View Acquires RXR Realty’s WorxWell in Major Proptech Deal: Exclusive
The platform compiles and breaks down data on building usage, including occupancy and air quality.
In adding WorxWell to its tech stack, the Milpitas, Calif.-based smart buildings company will bring “deep technology” to RXR’s clients, while gaining WorxWell’s 25 million-square-foot portfolio to beta test and deepen View’s knowledge of, and ability to deliver, products to the real estate industry, said Rao Mulpuri, CEO of View.
“We‘re through and through a Silicon Valley company,” Mulpuri said. “We were a deep technology company. We built a lot of context around our base product [smart glass]. We’re innovating on a number of new products. [RXR] brings us the market, and, importantly, the tenant aspect. We’re very much focused on the end user. The perspective that they bring helps us be able to serve the end user much better than we are able to do today in terms of engagement and bringing that context into the product.”
Formerly known as RxWell and launched in late 2019, WorxWell’s data analytics platform aggregates building data such as occupancy, space usage, work patterns, access control, air quality, temperature and environmental factors into a dashboard for building owners and occupiers. It also offers mobile apps and other tools for digesting and using that data.
“Our DNA is customer-centric, understanding how people operate in buildings,” RXR Realty CEO Scott Rechler saidl. “View’s is how do you take this vision and make it a reality and make it user-friendly. They’re at the forefront of technological and digital transformation. That’s where I think there’s really one plus one equals three, and, for us, to ensure that our customers will always have the best and most technologically advanced tools available to them.”
WorxWell was developed in RXR’s “digital lab,” Rechler said, adding that although the development team will move over to View, “the interface and the connectivity with our customer will still be RXR,” as View provides the support and technology behind the product.
“Working together with View, we will combine our in-depth knowledge of the space with real-time tenant feedback to keep WorxWell in the vanguard of creating transformational experiences for our customers and driving the digitization of real estate,” Rechler said.
The RXR transaction follows View’s acquisition earlier this year of IoTium, a provider of secure, cloud-managed, software-defined internet of things networks.
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