Helsinki, Finland – Enevo Ltd, the maker of waste management logistics optimization systems based on wireless sensors and data analytics, completes a € 2 million investment round from Finnish Industry Investment and Lifeline Ventures. The funding round will be used to start worldwide deliveries. Cleantech is a strategic focus area for Finnish Industry Investment.
Enevo’s wireless sensors monitor waste container fill levels in real time. The fill level data is gathered and analyzed in order to calculate optimal collection schedules and routes for waste collection fleets. With Enevo’s system, waste management companies can achieve 30% direct cost savings and improve quality of service, as waste containers are emptied exactly when needed.
“Our customers save 30% of direct waste logistics costs and improve quality. We provide a pay-as-you-go model and do not require an upfront investment from customers. Sensor data can be easily integrated into existing fleet management systems to provide a fully-automated and optimal waste collection scheduling and routing solution”, comments Fredrik Kekäläinen, Chief Executive Officer and Co-founder of Enevo Ltd.
”Waste management is a $ 1 trillion global industry and logistics is 30-50% of the total cost. Enevo’s simple system cuts logistics costs and therefore provides significant strategic advantages”, comments Timo Ahopelto, Partner at Lifeline Ventures.
”Waste management is adopting new technologies at a fast pace, driven by increased recycling, cost pressures and environmental norms. Enevo is targeting one of the most important parts of the value chain – logistics – to create both cost and quality improvements”, comments Heli Ahlroos, Investment Manager at Finnish Industry Investment.
Enevo has several private and municipal waste management organizations as its customers. Currently, Enevo is deploying its service worldwide.
More information:
Fredrik Kekäläinen, CEO, Co-founder, Enevo Ltd
Telephone: +358 40 516 1014, email: fredrik.kekalainen@enevo.com
Timo Ahopelto, Co-founder, Lifeline Ventures
Email: timo@lifelineventures.com
Heli Ahlroos, Investment Manager, Finnish Industry Investment
Telephone: +358 40 077 2833, email: heli.ahlroos@teollisuussijoitus.fi
Enevo Ltd optimizes waste management logistics by determining when waste containers need to be emptied. The Enevo system saves 30% in waste management costs by avoiding unnecessary collections, and improves quality by collecting waste before containers are overfilled. Enevo’s system consists of wireless sensors and big data analytics to calculate optimized collection schedules and routes based on real-time monitoring of each waste container. Enevo’s system is available worldwide. www.enevo.com
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. The investments of Finnish Industry Investment amount to 720 million euros. www.industryinvestment.com
Lifeline Ventures invests early in strong teams and technologies that aim at global category leadership. Being serial entrepreneurs, we are highly execution-focused and work closely with the founders to realize their vision. www.lifelineventures.com