This is Allegion Ventures’ first investment in VergeSense and part of a larger $9-million strategic funding round for the portfolio company. VergeSense plans to use the investment to meet increased customer demand and scale its analytics software platform. Allegion Ventures President Rob Martens said its strategic investment in VergeSense was made after a comprehensive review of technologies making an impact in the commercial real estate market.
“The talented team of entrepreneurs at VergeSense is currently proving just how nimble they can be and how valuable and adaptable their technology is,” said Martens. “In the midst of a world crisis, they have quickly positioned themselves to help senior business leaders ensure safer workspaces through social distancing, while at the same time still driving productivity, engagement and cost efficiency. VergeSense is on the leading edge of creating data-driven workspaces when it matters most to the global business community and their employees.”
VergeSense employs computer vision technology through cost-effective sensors that can be installed in minutes. Its platform can provide actionable insights and AI-powered recommendations to building managers or tenants through an easy-to-use dashboard. The more data the sensor-as-a-system collects, the smarter it gets, and the better it can help power agile workplace design, enhance employee experience, optimize real estate portfolio investments, facilitate smart cleaning and, now, aid in social distancing compliance.
“Today, as companies respond to COVID-19, they’re turning to VergeSense to solve their most significant problem – getting employees back into the workplace safely,” said Dan Ryan, CEO and co-founder of VergeSense. “We’re excited to have Allegion Ventures join our existing investors in this strategic round to help us meet the growing demand for our mission-critical solution.”
VergeSense joins innovators such as Openpath, Pindrop, Robin Powered and HqO in the Allegion Ventures portfolio of companies that are poised for growth. As an investor, Allegion Ventures can help VergeSense to grow through added expertise in new markets, partnering opportunities, as well as through new technology use cases like detection of “tailgating” events or unauthorized building entry.
Terms of the deal have not been disclosed.
About Allegion Ventures
Allegion Ventures is the corporate venture fund of Allegion. It invests in and accelerates the growth of companies with innovative technologies and products that have the potential to make security and access smarter, stronger, faster and less intrusive. For more information, please visit www.AllegionVentures.com.
VergeSense is the leading AI-powered sensor provider for the workplace. Headquartered in San Francisco, VergeSense offers a scalable suite of technologies that enables insight into the ways people use space and get work done. Its deep learning sensors capture data beyond simple observation, while its analytics dashboard translates data into real-world recommendations for workplaces around the world. VergeSense sensors can be installed in minutes and get smarter over time. For more information visit www.vergesense.com.
Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. Allegion had $2.9 billion in revenue in 2019 and sells products in almost 130 countries. For more, visit www.allegion.com.