Singapore based start-up, Smarten Spaces, forays into the US market with the launch of its AI platform for realty and enterprise firms at the recently-concluded MIPIM PropTech Summit in New York.
Founded in April 2017 by Dinesh Malkani, former President of Cisco India and SAARC, Smarten Spaces was cherry-picked as one of the top five products at the PropTech Summit by Commercial Observer, a US-based real estate media firm.
Smarten Spaces is targeting $15 million in revenue by June 2019 and planning a Series A fund raise around the same time.
“We are world’s first end-to-end AI and IoT platform for all space types including, workplace, residential, co-working and commercial, with 30 modules/services on a single platform,” Dinesh Malkani, founding partner and worldwide CEO of Smarten Spaces, told BusinessLine .
The start-up’s booth at MIPIM PropTech Summit, a premier realty and technology event that connects real estate decision makers with innovative tech start-ups, attracted 200 real estate firms. “These firms witnessed first hand what our platform can deliver — space optimisation, easy parking, hassle-free entry to real-time booking of meeting rooms, energy management, connected cafeteria and tenant engagement, among others. Clients prefer a single-vendor solution rather than many, who offer point solutions which are difficult to manage, he said.
Clients are charged per sq foot or per user for using the platform, which helps cut down cost by 30 per cent, hardware by 50 per cent and time by 25 per cent, the start-up claims. Typically, 3-5-year deals are signed with customers who pay anywhere between half a million dollars to $4 million annually, for using the platform.
“We have set up our US office in New York and have signed up with partners to cover the different states. Our platform is already smartening 50 million sq ft of space in India and Singapore. With the US market launch, we are aiming to increase that to 200 million sq ft by December 2019” said Malkani.