Finnish climate analytics start-up 720 Degrees has announced an additional €2.9 million in funding led by London-based proptech VC Pi Labs.
The firm, which is developing the world’s first indoor air quality analytics solution to utilise artificial intelligence, is targeting the UK market.
The system interprets billions of indoor air data points from hundreds of facilities each month, comparing this to outdoor quality and direct feedback collected from the occupants of each facility.
Currently, facility managers rely on outdated methods of controlling a building or facilities environment resulting in a loss in property value and deficiencies in occupant experience.
720 Degrees’ solution provides occupants, tenants, property owners and property maintenance professionals with real-time data to support immediate decision-making, operations monitoring and reporting – the resulting decrease in maintenance costs increases property value and occupant satisfaction in equal measure. Along with real-time information, the platform provides automated suggestions on how to improve employee productivity via constant monitoring of the building’s internal environment.
720 Degrees’ monitoring tool is already being used in hundreds of facilities across Europe, with notable clients such as CBRE, Colliers and IBM. With the new funding secured, the company will look to expand its operation across Europe, whilst developing its client footprint in a nascent US market.
“Large property investors often consider the topic of ‘indoor air quality’ as only an expense item. Thanks to our solution, property investors can increase the value of their properties by significantly improving the quality of indoor air and occupant satisfaction,” says Rick Aller, co-founder of 720 Degrees.
“We consider Pi Labs’ investment greater than its monetary value. Pi Labs is a recognised investor in the Proptech field, and they have the capacity to help us enter the UK market and to find strategic partners in the property sector,” added Aller.
720 Degrees also received grants from Horizon 2020 and Business Finland having been selected onto the prominent Young Innovative Companies programme. The most recent funding takes the total amount raised to €3.54m since 2014.
Dominic Wilson, Managing Partner of Pi Labs, added: “720 Degrees’ solution facilitates property maintenance efficiency with an intelligent design never seen before in the property innovation ecosystem. By tapping into ongoing wellness and productivity trends in tandem, Rick and his team are well poised to aggressively seize market share both at home and abroad.”
Investors in 720 Degrees also include J&T Ventures, Tekes, and angel investors from the US.