Market Research Report: WiredScore
Company Overview
Founded in 2013 in New York City, WiredScore is a leading real estate technology company specializing in assessing and certifying digital connectivity and smart technology within commercial and residential buildings. The company offers two primary certifications:
- WiredScore Certification: Evaluates and certifies a building's digital infrastructure and connectivity.
- SmartScore Certification: Assesses and certifies a building's smart capabilities, focusing on user experience, cost efficiency, and sustainability.
As of 2024, WiredScore has certified over 800 million square feet of real estate across 36 countries, impacting more than eight million people.
Financial Performance
In June 2022, WiredScore secured a $15 million Series B funding round led by Beringea, with participation from Cushman & Wakefield, Crow Holdings, and others. This round brought the company's total funding to $28 million. As of June 2024, WiredScore's annual revenue was estimated between $10 million and $50 million.
Market Expansion and Partnerships
WiredScore has experienced significant global expansion:
- Middle East: Launched in October 2022, partnering with major real estate firms like Brookfield Properties and Msheireb Properties.
- Chicago: Established as a flagship market with 16 launch partners, including prominent landlords and developers.
The company has also partnered with over 900 clients globally, including industry leaders such as Hines, Related, Nuveen, Greystar, SLGreen, Tishman Speyer, and PGIM.
Competitive Landscape
WiredScore operates in the niche market of digital connectivity and smart building certifications. While there are other organizations providing building certifications, WiredScore's focus on digital infrastructure and smart technology sets it apart. Competitors include Bureau Veritas Consumer Products Services, Lucideon, British Standards Institution, CoreLogic, and VTS.
Industry Trends
The demand for well-connected and smart buildings is on the rise, driven by:
- Tenant Expectations: Tenants prioritize high-quality internet connectivity and smart building features for enhanced productivity and comfort.
- Sustainability Goals: Smart building technologies contribute to energy efficiency and sustainability, aligning with global environmental objectives.
- Technological Advancements: Rapid advancements in IoT and building management systems are facilitating the integration of smart technologies in real estate.
