Bisly raises €6.2M Series A for smart building

Estonian Constructiontech Bisly has raised a €6.2M Series A round. The funding will accelerate Bisly’s ongoing expansions into Germany and the U.K. 

Bisly blends its Single Cloud Platform that integrates different stages of the customer experience with its patented digital twins system. Created using the specific building’s floor plans and specifications, the digital twin system accelerates setup and continually tracks consumption data, optimising areas where efficiency measures are lagging and improving energy conservation and financial savings over time. Bisly’s hardware products integrate with different brands so developers don’t suffer from vendor lock-in. 

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. Already a market leader in Estonia, this funding round will be directed towards Bisly’s plans for expansion throughout Europe, especially Germany and the United Kingdom, where the company has already opened offices and started courting high-profile partnerships.

According to the European Commission’s Energy Performance of Buildings Directive, around 40% of all the energy consumed in the EU is used in buildings. In addition, 85% of all buildings in the EU were built prior to 2000, and 75% of those buildings have poor energy performance. Such a large stock of older, energy-inefficient buildings presents a serious challenge to the EU’s next set of climate goals, and underscores the need for smart building solutions. These already exist for new builds and as retrofit, but are prohibitively expensive—currently the biggest impediment for 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%.

Former Chief Operating Officer Ants Vill has been appointed CEO to spearhead the growth efforts. Prior to 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,” said Ants Vill, CEO at Bisly.