The cleantech company Enevo has raised USD 8 million in an investment round. According to the company, the capital will be used to expand its presence overseas.
Among the investors were Earlybird, Lifeline Ventures, Teollisuussijoitus, Draper Associates and Risto Siilasmaa.
Enevo’s service optimises waste management by analysing the fill levels of waste receptacles and activity data through wireless sensors located in the receptacles and at recycling stations. The sensor network sends the data to Enevo’s servers for analysis, fill level modelling and for creating predictions for waste management companies and municipalities. This enables the optimisation of fleet utilisation, service costs and fuel consumption.
According to Enevo, its markets are global. Its sensors are used in more than 25 countries.
— Enevo’s model is very unique in that it combines the best of the ‘internet of things’, a big data platform and all wrapped-up in a SaaS model. The team is working on one of the biggest challenges of growing urban environments and we are excited to back them in this endeavour, says Hendrik Brandis, partner at Earlybird.
— Enevo has identified huge inefficiencies in an old fashioned gigantic industry that has not yet been touched by technology and we believe the waste management industry is ripe for disruption. Enevo is transforming the entire waste collection industry, just like Uber did for the taxi industry and Airbnb for the hotel industry, says Tim Draper, founder of Draper Industries.
Article published in cooperation with Good News from Finland.