Helsinki-based Disior aims to add 3D perspective to diagnostic imaging; raises €1.7M funding

Helsinki-based medtech company Disior specialises in converting CT and MRI images into mathematical models and numerical analysis. The company has developed a cloud-based 3D analytics software for doctors. This software automatically analyses, quantifies, and parameterises medical images. It quickly provides objective data for both patient diagnosis and treatment outcome assessment.

Raises €1.7M funding

In a recent development, Disior announced that it has raised €1.7M funding from and Tesi alongside existing investors. This investment will support the commercialisation of its newly CE-marked product Bonelogic Ortho Foot and Ankle. The 3D analytics software of Disior will be used by doctors across the world to improve patient care and outcome from medical images.

The fresh round of funds will be used to facilitate further development of the existing products of Disior along with new ones. This will open up new use cases within orthopedics and automated surgery planning. The company develops a product with neurosurgery applications via an existing collaboration with Augmedit, a Dutch company that specialises in the creation of AR/VR tools meant for surgeons.

“The diagnostic imaging market is a huge one, as medical images account for up to 90% of all medical data. Despite significant improvements in X-ray, MRI, and CT scan technologies, doctors still analyze these images using 2D slices – we like to say it’s like doctors examining medical images with one eye only,” Disior CEO Anna-Maria Henell explains.

“The new normal affects many industries, but medtech for sure is one that calls for more efficient and scalable solutions. Disior brings major technological advancements to medical verticals that have thus far been underserved,” says Ilkka Kivimäki, Managing Partner at

Disior scales rapidly

Founded by Anna-Maria Henell, Sakari Soini, Risto Kontio, and Goncalo Barreto in 2016, Disior has scaled rapidly and its technologies are used in several leading hospitals across the world. It has nearly doubled its customer count by working with institutions such as the University of Iowa, the Federal University of Rio Grande do Norte, UPMC Pittsburgh, and Turku University Hospital.

The growth of this medtech startup has been further accelerated by its product that is CE-marked. The Bonelogic Ortho Foot and Ankle product was launched in June this year. The continued growth of the company seems likely as they struck a distribution deal with Planmed, a global medical imaging equipment provider. The company is in the process of securing FDA approval to help them bring their technology to the US markets.

Image credits: Disior

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Startups – Silicon Canals

Helsinki-based HappySignals snaps up €4.7 million to help put employee experience at the core of digital transformation

Finnish startup HappySignals, an Employee Experience Management Platform provider, has announced the successful closure of a €4.7 million series A funding round led by Nauta Capital, with Vendep Capital also participating. HappySignals will use the funds to further its mission and scale up operations in Europe and the US. Founded in 2014, HappySignals aims to…

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Helsinki-based HappySignals uses data to make your employees happier & more productive; secures €4.7M Series A funding

With enterprise IT forming the connective tissue that ensures companies operate efficiently, Experience Level Agreements (XLAs) have become an emerging trend, a few companies specialise in this sector. Working on this front, HappySignals, a Helsinki-based Employee Experience Management Platform for IT makes experienced data visible and understandable. This way, it enables enterprises to change their culture to be more open, data-driven, and outcome-focused.

Secures €4.7M Series A funding

Now, HappySignals has closed a €4.7M Series A funding led by Nauta Capital, along with participation from Vendep Capital. This funding takes the overall funding secured by the Finnish startup to €6.2M. The company will use this investment to strengthen its mission of helping enterprise IT lenders and scaling their presence in the US and Europe.

“We believe happiness and productivity are the keys to transforming business IT culture for the better,” says HappySignals CEO Sami Kallio. “We do this by giving enterprise IT leaders the employee experience data they need to make outcome-focused IT decisions that drive digital transformation.”

“In Nauta Capital, we’ve found the perfect partner to help us scale operations. Their strong track record of supporting B2B disruptors represents a wealth of experience that will ensure we make the right moves going forward. We are also extremely thankful for the continued support of Vendep Capital, who has been with us almost two years now,” he adds.

Focuses on employees’ happiness

HappySignals founded in 2014 Sami Aarnio, Pasi Nikkanen, and Sami Kallio makes employees happier and increases productivity by 26% on average. It measures the experience possessed by employees and gets high volumes of experience data and merges it with operational data. The experience data is shared with partners, vendors, and stakeholders in real-time and help clients reach their goals. HappySignals creates an experience-driven IT department and improves overall productivity.

Main image picture credits: HappySignals

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Startups – Silicon Canals

Helsinki-based VC Superhero Capital close second fund at €30M to help startups from behind the scenes

Superhero Capital, an early-stage venture capital firm based in Helsinki announced the first close of its second fund at €30M. The Finnish VC is planning to make seed investments in Finland and the Baltics and aims to invest in 25 startups over the next 4 years. As per the company claims, the fund will remain open for new investors until the end of 2020.

“There has been a lot of talk about data being the new oil. But how much is data worth before it is refined into actionable insight? We look for startups that focus on that next step from data to insight,” says Jakob Storå, Partner at Superhero Capital. “We have been investing in insight-driven startups such as Leadfeeder and Zadaa since the launch of our first fund in 2015. There are insight-driven startups in many different industries, but they have a common approach to creating value.”

Superhero also led around with a group of investors, including Japan’s top football player Keisuke Honda, in the seed investment of, a user experience startup founded by Finnish serial entrepreneur Kristoffer Lawson.

“You might be a startup that processes your customers’ data to create value for them or you might have your own dataset that you leverage to create valuable insight. Some startups have it in their DNA and company culture to systematically track their own activities as a method for growth. These are the types of startups we are excited about,” says Juha Ruohonen, Partner at Superhero Capital.

Targets insight-driven startups

The fund targets startups that create competitive advantages by refining data into insight, which the company refers to as ‘insight-driven’. This theme stems from the company’s team members’ background and passion for data and insights.

“I spent 11 years as co-founder and CTO of Eniram, a software startup that provided fuel-saving solutions for the shipping industry,” says Jussi Pyörre, Partner at Superhero Capital. “In 2016, Eniram was acquired for €43M by a stock-exchange listed company because we could refine data into insight that translated into fuel savings and less pollution.”

As part of this strategy, Estonia-based serial entrepreneur and angel investor Ivo Remmelg and Latvia-based serial entrepreneur Ernests Stals have joined Superhero Capital as Venture Partners.

“The number of startups in the Baltic countries increased by 44% from 2018 to 2019. I think a change like that in one year says something about the current Baltic opportunity,” says Ivo Remmelg, who also is the acting President of EstBAN, the Estonian Business Angels Network.

Initial investments up to €1M

The new fund will make initial investments sized up to €1M, with typical investments being around €0.4M. Its first investments include Lithuanian urban delivery platform Ziticity, which has already expanded to 11 cities across three countries. 

“We have invested in 4 startups during COVID-19, are actively looking for more, and encourage founders to reach out to us. Don’t hesitate, it is never too early to have a chat,” says Kasper Suomalainen, Investment Manager at Superhero Capital.

Main image credits: Superhero Capital

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Startups – Silicon Canals

Helsinki-based Silo AI expands to Sweden with plans to build a leading AI lab in Stockholm

Today Silo AI, one of the largest private AI labs in the Nordics, expands its operations to Stockholm with the opening of their sixth office.  Founded in 2017, Silo AI solves the most strenuous challenges in machine learning, computer vision and natural language processing. The company already serves clients across several industries on four continents,…

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Helsinki-based Supermetrics raises €40 million to expand its MarTech tool across existing global markets

Supermetrics, a world leader in data integration, which is used and trusted by Fortune 500 leaders and elite marketing agencies, has raised €40 million, led by Highland Europe with participation from IVP. The funds will be used to boost its next major phase of expansion, including bringing data warehousing to the marketing sector. 

Designed by marketers for marketers, Supermetrics is an out-of-the-box, software as a service data management and analysis tool built to give professionals the answers they need to run effective, impactful campaigns. 

Instead of having to rely on manual input, managing, analysing and converting masses of data from multiple marketing sources – a task that takes up a staggering third of the average marketers’ working week – Supermetrics streamlines the process. It offers a single source from which to analyse, report on, and extract insights from the often overwhelming wealth of information produced by enterprises today.

Supermetrics is a SaaS tool that helps marketers compile data in ready-to-use format to their favourite data crunching and reporting tools. Marketers and their teams can see what is and isn’t performing, at a glance, and pull data from multiple platforms together to gain an overall unified view. At the same time, it facilitates effortless, automated reporting. Implementing Supermetrics can be done by non-engineers and without having to add yet another, a separate platform to a company’s IT stack. 

Since its launch in 2013, Supermetrics now has over 14,000 clients, from sector-agnostic Fortune 500 companies to elite marketing agencies, which each use the tool as their go-to programme to understand their marketing initiatives. Turnover has doubled each year and the highly profitable company has consistently achieved profit margins of over 30%. Customers include Nestle, Warner Brothers, L’Oreal, Hubspot, and iProspect. New customer acquisition has grown 100% annually since 2018. 

The €40 million in funding is led by Highland Europe and supported by IVP, OpenOcean, with participation from Amit Agarwal, chief product officer at Datadog, and Ilkka Paananen, chief executive of Supercell. 

Mikael Thuneberg, chief executive and founder of Supermetrics, said: “Many of our customers are struggling with growing amounts of data and data sources they need to integrate. Data warehousing would solve many of their problems, but it has not been as accessible as it could be for the masses. We are changing that with our Supermetrics for BigQuery product and this funding will accelerate our ability to bring data warehousing to a much wider audience.” 

Irena Goldenberg, General Partner at Highland Europe, said: “Mikael and his team truly understand the needs, wants and the pain points experienced by today’s professionals – regardless of the size of their business or the industry they’re in. Supermetrics’ simple, reliable, automated data integration saves time and empowers teams to make better decisions.”


Helsinki-based Quuppa nabs €20 million for its real-time Bluetooth location tracking (with centimetre accuracy)

Quuppa, a real-time location tracking startup, today announced its first ever round of funding, worth €20 million. The investors for the round are Finland-based private equity fund Bocap, which focuses on high-growth small and medium size enterprises, and Tech Consulting Group TCG Oy (TCG) with solid experience and track record of growing Finnish technology companies in the international market.

Since its establishment in 2012, Quuppa’s ‘Intelligent Locating System’ enables customers in a variety of industries to accurately and reliably locate Bluetooth-enabled devices. Its unique methodology and positioning algorithms enable real-time tracking with centimetre-level accuracy.

Its technology is used in several vertical markets, including manufacturing, healthcare, smart buildings and even in sports. The location tracking system has improved the production and operational efficiency in many factories and warehouses globally.

Quuppa has already deployed more than 2000 location-based service solutions and has over 170 partners worldwide. In addition to Finland, Quuppa has offices in the United States, China, Australia and the United Arab Emirates.

So far, Quuppa has enjoyed a healthy run of growth and cashflow, reaching a revenue of €10 million. Now the company aims at using the raised funds into taking a bigger leap into global markets.

“With the new investment, we are able to scale up our services, support our global partner network better and further develop our technology and services. Our aim is to grow from €10 million to €100 million in five years and establish our position as a market leader”, says Kimmo Kalliola, CEO and Founding Partner of Quuppa.

The global market for RTLS (Real-Time Locating Systems) is expected to reach €7.5 billion by 2023, at an annual growth rate of 22.5 %, according to a recent press release by Quuppa. For this reason, the investors in this round strongly believe in Quuppa’s potential and are willing to contribute in both equity and strong expertise.

“Bocap is very excited about Quuppa. The company perfectly matches our focus on ambitious entrepreneurs looking for significant global growth on a profitable basis within a horizon of 3 to 5 years”, says Vilma Torstila, Partner of Bocap.

The healthcare sector is also growing rapidly with end users such as Fukui University Hospital in Japan. As the location tags can be integrated with pulse measurement, oximetry, and blood pressure measurement devices, the system can provide cross-functional benefits for the industry.

“We are thrilled about the various use cases of Quuppa’s indoor positioning platform. If the system can track a hockey puck flying over 100 mph in real time it shows how robust the technology is,” said Risto Virkkala from TCG.

The COVID-19 pandemic has increased the demand for location-based technologies in healthcare and more broadly as companies across industries are trying to find ways of safely reopening factories, construction sites, sports stadiums and offices. Quuppa can help to combat the spread of viruses through its applications for social distancing, contact tracing and process monitoring.

“Quuppa’s technology not only improves the efficiency of smart factories and buildings but also improves the life of ordinary people as we have seen in hospitals, elderly care, and in the fight against Covid-19”, says CEO Kimmo Kalliola.


Helsinki-based iFarm raises €3.3 million for its automated indoor farming solutions

iFarm, a Finnish startup that provides innovative solutions for growing fresh greens, berries and vegetables, has raised around 3.3 million in funding. The round was led by Gagarin Capital, who also previously invested in the project. Other investors include Matrix Capital, Impulse VC, IMI.VC and several business angels.

The startup will use the funding to develop its iFarm Growtune tech platform that enables operations of multiple varieties of vertical farms and quadrupling the number of plants available to iFarm’s tech. In addition, iFarm will be optimizing its automated production lines to reduce labor costs and complete experiments with growing strawberries, cherry tomatoes, sweet peppers, radish and other crops. 

Founded in 2017, iFarm has over 50 on-going projects with clients in Europe and the Middle East for 2020. That includes an industrial vertical farm based on iFarm’s tech that is due to launch in Finland by the end of the year. Its construction was funded through the company’s internal crowdfunding platform.

“Investors can participate in the worldwide network of vertical farms and receive a rate of return well above bank deposit rates”, says Alex Lyskovsky, co-founder and President of iFarm. “We already have a group of financial partners involved in the development of our farms, and now there is a direct opportunity for this type of investment in Finland, UK, Switzerland, Netherlands, Russia and UAE.”

iFarm’s automated vertical farm management technologies allow customers to start growing salads, greens, berries and vegetables in the urban environment: from empty warehouses and factory shops to basements and distribution centres. The technology is based on an adaptive protocol that includes computer vision, machine learning, the data about thousands of plants collected from a distributed network of farms as well as the industry knowledge. The iFarm Growtune platform can determine the plant’s weight, any growth deviations or pathologies and build a system that improves crops’ quality characteristics on its own. It provides recommendations to the farm staff and adjusts the microclimate settings to ensure better results.

“iFarm enables environmentally friendly production with zero carbon footprint delivery due to much shorter transportation time, does not deplete the Earth’s soil resources, and saves water needed for the plants”, says Max Chizhov, co-founder and CEO of iFarm. “The new round of investment brings us closer to our goal – we plan to operate 1M m² of vertical farms using iFarm technology around the world and provide technology to grow 500+ crops by 2026.”

“The 2020 pandemic exposed the problems of the global food system – food supplies, sowing and harvesting were disrupted across the globe”, says Mikhail Taver, Managing Partner at Gagarin Capital. “iFarm is taking a novel approach to agriculture, offering an automated solution to grow crops close to the consumer and ensure food security. We believe that the future of the food market lies in modern technologies and are excited to support the project on its way.”

“Over the past few years, the team has already reached great success, making indoor farming tech possible”, Igor Matsanyuk, Chairman at IMI.VC, says. “We believe that the company will continue to develop its technology, introducing it to the new markets. IMI.VC is proud to be a part of that journey”.


Helsinki-based Varjo, an advanced industrial-grade VR/XR, secures €45.9 million to expand internationally

Finnish startup Varjo, a leader in industrial-grade VR/XR (virtual reality and extended reality) hardware and software, today announced closing a Series C round of approximately €45.9 million. Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank are among the new investors contributing to the round, in addition to follow-on investment participation from existing investors including Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund. 

Founded in 2016, Varjo (pronounced var-yo) is the first and only company in the world to deliver human-eye resolution virtual and mixed reality devices to meet the most demanding enterprise applications across training and simulation, design and engineering and research. Global enterprises including Volvo Cars, Boeing, Audi and Siemens use the company’s XR-1 Developer Edition, VR-2 and VR-2 Pro devices to conduct immersive astronaut and pilot training, design the cars of the future, streamline product development, and more. Whatsmore, Varjo is the only virtual reality headset qualified for astronaut training.

“We are seeing tremendous demand for virtual and mixed reality use cases, particularly as much of the world continues to work remotely,” said Timo Toikkanen, CEO of Varjo. “When you combine the photorealistic resolution and accurate, integrated eye tracking found in our devices with the broad software compatibility we offer, the possibilities for creating, training and running research in immersive environments are endless. With support from our growing group of investors, we look forward to scaling our operations and delivering the cutting-edge technology our customers need to transform the way they work.”

With this latest infusion of capital, the company has raised just over €85.1 million to date, which will allow Varjo to accelerate its global expansion and development of industry-leading hardware and software products. 

“Varjo has established itself as a proven industry leader, as evidenced by its ability to continually push the boundaries of virtual and mixed reality and support the most demanding enterprise applications across industries,” said Keith Bonnici, Investment Director at Tesi. “With their history of breathtaking product innovation, a strong and experienced team and increasing market demand, we are excited to be on board on their journey of revolutionizing computing for all.”

“We were early seed investors in Varjo and believed in their vision for how immersive computing could transform the way professionals work from the very beginning. In less than four years, Varjo has delivered both industry-leading hardware and software to the market,” said Petteri Koponen, founding partner at Lifeline Ventures and Varjo’s chairman of the board. “We are thrilled to be participating in this latest funding round as the company continues to scale and deliver an ecosystem capable of bringing enterprise XR adoption mainstream.”

This round of funding comes on the heels of a year marked by company success and product innovation. Recent milestones include expanding operations and reseller network to +40 countries in North America, Europe, the Middle East and Asia Pacific with the launch of sales and direct shipping to key markets including Singapore, Israel, South Korea, Australia and New Zealand.


Helsinki-based Basemark nabs €7 million to grow its automotive software

Finnish startup Basemark, a leading software company specialising in graphics and autonomous driving vehicle software, has successfully closed a €7 million equity funding round by ETF Partners (Environmental Technologies Fund). The investment will be used to accelerate Basemark’s growth in the field of Autonomous Vehicles.

Founded in 2015, Basemark quickly gained a strong reputation for its Rocksolid Engine – a world-leading real-time graphics and compute software solution for mission-critical industrial applications. In just a few years and with no institutional money invested to date, Basemark grew its business to over 8.8 million in revenue and achieved profitability. Its customer base includes world-class automotive OEM and SoC companies.

“We are thrilled to have ETF Partners on board,” said Basemark’s Founder and Chairman, Tero Sarkkinen. “Over the years we have worked hard on building a category-defining product and establishing strong international relationships across the automotive industry. This new capital injection will enable us to hit the gas and take us to the next level,” adds Mr. Sarkkinen.

“We are delighted to join the Basemark journey,” said Remy de Tonnac of ETF partners, who will also join the Board of the Company, together with Jarkko Virtanen, ETF’s Nordic venture partner, as Board Observer. “Road transportation is responsible for about 20% of total CO2 emissions and research has shown that the introduction of Autonomous Vehicles (AVs) could help reduce transport emissions by as much as 80%, due to the advent of Transport as a Service and improved asset utilisation. We believe Basemark’s critical AI and software technology are integral parts of the AV revolution,” he added.

For Basemark’s CEO, Keith Silverang, the timing of the investment is optimal. “My own focus since I started has been on building up mature business processes and a world-class team, so that we can accelerate our core product development and scale-up rapidly. That team is now in place. We have had very strong and profitable growth to date, and our goal is to transform Basemark into a leading software product company in the space in the next couple of years. The ETF investment will enable us to do just that. ETF will bring us not only the fuel for growth, but we can benefit from their focus on sustainability, professionalism, experience and world-class network.”