Smart waste management startup Enevo announced today that it has raised $8 million of international funding to further improve its sensor-based waste collection system and expand to global markets. The round includes Earlybird, Lifeline Ventures, Finnish Industry Investment, Draper Associates and Risto Siilasmaa, among others.
The company will use the new funds in strengthening its market position in North America and Europe, as well as preparing to launch in new markets in the Middle East and Africa.
Finland-based company today claims to be the leading smart sensor and analytics based logistic solution provider for fast growing waste management and recycling industry, with already thousands of Enevo One smart sensors deployed in several municipalities across 25 countries.
Enevo One system simply analyzes fill-levels in the dumpsters via the network of small wireless sensors in containers and recycling sites. The sensor network sends data to Enevo servers for advanced analysis, fill level modeling and waste collection and fleet optimization for the municipalities. Enevo’s systems help save up to 50% in total operational 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.
“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.