Property tech startup Smarten Spaces raises US$12m from Hong Kong's Symphony

SMARTEN Spaces, which offers an end-to-end digital platform for space management, has raised US$12 million in Series A funding from Hong Kong's Symphony International Holdings.

The Singapore-headquartered property tech startup digitises services for enterprise offices, commercial real estate, as well as co-working, co-living and warehousing spaces.

The fresh capital from Symphony will accelerate Smart Spaces' expansion across Asia-Pacific and North America.

Driven by artificial intelligence (AI), its platform is a one-stop tech solution for space owners and managers to manage their properties to improve productivity, lower operational costs and offer conveniences to end-users.

Tenants can book meeting rooms, promote their events, manage visitors, and network with others in their community using the platform. Workspaces can also enable workstation reservation and manage food and beverage services, while co-living owners can customise onboarding plans for residents and automate payment invoicing.

The startup said its goal for smart building technology is to identify and systematically eliminate inefficiencies in place, and not necessarily to add sophistication.

Smarten Spaces founder and chief executive officer Dinesh Malkani said that London-listed Symphony's portfolio of investments in real estate and consumer brands will provide "synergistic opportunities" as the startup expands geographically.

Launched in 2017, Smarten Spaces has customers in Singapore and India. It noted that the global smart space industry is projected to grow to US$19.9 billion in value by 2024, with businesses around the world implementing smart solutions across their value chains, according to a report by ResearchAndMarkets.