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Home BUSINESSSpecim gets EUR 5.3m growth fund
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Fri, 16 Oct, 2015 02:27:11 AM
FTimes Report, Oct 16
Photo -BusinessOulu.
Hyperspectral imaging pioneer and market leader Specim (Spectral Imaging) has received a financial package to the tune of 5.3 million euros in order to secure its growth. The package consists of capital investment from the Oulu-based Teknoventure and R&D funding from Tekes.
Founded in 1995 by three scientists from the VTT Technical Research Centre of Finland, the company is a pioneer in hyperspectral technology and operates on a global scale.
Imaging products made by the company are widely used in industry, environmental monitoring, and defence administration in numerous applications. The equipment is used, for example, in the mining industry for creating drill core mineral maps as well as for plant disease mapping, condition monitoring of pipelines from airplanes or drones, industrial quality assurance, tracking of drug crops and detection of explosives.
Specim’s roots lie in supplying and preparing very demanding instrument modules. It often takes on projects that cost million of euros. Specim intends to continue on this path and further strengthen its position. The company’s accumulated experience and skills give it an outstanding platform to expand operations to a new generation with a factory for its intelligent measuring devices.
“Many of those applications and technologies originally developed for research use or for defence have, over time, come to serve us more and more instead in our daily lives. We see clear signs that this is also true with regards to hyperspectral imaging. We want to be ready to secure our market share in this new field with our contributions and product development efforts,” says Timo Hyvärinen, one of the founders and principal shareholders of Specim.
The development of optics and other key components enable efficient and compact measuring devices that in turn fuel development of numerous new applications, such as for food, plants, medicine or even crime scene investigation.
Specim will allocate this additional funding towards development of a new generation of products and reinforcement of its market position as well as for global expansion.
Because of its training, experience and accomplishments, the Specim team is esteemed as industry experts worldwide. The team is multinational, but its members are all located in the Oulu region and appreciate the local setting.
“This new round of financing reflects the effects of leveraging, in a good way, the commercialisation of Finnish skills. Specim, initially a spinoff company from VTT, searched beyond domestic funding to accelerate its international growth, using a subcontractor, itself an Oulu-based spinoff from Nokia, for its expertise in miniaturisation in product development. All of the company’s current and potential projects will bring new jobs to Finland, including the manufacture of products,” says Specim Board Chairman Risto Kalske.
“Specim has had outstanding evidence of success in international markets and its growth is well-founded. We of the Northern Finnish Fund are glad to be funding one of Oulu’s fastest rising companies in this industry, and to be raising Specim up to a new level,” says Teknoventure Investment Director Kari Itälahti.
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