InnerSpace, the only SaaS-based space utilization platform that leverages existing Wi-Fi infrastructure – without the need of sensors – to deliver actionable insights to optimize work space usage, today announced the completion of its $10M 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 US$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.”
InnerSpace 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) that enables far more accurate data than has ever before been possible. Partnered with two of the world’s most popular networks, Arista and Juniper, InnerSpace can also easily 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, irrefutable insight into how employees are using the office: how often they come, how long they stay, patterns of movement, the resources they use, and even 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.”
After early success within the hospitality, education, and entertainment industry, InnerSpace secured a round of seed funding in 2018 led by BDC, MaRS IAF and Zach Coelius’ AngelList. In 2020, the company shifted its focus to enterprise workplaces and evolved its platform to reduce the need for sensors through a pure software solution using clients’ existing Wi-Fi infrastructure.