Facilio’s $35M Funding Round Highlights Surging Demand For Actionable Insights On Facility Performance
On February 22, 2022, Facilio, a facilities and maintenance software provider, announced that it had raised $35 million in Series B funding. Founded in 2017 and with 118 employees, Facilio provides an AI and IoT-enabled platform to help firms optimize building operations and monitor BMS performance. Facilio plans to use its funding to support its expansion strategy and tap into the growing customer demand for data-driven maintenance.
Facilio is looking to bring new efficiencies to traditional maintenance processes by helping firms implement data-driven and condition-based practices. Its platform captures and analyses data from BMSs and IoT sensors, then uses these insights to direct maintenance workflows towards the highest priority assets. For software-based control issues, the platform can automate interventions such as changing temperature setpoints or resetting the system. Facilio estimates that it can integrate with a typical BMS/BAS within four to five weeks, leveraging a site survey by its staff and installing a Tridium JACE controller to stream data to the Facilio data platform. Our survey data shows the underlying demand for such solutions; 42% of facility executives want to improve their building data analysis.
IoT-driven asset insights and automated BMS interventions are already driving new efficiencies in the facilities management sector. For example, UK-based facilities services firm Mitie uses asset data and analytics to deliver smarter facilities work orders, driving a 20% reduction in reactive work orders and 95% accuracy in predictive maintenance calls usage for clients. Basin Street Properties integrated the JLL Hank platform with an on-site BMS to locate and autonomously repair repetitive HVAC software issues, reducing HVAC-related service calls by 60%. While ICD Brookfield Place uses Facilio to connect disparate building systems into a single pane of glass interface to optimize performance in real-time and drive operational intelligence.
Firms looking to get value from this next generation of operations and maintenance management software must also plan to invest in change management and staff engagement programmes. Firms are already modernizing their maintenance and servicing workflows to be more flexible, enabling maintenance staff to respond to near-real-time asset insights. They must also help their engineering teams build trust in software-derived insights by running pilots and staff engagement programmes. These are critical steps for bringing new innovation into facilities management strategies.
For more insights on leveraging the AI and the IoT in your facilities management programme, read our report Practical Applications Of AI In Smart Buildings.