Espoo, Finland (June 10, 2021) – CollectiveCrunch announces the successfully closing of its funding round of €2.3 million. The funds will be invested in international expansion and the development of its carbon monitoring tool.
CollectiveCrunch is the AI leader in Forestry, serving six of the Nordic Top 10 forestry players. Its industry-leading Geo-Information System (GIS) integrates hundreds of data layers and applies AI to provide forest inventories. Such inventories are needed for decision-making and more efficient use of natural resources. In addition, the AI-based forest inventories can provide far better monitoring of carbon offset projects, where forests sequester carbon from the atmosphere.
The lead investment is made by Swedish Nidoco AB a subsidiary of the Virala Group owned by Alexander and Albert Ehrnrooth, well-known and respected investors from the Nordics. Says Patrick Castrén CEO of Nidoco: “The investment case was clear for us. The world needs to offset its carbon footprint. CollectiveCrunch brings accuracy and scale to a process that today is still mostly conducted manually.” Other investors in the round are Thominvest and other existing shareholders, as well as several senior professionals.
The funding from this round will be deployed to scale the company’s business and drive internationalisation. Says Rolf Schmitz, CEO of CollectiveCrunch: “This funding is a vote of confidence in our team and technology. We have seen a lot of interest in our solution from across the globe and will now have the means to address these opportunities.”
CollectiveCrunch has been supported by the European Space Agency and Business Finland throughout its development.
