Proptech Vendor Resonai Gets $20M in Series-A Extension

AI, computer vision, and proptech vendor Resonai announced that it had raised an additional $20 million in an extension to its Series-A fundraising round. That is on top of an initial $10 million raised in the series, according to a press release.

Lead investors for the extension are from Israel: institutional investment house Meitav-Dash; retail chain Blue Square Israel; and Irani Ventures, the investment arm of Irani Corp (Factory 54), which represents fashion brands. The company says it also received funding and continued support from existing and new global investors including SBI, Vive Nevo, Redds Capital and others.

Resonai said it plans to use the funds “to finance the continued development and expansion of the proprietary Vera platform, as well as to support sales and marketing programs in order to build a pipeline for the company’s next round of growth.”

The company focuses on creating so-called digital twins, a growing category of proptech software in which a property is paired with a digital reproduction. This can provide a variety of benefits and services to building owners and tenants.

“One of the first applications that get deployed off our platform are those that help [buildings] save money in operations by automating maintenance and repairs with more data to inform their maintenance plan,” Gloria Gavin, Resonai chief business officer, told GlobeSt.com in May 2022. For example, the company product lines have the ability to let landlords remotely identify maintenance requirements and determine the actions to be taken without having to first send someone to the location. Users can generate maintenance requests along with a photo. The technician then gets directions to and documentation for that spot.

Gavin pointed to office worker applications, like how to book and then use services and amenities. “Maybe you’re new to the building or haven’t used the coffee machine,” she offers as an example. “When they get off the train stations, they know about the retail and food changes.” Another possibility would be contactless experiences. “Instead of having to interact with reception and security staff, you can send someone a code” that validates them and gets them to where they’re supposed to go, Gavin added.

As the company explains in the release, its core platform called Vera “serves as a new digital infrastructure, enabling powerful technologies like the Internet of Things, artificial intelligence, and augmented reality to finally be integrated so they can be put to work to improve the world’s physical buildings and properties. Vera facilitates hyper-accurate, location-based applications and experiences across the building lifecycle for relevant stakeholders such as property managers, facility managers, and consumers in commercial spaces such as malls, retail, entertainment venues, offices, and hospitality settings.”