Estonian Bisly raises €3.6M for energy-saving building automation in EU

Tallinn-based intelligent building startup Bisly has raised a €3.6 million investment round led by Aconterra, the company told AIN.Capital. Second Century Ventures and REACH UK, SmartCap Green Fund I, and Pinorena Capital, as well as several angel investors also participated.

• Bisly develops an intelligent building platform which enables real estate developers, funds, and owners to meet new EU net-zero standards at near-parity costs with conventional construction and management practices.
• “Intelligent Buildings” extend the potential of “Smart Buildings” to be even more efficient by integrating and optimizing individual smart controllers for functions such as HVAC, lighting, and security in a single platform. According to the company, Bisly’s closest competitors typically charge 2.5 times more.
• In Estonia, Bisly has achieved a market leadership position in building automation, capturing over 25% of the total market in under five years.

• The round was led by Aconterra, a Belgium based “Smart Building Technology” VC fund with the support from Second Century Ventures and REACH UK. Estonian funds SmartCap Green Fund I and Pinorena Capital also joined the round along with several angel investors.

“SmartCap Green Fund’s main objective is to support early-stage green technology companies, whose product or service is directly contributing to meeting the climate goals. Estonian technology company Bisly has already established itself as an innovator in smart building solutions both in Estonia and on international markets, making a clear contribution to reducing the carbon footprint in real estate segment and thus contributing to climate change mitigation,”

Sille Pettai, Member of the Board and Fund Manager at SmartCap, comments.

Bisly will use the fresh funding to increase Bisly’s market engagement in Europe, with an emphasis on the Nordics, DACH region, and the UK.