Made in Emerging Europe

With new investment, Estonian proptech start-up Bisly plans European expansion

Bisly’s technology includes both hardware and software and addresses the scalability, cost, and integration issues related to smart buildings.

According to the European Commission’s Energy Performance of Buildings Directive, around 40 per cent of all the energy consumed in the EU is used in buildings. In addition, 85 per cent of all buildings in the EU were built prior to 2000, and 75 per cent of those buildings have poor energy performance.

Such a large stock of older, energy-inefficient buildings presents a serious challenge to the EU’s next set of climate goals, and underscores the need for smart building solutions. These already exist for new builds and retrofits, but are prohibitively expensive—currently the biggest impediment for widespread adoption. If every building in the EU were converted to a smart building, it could reduce EU-wide emissions by as much as 10 per cent.

Estonian start-up Bisly is a developer of solutions that can help. The firm this week closed a Series A funding round totalling 6.2 million euros. New investors include Foxway founders Urvo Männama and Paul Padrik, who join Aconterra, SmartCap Green Fund, Pinorena Capital and several angels who invested in the company via convertible instruments last year.

Already a market leader in its home market, this funding round will be directed towards Bisly’s plans for expansion throughout Europe, especially Germany and the United Kingdom, where the company has already opened offices and started courting high-profile partnerships.

Bisly’s technology includes both hardware and software and addresses the scalability, cost, and integration issues related to smart buildings.

On the software side, Bisly blends its unique Single Cloud Platform that integrates different stages of the customer experience with its patented digital twins system. Created using the specific building’s floor plans and specifications, the digital twin system accelerates setup and continually tracks consumption data, optimising areas where efficiency measures are lagging and improving energy conservation and financial savings over time.

Bisly’s hardware products meanwhile integrate with different brands so developers don’t suffer from vendor lock-in. This translates into overheads that are up to 80 per cent lower.

“This funding round enables us to do two things simultaneously: expand into new markets while continuously innovating our product range in such a way that we continue to set the newest industry standards,” says CEO Ants Vill.

“In addition, we are convinced of Bisly’s potential in our generational mission to combat climate change. Its emissions reducing systems are a much-needed partner to advances in clean energy production elsewhere. We’re thrilled to have forward-thinking investors who feel the same.”

High investor confidence

Indeed, those investors are bullish.

“Bisly is in an excellent position, and it has the team capable of rising to the occasion,” says Urvo Männama, co-founder at Foxway. “The global intelligent building market is expected to hit 148 billion US dollars by 2027. That, together with ESG measures growing stricter in order to meet the EU’s carbon neutrality goals, mean there is virtually no limit for how far a practical solution like Bisly’s can go.” 

“The demand for smart building automation is increasing and will continue to grow, but building professionals often struggle to find scalable and easy-to-install solutions. Bisly’s technology bridges this gap and raises the bar for smart building systems,” adds Ron Schuermans at Aconterra. 

Robert Martin at SmartCap meanwhile says that having proven its expertise in Estonia, Bisly is well-positioned to meet the increasing global demand for smart building technology.

“Their advanced solutions and strong team make them well-equipped to drive significant reductions in the carbon footprint of buildings worldwide, contributing to broader climate change initiatives,” he says. 

Moving forward, Bisly expects to deepen its presence across Europe by 2025 before setting its sights on the US.

The start-up intends to extend the success already achieved in the Estonian home market and become the go-to solution for builders and construction projects globally.

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