The three selected start-ups will be eligible for further mentorship and funding
In order to provide proper funding and mentorship, three real estate technology start-ups namely Wegot Utility Solutions, Reomnify and Facilio have been selected by JLL, the Real estate consulting firm known for running the prop-tech programme JLL IDEAs.
The winners were chosen at one of India’s biggest real estate prop-tech accelerator programmes, JLL IDEAs which is run along with Invest India, the national investment promotion and facilitation agency under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.
A special award for Drona Technologies was announced by JLL for presenting best-in-class technology innovation for social change.
Top executives of JLL have suggested that the company will be investing up to Rs. 1 crore in the start-ups which have been selected and provide to them the best of mentorship from the leaders of real estate sector.
JLL Spark, the Silicon Valley-based venture capital arm of JLL will be contributing with one portion of the funding. With investment fund of $100 million dollars, JLL Spark’s primary focus is on creating new investments, products and supporting start-ups in the industry of real estate technology industry. This venture is known for investing in 15 start-ups till date, including five from India itself. Now is the turn of these start-ups to receive some fair amount of funding from JLL.
All three winning start-ups are known for providing technologies usable across multiple geographical areas and segments of real state business.
The winner, Wegot Utility Solutions, provides an IoT water management platform, VenAqua that offers automated and real time data driven decision making to lessen the demand for water and enhance the efficiency of the water infrastructure in every area.
The solution not only help in reducing the water consumption by up to 50%, but also it would help in cutting down the maintenance cost by more than 30%.
Facilio, which stood the first runner up in the programme uses Internet of Things to link existing building automation systems with everyday facility workflows in order to empower facility management workforce with real-time actionable insights.
Reomnify which stood third in the programme reportedly uses location-based intelligence for guiding its clients in making an informed decision on setting up of offices and its expansion. Drona Technologies, Constellation award winner offers a sewage pipe cleaning robot which can be utilised in cleaning drainage pipes and removing scaling from sewers.
Such programmes encourage the emerging start-ups to develop more and contribute their level best to the Indian market.