- Timbeter’s artificial intelligence technology helps companies in the forestry sector speed up operations, increase employee safety, save resources, contribute to transparency, forest governance and legal trade
Estonian company Timbeter, whose solutions help the forestry sector adopt digital technology to bring transparency and efficiency to forestry management, has closed a seed round. The round was led by TMT Investments, the venture investing company listed on the London Stock Exchange famous for its early bets in Bolt and Pipedrive, as well as the pan-Baltic seed fund Change Ventures. Also joining this round was EigenKapital, run by well-known tech entrepreneurs Ahti and Alari Aho, the founders of successful time-tracking platform Toggl. Contriber Ventures and Wiser also participated in the round.
Timbeter has built the world’s largest database of photometric measurements of roundwood, which allows live online tracking of timber assets down to individual shipments and piles throughout the forestry value chain. Compared to traditional methods, Timbeter’s algorithms cut measurement and documentation times by 10 and increase accuracy by 5 times.
Timbeter is using artificial intelligence to help companies in their digital transformation by speeding up forestry operations, increasing employee safety and saving resources. Timbeter makes processes more objective and transparent, enables better control and data-driven planning of logistics and production, and thus contributing to sustainable forest management.
The company has demonstrated its success on the local and global markets, its clients include some of the largest companies in the sector such as CMPC (Chile), International Paper (Brazil), Faber-Castell (Brazil), Siam Forestry Group (Thailand), Mekong Timber Plantations (Laos), Port Blakely (USA), SEQH (Australia) and many others.
Anna-Greta Tsahkna, CEO of Timbeter, explained that the new financing round will help Timbeter expand its sales activities in the target markets, and also to develop the bridge between companies and governmental organizations, by reducing the sectors administrative burden in insurance, tax and regulatory reporting. “By facilitating smooth digital data exchange between the government and companies, it is easier to ensure sustainable forest management and fight illegal logging”, the CEO of Timbeter said.
Precision forestry, forest governance and legal trade have played a key role in the sector and are foundational elements to sustainability. Nevertheless, illegal activities continue to be a key problem for the forestry industry, and undermine markets for responsible wood fiber products, harm the environment and people in many parts of the world. Timbeter solution helps to create conditions for a more secure trade and prevent illegal logging.
“We are very excited about this investment, because we see Timbeter’s precision forestry platform bringing similar dramatic increases in profitability, transparency and efficiency to the timber sector that precision agriculture platforms have delivered in farming,” said Yrjö Ojasaar, founder and partner of Change Ventures.
Timbeter (www.timbeter.com) – is a global industrial timber measurement, logistics and reporting platform. Timbeter’s precision forestry platform eliminates manual counting, measuring and tracking of timber assets. Timbeter’s technology saves time, money and resources throughout the industrial timber value chain.
TMT Investments PLC (tmtinvestments.com) invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has invested in over 45 companies to date and has announced net assets of US$82 million. The Company is traded on the AIM market of the London Stock Exchange.
Change Ventures (www.changeventures.com) – is the first pan-Baltic venture capital fund focusing on pre-seed and seed investments.