Estonian startup Bisly, a smart building solutions’ provider, has successfully raised €6.2M in Series A funding. The company’s patented technology addresses the scalability, cost, and integration issues often associated with smart buildings, making their solutions cost-effective, secure, and cloud-connected.
New investors include Foxway founders Urvo Männama and Paul Padrik. They join Aconterra, SmartCap Green Fund, Pinorena Capital and several angel investors who invested in Bisly via convertible instruments last year.
The EU’s energy challenge: aging buildings and high costs
Bisly’s goal is to save the planet while upping the living standrads and slashing the costs for consumers. 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%.
Bisly effectively addresses scalability, cost, and integration issues in smart buildings through its innovative technology. Its cost-effective, secure, and cloud-connected solution combines a Single Cloud Platform with a patented digital twins system, which is customized to each building’s floor plans and specifications.
This system accelerates setup, tracks consumption data, optimizes efficiency, and improves energy conservation and cost savings over time. Bisly’s hardware products are compatible with various brands, preventing vendor lock-in and reducing costs by up to 80%.
More news: management change at Bisly
Besides a new cash infusion, the team has also seen some new appoints. Former Chief Operating Officer Ants Vill has been appointed CEO to spearhead 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”, shares Ants Vill, Bisly CEO.
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.
Building automation has been around for some time, but what sets Bisly apart is our patented digital twin technology and unparalleled scalability. This approach allows us to create detailed virtual models of physical systems, enabling unparalleled efficiency and control. We are proud to contribute to the well-being of both our planet and end users, while making smart building systems smarter, as they should be,” adds Siim Vips.
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.
Future plans
By 2025, Bisly aims to deepen its presence across Europe, paving the way for expansion into the US market. Right now, the main target is to become the preferred solution for builders and construction projects worldwide, starting with the UK, Germany, Lithuania and Latvia.
Investors have no doubts this is on the way. “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”, says Urvo Männama, co-founder at Foxway.
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