As the Mediterranean was scorched by unprecedented heat from last summer, wildfires have cost Europe an estimated €4.1 billion in damages in 2023. Reportedly, around 400,000 hectares of land have already been devastated by wildfires across the continent. Fires brought on by climate change have also affected other parts of the world, having an impact on everything from tourism to agricultural output.
Several startups work to curb this damage and prevent wildfires that burn through forests, grasslands, peatlands, and pasturelands. In recent times, we saw Dutch startup Overstory raise funding to use AI to mitigate wildfires. Likewise, AiDash also raised funding to use satellite tech to detect wildfires.
Going on the same lines, Dryad Networks, a German-based startup, specialising in early wildfire detection technology, has secured €5.6 million in a convertible financing round, with a total round size of up to €10 million. This is a prelude to the company’s anticipated Series B funding round later this year, targeting €15-20 million.
This round follows the €10.5 million Series A funding that Dryad Networks raised back in 2022. The convertible financing round saw participation from both existing and new investors. Some of its previous investors include eCAPITAL, Toba Capital, Marc Benioff’s TIME Ventures, and Semtech.
With this funding, Dryad Networks plans to revolutionise wildfire detection and prevention efforts worldwide. It will further accelerate the development and deployment of its wildfire detection technology, taking it close to its mission of safeguarding communities and ecosystems against the devastation caused of wildfires.
Uses IoT sensors to detect wildfire
Founded by Carsten Brinkschulte in 2020 in Germany, Dryad Networks is an environmental IoT startup with the mission to develop a large-scale IoT network that allows public and private forest owners to monitor, analyse and protect the world’s largest, most remote forests. The initial focus is to develop a system for the ultra-early detection of wildfires.
Dryad Networks’ proprietary solution combines solar-powered infrastructure with state-of-the-art AI-enabled gas sensors strategically placed in forested areas. This advanced system is designed to detect wildfires at their earliest stages, enabling rapid response and mitigation efforts, ultimately saving lives, property, and natural habitats.
The company’s approach to wildfire detection has garnered attention and recognition from stakeholders across various sectors, including environmental conservation, firefighting agencies, and governmental bodies. Its core product, Silvanet, is currently deployed in more than 20 countries around the world across North America, Europe, and Asia, with 30,000 sensors shipped to date.
Commenting on the successful financing round, Carsten Brinkschulte, CEO of Dryad Networks stated: “We are thrilled to announce the initial closing of €5.6 million in convertible financing, with the support of both existing and new investors. This substantial investment serves as a strong endorsement of Dryad’s technological solution and the company’s market position and potential.”
