 million in a Series A funding round, led by OpenSpace Ventures and Gaw Capital. With the new funds, SensorFlow plans to expand to new markets such as Japan, Australia, Europe, and the US, hire for hardware and data science roles, and develop new solutions to help hotels navigate the Covid-19 economy.
SensorFlow has already developed a "housekeeping view" feature that uses live occupancy data to help hotels optimize cleaning routes. Engineering teams can also use system performance data to generate performance benchmarks, develop predictive maintenance strategies, and resolve HVAC issues on the spot. Saikrishnan Ranganathan, the CEO and co-founder of SensorFlow, believes that his technology can help hotels and properties maximize the use of limited resources, adopt clean technologies, and become more sustainable, which is especially pertinent now as the hospitality sector works on recovering from the Covid-19 pandemic.
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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