FinTechFunding

Dryad Networks: Raises Additional €1.6M in Funding

  • Dryad Networks, a Berlin-Brandenburg, Germany-based environmental IoT startup, secured additional €1.6m in funding
  • The backer was ProFIT Brandenburg, a program sponsored by the German state of Brandenburg’s Ministry of Economics, Labor and Energy (MWAE)
  • Last October, the company secured seed capital of €1.8m, bringing the total funding now available to €3.4m
  • Dryad will also use the additional funding to speed up the product development process, from R&D and testing through to market introduction
  • The firm expects to begin two proof of concept deployments in Germany and Africa by summer 2021
  • Led by Carsten Brinkschulte, CEO and co-founder, Dryad is advancing Silvanet, a large-scale IoT network for the ultra-early detection of wildfires
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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