Bisly, the Estonian startup developing intelligent building solutions, said it has raised 1.7 million euros from investors to fund its expansion plan in European countries.
Bisly has developed intelligent building technology that makes it easy to save energy in residential as well as office buildings. Today, more than 20,000 Bisly controllers have been installed in Estonia, making more than 500,000 intelligent automation decisions every day.
According to Siim Vips, founder and CEO of Bisly, buildings consume up to 40% of energy in the EU and automated energy consumption can significantly cut this rate by making buildings more energy-efficient and optimising consumption and therefore costs.
“Raising additional capital is necessary to allow us to strengthen our sales and development team and expand to foreign markets where we can see a growing demand for Bisly’s systems.”
Siim Vips
In the coming months, the 2018-founded Bisly plans to establish a subsidiary in Germany for the purpose of entering the German market. In addition, the company has plans to start operating in Scandinavia, Austria and Switzerland, where the building automation industry has the fastest growth rate but is still a long way behind Estonia. Talks are also underway to launch the first pilot projects in Asia.