Smarten Spaces gets USD 12 mn funding from Symphony International Holdings

Sinapore-based Smarten Spaces on Tuesday said it has raised USD 12 million (about Rs 86 crore) from Symphony International Holdings Ltd. Proceeds from the series A round will be used to expand the company's development centre and engineering team for work around artificial intelligence in Singapore and India, Smarten Spaces said.

The funds will also be used to increase local presence in Singapore, India, Thailand, Indonesia, US and Australia, as well as to enhance support and work with global partner ecosystem, it added. Smarten Spaces, using its artificial intelligence and Internet of Things (IoT) platform, provides solutions to help space owners and managers improve productivity, reduce operational costs and offer conveniences to the end-users.

Launched in 2017, the company focuses on enterprise offices, real estate developers, coworking, co-living and other spaces. "Their (Symphony) long-term view and portfolio of investments in real estate and consumer brands provide many synergistic opportunities as we expand Smarten Spaces across the Asia Pacific and North America within the rapidly growing prop-tech industry," Smarten Spaces founder and CEO Dinesh Malkani said.