Business

JLL to fund 3 tech start-ups in realty arena

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The entities will be eligible for further funding, mentorship

Real estate consulting firm JLL, which is running proptech (property technology) accelerator programme JLL IDEAs, has selected three real estate technology start-ups namely Wegot Utility Solutions, Facilio and Reomnify for further funding and mentorship.

The winners were selected at JLL IDEAs, one of India’s biggest real estate proptech accelerator programmes which is run along with Invest India, the national investment promotion and facilitation agency under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.

JLL also announced a special award for Drona Technologies for showcasing best-in-class technology innovation for social change.

Top executives at JLL said the company will invest up to ₹1 crore in these start-ups and provide mentorship from real estate sector leaders.

A portion of the funding will come from JLL Spark, the Silicon Valley-based venture capital arm of JLL. With $100 million of investment fund, JLL Spark is focussed on creating new products, investments and supporting start-ups in the real estate technology industry. So far it has invested in 15 start-ups, including five from India. Now, these three new companies will receive funding from JLL.

All three companies selected offer technologies that can be used across multiple geographies and segments of real estate business.

The winner, Wegot Utility Solutions, offers VenAqua, an IoT water management platform that enables real time data driven and automated decision making to reduce the demand for water and increase the efficiency of the water infrastructure in every property.

The solution not only reduces the water consumption by up to 50%, it also and cuts down maintenance cost by more than 30%.

The first runner-up, Facilio, uses IoT to connect existing building automation systems with everyday facility workflows empowering facility management workforce with real-time actionable insights.

The second runner-up, Reomnify, uses location-based intelligence to help clients to make an informed decision on expansion and setting up of offices. Constellation award winner, Drona Technologies, has a sewage pipe cleaning robot that can be used to clean drain pipes and remove scaling from sewers.

Ramesh Nair, CEO and country head, India, JLL, said, “We will continue to work along with the winners and help them scale up and grow across geographies.”

Albert Ovidi, COO – Asia Pacific and Managing Director, Property and Asset Management, Asia Pacific, JLL said, “India’s property technology and start-up ecosystem has immense potential to grow. There is huge opportunity for all kinds of meaningful players who wish to help the sector in several ways and bring efficiency in the market.”

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Printable version | Dec 15, 2019 11:52:43 AM | https://www.thehindu.com/business/jll-to-fund-3-tech-start-ups-in-realty-arena/article30063859.ece

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