JLL leads US$3.8 million Series A funding for proptech start-up Foyr
Innovative young company set to offer the world’s first fully automated workplace design and visualisation tool using artificial intelligence.
HONG KONG, January 17, 2018 – Real estate consultancy JLL is taking its next step in advancing property technology – or proptech – by leading a US$3.8 million Series A funding for Indian start-up Foyr, a technology platform for visualisation and customisation of interior space. The investment is along with other individual and non-institutional investors.
"The future of our industry lies in using technology to enhance the way we invest in, manage and occupy real estate. Foyr's cutting-edge solutions, which blend virtual reality and real-time market intelligence, offer a unique, immersive experience," says Albert Ovidi, Chief Operating Officer, JLL Asia Pacific.
"We started our journey with Foyr in October 2016, and we're proud to back this exciting young firm as it expands its capabilities to bring new innovations to the market."
Foyr's technology has been integrated with JLL's tools across a number of markets including Japan, Singapore, Australia, Hong Kong, India, China and Malaysia, since November 2016. It can create 3D experiences as well as virtual fit-out and visualisation of commercial interiors at the touch of a button. For clients, this means being able to efficiently plan their office spaces through advanced visualisation technologies without drawing out floor plans.
To date, Foyr has test-fitted more than two million square feet of commercial space for JLL's clients in Asia Pacific, which makes JLL's 3D-enabled property portfolio potentially the world's largest.
The fresh round of financing will enable Foyr to deepen research and development in three key areas: artificial intelligence, virtual reality and 3D-technology platforms, as well as grow in new markets.
"We are thrilled to get funding from strategic investors like JLL. This will be pivotal in our expansion, both geographically and for our service offering," says Foyr's founder and Chief Executive Officer Shailesh Goswami. "We see it as a win-win situation for corporates and start-ups to work together to bring the industry forward. Real estate is a high value transaction and we want to empower investors and occupiers to make informed decisions by providing advanced technology for visualisation of their projects."
Mr Ovidi adds that investing in Foyr is part of JLL's continuing commitment to proptech and innovation. The firm invested in ZipGrid, an Indian start-up creating community asset management tools, and Ecolibrium Energy, an energy management solutions provider, in May and July 2017 respectively.
It launched home-grown products in 2017 including VR360, a virtual reality tool for construction projects; and Command Centre, a platform that provides analytics for real-time, remote monitoring of buildings and facilities.
"Technology is transforming real estate in exciting ways. We will continue to invest in and develop tools that give our clients more digital options and the great user experience they demand."
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com