Ecotrak, which provides a facility management software-as-a-service platform to multi-site businesses, has secured $30 million to expedite its product development and go-to-market efforts, the company announced Monday.
Headquartered in Irvine, California, Ecotrak offers enterprise asset management to owners and operators through a web and mobile application-based platform that combines automation, predictive analytics and granular, asset-specific data with a large network of service providers, the company said in a news release. “The result is a modern and easy to execute workflow that reduces equipment downtime and maximizes warranty claims,” Ecotrak said.
The platform drives operational scale and delivers a “tangible bottom-line impact through analytics and work automation," Ecotrak CEO Matt Singer said in the release. Singer noted that the capital infusion will help the firm “further capitalize on these opportunities” and solidify its market position.
Ecotrak’s customers include Dave & Buster’s, Dutch Bros Coffee and franchise companies Inspire Brands and Flynn Restaurant Group, per the release. Restaurants owned by Inspire Brands include Arby’s, Buffalo Wild Wings, Sonic Drive-In and Dunkin’ Donuts, while Flynn Restaurant Group’s brands encompass Applebee’s, Taco Bell, Panera, Pizza Hut, Wendy’s and Planet Fitness.
The platform’s ability to offer detailed insights into enterprise facilities and assets has fueled rapid growth and generated substantial returns on investment for its customers, the company said in the release, noting that the investment follows “another record-breaking year for Ecotrak.”
Private investment firm Respida Capital led the funding round, with participation from Carver Road Capital and existing investor Gala Capital Partners.
“[Ecotrak’s] innovative approach in the rapidly growing facilities management market, integrating enterprise asset management with AI-powered analytics, creates a compelling formula for success." James Zubok, founder and managing member of Respida Capital, said in a statement.
Combining detailed and readily available asset information with connections to service providers is critical to efficient facilities management and ensuring “unparalleled guest experiences,” said Sean Christie, co-founder and CEO of Carver Road Capital, which invests in and operates lifestyle hotels, restaurants, lounges and other hospitality outposts.
As operators increasingly turn to technology and AI-powered tools to carry out maintenance tasks and meet efficiency targets, the facilities management industry is garnering more interest from investors looking to cash in on a growing demand for automation and predictive analytics.
Last year, smart building systems integrator Andorix raised $40 million of financing in a round led by Voya Investment Management, while smart building intelligence platform Clockworks Analytics netted $16.1 million, in a round led by Carom Growth Partners, to expand its fault detection and diagnostics platform.
