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Proceeds from the financing round will be used to develop further the company's smart building management solution for heating, ventilation, and air-conditioning (HVAC) systems and launch in the United States this year
Fremont, CA: Proptech startup SensorFlow raised USD 8.3 million in a Series A+ funding round led by Openspace Ventures and Gaw Capital Partners. SensorFlow is one of Singapore's leading proptech startups that help hotels and commercial properties optimize their energy and operational efficiency. Proceeds from the financing round will be used to develop further the company's smart building management solution for heating, ventilation, and air-conditioning (HVAC) systems and launch in the United States this year. Besides, the funds will be used to hire new talent in hardware and data science roles as well as to expand to new global markets.
“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. Our technology can help hotels and properties maximize the use of limited resources, adopt clean technologies, and become more sustainable. SensorFlow’s solutions can thus help clients save costs in the longer term and bounce back faster from the pandemic’s economic effects,” said Saikrishnan Ranganathan, CEO, and Co-Founder of SensorFlow.
SensorFlow was founded in 2016 to offer buildings, including hotels, offices, and industrial spaces, the ability to automate HVAC systems, monitor equipment performance, and optimize housekeeping routes through an Internet of Things (IoT) technology and artificial intelligence-driven solution. The company's solution helps generate up to 30 to 50 percent of savings on hotel room HVAC costs, which can translate up to 30 percent in savings on total hotel energy bills.
“Climate change has largely altered our lifestyle choices, and travelers in the US have become more environmentally conscious. In the past year, we have seen a significant increase in the number of hotels partnering with us across Southeast Asia to achieve better efficiency and sustainability. This is highly encouraging and places us in a much stronger position to develop our solution further to meet demand in new key markets such as Japan, Australia, Europe, and the US. Through our smart automation solution, we want to make advanced sustainability technologies the new standard in the global hospitality industry," added Saikrishnan Ranganathan.
Until date, the company has been signed on by nearly 10,000 hotel rooms across Southeast Asia and recorded a 1,000 percent increase in hotel room installations since 2019. “We are committed to supporting startups that develop innovative technologies to transform the way we operate,” said Gervin Yang, VP Investments at Openspace Ventures. “SensorFlow's cutting-edge solution leads to energy and operational efficiency gains that contribute to substantial cost savings. This is especially important in the current climate and can be adopted by any property manager looking to increase profitability as well as to reduce their impact on the environment.”
See also: Top HVAC Consulting/Service Companies