Finland-based project management platform Infrakit has received a capital loan of up to €6m from the Finnish Climate Fund.
The startup, located in Espoo, offers real-time situation awareness and data flow to and from the construction site, shared by all project parties.
Infrakit says the loan will help it to enhance the sustainability features of its data management service and expand the software’s reach around the world.
The Climate Fund has also included a convertibles option in the loan, with interest rates set at market rates.
Commenting on the decision to approve the grant, Paula Laine, CEO of the Climate Fund, said: ”Infrakit’s comprehensive data management service is one way of boosting the sustainability perspective in the construction sector.
“For example, cities and municipalities could use the service to set requirements and goals for builders regarding their emissions.
“Our investment accelerates the growth of an emissions-reducing solution and enables the development of new sustainability functionalities.”
Infrakit CEO Teemu Kivimäki said: ”Until now, we have been able to promise our customers savings of approximately 20% in overall infrastructure building costs by improving the efficiency of operations with our service.
“Many projects have also been completed ahead of schedule, like the €70m project on Highway 3.
“Now, we want to bring the same benefits to sustainability.”
The total investments in Infrakit’s growth and development plan in the next few years are estimated at €12.6m, consisting of the Climate Fund’s capital loan, €5m in equity funding from one of the company’s current shareholders, and grants from Business Finland and the Centre for Economic Development, Transport, and the Environment.
The construction sector’s annual emissions in Finland are approximately 1.4 Mt CO2eq, of which roughly 55% is generated by the fuel consumption of machinery and vehicles.
Image: Teemu Kivimäki, founder and CEO, Infrakit. Credit: Infrakit
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