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The Internet of Things is everywhere.
At least, that’s what the latest round of funding headed toward Enevo would indicate. The company just landed $8 million in Series A funding to expand its waste collection system into the global market. What makes this system different that the rest? Why, it’s sensor-based, of course.
The service is called Enevo ONe and works by using sensors to analyze the fill level and operations data on waste containers. This data is then sent to Enevo for analysis and later used by waste management companies and municipalities to better predict how much waste needs to be transported. This factors into a variety of other calculations, such as how much should be charged for services and how much fuel will be used. According to Enevo, the optimization process has allowed its customers to save 50 percent in operations costs.
Enevo currently has a presence in 25 countries and will use the latest round of funding to expand to additional markets including the Middle East and Asia, and to target even more complex challenges associates with waste management in urban areas. Leading the round included Earlybird Venture Capital, Draper Associates, Lifeline Ventures, Finnish Industry Investment, Risto Siilasmaa, and others.
Enevo was founded in 2010 and is based in Espoo, Finland. The company previously went through two rounds of seed funding in January 2012 and April 2013, which brought in $340,000 and $2.6 million, respectively. This is another in a long line of recent funding rounds attached to Internet of Things companies, including Glassbeam and Ayla.
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