Israeli-based startup MyTower has raised $4 million to bring property management tech to the United States. The New Elad Residence and JTLV Capital led the funding round, with participation from Anax Ventures, Lamed Holdings, Built-up Ventures and SELA Construction & Investments.
MyTower offers solutions like rent collection, on-demand concierge services, and a marketplace of Internet of Buildings to cater to all property and landlord needs. It currently manages more than 40,000 residential units and 300 towers worldwide.
The startup plans to expand to the U.S. to improve owners’ Net Operating Income through new revenue streams. Using SaaS, IoT and AI, the company believes it can empower B2B and B2C clients, including real estate developers, property managers and tenants. The platform handles a range of property assets such as residential condos, multi-family homes, offices, commercial properties and community properties like student housing.
Its all-in-one app connects 15 management solutions and 20 solutions for buildings and tenants. The platform uses its cutting-edge technology to create seamless synergy between properties, workflow segments, online innovations and supply and demand.
Co-founder and CEO Pini Shemesh recognizes the lack of real estate solutions in the American market, especially regarding sustainability, retention, accessibility and overall user experiences. These issues eventually inspired him to try to establish a presence in the American market.
“We are also highly involved in building and connecting future neighborhoods, from planning the tech stack to serving the largest and smartest neighborhood in Tel Aviv – Gindi TLV, located in the high-tech district of Tel Aviv,” Shemesh said.
Shemesh believes the company’s solutions will promote revolutions in property management. He was adamant that the current financial crisis would encourage the property technology industry to innovate and make profits using emerging technologies.
“[PropTech] enables the use of innovative technologies such as digital currencies and Web3, which means that it will give way for future technologies and solutions that have not yet been developed,” Shemesh continued.
