Periodic Reporting for period 1 - Sensorita (Sensorita - Data driven waste management)
Reporting period: 2023-07-01 to 2024-06-30
Sensorita is a Norwegian Startup developing a cutting-edge radar sensor system to help waste companies better monitor their container fleet. We are combining our hardware sensor, specially designed to endure extreme environments, with our machine learning based software platform to analyze and predict how our customers can automate and streamline waste management and cut costs and emissions. We are targeting construction waste, the largest source to waste in Europe, and large, open waste containers. Sensorita spins out of the sensor and data science community at the Norwegian University of Life Sciences and the technology is based on research of the master’s thesis of the female founder and CEO, Ulrikke Lien. In order to make our innovation a success we have to strengthen the commercial and financial aspects of our company. Thus, this projects focus on securing funding to continue the company while also recruiting key competence and continue to work closely with customers to pilot the solution.
The WomenTechEU project's main objective was to strengthen the commercial side of the business, and extended our runway in a critical time before securing VC funding. The primary goal achieved was securing a €3M seed round, led by a relevant VC in the space, which we successfully closed during the spring of 2024. Recruiting was also one of the objectives. During the project period, we hired three new candidates, two of whom were female. The publicity received as a consequence of the grant contributed positively to attracting talent and attention from investors. During the project, we also worked on the pricing plan and strategy, which laid the basis for our first large-scale sale.
The WomenTechEU project's main objective was to strengthen the commercial side of the business, and extended our runway in a critical time before securing VC funding. The primary goal achieved was securing a €3M seed round, led by a relevant VC in the space, which we successfully closed during the spring of 2024. Recruiting was also one of the objectives. During the project period, we hired three new candidates, two of whom were female. The publicity received as a consequence of the grant contributed positively to attracting talent and attention from investors. During the project, we also worked on the pricing plan and strategy, which laid the basis for our first large-scale sale.
Fundraising:
- The activities included preparing all materials for the round, including pitch deck, data room, supporting documents, and CRM tracker.
- In total, we had around 200–300 meetings with investors, both online and in person.
- We made two crucial trips: one to SLUSH in Helsinki and one to San Francisco, both of which were critical in securing the lead investor.
- Our €3M seed round was closed in May, led by Brick and Mortar Ventures with participation from Telenor.
Recruiting:
- The recruiting activities mainly involved headhunting candidates through our network and LinkedIn, and conducting interviews and technical tests.
- We hired a Head of Product, Frontend Developer, and Data Engineer.
Pricing:
- Our pricing model was developed through various customer conversations, both with existing customers and new potential customers we met at expos such as RWM in Birmingham and IFAT in Munich.
- The activities included preparing all materials for the round, including pitch deck, data room, supporting documents, and CRM tracker.
- In total, we had around 200–300 meetings with investors, both online and in person.
- We made two crucial trips: one to SLUSH in Helsinki and one to San Francisco, both of which were critical in securing the lead investor.
- Our €3M seed round was closed in May, led by Brick and Mortar Ventures with participation from Telenor.
Recruiting:
- The recruiting activities mainly involved headhunting candidates through our network and LinkedIn, and conducting interviews and technical tests.
- We hired a Head of Product, Frontend Developer, and Data Engineer.
Pricing:
- Our pricing model was developed through various customer conversations, both with existing customers and new potential customers we met at expos such as RWM in Birmingham and IFAT in Munich.