Pini Shemesh (Co-Founder & CEO) presents myTLV app for GindiTLV project
Pini Shemesh will introduce the property management ecosystem
- FoundersPini Shemesh, Meiri Shemesh, Yuval Shahak
- Notable Shareholders
Founders, BuiltUp Ventures, Angel Investors
- Round size
MyTower is a unified all-in-one innovative facilities management platform. Real estate management includes a complex mix of different verticals, and MyTower is the first to take a user-centric point of view and offer both property and service management options as part of the same solution.
MyTower’s platform consists of 4 building blocks:
1) Property Management (turning residences into smart buildings),
2) Service Management (focusing on communication with tenants),
3) On-Demand Services (limitless concierge assistance), and
4) Integration Store (AppConnect - a world of upgrades and seamless integrations).
MyTower’s platform keeps evolving, adding more and more integrations to solve every need.
Automated processes and smart property management solutions are even more valuable in today’s new reality that includes social distancing, working from home, visitors’ temperature tracking, online shopping with delivery to the door, etc. MyTower’s innovative solution protects the safety and health of employees, tenants, and other end users of properties, while also providing efficient facility management that addresses the new needs of building managers and residents. Throughout the COVID crisis, MyTower has seen growth in tenants’ engagement with the platform, an increase in property management efficiency and significant revenue results.
The facility management industry today faces a lot of inefficiencies, including:
- Limited scaling solutions for multiple property types and participants.
- Property management and service management are offered as two completely separate services with different vendors, pricing, etc.
- Existing solutions are designed from a building-centric point of view rather than a customer-centric one, resulting in inefficiencies and inconveniences for the residents.
- Inefficient management and resource utilization.
- Too many vertical solutions which do not integrate with each other.
The following statistics show the strong need for a revolution in the way facility management is offered:
- 97% of all facility and real estate managers say that maintaining high tenant satisfaction is a top priority.
- 61% of property companies believe a tech investment today will positively impact their revenues for years to come.
- $24 trillion of assets are still managed by using disconnected systems and printed spreadsheets.
- 81% improvement in retention of tenants is correlated with implementing PropTech in commercial real estate facilities.
In addition, it is important to highlight that the Covid-19 pandemic has introduced new issues that facility management solutions must take into account, as property owners and landlords have to protect the health and safety of tenants and staff while balancing the needs of workers and businesses.
MyTower offers a user-centric, comprehensive, horizontally integrated, end-to-end solution for the real estate industry that answers the major challenges described in Problem Overview.
MyTower’s advanced platform has 4 key elements:
1) Property Management - Turn Residences into Smart Buildings
Allowing proactive and preventive maintenance, efficient use of resources, BI platform to anticipate needs, adapt to changing circumstances, and more.
2) Service Management - Communication is Key
CRM system to manage residents, visitors, vehicles and deliveries, allowing for better and easier tenant communication, enabling them to easily make payments, report maintenance issues, and more.
3) On-Demand Services - Concierge Assistance
Immediate access to an array of service providers, such as: room service, spa treatments, housekeeping, laundry, delivery, ecologic car wash, and more.
4) Integration Store - AppConnect - A World of Upgrades and Seamless Integrations
Mobile facial recognition-based self-check-in, leak sensors and proactive maintenance for shared and private areas, API integration and endless other solutions.
Key advantages of MyTower:
1) A comprehensive, horizontally integrated end-to-end solution: the advanced PropTech platform provides property management companies with one horizontal system that “breaks down the walls” rather than requiring the use of many separated vertical services, which are very difficult to manage;
2) The first of its kind user-centric point of view property management solution: the AppConnect platform connects to a large range of API and app integrations to help automate, organize and effectively manage a Smart Property Solution from one, easy-to-use control panel;
3) Combination of AI and IoT within the property management’s day-to-day operation: MyTower offers countless solutions that are easily tailored and integrated to fit companies’ existing workflow and needs:
- People and places - facility and personnel
- BI platform to anticipate needs
- Proactive and preventive maintenance
- Unified property dashboard
- Finance and lease management
- Employee and attendance supervision
- Suppliers’ and contractors’ management
- Platforms’ synergy
The MyTower platform allows clients to advance to the IoB era and enjoy property that is:
1) Connected: Smart property is engaged and self-aware. It connects with utilities (water, gas, electricity, etc.), tenants, suppliers, and other buildings. Connected property allows synergy between online and offline solutions and integrates centralized and decentralized networks.
2) Adaptive: Connected property can anticipate and adjust to changing circumstances such as climate, time, occupants, and more. Smart buildings become multifunctional and have modular systems that can be personalized based on user behavior and predefined needs, improving the wellbeing of people and communities.
3) Efficient: The IoB revolution reduces cost while boosting functionality. Optimized resource utilization helps tenants and protects the environment we all share. Smart buildings are better prepared for emergencies and non-resource situations and can trade and share resources with other property. Their performance is easily measured and tracked.
4) Automatic: The above benefits take place smoothly and automatically. Specific needs, preferences and behaviors are all taken into account. Advanced machine learning algorithms study the property and its residents, getting better and more sophisticated at predicting needs based on user feedback and aggregated data.
MyTower’s solution helps facility management teams to develop sustainable buildings and optimize functions at the most efficient level. It enables facility managers to identify the underutilized and poor performing facilities, assets, processes, and resources, and help improve facility assets. MyTower’s impact on property management companies includes:
1) reduction of properties’ operational costs by up to 50%,
2) profit increase by adding new revenue channels,
3) improvement of property lifecycle ROI by up to 25%.
MyTower’s platform has been updated to meet both tenant and personnel needs in the current pandemic situation. The solution includes following additional features which are important for real estate management during COVID-19:
- SLA: disinfection and cleaning tasks,
- visitor temperature control,
- face recognition (door opening without a touch),
- gym, swimming pool and amenities control.
It is important to highlight that currently the MyTower platform is only available for residential properties, but in the future it will also cover Commercial and Hospitality real estate.
Why Are We Investing?
BuiltUp Ventures invested in MyTower’s seed funding round in February 2019 and remains one of the company’s main shareholders.
We are proud to have MyTower in our portfolio due to the following:
- Growing Market
The facility management market was valued at USD 40.41 billion in 2019 and is expected to reach a market value of USD 81.49 billion by 2025, registering a CAGR of 12.51% during the forecast period of 2020-2025. [Source: Research and Markets]
The PropTech market in general, and the facility management market in particular, are booming and will continue to grow in the foreseeable future. The opportunity for PropTech development is driven not only by the sheer size of the market but also by the limited amount of innovation up until now. [Source: Proptech.Zone] It is a market that is looking for innovative technology-based solutions, and being one of the first on the scene means that MyTower can quickly capture market-share in this industry that has huge potential for growth.
- MyTower Solution
We believe in the high value and competitiveness of MyTower’s product.
The new era of property management requires a new and original approach. MyTower provides cutting-edge property and service management solutions that take into account the current needs of owners, residents, managers, and vendors, and which help residential units to be managed in a smart, cost-efficient way, resulting in better service management, higher engagement, and most importantly - happier people.
- Strong Team
MyTower’s team consists of experienced professionals who love real estate and believe in technology. Their energy and experience will lead the company to success.
- Track Record
MyTower is an early stage company that has already delivered strong financial achievements: their revenue progress is impressive $4.6M as of October 2020 (cumulative since platform launch in 2018), of which $3.5M was delivered in 2020.
Currently, over 200 leading residential towers in Israel are managed by MyTower and are benefiting from cost-efficiency, better service management, higher engagement and happier residents.
The new era of property management requires an original approach. MyTower provides exactly that with its cutting-edge property and service management solution which considers the current needs of owners, residents, managers, and vendors. MyTower’s smart property management platform uses a combination of AI and IoT to connect and enhance property and service management, bringing the entire ecosystem under one virtual roof.
Contrary to other facilities management systems that are often separated by vertical, MyTower takes a user-centric point of view and is horizontally-integrated, making it much more comprehensive and easy to use.