Toronto-based Innerspace, which provides an analytics software for space utilization, has revealed it raised $10 million CAD in Series A funding as it taps the growing opportunity of companies’ return-to-office plans.
Yaletown Partners led the funding round, with participation from existing Innerspace investors including BDC and MaRS’ Investment Accelerator Fund (IAF).
According to Innerspace, this infusion of capital will help accelerate its product development roadmap and scale its operations. It previously raised a $3.2-million CAD seed round in March 2019.
Innerspace closed the round in December 2022. When asked why the startup decided to announce the financing seven months after it closed, Innerspace CEO James Wu said his team’s priorities were more focused on capitalizing on the market opportunity “rather than talking about it.”
“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.”
“We had planned to announce it since it first closed, but with so many things on the go in the first half of the year it just never happened,” Wu said.
Among some of the activities that kept Innerspace occupied were scaling its direct go to market strategy by investing in its sales team and marketing initiatives. Wu also said one of the key contracts that Innerspace secured at the end of last year is part of a campus refresh project for an undisclosed “large Fortune 50 client” in Washington state.
Founded in 2014, Innerspace delivers GPS systems for the indoors, touting itself as the world’s first indoor mapping and location intelligence platform. Its location intelligence engine can be powered by existing Wi-Fi networks or by InnerSpace’s Wi-Fi location sensors.
Innerspace said its platform can provide completely anonymous workplace analytics in real-time, such as how employees are using the office, how often they come, duration of their stay, patterns of movement, the resources they use, as well as differences in mobility between teams. Using this data, users can make decisions to optimize team placement, meeting room needs, and overall square footage requirements.
“With many companies being met with resistance when mandating employees return to the office at least two to three days per week in a post-pandemic world, 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,” said Sameer Hasan, vice president of operations at Innerspace.