Allegion Ventures co-leads funding round for AI-powered Mapped

CARMEL, Ind.—Allegion Ventures, a $50 million corporate venture fund of Allegion plc, has expanded its strategic portfolio with an investment in Mapped, an AI-powered data infrastructure platform for commercial and industrial IoT.

Allegion Ventures was a co-lead investor in Mapped’s seed II funding round alongside MetaProp. Terms of the deal were not disclosed.

Combining cloud AI and intelligent edge software, Mapped helps customers securely access real-time data from legacy systems, devices, cloud sources and applications within commercial and industrial buildings. The platform does this by automating data discovery and normalization, making it easier to deliver insights. A sleek, developer-friendly API provides digitization teams, app developers, data scientists, systems engineers and subject matter experts with a live “map” of what they need to know about the people, places and things within spaces.

Allegion Ventures President Rob Martens said this technology is addressing a critical need for building managers and property owners, who desire less complexity and more standardized data to make informed decisions across their portfolios. Solving this problem fits the Allegion Ventures investment thesis as well.

“Mapped is led by a very impressive management team with diverse technical backgrounds, who have created a unique and much needed ability to unify connected devices across commercial systems and buildings,” he explained. “The software and tools Mapped is offering have an exciting opportunity to be adapted and scaled by a wide audience that wants real-time device visibility and data insights, and they also align to the Allegion Ventures focus of enabling technology to reduce friction and make buildings smarter and more secure.”

Allegion Ventures investments are intended to accelerate the growth of innovative technologies and products. Mapped Founder and CEO Shaun Cooley noted that the funding will be used to build-out go-to-market teams, strengthen core technology and meet increasing customer demand.

“Our customers see Mapped as filling a highly anticipated need, especially as the public settles into a new post-pandemic normal of better understanding things like how many people are in one place at one time, if a space is secure or whether or not the air conditioning unit is providing the right amount of air flow,” he said. “We take IoT data for the built world and translate it, ultimately making it more convenient to use for commercial and industrial decision makers and their teams, who are tasked with meeting increasingly competitive market demands. We’re proud to have Allegion Ventures as a strategic investor that will help us do this.”