Dryad Networks Completes Initial Closing of €5.6 Million in Convertible Financing

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Dryad Networks

On March 20, 2024, Dryad Networks GmbH, a trailblazer in ultra-early wildfire detection technology, proudly announces the successful completion of the initial closing for its convertible financing round, securing €5.6 million. With a total round potential of up to €10 million, this financing achievement stands as a significant milestone for the company, paving the way for its forthcoming Series B funding round, anticipated later this year with a target range of €15-20 million.

The convertible financing round witnessed participation from both longstanding and new investors, highlighting the widespread confidence and endorsement in Dryad Networks’ innovative technology. This support underscores the company’s potential to redefine wildfire detection and prevention efforts on a global scale.

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.

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.

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.”

Dryad Networks’ innovative 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 twenty countries around the world across North America, Europe and Asia, with 30,000 sensors shipped to date.

The company remains committed to advancing its technology, expanding its network of deployed sensors, and forging strategic partnerships to enhance wildfire management and resilience efforts globally.

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