Tallinn-based Bisly, a provider of smart building automation platforms, announced on Wednesday that it has secured €6.2M in a Series A funding round.
The new investors include Foxway founders Urvo Männama and Paul Padrik, who join Aconterra, SmartCap Green Fund, Pinorena Capital, and several angel investors who invested in the company via convertible instruments last year.
The Estonian company will use the funds to accelerate its plans for expansion throughout Europe, especially Germany and the United Kingdom, where the company has already opened offices and started courting high-profile partnerships.
Bisly has raised €10M to date and has received recognition at the Japan Challenge for Society 5.0 as well as support from Norway Grants and the Green ICT project.
Appointed new CEO
Besides funding, the company has announced former Chief Operating Officer Ants Vill as the new CEO to spearhead these growth efforts. Before Bisly, he facilitated scaling efforts as COO and then CCO at Skeleton Technologies, a global leader in supercapacitors and batteries.
“This funding round enables us to do two things simultaneously: expand into new markets while continuously innovating our product range in such a way that we continue to set the newest industry standards. In addition, we are convinced of Bisly’s potential in our generational mission to combat climate change. Its emissions reducing systems are a much-needed partner to advances in clean energy production elsewhere. We’re thrilled to have forward-thinking investors who feel the same,” says Ants Vill, CEO at Bisly.
Vill’s transition to CEO is in line with co-founder Siim Vips’ long-term strategy. Having brought the company to its current position as market leader in Estonia and led the foundations for scalability, Vips will now take on the role of Chief Strategy Officer.
The C-suite is rounded out by CFO Kristjan Kõrgmaa, CTO Jaanus Lepik, and CPO Mihkel Kõrgmaa.
The supervisory board has also expanded with the additions of Sergei Anikin, the respected angel investor and former Pipedrive CTO, and Jarek Kurnitski, best known for his work as a Professor of Energy Performance and Indoor Climate in Buildings at Tallinn University of Technology.
What does Bisly solve?
The European Commission’s Energy Performance of Buildings Directive reveals that 40 per cent of energy in the EU is consumed by buildings.
Around 85 per cent of EU buildings were constructed before 2000, and 75 per cent of them have poor energy performance. Smart building solutions are needed to address this issue.
These already exist for new builds and as retrofits, but are prohibitively expensive—currently the biggest impediment to widespread adoption. If every building in the EU were converted to a smart building, it could reduce EU-wide emissions by as much as 10 per cent.
Here’s where Bisly comes into play!
Bisly: Provides intelligent building systems
Founded in 2018, Bisly combines hardware and software to address scalability, cost, and integration issues related to smart buildings.
On the software side, the Estonian company integrates its unique Single Cloud Platform that combines different stages of the customer experience with its patented digital twins system.
This system is created using the specific building’s floor plans and specifications, accelerating setup and continually tracking consumption data. It optimizes areas where efficiency measures are lagging and improves energy conservation and financial savings over time.
Bisly’s hardware products integrate with different brands, preventing developers from experiencing vendor lock-in and reducing overheads by up to 80 per cent.
Bisly is dedicated to customisation and integration to ensure that each project is tailored to meet the unique needs of its clients. The open software platform also guarantees scalability and adaptability for future advancements.
What do the investors have to say?
“Bisly is in an excellent position, and it has the team capable of rising to the occasion. The global intelligent building market is expected to hit $148B by 2027. That, together with ESG measures growing stricter to meet the EU’s carbon neutrality goals, mean there is virtually no limit for how far a practical solution like Bisly’s can go,” says Urvo Männama, co-founder at Foxway
“The demand for smart building automation is increasing and will continue to grow, but building professionals often struggle to find scalable and easy-to-install solutions. Bisly’s technology bridges this gap and raises the bar for smart building systems,” says Ron Schuermans at Aconterra.
“Having proven their expertise in Estonia, Bisly is well-positioned to meet the increasing global demand for smart building technology. Their advanced solutions and strong team make them well-equipped to drive significant reductions in the carbon footprint of buildings worldwide, contributing to broader climate change initiatives,” says Robert Martin at SmartCap.
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