Press Release: Microshare secures $15M in Avenue Capital financing

PHILADELPHIA, Nov. 03, 2021 (GLOBE NEWSWIRE) – Microshare Inc., a leading provider of Smart Building data solutions to multinationals and public sector institutions, has closed $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.

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 CEO and Co-Founder Ron Rock. “As the pandemic hopefully subsides, our ability to create data where none existed before has never been more relevant as workers and tenants grappled with new concerns about indoor spaces, and companies rethink their real estate footprint and face new global expectations on climate and other ESG issues.”

“Microshare is a natural fit for our strategy,” said Sean Coleman, co-manager of the Avenue Sustainable Solutions Fund. “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. 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.

Microshare’s solutions create Digital Twins clients’ real-world assets that enable better decisions on operational systems and the data to inform and fuel impactful sustainability initiatives.

‘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. – Sean Coleman, co-manager of the Avenue Sustainable Solutions Fund

The company recently reached a number of milestone agreements, including:

An agreement with Aramark, the largest facilities management firm in the U.S., for Microshare to provide the technological backbone of its AIWX Connect Predictive Cleaning solutions, now being deployed in major hospitals, stadiums and other infrastructure;
An agreement with the British government and the University of Leeds on a test of its contact tracing wearables for infection reduction in dozens of elder care settings;
Renewals of global contracts for Universal Contact Tracing wearables for GSK’s manufacturing plants globally, Rent-A-Center’s headquarters facilities, and several other clients in the Energy/Logistics sectors.

About Avenue Sustainable Solutions

The Avenue Sustainable Solutions Fund, L.P. seeks to provide creative financing solutions to high-growth companies that can demonstrate a measurable, positive environmental outcome alongside competitive financial returns. It focuses generally on North American companies within the underserved segment of the market created by the widening financing gap between commercial banks and larger debt funds. For additional information on Avenue Capital Group, which is a global investment firm with assets estimated to be approximately $11.7 billion as of September 30, 2021, please visit www.avenuecapital.com.

About Microshare

Microshare’s EverSmart suite of Smart Building solutions are deployed at scale around the world to bring safety, wellness, cost savings and sustainability data to our clients’ real estate assets. Microshare is a leader in LoRaWAN applications and a proud member of the LoRa Alliance®. www.microshare.io

Read the original news release here.

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