Finnish startup 720 Degrees wants to make office space breathable by using its cloud based indoor environment monitoring software. The company’s solution is being used in hundreds of offices in Europe which includes YIT, CBRE, IBM and GE Healthcare and now the startup is eying launch in New York City.
Founded by 33 year old Tomas Novotny, 720 Degrees is headquartered in Helsinki, Finland. The new age office buildings have adopted energy-efficient solutions and eco-friendly technologies but somehow the well-being of human beings working in those spaces have been ignored. 720 Degrees wants to change this, Novotny says that people are more valuable than the building’s energy bill.
The company collects data from hundreds of office spaces to analyze the environment and allows the software to figure out how to make the office working environment more pleasant. Often outdated technologies are used by facility managers to control the operations inside the building which leads to deficiencies in occupant experience and a loss in value of property. The analytic tool developed by 720 Degrees provides property managers, tenants and occupants real time information and also automated solutions for improving facilities for improved productivity and health of employees.
The cofounder of 720 Degrees Rick Aller said that property investors can significantly increase their property values by making improvements in occupant satisfaction and indoor air quality as large property investors often give indoor air quality a considerable importance. Technology has made significant disruptions in real estate sector as well which is now being called as ‘’Property + Technology = Proptech’’. Many venture capitalists see a promising potential in proptech ventures.
Some studies suggest that by 2021 half of the new American buildings will turn to ‘’healthy buildings’’. 720 Degrees, being an early starter in this area, has gathered huge volume of data and experience which has helped it rank among the world leaders in this segment, according to MD of J&T Ventures, Adam Kocik.
A real estate entrepreneur in New York, Joseph Balaz said that unless and until robots and AI takes over all functions of human life, humans will continue to constitute as the most expensive part of business which makes it necessary for organizations to place them in comfortable & healthy environments to increase productivity. Balaz who is also an investor in the company says that he was intrigued by 720 Degrees’ core service and technology and decided to invest.
The company’s push to newer markets focusing on United States is fueled by a recent investment of 2.9 million euros by some US-based angel investors, Tekes, J&T Ventures and Pi Labs. With the new round of investment, the total investment in the company up to now stands at 3.5 million euros since 2014.