Enevo said Thursday that it has raised $8 million in funding. The investors included Earlybird, Lifeline Ventures, Finnish Industry Investment and Draper Associates. Based in Espoo, Finland and Boston, Enevo is a provider of trash bin sensors.
Espoo, Finland, August 28th, 2014 – Enevo today announced $8 million of international funding to grow its sensor-based waste collection system to global markets. The round includes Earlybird, Lifeline Ventures, Finnish Industry Investment, Draper Associates and Risto Siilasmaa, among others.
The Enevo ONE service optimizes waste collection by analyzing fill-level and operations data from its network of small wireless sensors in waste containers and recycling sites. The sensor network sends data to Enevo servers for advanced analysis, fill level modeling and predictions for waste management companies and municipalities to optimize their fleet utilization, service costs and fuel consumption. With smarter collection plans, Enevo’s customers today have saved up to 50% in total operations costs.
“Enevo fundamentally changes the way we think about waste collection logistics – going from a static and hugely inefficient way of operating to a completely dynamic and demand-based model. By using a combination of smart sensor data, predictive analytics and advanced combinatorial optimization algorithms, we can determine the most optimal fleet size, routes and schedules for not only collection logistics, but also for delivery of bulk materials such as heating oil, diesel and even pellet fuels”, explains Fredrik Kekalainen, founder and CEO of Enevo.
With thousands of sensors deployed in already 25 countries, Enevo is already the leading smart sensor and analytics based logistics optimization solutions provider, targeting the fast growing waste collection and recycling challenges globally.
“Enevo’s model is very unique in that it combines the best of ‘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 endeavor”, commented 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”, comments Tim Draper, founder of Draper Associates.
With the invested sum of $8 million (€6 million) the company will further develop their service offering and expand its presence in both existing markets in North America and Europe as well as expanding into new markets in the Middle East and Asia.
Enevo provides smart sensor and analytics based logistics optimization solutions for the waste management and recycling industry, helping both commercial waste management companies and public organizations to operate more resource efficiently. Enevo is based out of Espoo, Finland and Boston, MA. For more information visit www.enevo.com
Established in 1997 Earlybird has raised over €700 million ($900 million) in fund commitments. We have backed 100 companies, some of which have sparked significant innovations in business and technology and resulted in large scale ($1bn+) IPOs and trade sales. Earlybird backs European companies with global ambitions and our active portfolio currently includes 29 companies across the consumer Internet and enterprise services space.
Further information is available at www.earlybird.com, Twitter: www.twitter.com/earlybirdvc, LinkedIn: www.linkedin.com/company/earlybird-venture-capital or Facebook: www.facebook.com/EarlybirdVC
About Draper Associates
Draper Associates, founded in 1985, is a seed-stage venture capital firm that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation.
Through its premiere global network, its founder’s high profile and its tight relationship with DFJ, the DFJ Network, Draper University of Heroes, and the Boost Accelerator, Draper Associates has developed a top tier reputation for both supporting entrepreneurs and for delivering extraordinary returns to investors. More information is available at www.drapervc.com
About Lifeline Ventures
At Lifeline Ventures, we invest in strong founders in sectors we know by heart from our experience as entrepreneurs. Due to our background, we often start working with founders before they have launched their first product. Our goal is to be the first person the entrepreneur reaches out to in times of trouble and joy. So far, we have invested in category-leading companies such as Airstone Labs, Applifier, ArcDia, Enevo, Grand Cru Games, NonStop Games, Moves app, Supercell, Valkee bright light headset and ZenRobotics. More information online at www.lifelineventures.com
About Finnish Industry Investment
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. Finnish Industry Investment invests in companies both directly and through private equity funds, together with and on the same terms as private investors. With 900 million euros in assets under management, the company is currently an investor, directly and through funds, in altogether 510 companies. For more information, please visit www.industryinvestment.com, and follow @TesiFII.