Bisly secures € 6.2 million in Series A financing

Marc Nemitz Marc Nemitz | 19.06.2024

Bisly has closed a €6.2 million Series A funding round led by new and existing investors. The funds will be used to expand Bisly's emission-reducing smart building platform across Europe

TALLINN, Estonia, June 19, 2024 - Bisly, a startup providing smart building automation solutions, has closed a €6.2 million Series A funding round. New investors include Foxway founders Urvo Männama and Paul Padrik, who join Aconterra, SmartCap Green Fund, Pinorena Capital and several angel investors. This funding will accelerate Bisly's expansion across Europe, particularly in Germany and the UK.

Expansion and market leadership

Bisly, already the market leader in Estonia, will use these funds to further its expansion plans in Europe. The company has opened offices in Germany and the UK and aims to build high profile partnerships and increase market penetration. This strategic move is in line with the European Commission's Energy Performance of Buildings Directive, which highlights the urgent need to improve the energy efficiency of buildings in the EU.

Innovative smart building platform

Bisly's platform is designed to be code-free, affordable and highly scalable. It addresses the scalability, cost and integration issues that have hindered the widespread adoption of smart building technologies. The platform integrates hardware and software, has a single cloud platform and a patented Digital Twin system that continuously optimizes buildings for energy efficiency. Bisly's hardware products are compatible with multiple brands, avoiding vendor lock-in and reducing overheads by up to 80%.

Change of leadership and strategic vision

Former COO Ants Vill has been appointed CEO, replacing co-founder Siim Vips, who is moving to the role of Chief Strategy Officer. This leadership change is part of Bisly's long-term strategy to scale operations and continuously innovate. The C-suite team includes CFO Kristjan Kõrgmaa, CTO Jaanus Lepik and CPO Mihkel Kõrgmaa. The Supervisory Board has also been expanded to include Sergei Anikin, a respected angel investor, and Jarek Kurnitski, a renowned professor at Tallinn University of Technology.

Investor confidence and industry influence

The Series A round reflects the high level of investor confidence in Bisly's potential to achieve significant emission reductions in buildings and meet the growing demand for smart building solutions. According to Urvo Männama of Foxway, Bisly's technology is well positioned to capitalize on the growing smart building market, which is estimated to reach $148 billion by 2027. Ron Schuermans of Aconterra and Robert Martin of SmartCap also emphasized Bisly's ability to bridge the gap in scalable, easy-to-install smart building systems.

With this funding, Bisly plans to deepen its presence in Europe by 2025 and then expand into the US market. The startup intends to build on its success in Estonia and become the global solution for construction and building projects by helping to reduce the carbon footprint of buildings worldwide.


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