Enevo raises $8 million to develop sensor-based waste collection system
September 3, 2014
Smart sensor developer Enevo has raised $8 million in funding for the development of its sensor-based waste collection system for international markets.
The company’s investors include Earlybird, Lifeline Ventures, Finnish Industry Investment, Draper Associates and Risto Siilasmaa, among others.
Enevo (Espoo, Finland) develops small wireless sensors designed to improve the logistics of waste management operations.
The devices are able to analyze data about “fill-levels” and then relay this to Enevo servers for advanced analysis.
The information is intended to help management companies and municipalities to improve fleet utilization, and reduce service costs and fuel consumption.
Enevo claims that its existing customers have been able to save up to 50% in operational costs thanks to the use of its technology.
“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,” said Fredrik Kekalainen, the founder and chief executive of Enevo. “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.”
Earlybird says it was attracted to Enevo because its solution combines draws on the “best of” Internet of Things, big data and software-as-a-service technologies.
“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,” added Tim Draper, the founder of Draper Associates. “Enevo is transforming the entire waste collection industry, just like Uber did for the taxi industry and Airbnb for the hotel industry.”
Enevo says it will use funding to further develop its service offering and expand its presence in existing markets in North America and Europe plus new markets in the Middle East and Asia.