SINGAPORE, 30 April 2021: US telecommunications giant Verizon has entered a collaboration agreement with RealTechX – the innovation platform of real estate and built environment technology investor, Taronga Ventures.

RealTechX has established relationships with global real estate corporates including PGIM Real Estate (NYSE:PRU), CBRE Inc (NYSE:CBRE), Dexus (ASX:DXS), CoreLogic (NYSE:CLGX) and CapitaLand (SGX: C31) to create project opportunities for the emerging technology companies participating in its program.

RealTechX’s latest collaboration with Verizon will substantially broaden the range of project applications, drawing on the group’s deep technology capabilities and unique market perspective.

In its own right, Verizon owns and operates a substantial real estate portfolio including offices, retail outlets, logistics, telecommunications infrastructure and data centres across the geographies it operates in.

The group has a dedicated global technology team responsible for identifying, trialling and scaling solutions across its buildings worldwide.

In addition, Verizon is seeking early access to next wave technologies to ensure a best of breed solution implementation.

Verizon’s Real Estate Technology Scouting Lead, Danny Klein said: “We entered into Singapore with an ambition to work with the best built environment technologies coming out of Asia. Our collaboration with Taronga Ventures through its RealTechX program gives us access to deep local knowledge and experience within the region, as well as an active network of real estate firms that share our vision for enabling a fundamentally different future for buildings”.

In early April, RealTechX announced the support of Enterprise Singapore, the Singaporean government’s department for emerging company and enterprise development, to bring its program into Singapore.

The Singaporean government plays an active role in positioning the island nation as a leading smart city within Asia, with a focus on areas of strength for Verizon including 5G connectivity, IoT sensors, AI and big data.

Managing Partner of Taronga Ventures, Avi Naidu said: “Verizon’s collaboration with RealTechX continues a trend we have seen of technology majors accelerating innovation in real estate. For instance, our Fund recently invested alongside Microsoft and Amazon’s sustainability funds in a technology that reduces the carbon impact of concrete production. The strategic extension of technology giants from connectivity and services into augmenting real-world assets and infrastructure is a clear sign that the RealTech sector is the next major wave of innovation.”