Espoo, Finland — Enevo has 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 percent 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 said to be 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.
Service offering to be developed
“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.
Source: Enevo Oy