720 Degrees raises funding from Pi Labs
Finnish climate analytics startup 720 Degrees has raised 2.9 million euros in funding. The capital injection consists of funding from the property technology-focused venture capital firm Pi Labs and grants from Business Finland and Horizon 2020.
720 Degrees offers the world’s first AI-powered analytics solution that enables property owners to monitor indoor air quality in real time. The solution measures and interprets millions of data points, combining them with outdoor conditions and feedback from property users.
“Big real estate investors usually consider good indoor air quality as just an expense,” explained co-founder Rick Aller. “Thanks to our solution, the investor can now increase the value of their properties by significantly enhancing indoor air quality and the satisfaction of property users.”
The startup already has a sturdy clientele in Europe, including the likes of IBM and CBRE – the world’s largest commercial real estate services company.
“720 Degrees’ solution improves the indoor air quality of real estates with innovative analytics, the likes of which has never been seen before in the proptech industry,” said Dominic Wilson, the CEO of Pi Labs.
The new capital will be used to expand operations to cover the whole Europe and to strengthen growth in North American markets – a task where Pi Labs will certainly be of help, according to Aller.
“Rick and his team are ready to grow their market share in an aggressive way both domestically and internationally by utilising the ongoing trends in wellbeing and productivity,” explained Wilson.
720 Degrees was founded in 2012 by Tomas Novotny, an Aalto University alumni and now-CEO of the company, and Rick Aller. Novotny told us in 2015 that the Finnish startup ecosystem is one the reasons he stayed after his studies.
“Back then, I already noticed that people here are very excited about new things. Finns are very future-oriented. This mentality, combined with the help that startups receive from many quarters, has undoubtedly been essential during the first steps of our company as well.”
Good News from Finland is published by Finnfacts, which is part of Business Finland.