NodaFi, a cloud-based facility operations platform, has secured $3.5 million in seed funding to transform the $21 billion facility management software industry. Base10 Partners led the round, with Stage 2 Capital, MKT1, and FJ Labs also participating. The investment aims to accelerate NodaFi’s mission of modernizing facility operations through innovative solutions.
Founded by Jacob Pandl, Mike Loyda, and Dan Pettay, NodaFi has set an ambitious goal to “reclaim one billion hours for essential workers managing critical infrastructure” by 2026. This objective highlights the significant inefficiencies in the sector, where an estimated 70% of work time is deemed unproductive.
“Facilities management employs over four million people in the United States and stands as the silent backbone of our community,” said Jacob Pandl, CEO of NodaFi in an exclusive interview with VentureBeat. “Yet, they’re burdened by persistent inefficiencies which are further amplified by subpar software solutions.”
NodaFi’s platform integrates preventive maintenance, work order management, and asset tracking to enhance operational efficiencies across diverse industries including self-storage, health and wellness, biotechnology, and healthcare. The YMCA, Astellas Therapeutics, and Staples are among the notable clients that have adopted NodaFi’s solutions.
Explosive growth: NodaFi’s 522% year-over-year expansion signals market disruption
The company has demonstrated impressive traction with a reported 522% year-over-year growth. This growth trajectory, coupled with efficient capital management prior to this round, signals strong market fit and potential for rapid expansion.
“We are currently operating in various verticals such as health and fitness, self-storage, life sciences, sports & entertainment, and community services,” Pandl told VentureBeat. “We see significant growth potential in the self-storage sector, which has experienced substantial growth over the past several years and now has a huge need for modern operations solutions.”
Industry analysts note that NodaFi’s timing aligns with market trends. The facility management software market is projected to grow to $72 billion by 2033, driven by increasing demand for efficient, tech-driven solutions in a traditionally analog sector.
The future of facility management: AI, IoT, and predictive analytics on NodaFi’s horizon
NodaFi plans to capture this market opportunity with a two-pronged approach. “Our approach is to build a common platform for facility operations while also building deep into particular segments of the market,” Pandl explained. “We accomplish this by partnering with key players and developing a comprehensive ecosystem for facility operations within each vertical.”
The company’s vision extends beyond current capabilities, with plans to integrate emerging technologies such as IoT sensors, AI, and predictive analytics. “The future of facility operations software will look more like today’s SaaS world. Everything integrates with each other and data from different sources is seamlessly combined to trigger workflows and make more informed decisions,” Pandl elaborated.
NodaFi will use the new funding to expand its team and enhance its product offerings. With aims to achieve 500% ARR growth this year and a fivefold increase in customer logos, NodaFi is positioning itself as a potential leader in the next generation of facility management solutions.
The success of NodaFi will largely depend on its ability to drive adoption in an industry often resistant to technological change. However, if it can deliver on its promise to significantly improve efficiency and provide clear value to its users, NodaFi could indeed become the “Salesforce for Facility Operations” it aspires to be.