Toronto – InnerSpace, an SaaS-based space utilization platform that leverages existing Wi-Fi infrastructure to deliver actionable insights to optimize work space usage, announced the completion of its $10 million CAD Series A round. Led by Yaletown Partners, with previous round participants including BDC and IAF, the round will accelerate InnerSpace’s product development roadmap and scale operations to serve the growing $45 billion space utilization analytics market.
“Our clients are facing an unprecedented tension between their largest operational expenses – employee productivity and real estate consumption,” said James Wu, CEO of InnerSpace. “Never before have CEOs faced a complete overhaul of workstyles and unused real estate on such a massive scale. Guessing costs millions. Data identifies the problem, and we are here to offer the solution.”
Representatives of InnerSpace say it is the only sensor-free – completely anonymous workplace analytics solution that surfaces accurate and actionable data in real-time based on a company’s existing infrastructure. The platform is powered by InnerSpace’s proprietary Wi-Fi-based RTLS (Real-Time Location system). Partnered with networks Arista and Juniper, InnerSpace can also connect with networks like Cisco, Aruba, and Ruckus – with the potential of plugging into 65% of the world’s total addressable Wi-Fi market.
Clients use InnerSpace data to help them make decisions about their workplaces; whether to contract or expand their footprint, renovate, or reallocate resources. It offers quantitative insight into how employees are using the office: how often they come, how long they stay, patterns of movement, the resources they use, and differences in mobility between teams. With InnerSpace real estate and workplace experience teams optimize team placement, meeting room needs, and overall square footage requirements.
“Now more than ever, facilities and employee experience teams are looking for ways to better engage employees while at the office,” said Sameer Hasan, vice president, operations, InnerSpace. “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.”
