Investors back smart building platform
Proptech company Infogrid has raised $120 million in new equity and debt.
The UK-based company has raised $90 million in fresh equity and converting credit loand notes and a further $30m of debt facilities in a Series B funding round. Investors backing the firm include Original Capital, SoftBank Vision Fund 2, JLL Spark, Committed Capital and Pictet.
Infogrid is a sustainability-focused smart building platform which automates and optimises facilities and building management used by 200 customers worldwide.
"Sustainability and reducing costs are paramount concerns for our clients today. In the aftermath of Covid there has been a pincer movement of inflation and climate pressures on businesses, leading to widespread concern over the cost and carbon emissions of owning and operating commercial buildings," said CEO Will Cowell de Gruchy.
The new financing will be used for various growth strategies including expanding Infogrid's dataset and functionality of its proprietary AI-powered building intelligence platform. It will also be used to expand its sales and customer support functions.