Dryad Networks – a company that pioneered ultra-early wildfire detection technology – announced the successful initial closing of €5.6 million in a convertible financing round, with a total round size of up to €10 million.
This funding is a significant milestone for the company. Later this year, the company plans to raise €15 million to €20 million for a Series B funding round.
Existing and new investors participated in the convertible financing round, underscoring the confidence and support in Dryad Networks’ technology and the potential to transform wildfire detection and prevention efforts worldwide.
Dryad Networks’ solutions combine solar-powered infrastructure with state-of-the-art AI-enabled gas sensors strategically integrated in forested areas. And this advanced system was built to detect wildfires at their earliest stages, enabling rapid response and mitigation efforts, ultimately saving lives, property, and natural habitats.
Dryad Networks’ approach to wildfire detection garnered attention and recognition from stakeholders across various sectors, including environmental conservation, firefighting agencies, and governmental bodies. And the company’s core product Silvanet is currently deployed in over twenty countries worldwide across North America, Europe and Asia, with 30,000 sensors shipped to date.
The company also remains committed to advancing its technology, expanding its network of deployed sensors, and setting up strategic partnerships to enhance wildfire management and resilience efforts globally.
KEY QUOTES:
“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.”
“With this funding, we are well positioned to further accelerate the development and deployment of our wildfire detection technology, bringing us closer to our mission of safeguarding communities and ecosystems against the devastating impacts of wildfires.”
– Carsten Brinkschulte, CEO of Dryad Networks
