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.
VergeSense Closes $9M Strategic Round As Demand Grows for Workplace Sensors
May 21 2020
Today, we’re pleased to announce that we’ve closed a $9M strategic investment led by Allegion Ventures — a $50M corporate venture fund of Allegion plc. The round also included participation from JLL Spark, Metaprop, Y Combinator, Pathbreaker Ventures, and West Ventures.
Our customers rely on our solution to power agile workplace design, enhance employee experience, optimize real estate portfolio investments, and facilitate smart cleaning. We currently process 6 million sensor reports per day across 20 million sqft in 15 countries, helping our clients drive workplace initiatives and enabling insight into the ways people use space and get work done.
Amidst increasing demand for smart technologies that help companies respond to COVID-19’s challenges, we are humbled that workplace executives are also turning to our product to solve their most significant problem — getting employees back into the workplace safely.
We’ve deployed several new features, including our Wellness Dashboard which provides a Social Distancing Score and daily occupancy reports so that companies can make informed, data-driven adjustments to their return to work plans, as well as our Smart Cleaning Planner which offers a real-time floor map of frequently used areas.
"VergeSense is currently proving just how nimble they can be and how valuable and adaptable their technology is," said Rob Martens, president of Allegion Ventures. "In the midst of a world crisis, they have quickly positioned themselves to help senior business leaders ensure safer workspaces through social distancing, while at the same time still driving productivity, engagement, and cost-efficiency.
Demand for our new capabilities is creating a significant growth opportunity and we are on track to increase sales bookings by 500% quarter over quarter. While we never envisioned that our sensors would help businesses ensure a safe return to the workplace, we’re excited to have Allegion Ventures join our existing investors in this strategic round to help us meet the growing demand for our mission-critical solution.
Last week we took a look at how Coronavirus or COVID-19 was beginning to impact office use by employees across the globe significantly. Based on VergeSense sensor and person-count data in offices ranging from startup workplaces to global corporations (and comprising more than 30,000,000 unique readings), we observed that social distancing between employees was already happening in the workplace before they were told to work from home. That was good news as we look to flatten the curve!
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