Singapore-based Smarten Spaces raises $12m in Symphony-led round

Singapore-based Smarten Spaces, a software-as-a-service startup providing solutions for workspace management in commercial and industrial properties, has raised US$12 million in a series A round led by Hong Kong’s Symphony International Holdings.

Photo credit: Annie Spratt / Unsplash

Launched in 2017, Smarten Spaces offers an end-to-end AI platform that aims to digitize spaces and increase space utilization for commercial properties, enterprises, co-working, co-living, and warehousing.

With its platform, workspaces are able to manage building access control, food and beverage services, conference room and workstation reservation, and community bulletin boards, among others. It aims to tackle the growing market for smart spaces and businesses, which has a projected value of US$19.9 billion globally by 2024, according to a report by ResearchAndMarkets.

Dinesh Malkani, founder and CEO of Smarten Spaces, said that in addition to the funding, Symphony’s portfolio of investments in real estate companies and consumer brands may provide synergies to the company’s business as it looks to expand across Asia Pacific and North America.

“Our platform today provides the capability to provide intuitive user experience and optimize spaces. This lets us build the improved value of built spaces and long-term business relationships,” the head executive added.

According to Symphony chairman Anil Thadani, the deal marks the London Stock Exchange-listed firm’s first investment in a SaaS company. In July, it acquired a minority stake in Vietnamese logistics company Indo Trans Logistics Corporation for about US$42.6 million.

Symphony also invested in Good Capital, a US$25 million sector-agnostic fund that aims to back early-stage startups.