Enevo Receives $15.8 Million Series B Led by Foxconn
Enevo provides a fully automated waste logistics operations management solution that creates and forecasts optimal waste collection schedules and routes that save up to 50% in costs and increases service quality by avoiding waste bin overflows and excess fleet utilization
ESPOO, Finland, June 30, 2015 /CNW/ - Enevo, the leading provider of waste logistics solutions for Smart Cities, today announced a$ 15.8 million funding round led by Foxconn, Ginko Ventures and Mistletoe, with Earlybird, Lifeline Ventures, Finnish Industry Investment and private individuals joining as existing investors. Enevo has earlier secured $ 10.3 million funding in 2012 and 2013.
Enevo's ONe waste logistics operations management solution uses smart fill-level sensors, advanced analytics and a cloud based dynamic scheduling and routing engine to provide the most efficient waste collection operations for entire cities. The ONe solution is being deployed in 35 countries by 145 customers, bringing direct cost savings up to 50% together with higher service quality as overflowing bins and unnecessary fleet utilization are eliminated.
"Operational efficiencies due to Enevo ONe are transformational to city waste management operations. Robust and care-free sensors, predictive analytics and automatically generated dynamic schedules and routes are how waste collection in cities will be managed in the future," comments Fredrik Kekäläinen, Founder and Chief Executive Officer of Enevo.
"Enevo's team has made its global vision a reality with focused execution and smart waste logistics systems already running from the US to Japan. This is in full alignment with the type of company that Ginko is passionately seeking to back. IoT will transform many industries, and Enevo's plug-and-play solution and frictionless business model are truly changing the waste management industry,"said Jean-Francois 'Janne' Baril, Founder and Managing Partner at Ginko Ventures.
"With Foxconn as a strategic partner, we can make a paradigm shift in our wireless sensor hardware development and to expand solution to additional verticals globally. Mistletoe opens up a broad network in Japan, one of our focus markets, as well as globally in the IoT, smart city and telecoms industries," adds Mr. Kekäläinen.
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