Smarten Spaces, an AI Space Management Platform, Raises $12m

Singapore-headquartered space management solutions provider Smarten Spaces has raised $12 million in a Series A funding round led by Hong Kong's Symphony International Holdings.

Smarten Spaces, founded in 2017 by Dinesh Malkani and Anushka Verghesa, has developed one of the world's first end-to-end artificial intelligence (AI) platform that provides workspace management in commercial and industrial properties.

It has so far “smartened” 60 million square feet of spaces for clients globally.

The startup said its platform can be used to manage building access control, reservation of conference rooms and individual workstations, room temperature and lighting, co-working spaces, food and beverage services, and community bulletin boards.

“The Smarten Spaces platform is quite unique in the industry as it looks to fill the gap with a one-stop solution for space owners and managers to digitize and manage their space,” the company said.

The global smart space industry's market value is currently pegged at $19.9 billion and the Singapore-headquartered startup said it seeks to disrupt the industry by offering an AI-powered space management solutions.

“Our platform today provides the capability to provide intuitive user experience and optimize spaces. This lets us build the improved value of built spaces and long-term business relationships," said Smarten Spaces founder and CEO Dinesh Malkani.

He added that Symphony's long-term view and portfolio investments in real estate and consumer brands provide many synergistic opportunities to Smarten Spaces.

The investment is a first for Symphony International in a SaaS company, according to its chairman Anil Thadani.

"We are looking forward to working with Dinesh and his team to grow the business, especially in the Real Estate and Hospitality industries where we have deep connections and significant investment experience,” Thadani.

Symphony is a London Stock Exchange-listed investor that focuses on the Asian market. It recently acquired a minority stake in Indo Trans Logistics Corporation, a Vietnamese logistics firm, for $42.6 million.

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James is a journalist at AsiaTechDaily

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