When SaaS Meets Commercial Real Estate
OAKLAND, CALIFORNIA – (June 8, 2016) – Comfy™ announced today it closed a $12 million funding round, led by enterprise cloud venture capital firm Emergence Capital. Other investors include CBRE Group, Inc., the world’s largest commercial real estate services company, and Microsoft Ventures. Existing investors Claremont Creek Ventures and Westly Group also participated in the round. An emerging software leader in smart building controls, Comfy is contracted in over 3.5 million square feet throughout five countries.
Comfy is the only occupant-facing smart building software app that delivers on-demand, personalized comfort and productivity in the workplace. Comfy taps into the digital backbone of a building’s management system to give occupants a better way to regulate their work environment. By turning every employee’s smartphone into a “remote control for the office,'” Comfy uses machine learning to automatically tune the building based on people’s patterns and preferences. Comfy eliminates hot/cold calls and improves productivity and wellness, all while reducing the energy wasted on conditioning empty spaces.
Comfy has had significant success in corporate real estate, including expansions with major clients such as Johnson Controls, Infosys and other prominent companies. The company is working to extend its people-centric approach to improve numerous aspects of the office experience, including lighting control and other integrations in its partner ecosystem. “We are thrilled with the traction Comfy has gotten so far in the market, and with the big impact it has on people’s quality of life at work,” said Andrew Krioukov, CEO of Comfy. “Our world-class team is very motivated to take our expertise into other aspects of the work experience; we have some exciting new capabilities coming soon.”
Emergence Capital, the lead investor of Comfy’s Series B round, is well-known for its focus on backing leading SaaS companies, including productivity platforms such as Salesforce, Box and Yammer. “By engaging office workers directly, Comfy elevates productivity while cutting energy costs. We’re thrilled to partner with Comfy’s team to help shape the future of work,” said Brian Jacobs, founder and general partner at Emergence. “The consumerization of enterprise software means the next generation of big winners will have a keen focus on the end user. After talking with Comfy’s users, it’s clear that their passion for the product is contagious.” said Jake Saper, investor with Emergence.
Microsoft Corp, the world’s leading platform and productivity company, last week unveiled its venture program focused on supporting start-ups. “Our investment in Comfy represents one of the many ways we support innovation that improves productivity,” said Nagraj Kashyap, corporate vice president, Microsoft Ventures. “With Comfy, employees are able to seamlessly control their physical environment and immediately improve productivity in the workplace.”
A significant factor driving Comfy’s growth has been the increased focus in the market on wellness and personalization. “Comfy is critical to keeping our employees happy and productive,” says Cadi Withers, senior manager of global office operations at AppNexus. “It’s great to watch people reacting positively to a tool that was so easy to adopt. It has completely changed my workflow. I can’t imagine going back to an office without Comfy.”
The Comfy team will be using the new investment to grow its Oakland, Calif-based team to support new features and offerings, as well as to boost its international market presence. “We are laser-focused on scaling the business to get Comfy into the hands of everyone out there who wants a better work environment,” said Krioukov.
About Building Robotics
Building Robotics, makers of Comfy™, is changing the way people interact with their workplaces. With deep roots in advanced computing and thoughtful user experience, our Oakland-based team of nerds dreams up unconventional software solutions for everyone, from the people who operate the building to the people who fill it.
About Emergence Capital
Emergence Capital (@emergencecap), based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage enterprise cloud companies. Its mission is to invest in the cloud visionaries who are building the most important business applications. The firm’s investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF, acquired by SAP), Veeva Systems (VEEV), Yammer (acquired by Microsoft), and Box (BOX). More information on Emergence Capital can be found at http://www.emcap.com.
About CBRE
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
