Startup Bisly Raises $2 mln for Household Energy Optimization Platform

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team
Published on July 29, 2021

Bisly is an Estonian startup that specializes in smart building solutions and delivers technology that makes energy consumption up to two times more efficient. Recently, the startup has raised 1.7 million euros (around $2 million USD) for the implementation of its expansion plan across Europe.

Estonia, Finland, the US and Norway have invested heavily in the startup Bisly, which includes angel investors and large real estate businesses. To promote the cooperation between Estonia and Norway, the Green ICT Program has contributed about 700,000 euros to Bisly.

Bisly founder and CEO Siim Vips thinks that by saving energy, optimizing the consumption and costs of buildings will significantly reduce energy consumption by up to 40% in the EU and current automatic energy consumption.

According to Vips, energy consumption for houses will drop by 50% by using smart building solutions. At the same time, air quality and light management are also important factors in ensuring a better living and working environment.

Bisly was founded in 2018 with the goal of developing smart building technology that makes it easy to save energy in residential and office buildings. At present, Bisly has provided more than 20,000 controllers which take the responsibility for more than 500,000 intelligent automation decisions every single day in Estonia.

Bisly’s goal is to expand to other European countries like in Germany, Belgium, France, Austria, Switzerland, Sweden, etc. EfTEN Capital is one of Bisly’s investors and one of the investors is Viljar Arakas, the CEO of EfTEN Capital, which is one of the largest real estate fund management company in the Baltic region.

EfTEN Capital sees the potential of building automation based on current EU regulations, climate and energy targets and vision for the future.

In the near future, Bisly plans to establish a subsidiary in Germany. Besides, other regions such as Scandinavia, Austria and Switzerland were also put into operation. Pilot projects in Asia are also being kicked off through negotiations.

Additionally, administrative investors in the Estonia, Finland, Switzerland and SA regions as well as the creators of Pipedrive have given support to Bisly.

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team

Nicholas Ross Say is a news desk editor at Grit Daily. An award-winning journalist, he covers the daily startup beat. He grew up in Ann Arbor, Michigan and has lived in South America and South East Asia. At present, Nicholas lives in Southern Vietnam where the Sun shines, and the noodles flow like wine. He's written for Blockonomi and Coin Journal, among others.

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