Bratislava, Slovakia-based Sensoneo, a smart waste solutions provider, announced that it has raised €2M in a fresh round of funding from EIC Fund and Venture to Future Fund. The raised capital will help the company accelerate its expansion in different geographies.
The funds from EIC Fund follow the company’s successful EIC Accelerator application in October 2020. The company had received a grant for supporting the large-scale deployment of their smart waste management innovations in two European capitals and completion of their R&D projects including the “pay as you sort” solution.
As of now, Sensoneo has received a total funding of €2.8M from venture funds Credo Ventures, Ysoft Ventures, Crowdberry, Sonoma Ventures, and Slovak Investment.
Brief about the investors
Venture to Future Fund is a joint initiative of EIB, the Ministry of Finance of the Slovak Republic, and the Slovak Investment Holding. It is the first VC fund of its kind in the CEE region that has lured EIB’s capital. The Fund focuses on accelerating the growth of companies that have potential in Slovakia and in the EU.
Miriama Kovacova, Member of the Board of Venture to Future Fund, says, “We consider Sensoneo to be one of the most innovative companies in the CEE region. Its technologically advanced solution is an outstanding example of how digital technologies can transform such a complex and conservative industry as waste management. We believe that with the help of our investment, the company will be able to accelerate further and encourage cities towards greater transparency and sustainability in waste collection and processing.”
Martin Bruncko of the EIC Fund Investment Committee adds, “This investment also witnesses the European commitment in supporting the digital transition in everything related to the environment and green economy including managing waste efficiently and with a lower environmental footprint.”
Waste management solutions provider
Founded in 2014 by Andrea Basilova and Martin Basila, Sensoneo provides solutions to cities and businesses to manage their waste efficiently, lower their environmental footprint, and improve the quality of services.
Martin Basila explains, “The waste management industry is facing challenging times when efficiency, transparency, and sustainability become the critical conditions to succeed. We develop and provide easy-to-deploy innovations that help cities and businesses to make their waste management ready for the future. We are pleased that our mission will be, thanks to this investment, accelerated.”
The company’s smart waste management technology combines in-house produced smart sensors to monitor waste in real-time with advanced tracking and monitoring equipment. The software provides data-driven decision making which results in transparent waste streams, optimisation of waste collection routes, frequencies, and vehicle loads, and the introduction of incentive programs dedicated to decreasing waste production.
Sensoneo’s solution is now used in projects in over 60 countries globally, where it helps customers manage waste efficiently, optimise processes, save costs, avoid unnecessary environmental footprint, and acquire accurate data for their decisions regarding waste management.
The company claims that its solution enables customers to achieve a 30 – 63 per cent reduction of waste collection routes and 97 per cent accuracy on actual waste production.
The company is headquartered in Bratislava, Slovakia, and opened a JV branch in Arizona, US, in March 2021.