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

BERLIN, March 20, 2024 (GLOBE NEWSWIRE) -- Dryad Networks GmbH, a pioneer in ultra-early wildfire detection technology, today announced the successful initial closing of €5.6 million in a convertible financing round, with a total round size of up to €10 million. This financing marks a significant milestone for the company and serves as a prelude to its anticipated Series B funding round later this year, targeting €15-20 million.

The convertible financing round saw participation from both existing and new investors, underscoring the confidence and support in Dryad Networks' innovative technology and its potential to revolutionize wildfire detection and prevention efforts worldwide.

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.

About Dryad Networks
Dryad provides ultra-early detection of wildfires as well as health & growth-monitoring of forests through the Silvanet solution – solar-powered gas sensors deployed in a large-scale IoT sensor network. Dryad aims to reduce unwanted wildfires, which cause up to 20% of global CO2 emissions and have a devastating impact on biodiversity. By 2030, Dryad aims to prevent 3.9m hectares of forest from burning, preventing 1.7bn tonnes of CO2 emissions. To learn more about Dryad, please visit dryad.net.

Ben Jones
Marketing Manager
Dryad Networks
+49 151 2882 9357