$120 Million Of Funding Fuels A New Generation Of Smart Workplace Tech For The COVID-19 Era
The COVID-19 pandemic has forced operators of commercial office buildings and retail stores to drastically reduce occupancy levels to limit the spread of the virus. For corporate heads of real estate and facilities management, this is creating an aching need for cost-effective technologies that support them with better managing the flow of occupants into, out of, and within their properties. Between January and June 2020, workplace management software vendors have raised over $120 million to further develop products to meet this growing customer need.
Recent funding has focused on propositions that support visitor management, real-time space monitoring and contactless building entry. For example, digital identity solutions firm Proxy raised $42 million to develop its Bluetooth-enabled mobile app for touchless building access. Envoy raised $20 million to adapt its visitor management platform to support office re-entry. VergeSense raised $9 million to develop its people-counting camera-based and IR sensor capabilities. Locatee raised $4 million to expand the commercial reach of its workplace analytics platform. Workplace management platform Mapiq raised over $3.5 million to fund its international expansion.
Even before the COVID-19 outbreak, many vendors were already building out their capabilities for estimating occupancy levels in buildings with greater accuracy and granularity. Corporate buyers wanted insights into their real estate’s level of spare capacity, to maximize workplace density and minimize wasted lease costs. The pandemic is accelerating corporate interest in this technology, but for an entirely different reason; firms are looking to distribute occupancy levels in an era of social distancing. With lots of new product launches and a fresh injection of funding in the smart workplace technology market, buyers have an increasing choice of solutions available to them. Facility managers should focus their investment on technology that is easy to retrofit and will deliver value in the long term beyond workplace re-entry.
To learn more about our recent research on the maturity, business value and pace of innovation of 22 solutions for smart offices and retail outlets, read our Tech Roadmap: Space And Workplace Management Solutions.