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The Turkey-based, global-focused Tech startup Bren Advanced Technology Energy Inc. has successfully raised $7.5M in its latest funding round. The Series A round was led by the global angel investor network Keiretsu Forum Turkey with the participation of initial investor Alesta who invested $5M in the startup a year before. With this recent investment, Bren has increased its valuation by over 13 times in less than a year.
Launched in 2018, having accumulated more than 10 years of experience and R&D project experience in the field of energy efficiency and fluid dynamics, Bren Advanced technology Energy Inc. offers its customers energy, maintenance, and time-saving domestic technologies with its own unique product technologies.
Based on MAGNiTT's flagship Turkey H1 2021 Venture Investment Report, Turkey has witnessed an unprecedented growth spurt where venture investment more than doubled in H1 2021 YoY accounting for 53% of all funds raised in Emerging Venture Markets. H1 2021 was so vital to the Turkish VC ecosystem that it surpassed total funds raised in MENA in Full Year 2020 by over $360M, making it the most funded geography in EVM in the first half of the year.
The Tech startup has been focusing on digitizing all traditional industrial infrastructure with innovative technologies. Bren designs and transforms critical equipment to integrate industry-standard IoT technology, with a special focus on problems that cannot be noticed directly. CEO Cinar Laloglu highlighted Bren’s product & company growth “We have also entered the radar of world giant investors in these projects. In 2020, we received an investment from Alesta with a valuation of ₺5 million. With this investment round, we increased our valuation 13 times in less than a year, and now we aim to increase our sales abroad with new products.”
Bren Advanced Technology Inc. has been stepping up to the IoT scene with highly efficient solutions to solve complex problems in big operations as Laloglu commented “We save up to 15% of energy, equipment and time to companies with notifications and guidance via artificial intelligence-based software. With energy efficiency as a priority, we develop software for systems to operate at maximum performance. Our system, which includes hardware as well as software, enables customers to manage malfunctions, working times, and financial losses of equipment in hard-to-reach and risky areas in the facilities it is integrated with.”
The Tech startup plans to utilize its newly acquired funds to expand into new geographies including Russia and the Middle East, introduce new products that are energy self-sufficient, open up to new offering models, as well as diversify the sectors they service to include oil & gas, power plants, food, chemical industry, packaging, and textile.
After a 3x growth in their team and a 5x increase in their customer base, the startup is set to grow by 43% in the next 5 years as Laloglu concluded “We have a smart sensor technology that can produce its own energy. Thus, we diverge from traditional solutions. We serve with a business model with a return on investment of fewer than 12 months. We are moving on to the B2B sales and rental model. It is very profitable and advantageous for our customers who need the rental model in large quantities.”
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