Latest news with #proptech
Associated Press
5 days ago
- Business
- Associated Press
HOTEL101 GLOBAL RECEIVES APPROVAL TO LIST ON NASDAQ UNDER "HBNB"
Celebrated Public Listing by Ringing the Opening Bell Today at the Nasdaq Stock Exchange SINGAPORE, June 27, 2025 /PRNewswire/ -- Hotel101 Global Holdings Corp. ('Hotel101" or 'HBNB'), an asset-light, prop-tech hospitality platform business designed for rapid global growth, announced that it has received approval to list on the Nasdaq Stock Exchange, and its shares are set to begin trading on July 1, 2025. Hotel101 celebrated its U.S. public listing by ringing the Opening Bell today. Trading is scheduled to commence under the ticker symbol 'HBNB' following the expected completion of Hotel101's business combination with JVSPAC Acquisition Corp. (Nasdaq: JVSA), which was approved by JVSPAC shareholders on June 24, 2025. With a deemed equity value at closing of US$2.3 billion, Hotel101 is the first Filipino-owned company to be listed and traded on the Nasdaq. Hotel101 is a subsidiary of Philippine-listed DoubleDragon Corporation (PSE: DD). The ceremony can be viewed at and on the Nasdaq MarketSite Tower in Times Square. Hannah Yulo-Luccini, CEO of Hotel101, said: 'Today is an exciting milestone in Hotel101's journey to become the world's first truly global one-room hotel chain. Hotel101 was born from a simple, revolutionary idea: a 'one room' global hotel brand delivering consistent comfort and irresistible value worldwide. Our asset-light, technology-driven platform positions us to scale rapidly, with a goal to disrupt the hospitality industry globally with 1 million rooms across 100 countries.' Edgar 'Injap' Sia II, Chairman and CEO of DoubleDragon Corporation and Founder of Hotel101, said: 'This is a historic moment for DoubleDragon, becoming the first-ever Filipino company with a subsidiary listed and traded on the Nasdaq. It reflects the strength of our vision and the dedication of everyone who has helped bring Hotel101 to this global stage. And we're just getting started – with a globally scalable model and a long runway ahead, we aim to redefine the industry and become a leading global hospitality brand working towards our vision of an inventory of 1 million Hotel101 rooms globally.' Accelerating global expansion Hotel101's management believes that Hotel101 properties are efficient to build, maintain, and operate – as well as scale and expand through direct development, joint venture partnerships, and franchise arrangements. Building on the success of Hotel101-branded properties in the Philippines – where there are two operating properties and a number under development – Hotel101 intends to accelerate its global expansion plans. Hotel101-Madrid, a 680-room development adjacent to the new Formula 1 ('F1") Spanish Grand Prix Circuit in Valdebebas, is slated for completion in December 2025. Earlier this month, Hotel101 signed a 10-year agreement with an affiliate of MATCH Hospitality AG, making it an official hotel partner of the F1 Spanish Grand Prix from 2026 to 2035. In May 2025, Hotel101 signed an agreement with Saudi Arabia's Horizon Group to, subject to additional contract, establish a joint venture for the development of up to 10 hotels in Saudi Arabia. The partnership underscores Hotel101's confidence in the Kingdom's dynamic tourism market, one of the fastest-growing globally under Vision 2030. Construction is underway for Hotel101-Niseko, a 482-room property in Hokkaido, Japan. The company has also secured a site in Los Angeles, California, marking its entry into the U.S. market. In parallel, Hotel101 is actively pursuing five additional joint ventures, further advancing its goal of establishing a presence in 25 priority markets in the medium term. Hotel101's unique business model Hotel101's management believes that Hotel101's global 'one room' hotel chain model is poised to disrupt the hospitality industry by offering identical, standardized hotel rooms globally. In standardization, Hotel101 sees a global opportunity in the hospitality space that brings enhanced efficiency, especially for the value segment, enabling customers to know exactly what to expect whenever they stay at a Hotel101 property. With identical hotel units, Hotel101 streamlines development, operations, and guest experiences. Hotel101's proprietary app, which has over 1 million registered users, serves as a centralized platform for reservations, guest services, and loyalty programs. It adopts dynamic pricing for room rates and offers self-check in, made efficient by the availability of just one type of room. Hotel101 expects to set a new standard for efficiency, predictability, and scalability, creating sustained value for customers globally. Hotel101's asset-light 'condotel' prop-tech business model is designed to scale efficiently while maximizing value for both unit owners and guests. Hotel101 generates revenue twice: first, from the pre-selling of individual hotel units during the construction phase; and second, from long-term recurring revenue derived from day-to-day hotel operations following completion of the units. By pre-selling standardized hotel units, Hotel101 generates upfront capital to fund new developments and expand rapidly. Its long-term management contracts with unit owners create a stable and recurring revenue stream. Hotel101 aims to bridge the gap between traditional hotels and fragmented hospitality marketplaces. Unlike traditional hotel chains that require significant capital investment to scale or marketplace aggregators that lack consistency and branding, Hotel101's model provides individual condominium unit owners with direct hotel unit ownership while maintaining the brand consistency and professional management of a global hotel chain. Hotel101's management believes that its properties will also receive arguably higher acceptance in the communities where they operate as all Hotel101 properties are purposely built as hospitality assets. About Hotel101 Global Holdings Corp. Headquartered in Singapore, Hotel101 is an asset-light, prop-tech hospitality platform pioneering a global standardized 'condotel' business model. Hotel101 aims to disrupt the global hotel and hospitality sector through its unique tech-enabled business model that positions it to generate revenues twice: first from the advance sale of individual hotel units during the construction phase; and second, from long-term recurring revenue derived from day-to-day hotel operations. Hotel101 and its affiliates have nine Hotel101-branded properties in the Philippines in various stages of operations and development, as well as three projects under development overseas in Hokkaido (Japan), Madrid (Spain), and Los Angeles (United States). In May 2025, Hotel101 signed an agreement with Saudi Arabia's Horizon Group to, subject to additional contract, establish a joint venture for the development of up to 10 hotels in Saudi Arabia. Hotel101 aspires to operate 1 million rooms across 100 countries worldwide, with an initial 25 identified priority countries for the medium term. Hotel101 is a subsidiary of Philippine-listed DoubleDragon Corporation (PSE: DD). For more information, visit About DoubleDragon Corporation DoubleDragon Corporation currently has total assets of approximately US$4 billion, with a portfolio that spans over one million square meters of gross floor area principally from provincial community malls, a string of office buildings, a chain of industrial warehouse complexes and its chain of hotels. DoubleDragon Corporation has been listed on the Philippine Stock Exchange since 2014 and is controlled by two entities that own a combined 70% majority stake: Injap Investments Inc., which is a private family holding company led by Filipino Entrepreneur Edgar 'Injap' Sia II, who is also the Chairman of MerryMart Consumer Corp, and Founder of Mang Inasal, one of the largest QSR fast food chains in the Philippines which is now under Jollibee Foods Corp.; and Honeystar Holdings Corp., which is a private family holding company led by Filipino Entrepreneur Tony Tan Caktiong, who is also the Chairman and Founder of the global QSR fast food chain Jollibee Foods Corp. Jollibee is the largest fast food QSR company in the Philippines and one of the largest globally through its portfolio of food brands with over 9,900 branches worldwide. Jollibee Foods Corp. currently has a market capitalization of over US$4.3 billion. About JVSPAC Acquisition Corporation JVSPAC Acquisition Corporation is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Forward Looking Statements This press release includes 'forward-looking statements' which may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated equity value of the combined company, Hotel101's ability to scale and grow its business, the advantages and expected growth of the combined company, the combined company's ability to source and retain talent, the cash position of the combined company following closing of the Transaction, JVSPAC's and Hotel101's ability to consummate the Transaction, and expectations related to the terms and timing of the Transaction, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of JVSPAC's and Hotel101's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of JVSPAC and Hotel101. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of JVSPAC and Hotel101 to successfully or timely consummate the proposed Transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction; failure to realize the anticipated benefits of the proposed Transaction; the combined company's ability to execute on its business model, potential business expansion opportunities in foreign countries and growth strategies, retain and expand customers' use of its hotel services and attract new customers, and source and maintain talent; risks relating to the combined company's sources of cash and cash resources; risks relating to Hotel101's business; risks relating to the combined company's vulnerability to security breaches; risks relating to the combined company's ability to manage future growth; the effects of competition on the combined company's future business; the amount of redemption requests made by JVSPAC's public shareholders; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries involving the parties to the Transaction; the impact of the COVID-19 pandemic on Hotel101's or the combined company's business and the global economy; and those factors discussed in JVSPAC's final prospectus related to its initial public offering dated January 18, 2024, under the heading 'Risk Factors,' in JVSPAC's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading 'Risk Factors' filed with the SEC on March 11, 2025 and other documents filed, or to be filed, by JVSPAC with the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither JVSPAC nor Hotel101 presently knows or that JVSPAC and Hotel101 currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect JVSPAC's and Hotel101's expectations, plans or forecasts of future events and views as of the date of this press release. JVSPAC and Hotel101 anticipate that subsequent events and developments will cause JVSPAC's and Hotel101's assessments to change. However, while JVSPAC and Hotel101 may elect to update these forward-looking statements at some point in the future, JVSPAC and Hotel101 specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing JVSPAC's and Hotel101's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. No Offer or Solicitation This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The HBNB shares have not been offered, listed or registered in the Philippines with the Philippine Securities and Exchange Commission. Any future offer or sale thereof in the Philippines will be subject to registration requirements under the Philippine Securities Regulation Code unless such offer or sale in the Philippines qualifies as an exempt transaction. Contacts Brunswick Group - [email protected] View original content: SOURCE Hotel101
Finextra
24-06-2025
- Business
- Finextra
How proptech and fintech is coming together for a smarter future
0 This content is contributed or sourced from third parties but has been subject to Finextra editorial review. The convergence of proptech and fintech is reshaping the future of both sectors. It brings all-embracing implications for the entire real estate sector, from planning and construction to loans, sales, and maintenance, and significant implications for the finance sector in expanding access to a major asset class that can be easily accessible, fundable and tradable. Technological solutions that seek to disrupt and redefine the financial sector have been around awhile and have already been widely adopted. They rely on vast amounts of financial data and emerging technologies, including AI, blockchain, and cloud computing, to improve financial services, such as digital banking, online lending, mobile payments, and investment platforms. Proptech is a newer phenomenon and has grown out of the application of the same technologies that underpin fintech. It involves digitalisation of the whole real estate life cycle, from planning and construction to sales, leasing ,and property management through energy efficiency and preventative maintenance. Apart from reshaping the real estate sector, many of these proptech innovations can enhance financial areas such as property valuation, credit scoring, loans, and investment. The merger of the two fields will provide smarter, more efficient, and more accessible solutions for all involved. The impact of convergence will be evident in key areas, including: 1. Improved access to real estate as asset class Proptech will impact the finance sector by expanding the access to an investment asset class significantly. For example, new LLM-driven valuation models (e.g., house pricing) can mix traditional data (e.g., on sales) and underutilised, unstructured data such as property characteristics (e.g., floor plans, energy efficiency, climate risk/flooding data), which will provide a much more accurate information of the sector for investors. 2. Democratising real estate investment Individuals can invest directly in high-value real estate projects with minimal capital, thanks to fractional ownership models that enable residential and commercial property to be divided into shares. This is facilitated by blockchain technology, which provides an immutable and transparent record of transactions. Alternatively, peer-to-peer crowd funding models can be used. Reselling, however, it is not always an option in crowdfunding and can be difficult as it involves the transfer of documents - whereas blockchain-based solutions maintain a single centralised, transparent, and traceable record, making it easy to swap ownership. Fintech solutions can help improve the traditional rigid property loans processes. Provided the data is available, credit scores generated by AI-based models can produce a more accurate and broader set of potential borrowers (provided there is no AI bias), contributing to financial inclusion. 3. Streamlining real estate transactions Convergence between fintech and proptech should ensure more efficient and seamless property transactions. Traditionally complex and paper-heavy processes, such as mortgage applications, credit checks, and property title transfers, are now being streamlined through AI and smart contracts. Fintech solutions make it possible to apply for a mortgage online, receive approval in minutes, and complete secure digital transactions. Proptech platforms, in turn, provide real-time access to property data, 3D virtual tours, and market analytics, enhancing transparency, and improving property asset valuation. 4. Streamlining property management Through the integration of fintech solutions, real estate actors can improve rent collection, automated invoicing, and tenant screening, reducing administrative burden and improving cash flow for landlords. Tenants benefit as well, enjoying smoother payment systems, maintenance request tracking, and direct digital communication channels. 5. Improving sustainability and efficiency through proptech Residential and commercial buildings powered by IoT devices can collect and analyse data to optimise energy use, reduce costs, and improve property maintenance. When integrated with fintech solutions, such proptech systems can also provide financial incentives for sustainable behaviour, such as discounts for energy-efficient practices or dynamic pricing models. Data access struggles Both fintech and proptech depend heavily on access to vast amount of diverse data to power AI models, which is currently challenging and the main limiting factor for the advancement of proptech. Without the data, small innovative companies and start-ups cannot put new tech models and capabilities into operation. While many challenges remain, including data security, regulatory compliance, and integration with legacy systems, the biggest obstacle for both sectors is data availability, compatibility, and access. Information must be digitised, and systems need to be able to combine a lot of data in various formats. In practice, there is often trouble accessing diverse (often unstructured) datasets, leading to datasets holding only partial data. If data is bad quality or a non-compatible format, the value that data holds cannot be easily extracted. The issue is more pressing in proptech as an emerging field. Sometimes the data is simply not available (that is, not digitalised), but often companies are not willing to share their proprietary digitalised datasets, either because they don't see the point or they view their data as a competitive advantage. For example, many of the property search platforms have detailed information on various data points but only grant partially access to their datasets. Another example is data from IoT sensors– normally the company that installs these sensors has the data, but the data may not be in a suitable format for sharing or the company may be unwilling to share it with proptech start-ups. The process of data digitalisation can be lengthy, so access to already digitalised open and proprietary datasets is important. While open datasets are useful, they can be incomplete or of low quality. At the same time, access to proprietary data is costly and arbitrary. Such limited access makes it difficult for small companies or startups to innovate. Open data platforms To help solve this, proptech requires a similar mechanism as the mandated by Open Banking data sharing in fintech. Open banking has obliged banks to share data with fintech start-ups and scale-ups in order to unleash consumer innovation. In proptech, open data platforms can be created but they need to be government or non-profit owned to ensure broader participation and that the interests of all participants are protected. The prize is considerable. Once such platforms are set up and the data (including financial data) is made available, the potential is huge. This can reemphasize the notion that the fusion of proptech and fintech dramatically improves efficiency, transparency, convenience, and access in financial and property markets - delivering a smarter, more interconnected future. The Gillmore Centre series features authors from the Gillmore Centre of Financial Technology at Warwick Business School as they explore new innovations in fintech from an academic perspective. Keep an eye out for more articles from the Gilmore Centre to learn more about new developments in the field.
Zawya
23-06-2025
- Business
- Zawya
Lifesize Plans Dubai to complement sector growth through its integrated projected technology
Dubai, UAE – The UAE's construction sector has experienced a constant surge in recent years due to several factors, including strong government investments, economic diversification, and an increasing population all providing a strong positive impact on the country's real estate sector. The construction market size is expected to witness a compound annual growth rate of 4.26% as of this year to reach AED 193.38 by 2030, according to leading market intelligence and advisory firm 'Mordor Intelligence' [1]; this will contribute to the real estate sector as more developments are currently in the pipeline with the aim of being delivered by then. The construction sector's growth also fueled by various additional factors, including infrastructure development, particularly in transportation and renewable energy will more than ever require the support of new innovative technologies to help provide the best possible product to its customers. Dubai's proptech market, which is also aiming to double its sector value by 2030 [2], has been a major contributor to this surge through its cutting-edge technology bringing a new dimension to the sector from both a technical and design perspective. Lifesize Plans Dubai, a leading company in life-sized architectural projections worldwide, has been one of the key additions for the UAE's real estate sector since it entered the market in 2023. Providing an immersive, full-scale architectural visualization that is redefining the pre-construction experience, the company offers a market solution that aims to mitigate risk for buyers and facilitates a core client-centered service for developers and sellers. By integrating 'Virtual Reality & Augmented Reality' experiences, UAE residents are now able to toggle between finishes, floor plan variations, and alterations—all before a single structure is built. Georges Calas, CEO of Lifesize Plans Dubai commented: 'Witnessing the constant growth of the UAE's real estate sector and strong influx of investors coming in from all around the world, it was an easy decision for us to enter the market in 2023. As the sector continues to flourish, it becomes increasingly crucial to focus on the attention to detail for every square meter that it is being constructed not just from a design perspective, but to also help identify any potential problem before work even starts on the project. As the overall supply of both residential and commercial developments continue to increase, the proptech sector in parallel also becomes more of a necessity as opposed to a luxury when it comes to investors looking to buy their dream home and will soon become an essential tool for developers to incorporate in the years to come.' As the UAE continues to be a global destination for both investors and tourists alike, the construction and real estate sectors remain as two of its leading backbone industries when it comes to maintaining its continued prosperity. The growth of complementary sectors such as proptech to help provide the best possible product when it comes to infrastructure, design and quality will also be an increased focus for developers as the real estate market continues to grow and evolve. -Ends- About Lifesize Plans Dubai: Lifesize Plans Dubai is the UAE's premier provider of full-scale architectural plan projection and virtual walkthroughs. By combining physical-scale visualizations with immersive technology, the company bridges the gap between concept and construction—helping clients experience, evaluate, and enhance their projects before building begins.
Yahoo
21-06-2025
- Business
- Yahoo
Redfin Veteran Launches Startup To Unlock Thousands In Monthly Savings Saying The Goal Is 'To Make Assumable Loans Just Another Financing Type'
A former Redfin (NASDAQ:RDFN) management lead and founder of a Credit Karma-acquired startup has launched RetroRate, a California-based proptech company aiming to bring assumable mortgages into the mainstream. On June 9, RetroRate announced both its official launch and a $2.2 million seed round led by Swift Ventures, with additional backing from Eniac, Cooley Ventures, Keshif Ventures, Interlock Capital, Launch Factory, and Arkus Nexus. Andy Taylor, who previously led product at Redfin and founded the mortgage startup Approved before its 2018 acquisition by Credit Karma, told Real Estate News that RetroRate was inspired by mortgage trend data he analyzed while overseeing rate tables during his time at Credit Karma. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Real Estate News says that while analyzing rate data in 2020 and 2021, Taylor discovered assumable loans, an option that allows buyers to take over a seller's mortgage rate and balance, which he had never encountered despite working in the industry since 2009. 'I've been in the business since 2009, and I had never heard about assumable loans,' Taylor told Real Estate News. 'It was almost shocking.' Assumable mortgages are typically linked to government-backed loans such as the Federal Housing Administration, the Department of Veterans Affairs, or the U.S. Department of Agriculture programs and can save buyers hundreds or thousands of dollars monthly compared to new loans at current interest rates, Real Estate News says. According to Taylor, RetroRate's analysis of multiple listing service and property data suggests that between 20% and 25% of homes listed for sale today may have an assumable mortgage attached. Despite the prevalence, Real Estate News says that buyers and agents rarely pursue these deals due to outdated, paper-based processes and the lack of centralized digital tools. Trending: Maximize saving for your retirement and cut down on taxes: . RetroRate provides a proprietary, searchable database of homes with assumable mortgages, both on and off market, and ranks them by financial appeal. Buyers pay a 1% fee at closing to access the service, which Taylor described as a "supercharged rate buy-down" with a much shorter payback period. "Our goal is to make assumable loans just another financing type, like a 30-year fixed or a 5/1 [adjustable-rate mortgage]," Taylor told Real Estate News. "We don't want agents to become experts in this process—we want to be the ones that make it easy for them." RetroRate concluded its beta phase in June after working with agents across 10 states including California, Florida, Texas, and North Carolina. The company launched its assumable loan platform in those same markets, which were chosen based on the volume of assumable mortgage inventory and affordability challenges, Real Estate News the benefits are clear, the process remains cumbersome. Taylor told Real Estate News that some deals require buyers to make large cash payments to cover the gap between home value and mortgage balance, and lender reviews can extend timelines beyond that of conventional financing. Taylor acknowledged these issues but sees them as indicators of a system overdue for modernization, Real Estate News says, believing that automation and digital tools can reduce friction significantly. Taylor emphasized that RetroRate is built to thrive regardless of interest rate movement. With the majority of U.S. homeowners still holding mortgages below current market rates, he expects older loans to remain attractive for years, Real Estate News reports. "There is always going to be someone out there who's got that better rate," Taylor told Real Estate News. "RetroRate is not about one narrow trend. It's about restoring affordability and creating liquidity. That's a mission we can build on no matter what rates do." Read Next: Many are using retirement income calculators to check if they're on pace — Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Redfin Veteran Launches Startup To Unlock Thousands In Monthly Savings Saying The Goal Is 'To Make Assumable Loans Just Another Financing Type' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
20-06-2025
- Business
- Yahoo
Proptech firms pull in funding to ramp up AI tools
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. The proptech sector has been busy this month, led by notable fundraises, products and service announcements — all underpinned by the promise that artificial intelligence will change the way buildings are managed. Three main needs are driving investment in proptech: better building data management, operational efficiencies and tenant experiences, Jason Smith, executive vice president of property management at JLL, said during a Building Engines webinar earlier this year. 'Some of the technologies are so advanced that they'll connect into the building operation systems, which lead to real-time monitoring of energy. They can tell you when to start up your large equipment, leading to cost reductions and other efficiencies for the building team,' Smith said. 'Technology [also] leads to reduced manual tasks, because you can set up automation for emailing, updating tenants on their service request, and ultimately, all this leads to the tenant experience enhancement.' AI in particular is expected to improve underwriting, asset selection and risk modeling for real estate investors, with the most investable proptech companies being those that solve challenges in real estate operations, according to a podcast featuring CBRE Head of Global Digital Partnerships Connor Hall and Fifth Wall CEO Brendan Wallace. Funding provided by commercial service firms is especially notable, as investing in proptech can give them early access to innovations that can help them enhance asset performance, reduce costs and create competitive differentiation, per the report. Here's a look at three proptech companies and how their technology is working to change facilities management. Runwise completed a $55 million series B financing round that it will use to support innovation, expand its team and enter into new core markets, the company announced June 9. The company's smart operating system for buildings is installed in more than 10,000 buildings across the U.S., and it has over 1,000 customers, including real estate owner-operators like Related, MTA, Port Authority, National Grid and Douglas Elliman. The firm's vertically integrated platform combines proprietary hardware, wireless connectivity and cloud-based software to automate and optimize building operations, featuring rapid deployment and a typical payback period under five months, Runwise said. "More than 150 of our buildings have installed Runwise, and in most buildings we have seen up to 30% in energy savings, while making the buildings more comfortable, and easier to manage,' John Skipper, director of energy management at First Service Residential, said in a statement. Since its seed funding round in 2020, Runwise says in its release that it has 'grown over 30X and is on track to nearly double again this year, driven by demand for solutions that deliver tangible ROI, operational simplicity, and environmental impact.' The newest financing round was also twice oversubscribed, 'underscoring investor confidence in Runwise's category-defining approach to making buildings smarter, more efficient, and cost-effective,' it said in the release. Cove, a commercial property management software that aims to unify tenant experience and building operations to connect the entire property ecosystem, announced an investment from Lead Edge Capital in June. The capital, which follows previous funding by Nuveen Real Estate in 2024 and Blackstone Innovations Investments in 2022, comes at a time of major transformation in the commercial real estate industry marked by shifting tenant expectations and rising operational costs, Cove said in a June 2 release. The company says its platform simplifies operations for stakeholders — including property managers, owners and engineers — by consolidating communication, task management and insights into a single interface. This eliminates the need for multiple disconnected tools and supports a range of property types, including office buildings, life science campuses, retail centers, industrial facilities and medical offices, Cove said. MRI Software introduced new AI-enhanced finance and accounting capabilities that will ensure its clients 'remain at the forefront of PropTech innovation,' the company said in a June 2 release. These new capabilities, made possible through the firm's MRI Agora platform, include an agentic AI-based workflow that is expected to shorten the time spent on month-end close processes while ensuring that finance and accounting teams can maintain human oversight and control, MRI Software said. An AI chatbot, Ask Agora, will help users to interact with their real estate data in natural language. The tool features an in-page AI assistant that can provide contextual insights, recommendations and guidance that can boost productivity and drive decision-making, per the release. For example, an operator could use Page Assistance to understand a tenant's outstanding debts and then prompt it to create and send a communication reminding the tenant to pay, MRI Software says. Recommended Reading Vendors streamline integrations as operators seek unified systems: Realcomm IBcon
