TELUS Pollinator Fund invests in Dryad Networks, helping to combat the devastating effects of wildfires

Rhea-AI Summary

Dryad Networks (Ticker: DRY) receives equity investment from TELUS Pollinator Fund for Good to support ultra-early wildfire detection technology, addressing the growing environmental emergency of wildfires in Canada and beyond.

Positive

• TELUS Pollinator Fund's investment will contribute to accelerating the deployment of Dryad's technology to protect forests and reduce carbon dioxide emissions resulting from wildfires.

Negative

• None.

Dryad Networks provides ultra-early wildfire detection through large scale IoT networks and sensors, detecting fires as early as their smoldering phase

More than 10 million hectares of Canadian forests have burned so far in 2023 with annual fire protection costs now exceeding $1 billion per year

VANCOUVER, British Columbia and BERLIN, July 27, 2023 (GLOBE NEWSWIRE) -- TELUS Pollinator Fund for Good is making an equity investment into Series A financing of Dryad, a German startup that provides ultra-early wildfire detection through large-scale IoT networks and sensors that can detect fires as early as their smoldering phase. This greatly reduces the risk of fires spreading out of control, and can help prevent the escalating costs and environmental impacts of wildfires, including biodiversity loss and health issues related to poor air quality. With the amount of forest burned by wildfire that is projected to double by 2050, the Pollinator Fund’s investment will contribute to address this growing environmental emergency by accelerating the deployment of Dryad’s technology to protect forests and to reduce carbon dioxide emissions resulting from wildfires.

“TELUS recognizes that there is an urgent need to scale innovative wildfire detection technologies and that’s why the Pollinator Fund is investing in Dryad,” said Blair Miller, Managing Partner, TELUS Pollinator Fund. “More than 10 million hectares -- an area about three times the size of Belgium -- have already burned this year in Canada alone, and the annual national cost of fire protection exceeded $1 billion for six of the last 10 years. Not only can Dryad sensors limit economic losses, but they also have a significant impact in the fight against climate change. They protect vital ecosystems and can even save human lives by alerting first responders within minutes of a wildfire starting.”

Dryad’s technology uses gas sensors that are trained to detect smoke and it sends alerts once gas is detected, giving first responders critical time to get to the fire before it spirals out of control. Dryad’s solution is capable of operating in remote regions and uses IoT technology to extend the mobile network coverage areas. The solution is already deployed with private and public clients in Europe, South America and the US and the Pollinator Fund’s investment will help the startup further scale in the US and into Canada. Dryad’s goal by 2030 is to deploy 120 million sensors around the world and to protect nearly 4 million hectares of forest.

“We are delighted to receive the investment from the TELUS Pollinator Fund for Good,” said Carsten Brinkschulte, Co-founder and CEO at Dryad Networks. “This funding will support us to scale our ultra-early wildfire detection technology and make a significant impact in combating the escalating wildfire risk. By deploying our wireless sensor network, we aim to protect vital ecosystems, and prevent massive CO2 emissions driving climate change. Together with TELUS, we are committed to addressing the critical issue of wildfires and building more resilient communities.”

About the TELUS Pollinator Fund for Good

The TELUS Pollinator Fund for Good, launched with an initial $100 million investment, is one of the world’s largest corporate social impact funds, and focuses its investments on for-profit companies and founders committed to driving social innovation. The TELUS Pollinator Fund is an extension of TELUS’ long-standing commitment to leveraging the power of technology to drive positive social and environmental outcomes for all Canadians by funding the development of solutions for transforming healthcare, caring for our planet, supporting responsible agriculture and enabling inclusive communities. To learn more about the TELUS Pollinator Fund, please visit: telus.com/pollinator.

About Dryad

Dryad is an environmental IoT startup based in Berlin. Its mission is to develop a large-scale IoT network that allows public and private forest owners to monitor, analyze and protect the world’s largest, most remote forests. The initial focus is to develop a system for the ultra-early detection of wildfires - Silvanet.

Silvanet detects fires in minutes, even during their early smoldering phase. By providing such drastically improved reaction times, Dryad can help to prevent 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.

https://www.dryad.net/

For media inquiries, please contact:

TELUS
François Marchand
Media Relations
francois.marchand@telus.com

Dryad
Laurenz Krumbacher
Media Relations Europe
dryad@tamarindo.global

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d356fb4-6729-4896-9fc1-9a062157ef5f

FAQ

What is the equity investment from TELUS Pollinator Fund for Good into Dryad Networks about?

TELUS Pollinator Fund for Good is making an equity investment into Series A financing of Dryad, a German startup that provides ultra-early wildfire detection through large-scale IoT networks and sensors.

How does Dryad's technology help in wildfire detection?

Dryad's technology can detect fires as early as their smoldering phase, greatly reducing the risk of fires spreading out of control and preventing escalating costs and environmental impacts of wildfires.

What is the significance of TELUS Pollinator Fund's investment in addressing the wildfire emergency?

The investment will contribute to accelerating the deployment of Dryad's technology to protect forests and reduce carbon dioxide emissions resulting from wildfires, addressing the growing environmental emergency of wildfires in Canada and beyond.