Singaporean Proptech Startup SensorFlow Bags US$8.3M in Series A+ Round

SensorFlow

SensorFlow claims to have recorded a 1,000% increase in hotel room installations since 2019 and aims to install its solution in 1 million rooms by 2023.

Singapore-based proptech startup SensorFlow announced on Thursday that it has secured US$8.3 million in a Series A+ funding round led by early-stage technology investor Openspace Ventures and global real estate investor Gaw Capital Partners.

Proptech focused venture capital (VC) fund Aurum Investments and existing investor Pierre Lorinet, a finance sector veteran and private investor, also participated in the round.

The fresh funds will be used to develop the company’s smart building management solution for heating, ventilation, and air-conditioning (HVAC) systems, along with global expansion, and talent acquisition in hardware and data science, according to the statement.

In February 2019, SensorFlow raised $2.7 million in a Series A funding round led by Pierre Lorinet, with participation from Cocoon Capital and Playfair Capital. With the latest funds, SensorFlows’s total funding stands at $13.6 million.

SensorFlow offers commercial buildings, like hotels and offices, the ability to automate HVAC systems, monitor equipment performance, and optimize housekeeping routes through an Internet of Things (IoT) technology and Artificial Intelligence (AI)-driven solution.

According to the company, SensorFlow’s solution allows real-time data tracking to help properties monitor energy consumption trends, provides maintenance alerts, and can be installed in less than five minutes. The company claims that their solution saves 30%-50% of hotel HVAC costs, which can lead to savings on total hotel energy bills of up to 30%.

Founded in 2016, SensorFlow has been signed on by about 10,000 hotel rooms across Southeast Asia and says it has recorded a 1,000% increase in hotel room installations since 2019. Dorsett Hospitality International, Accor, The Ascott Limited, and Hyatt are among the startup’s notable clients.

“Through our smart automation solution, we want to make advanced sustainability technologies the new standard in the global hospitality industry,” CEO and Co-founder of SensorFlow Saikrishnan Ranganathan said.

Managing Principal and Head of Capital Markets at Gaw Capital Partners Christina Gaw said, “We foresee big commercial real estate owners and hotel operators integrating smart building solutions in a not-too-distant future.”

The startup aims to develop its solution to automate HVAC systems with heating features to target markets with colder climates. According to the statement, SensorFlow will launch its solutions in the US, the UK, Europe, and Australia this year, and aims to install its solution in 1 million rooms by 2023.

SensorFlow is developing new features within its ‘Productivity Suite,’ including ‘housekeeping view,’ which optimizes cleaning routes amid a shortage of employees during the COVID-19 pandemic.

The startup has also adopted a floating payment model which will charge hotels a fixed percentage of each month’s energy savings, thereby reducing cash strain and allowing hoteliers to benefit from energy or cost savings immediately.

“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 Ranganathan. “Our technology can help hotels and properties maximize the use of limited resources, adopt clean technologies, and become more sustainable.”

In the long term, he added, SensorFlow’s solutions could be used to save on costs and rebound more quickly from the effects of the ongoing pandemic.

“SensorFlow’s cutting-edge solution leads to energy and operational efficiency gains that contribute to substantial cost savings,” said Openspace Ventures VP of Investments Gervin Yang. “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.”

Header Image Courtesy of SensorFlow.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Top Must-Follow Productivity Influencers in 2023

Top Must-Follow Productivity Influencers in 2023

Productivity is a key aspect of success in today’s fast-paced world. Being productive enables individuals to balance their work and personal lives effectively while accomplishing their goals efficiently. To help you stay on track and reach your full potential, we’ve identified top influential productivity experts who provide valuable insights to maximize your efficiency in 2023.

What Can Drones Be Used For, and Do They Have a Future?

What Can Drones Be Used For, and Do They Have a Future?

In January 2023, Australian soldiers used drones to search for a missing woman. The drones helped them reach areas that might have been too challenging for a human to enter. For the past few years, the drone economy has been booming. Global investments in the industry amount to US$1.15 billion, with China leading the market.

2022 FIFA World Cup

The Most Controversial VAR Decisions at the 2022 FIFA World Cup

The footballing world has welcomed many new technological developments in recent times. Its goal is to make decision-making more accurate and provide a better experience for players and fans alike. These technologies include the video assistant referee (VAR), semi-automated offside technology (SAOT) and sensor-equipped footballs, all used extensively during the 2022 FIFA World Cup in Qatar.

Self-funding Your Startup? Follow These Expert Tips from Proven Entrepreneurs

Self-funding Your Startup? Follow These Expert Tips from Proven Entrepreneurs

Starting a new business can be an exciting and challenging endeavor, with securing funding being one of the biggest obstacles. Traditional funding options, such as venture capital and angel investing, can be time-consuming, especially for new and untested businesses. In such cases, self-funding, or “bootstrapping”, might be a viable option.

Navigating Ghost Job Postings: How to Avoid Them

Navigating Ghost Job Postings: How to Avoid Them

Job searching can be a daunting task, especially with the risk of encountering scams or fraudulent job postings. Ghost job postings, which refer to open job positions that are not actively being filled, are a common issue that jobseekers should be aware of. According to a survey by New York-based financial consultancy Clarify Capital.

Can AI Help You Flirt Better

Can AI Help You Flirt Better?

“Excuse me, but I think you dropped something: my jaw.” This is the pick-up line the famous artificial intelligence (AI) chatbot ChatGPT dished out when we asked for some viable options. Not the most original, sure, but not bad for a trained algorithm.