InnerSpace Secures $10 Million Series A Funding to Transform PropTech Landscape

Sensor-Free Space Utilization Platform Enhances Employee Experience and Optimizes Real Estate Utilization for Fortune 500 Companies

Key Takeaways

  • Successful Funding Round: InnerSpace, a SaaS-based space utilization platform, announces the completion of its $10 million CAD Series A funding round, led by Yaletown Partners, alongside participation from BDC and IAF.
  • Revolutionizing PropTech: InnerSpace’s unique approach leverages existing Wi-Fi infrastructure, eliminating the need for sensors, to provide actionable insights that enhance workspace utilization and employee experience.
  • Data-Driven Solution: InnerSpace empowers clients with quantitative, irrefutable insights into office usage, enabling informed decisions regarding workspace expansion, renovation, and resource allocation.
  • Strategic Partnerships: The platform’s proprietary Wi-Fi-based Real-Time Location System (RTLS) is supported by global networks like Arista and Juniper, connecting with major players in the Wi-Fi market.

Transforming Workspace Utilization with Innovation

In a significant stride towards redefining the landscape of Property Technology (PropTech), InnerSpace announces the successful completion of its $10 million CAD Series A funding round. Spearheaded by Yaletown Partners, with participation from BDC and IAF, this funding milestone serves as a catalyst for InnerSpace’s mission to revolutionize space utilization and transform employee experience within the corporate ecosystem.

Historically, enterprises have grappled with the challenge of optimizing their real estate while enhancing employee productivity. However, InnerSpace, armed with innovative technology, presents a groundbreaking solution that eradicates the need for conventional sensors. By harnessing existing Wi-Fi infrastructure, the platform delivers real-time insights that empower businesses to maximize workspace efficiency.

Propelling the Data-Driven Revolution

InnerSpace distinguishes itself as a sensor-free workplace analytics solution that provides unparalleled accuracy and actionable data. Leveraging InnerSpace’s proprietary Wi-Fi-based Real-Time Location System (RTLS), the platform ensures precise data collection and analysis, surpassing previous limitations. This advanced technology is further bolstered by partnerships with prominent network providers like Arista and Juniper. The platform’s potential to integrate with networks such as Cisco, Aruba, and Ruckus positions InnerSpace to serve a significant portion of the global Wi-Fi market.

As James Wu, CEO of InnerSpace, notes, “Data identifies the problem, and we are here to offer the solution.” The platform seamlessly taps into a company’s existing infrastructure to provide quantitative insights into workspace utilization. This capability empowers organizations to make informed decisions about their office environment, whether it involves expansion, renovation, or efficient resource allocation.

Maximizing Workplace Experience

In the ever-evolving landscape of remote work and hybrid models, InnerSpace’s contributions hold immense value. Sameer Hasan, Vice President Operations at InnerSpace, emphasizes the platform’s significance, stating, “With many companies being met with resistance when mandating employees return to the office, it’s now more important than ever to figure out how to best use office space to maximize the benefits of working together in person.”

InnerSpace has demonstrated its prowess by catering to a diverse range of industries, including hospitality, education, and entertainment. Building on early successes, the company secured a round of seed funding in 2018, followed by a strategic shift towards enterprise workplaces in 2020. This evolution saw the platform transition towards a software-driven solution that harnesses existing Wi-Fi infrastructure, reducing the reliance on physical sensors.

Navigating the InnerSpace Ecosystem

  • Fortune 50 Client Success: InnerSpace has already garnered recognition, with a Fortune 50 client deploying the platform across a sprawling 1.3 million square feet of its global headquarters in Washington state.
  • Privacy and Security: InnerSpace’s commitment to privacy and security is evident through GDPR compliance, SOC 2 certification, and ISO-27001 certification.
  • Seamless Integration: The platform’s versatile API enables effortless integration with existing customer systems, spanning Business Intelligence (BI), resource booking, building management, and more.
  • Hybrid Work Model: InnerSpace aligns seamlessly with the new hybrid work model, offering data-driven insights to facilitate workplace strategy adaptation.

Crafting the Future of PropTech

InnerSpace stands at the forefront of innovation within the PropTech arena, transforming how businesses perceive and utilize office space. With the successful completion of its Series A funding round, the platform is poised to further accelerate its growth trajectory. Armed with a sensor-free approach, data-driven insights, and strategic partnerships, InnerSpace emerges as a beacon of transformation within the PropTech landscape.

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