Estonian smart building automation platform Bisly has raised €6.2 million in Series A funding round to expand its technological solutions in European markets further, focusing on Germany and the UK, as the startup shared with Vestbee.
- Founded in 2018 by Siim Vips, Bisly develops hardware and software solutions that address smart buildings' scalability, cost, and integration challenges.
- On the software side, Bisly integrates a Single Cloud Platform with patented digital twins tailored to each building’s specifications, accelerating setup and optimizing energy efficiency by tracking consumption data. Bisly’s hardware products support various brands, minimizing vendor lock-in and reducing overhead costs significantly.
Details of the deal
- The Series A funding saw participation from Foxway founders Urvo Männama and Paul Padrik, who joined Aconterra, an Antwerp-based venture capital firm managed by an Alternative Investment Fund Manager (AIFM). Aconterra invests in early-stage tech startups across Europe.
“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 $148 billion by 2027. That, together with ESG measures growing stricter in order 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,” Co-founder at Foxway, Urvo Männama, commented in a statement.
- The round was joined by Estonia-based SmartCap Green Fund and Pinorena Capital, a venture capital firm that funds fintech startups, and several angel investors who invested in the company via convertible instruments last year.
“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,” Investment Manager at SmartCap, Robert Martin, stated in a press release.
- With the Series A funding, Bisly plans to further develop its platform and product range to grow its presence across Europe, especially in the UK and Germany. Bisly has already established offices and formed key partnerships in these countries.
