Enevo today announced $8 million of international funding to grow its sensor-based waste collection system to global markets. The fresh capital comes frome Earlybird, Lifeline Ventures, Finnish Industry Investment, Draper Associates and others.
Founded in 2010 out of Espoo (Finland), Enevo 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.
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.
With the invested sum of $8 million (€6 million) the young 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.
Fredrik Kekalainen, founder and CEO of Enevo, explains: “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”.
Hendrik Brandis, partner at Earlybird, stated: “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”.