Ex-WeWork exec launches proptech firm REinvent backed by JustCo

Former WeWork China Executive Dominic Penaloza has launched REinvent, an incubator catering to the needs of the real estate industry.

The company, which is backed by co-working firm JustCo, said it has launched a property technology studio with two new services that will focus on technology for the real estate industry.

Photo credit: Switch

One of these is Switch, a booth service that lets users enjoy a private working experience using a smart door lock. It allows individuals and enterprises to book a workspace and pay per minute with the help of third-party landlords like JustCo, Frasers Property, and The Executive Centre.

The service has been deployed within nine malls of Frasers Property in both suburban and downtown Singapore, it said in a statement.

The other service is SixSense, an artificial intelligence and IoT-based spatial analytics and social distance detection service.

In a statement, REinvent says its team is comprised of veterans of leading property and internet companies, including WeWork, KE Holdings, Alibaba Cloud, and ByteDance. The company has offices in Singapore, Shanghai, and Taipei.

Its investor, JustCo, is in turn backed by Singapore’s sovereign wealth fund GIC and local developer Frasers Property.

See also: Is JustCo Southeast Asia’s co-working unicorn?

“We believe the future of real estate is when people will consume it as a service. This would unlock the world’s most precious asset so that more people can use it in more ways, adding a new dimension to the relationship between the landlord, tenant, and non-tenant,” said Dominic Penaloza, CEO of REinvent.