Cohesion, a software-as-a-service player focused on smart buildings, has raised $6.5 million in seed capital in a round led by Hyde Park Angels, with other investors including Singapore-based Frasers Property Group.
ESD Global executive chairman Raj Gupta, Citadel founder and CEO Ken Griffen, GCM Grosvenor CEO Michael Sacks and global trading and investment firm CMT also participated in the round, Cohesion said in a statement Thursday.
The company’s platform targets commercial real estate operators and connects tenant-focused apps with legacy building engineering systems. It is a spin-off venture of Chicago-baed engineering design firm ESD.
“COVID-19 has presented the commercial real estate industry with never-before-experienced pressure, forcing adaptation to reprioritized tenant needs of health and safety,” Cohesion CEO and co-founder Thru Shivakumar said in the statement.
“The real estate industry is evolving rapidly. For Frasers Property to respond with agility, we’re looking at leveraging data-driven technologies to better manage our multi-national real estate portfolio,” said Frasers Property group CEO Panote Sirivadhanabhakdi.
“We believe investing in Cohesion’s solution enables us to realise a vision where building systems and workflows can be seamlessly connected in a centralised intelligent building platform and has the ability to help create a future of work experience,” he added.
Steve Koch, formerly the global chair for M&A at Credit Suisse, will join the company’s board of directors, the statement said.
Cohesion said its clients include The John Buck Co., Transwestern, Frasers Property, and Riverside Investment & Development.