VergeSense Raises $1.5M to Make the Data-driven Workplace a Reality with AI-Powered Sensor-as-a-Service Platform
Oct 24 2018
SAN FRANCISCO — [October 25, 2018] — VergeSense, a provider of an AI-Powered sensor-as-a-service platform for commercial real estate, announced a $1.5M strategic investment led by JLL Spark, the division of JLL that manages a $100M venture fund connecting promising new technology companies with JLL’s business lines and clients. Bolt and Pathbreaker Ventures also participated in the latest funding round for the Y Combinator-backed company.
VergeSense will use the investment to accelerate platform development, build its team, and scale distribution through VergeSense API partners and its relationship with JLL. In current deployments at several properties tenanted by Fortune 500 companies, VergeSense has illustrated that its AI-powered platform can be the information layer of tomorrow’s data-driven office, providing real estate investors, property managers, and workplace tenants increased asset value and a more productive workplace.
“We’re thrilled to have JLL Spark, and the other investors participating in this round, share our vision for creating a better workplace by leveraging AI-based technology to bridge the physical and digital world,” said Dan Ryan, Founder and CEO of VergeSense. “Together we’re looking forward to making the data-driven workplace a reality with a platform that automates the optimization of workspaces. VergeSense’s machine-learning modules work alongside our computer vision technology to process real-time workspace utilization data that helps building managers uncover savings opportunities, better ways to allocate space and personnel within offices, and empower a more enjoyable user experience.”
“VergeSense is a unique complement to the IoT solutions and smart sensors JLL uses and will add a new layer to the intelligence it provides to commercial real estate clients,” said Yishai Lerner, co-CEO at JLL Spark. “VergeSense’s approach to running AI modules and data processing locally within the building with cost-effective hardware and ease of deployments is unmatched by traditional approaches. The actionable insights that are delivered will maximize the value of real estate for many large corporations and we’re excited to make this strategic investment.”
The VergeSense Sensor-as-a-Service Platform
The VergeSense sensor-as-a-service platform creates an information layer within properties. An easy-to-use dashboard provides managers with actionable insights and AI-powered recommendations rather than only giving a view of current data. Furthermore, as the platform collects more data, it gets smarter with recommendations over time. In addition, as more powerful machine-learning modules become available, software updates enable the sensors to learn to detect new types of events. Data can also stream through the VergeSense Open API into other software solutions or applications.
For example, VergeSense data can be streamed to a room booking solution to free up a conference room when no one shows up for a scheduled meeting. VergeSense data can also power dynamic workplace strategies by identifying where employees are best situated to work at any specific moment. This opens up thousands of use cases for VergeSense data to accompany VergeSense applications currently in use across 1 million sq. ft of commercial properties. These applications include:
- People Counting: Provides a real-time and historical count of the number of property occupants.
- Room and Desk Utilization: Gives users the ability to measure utilization rates across a facility — from conference rooms to private offices, to co-working areas
- Hot Desking: Identifies open desks and dynamically assigns staff members to their desk to drive workplace efficiency.
- Emergency Response: Pulls a count of every person in the building during an emergency event and their status.
“As the price of commercial real estate continues to skyrocket it is becoming an even bigger annual asset for companies,” added Ryan. “This is a multi-billion-dollar asset class and the majority of properties are often only 50% occupied. VergeSense can be up and running within minutes to maximize space utilization and the overall value of this asset.”
The AI-Powered VergeSense Sensor with Computer Vision
The cost-effective hardware sensor from VergeSense is equipped with the latest computer vision and AI technology to provide both the flexibility and power needed for temporary and permanent installments. Best of all, it is 100% wireless and can be installed in minutes with no IT integration required.
VergeSense is a provider of an AI-Powered sensor-as-a-service platform for commercial real estate. Headquartered in San Francisco, the VergeSense platform creates an information layer within properties to unlock the data-driven office and provide real estate investors, property managers, and workplace tenants increased asset value and a more productive workplace. Cost-effective VergeSense sensors can be installed in minutes, and the platform gives actionable insights and AI-powered recommendations to building managers through an easy to use dashboard. The more data the sensor-as-a-service collects, the smarter it gets, and sensors learn to detect new types of events on the go from software updates. For more information visit www.vergesense.com.
About JLL Spark
JLL Spark is dedicated to transforming the real estate industry through technology-based innovation. JLL Spark provides the nimbleness of a startup backed by JLL's expertise and resources. Led by experienced Silicon Valley entrepreneurs with successful track records building and investing in tech companies, JLL Spark's strategic proptech investments offer JLL the ability to provide innovative products to real estate owners and operators. JLL Spark was founded in 2017 and is headquartered in San Francisco, California. For more information, please visit https://spark.jll.com.
Office space is a significant and growing cost for many organizations. On average, high-rise office space costs $43.79 per square foot per year, but many cities have far more costly space.San Francisco recently surpassed New York for the title of most expensive city, with office space costing $72.26 per square foot in the last quarter of 2015. In New York, office space costs $71.85 per square foot.
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