SAN FRANCISCO, Nov. 9, 2023 /PRNewswire/ — VergeSense, the leader in AI-powered workplace analytics, announced today it has raised $60 million in Series C funding, led by Scale Venture Partners with participation from DivcoWest and existing investors Tola Capital, JLL Spark, MetaProp, Allegion Ventures and Bolt. This investment will help the company accelerate platform innovation and growth as the market increasingly requires data and insights to drive necessary workplace transformation. In addition, Rory O’Driscoll, a Partner at Scale Venture Partners, will join the company’s board of advisors.
Click to Tweet: @VergeSense Raises $60 Million in Series C for Accelerated Innovation of its Workplace Analytics Platform: https://ctt.ac/2C94d+ #proptech #futureofwork
With 74% of enterprise companies returning to the office adopting a hybrid work model, business leaders are looking for new ways to maximize office space investments that foster employee productivity, culture and collaboration. Driven by this market need, VergeSense will use the funding to further invest in its spatial data capabilities, platform development and application ecosystem to be the transformational partner enterprises need.
VergeSense’s customers represent over 40 million square feet across 29 countries and include 26 of the Fortune 500. The company continues on a growth trajectory, experiencing a 400% increase in annual recurring revenue (ARR) from Q2 2020 to Q2 2023 – over half of which stems from customer expansion. VergeSense partners with the leading workplace technologies and plans to expand its strategic partnerships. The company also is on track to double its headcount by the end of 2023.
Rory O’Driscoll, partner, Scale Venture Partners, said: “The workplace has been irreversibly transformed in the last 18 months and the market needs a leader who provides a data-driven approach to help companies navigate these rapid changes. We believe that VergeSense is this leader. VergeSense’s comprehensive solution provides enterprise workplace executives with AI-powered insight beyond what the eye can see and their top decile growth rate is evidence that the market is responding.”
Richard Bettina, senior director of leasing, Fresenius, said: “VergeSense helped us rapidly determine our utilization levels at our headquarters location. This activity, and the data driven benefits of the VergeSense platform, enabled Fresenius to launch a program to study our overall portfolio as needed, to drive significant cost savings while making fact based choices to improve our employee workplace experience and optimize our real estate investments.”
Dan Ryan, CEO and co-founder, VergeSense, said: “The workplace has an increasingly important role to play in helping businesses create a competitive advantage by using it to drive culture, collaboration, innovation and overall impact. This funding will enable VergeSense to drive even greater outcomes for our customers as they undergo workplace transformation.”
About VergeSense VergeSense is a Workplace Analytics Platform trusted by enterprises across the globe. Businesses use VergeSense to transform their static office into a dynamic workplace that matches today’s employee needs and expectations. Its AI-driven platform includes intelligent sensors that collect real-time data, dashboards and insights that drive workplace strategy, and integrations with the leading workplace technologies. Today VergeSense analyzes over 40 million square feet and supports customers across 29 countries, including 26 of the Fortune 500. VergeSense has integration partnerships with some of the leading workplace technology providers to help customers have the best end-to-end experience, so employees feel safe, productive, and at their best. For more information visit http://www.vergesense.com
About Scale Venture Partners
Scale is an early-stage venture capital firm focused on intelligent business software, with a Scaling Platform that has helped companies like Bill.com, DocuSign, HubSpot, JFrog Root, and WalkMe move from founder-led growth to a repeatable go-to-market machine. Today we’re focused on the next generation of companies building Cognitive Applications, like: Comet.ml, Forter, Locus Robotics, Observe.ai, Socure, Techsee, and Viz.ai. Learn more at www.scalevp.com.
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SOURCE VergeSense
