Bisly raises €6.2M to expand its smart building platform

Bisly, the startup providing next-gen smart building automation solutions, has closed a Series A funding round totaling €6.2 million.

The new investors include Foxway founders Urvo Männama and Paul Padrik, who join Aconterra, SmartCap Green Fund, Pinorena Capital and several angel investors who invested in the company via convertible instruments last year. Already a market leader in Estonia, 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.

According to the European Commission’s Energy Performance of Buildings Directive, around 40% of all the energy consumed in the EU is used in buildings. In addition, 85% of all buildings in the EU were built prior to 2000, and 75% 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 as retrofit, 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%.

Bisly is smart building tech at its smartest – no-code, affordable, and scalable

Thanks to its superior use of technology, both hardware and software, Bisly addresses the scalability, cost, and integration issues related to smart buildings. Its solution is cost-effective, secure, and Cloud-connected. 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 integrate with different brands so developers don’t suffer from vendor lock-in. This translates into overheads that are up to 80% lower.

Former Chief Operating Officer Ants Vill has been appointed CEO to spearhead these growth efforts. Prior to Bisly, he facilitated scaling efforts as COO and then CCO at Skeleton Technologies, a global leader in supercapacitors and batteries.

“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. 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,” said Ants Vill, CEO at Bisly.

Forthcoming C-Suite transitions mark a new phase of growth

Vill’s transition to CEO is in line with co-founder Siim Vips’ long-term strategy. Having brought the company to its current position as market leader in Estonia and led the foundations for scalability, Vips will now take on the role of Chief Strategy Officer. The C-suite is rounded out by CFO Kristjan Kõrgmaa, CTO Jaanus Lepik, and CPO Mihkel Kõrgmaa. The supervisory board has also expanded with the additions of Sergei Anikin, the respected angel investor and former Pipedrive CTO, and Jarek Kurnitski, best known for his work as a Professor of Energy Performance and Indoor Climate in Buildings at Tallinn University of Technology.

High investor confidence accompanies outsize financial support

“Bisly is in an excellent position, and it has the team capable of rising to the occasion. The global intelligent building market is expected to hit $148 billion 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,” said Urvo Männama, Co-Founder at Foxway

“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,” said Ron Schuermans at Aconterra.

“Having proven their 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,” said Robert Martin at SmartCap.

Moving forward, Bisly expects to deepen its presence across Europe by 2025 before setting its sights on the US. The startup intends to extend the success already achieved in the Estonian home market and become the go-to solution for builders and construction projects globally.