We might start seeing more smart trashcans out in the world with today’s news that Espoo, Finland-based Enevo raising a solid $8 million (€6 million) round to strengthening their ties in North America and Europe, with their eye on the Middle East and Africa. The round includes names like Earlybird, Lifeline Ventures, Finnish Industry Investment, Draper Associates and Risto Siilasmaa, among others.
If you haven’t seen our past coverage, the big idea behind Enevo is to lower trash collecting costs by getting smarter about when dumpsters need to be dumped. Their Enevo ONE sensor analyzes the level of trash in a container, which then sends data back to Enevo who analyze it and predict when waste management organizations should send a truck out.
The obvious value here is to waste management organizations and municipalities who can then optimize their fleet utilization, service costs and fuel consumption. According to the company, their customers have saved “up to 50%” in total operations costs, which is a broad statement, but it’s clear there’s major logistical savings in getting smarter about trash.
Enevo is so much one of those “I wish I thought of that” companies that I’m including these statements from the press release:
“Enevo’s model is very unique in that it combines the best of ‘internet of things’, a big data platform and all wrapped-up in a SaaS model. The team is working on one of the biggest challenges of growing urban environments and we are excited to back them in this endeavor”, commented Hendrik Brandis, partner at Earlybird.
“…We believe the waste management industry is ripe for disruption. Enevo is transforming the entire waste collection industry, just like Uber did for the taxi industry and Airbnb for the hotel industry”, comments Tim Draper, founder of Draper Associates.
Look at those buzzwords stacked together! And the Airbnb comparison. Normally I roll my eyes with those, but instead I’m nodding along. There’s a real soft spot in my heart for these beautiful companies targeting unsexy industries.