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Nuvolo, a cloud-based connected workplace platform that helps businesses optimize their facilities, staff, and assets, has raised $31 million in a series C round of funding led by Insight Partners.
Founded out of Paramus, New Jersey in 2013, Nuvolo develops an integrated workplace management system (IWMS) spanning space management, operational technology (OT) security, maintenance, field service management, and more.
The company connects various departments, such as facilities, HR, IT, and real estate, with a single centralized platform for collecting and reporting on data that “eliminates siloed business units,” Nuvolo CEO Tom Stanford told VentureBeat.
Moreover, Nuvolo is built on top of ServiceNow’s Now platform. “This gives enterprises already using the Now platform the ability to add value to their existing investment,” Stanford added.
Businesses can use the technology to manage office space, for example, gleaning utilization data and helping inform room reservation processes as workers prepare to return to physical offices. Building and facilities managers can hover over specific spaces to see the size of rooms and figure out how many people could fit into a room, drag-and-drop virtual employee icons to create space between desks, map out one-way walking routes, and more.
Additionally, users can generate reports and design dashboards that show how many employees are returning; analyze available space and forecast future requirements; and show maintenance jobs by work orders, cost, or response times.
The IWMS market was pegged at $2.6 billion in 2020, a figure that’s expected to nearly double within four years. Other players in the space include IBM, SAP, and Accruent, which was acquired by Fortive in a $2 billion deal a few years back.
Nuvolo goes beyond many of the traditional IWMS to cover use cases such as warehouse management and field services management. And the fact that it’s built natively on the ServiceNow platform makes it easy for enterprises already using ServiceNow to extend into facilities and real estate management. “This limits the number of solutions you need to manage things like space and maintenance, but you are also able to get powerful analytics from one solution across your business,” Stanford explained.
Nuvolo can also be integrated with many enterprise applications across finance and HR, including Oracle, SAP, Workday, Lawson, and Microsoft Dynamics.
Nuvolo had previously raised around $25 million. With another $31 million in the bank, it’s well-financed to pursue what it calls an “aggressive innovation roadmap” that includes plans to triple its headcount globally in the next two years and condense its initial product plans from 2.5 years to less than 15 months.
Its latest raise comes amid a flurry of activity across the smart building space, with San Francisco-based VergeSense recently raising $12 million to bring workplace analytics to physical spaces, and Density, Infogrid, and OpenSensors raising funds in the past few months. While Nuvolo is a different proposition, it’s setting out to achieve a similar goal in terms of harnessing data to help businesses manage their physical spaces and assets more effectively. Nuvolo integrates with many of these products, spanning building automation systems (BAS), sensors, badge systems, and parts ordering systems.
Nuvolo claims a number of big organizations as clients across health care, life sciences, financial services, and the public sector. However, it was only at liberty to disclose a handful of names, including the InterMed Group; Parkland Health & Hospital; and Indian Health Service, a unit of the U.S. Department of Health and Human Services.
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