Sensoneo, the provider of enterprise-grade smart waste management solutions, raises €2M investment from EIC Fund and Venture to Future Fund to further accelerate the expansion of the company.
The investment from the EIC fund follows a successful EIC Accelerator application of Sensoneo in October 2020, when Sensoneo received a grant supporting the large-scale deployment of their smart waste management innovations in two European capitals, and completion of their R&D projects including “Pay as you sort” solution.
“I am pleased to announce the EIC Fund is helping Sensoneo to further develop its ground-breaking technology aiming at redefining urban and large-scale waste management. This investment also witnesses the European commitment in supporting the digital transition in everything related to the environment and green economy including managing waste efficiently and with a lower environmental footprint”,Martin Bruncko, , member of the EIC Fund Investment Committee.
Venture to Future Fund is a joint initiative of EIB, the Ministry of Finance of the Slovak Republic, and the Slovak Investment Holding. It is the first venture capital fund of its kind in the CEE region that has lured EIB´s capital. The Fund is focused on acceleration and growth of companies with highly innovative potential in Slovakia and in the EU.
“We consider Sensoneo to be one of the most innovative companies in the CEE region. Its technologically advanced solution is an outstanding example of how digital technologies can transform such a complex and conservative industry as waste management. We believe that with the help of our investment, the company will be able to accelerate further and encourage cities towards greater transparency and sustainability in waste collection and processing,Miriama Kovacova, Member of the Board of Directors of Venture to Future Fund.
“The waste management industry is facing challenging times when efficiency, transparency, and sustainability become the critical conditions to succeed. We develop and provide easy-to-deploy innovations that help cities and businesses to make their waste management ready for the future. We are pleased that our mission will be thanks to this investment accelerated,”
Martin Basila, CEO, and Co-Founder of Sensoneo.
So far, Sensoneo received an investment of a total of €2,8 Million from venture funds Credo Ventures, Ysoft Ventures, Crowdberry, Sonoma Ventures, and Slovak Investment. Since the founding of the company in 2017, Sensoneo managed to become one of the leaders of a rapidly growing global smart waste management market. The company is headquartered in Bratislava, Slovakia, and in March 2021 opened a JV branch in Arizona, USA.
The solution is now used in projects in over 60 countries worldwide, where it helps the customers to manage waste efficiently, optimize processes, save costs, avoid unnecessary environmental footprint, and acquire accurate data for their strategic decisions regarding waste management.