Stonal raised €20 million in a Series B funding round from RAISE Investissement .

Stonal, a Paris, France-based software startup developing a SAAS tool for the real estate business, announced completing series B round closed at €20 million ($21.7 million).

The money was raised from investors from France, namely RAISE Investissement and angel investor Jean-François Dehecq, known as Sanofi founder.

Stonal, founded as La Foncière Numérique in 2017 by Michel Tolila and Jean-Maurice Oudot, developed a SAAS platform used for managing commercial and residential buildings. The platform uses machine learning in order to read, check and sort all data, documents and plans creating an accurate and continuously updated master data set. Its decision-making modules offer ESG reporting, financial analysis and maintenance planning to increase returns, improve productivity and preserve value.

The company says it works with 130 clients, REITs, insurers, social housing organizations, asset managers, family offices, to manage a combined portfolio of more than 200 million sqm throughout Europe. It produced sales of around $11 million in 2021.