Singapore-based property technology (proptech) startup SensorFlow announced today that it has secured USD 8.3 million in a Series A+ round. This funding follows its previous USD 2.7 million series A+ raise in February 2019, led by French national, CEO Pierre Lorinet.
The funding round was co-led by Openspace Ventures and Gaw Capital Partners and was joined by proptech-focused venture capital fund Aurum Investments and private investor Pierre Lorinet. The funding will be used to hire new talent in hardware and data science roles and expand to new markets. The firm will also be developing solutions for automating heating systems and helping hotels navigate the current COVID-19 crisis.
Founded in 2016, SensorFlow makes use of Internet of Things (IoT) and Artificial Intelligence to help hotels and commercial properties monitor, analyse, and automate their energy efficiency. According to the firm, implementing these new trending innovative solutions could help save up to 30% in energy bills, as well up to 40% in maintenance costs.
Read more in our interview with SensorFlow co-founder Saikrishnan Ranganathan.