MICROSHARE CLOSES US$15 MILLION IN FINANCING FROM AVENUE CAPITAL SUSTAINABLE SOLUTIONS FUND

KUALA LUMPUR, Nov 5 (Bernama) -- Microshare Inc, a leading provider of Smart Building data solutions to multinationals and public sector institutions, has closed US$15 million in financing from the Avenue Sustainable Solutions Fund, L.P., Avenue Capital Group’s vehicle for supporting firms working to bring about a more sustainable world. (US$1 = RM4.158)

Microshare’s EverSmart suite of Smart Facilities solutions help global enterprises like GlaxoSmithKline, Aramark and Rent-A-Center reassure workforce, tenants and customers about the safety of indoor spaces while producing operational efficiencies as well as data insights that boost ESG (Environment | Social | Governance) performance.

“The Avenue Sustainable Solutions Fund investment represents a major vote of confidence in the transformational nature of our EverSmart solutions,” said Microshare Chief Executive Officer and Co-Founder Ron Rock.

Meanwhile, co-manager of the Avenue Sustainable Solutions Fund, Sean Coleman said: “We are excited to back Microshare’s strategy to address growing corporate demand for improvements in building energy efficiency and water consumption, both of which are critical considerations for a sustainable future.”

Philadelphia-based Microshare provides Sensing-as-a-Service solutions to clients in Commercial Real Estate, Corporate, Healthcare, Manufacturing and Pharmaceuticals sectors, according to a statement.

The company received international attention for the Universal Contact Tracing wearables it introduced early in the pandemic, a solution credited with preventing major outbreaks at essential manufacturing industries like pharmaceuticals and logistics.

Microshare will use the funds to expand its sales and development teams, grow its business in North America, Europe and the Middle East, and to solidify the complex supply chain and reseller relationships that underpin its efforts to deploy its data solutions at scale.

The company recently reached a number of milestone agreements, including an agreement with Aramark, the largest facilities management firm in the US; and, renewals of global contracts for Universal Contact Tracing wearables for GSK’s manufacturing plants globally.

More details at www.microshare.io.

-- BERNAMA