InnovationsKapital

Founded in 1994, InnovationsKapital is a leading independent venture capital firm focused on innovative growth companies in the Nordic region. Based in Stockholm and Gothenburg with an additional office in New York, the company invests primarily in dynamic ICT and Healthcare & Life Sciences sectors.

Peder Holm

Investment Director

Staffan Ingeborn

Managing Investment Director

41 past transactions

Silecs International

Series E in 2011
Silecs International is a developer and manufacturer of electronic and optical materials specifically designed for the microelectronics industry, including applications in semiconductors, image sensors, and displays. Founded in 2000 and headquartered in Mountain View, California, the company provides materials solutions that seamlessly integrate with standard device manufacturing processes. Silecs' products cater to a wide range of applications, such as low-temperature dielectric layers, CMOS sensors, electro-optic devices, and TFT-LCD displays. The company maintains a manufacturing and research facility in Espoo, Finland, and has operational centers across Asia, the United States, and Europe, ensuring local and regional customer support.

Paxport

Venture Round in 2011
Paxport is a global provider of Merchandising Distribution Systems (MDS), specializing in the integration of merchandising expertise with content distribution and packaging technology. Following its acquisition of Multicom in 2016, Paxport has established itself as a leader in delivering comprehensive travel solutions. The company has built a strong reputation in the Nordics and Benelux regions over the past two decades. Paxport operates its technology center in Bristol, UK, while maintaining its merchandising center in Stockholm, Sweden, ensuring a robust infrastructure to support its extensive service offerings.

Oxeon

Venture Round in 2010
Oxeon is a privately owned company that holds several patents for processes and materials.

Action Pharma

Series C in 2010
Action Pharma A/S is a biotechnology company focused on research and development of innovative drug candidates aimed at treating cardiovascular, inflammatory, and metabolic diseases. Founded in 2000 and based in Holte, Denmark, the company specializes in discovering and developing new treatment concepts, particularly those targeting melanocortin receptors. Its product pipeline includes AP214, a modified peptide analogue for preventing post-surgical kidney injury related to cardiac surgeries, as well as the AP1030 and AP11 series, which are oral anti-diabetic medications designed for patients with type-II diabetes who are overweight or obese. Additionally, Action Pharma is developing AP1189, an oral anti-inflammatory compound for conditions like inflammatory bowel disease and rheumatoid arthritis, and AP405, which targets inflammatory skin diseases such as atopic dermatitis. The company's efforts are geared toward achieving clinical proof of concept for its drug candidates, facilitating partnerships for further development and commercialization.

SantoSolve

Series C in 2010
SantoSolve is a biotechnology company focused on developing topical analgesic products utilizing non-radioactive strontium as the active ingredient. The company's research is grounded in clinical evidence demonstrating strontium's strong local analgesic effects for various localized pain conditions, including nociceptive and neuropathic pain. SantoSolve's lead product, 2PX, is designed for topical administration and employs dermal penetration enhancers to deliver the active agent effectively to targeted areas. Phase I safety and pharmacology studies indicated low systemic bioavailability and minimal adverse effects. Subsequent Phase II clinical trials have shown that 2PX provides significant analgesic relief compared to placebo, particularly in patients with osteoarthritis, where the Phase II program has recently been completed. SantoSolve aims to offer a safer alternative to existing pain medications, addressing both pain treatment and inflammatory lesions.

Medius

Venture Round in 2009
Medius is a global leader in cloud-based accounts payable (AP) invoice automation solutions. It streamlines the entire purchase-to-pay process by automating invoice processing, reducing manual work, accelerating lead times, enhancing financial control, and improving visibility of key metrics for its clients worldwide.

Projectplace International

Venture Round in 2009
Projectplace International specializes in developing collaborative tools that enhance project management and teamwork among individuals and organizations. The company offers a range of solutions, including a free ToDo tool and a comprehensive project management platform, designed to support users from small businesses to large enterprises. Projectplace's web-based collaboration tool allows for efficient project planning, execution, and delivery, facilitating interaction between geographically dispersed teams and across different organizations. By focusing on secure and scalable collaboration, Projectplace aims to improve overall efficiency and help users achieve their goals effectively.

Hexaformer

Venture Round in 2009
Hexaformer is a Swedish company established in 2004 that specializes in the manufacturing of closed symmetrical delta-shaped transformer cores, which are integral to creating efficient transformers and reactors. The company's innovative technology is designed to enhance energy distribution by significantly reducing transmission losses and material usage, while also offering lower weight and increased robustness. These unique "green" properties have attracted substantial interest from various sectors. Hexaformer produces its products in Västervik, Sweden, and also licenses its technology to manufacturers worldwide, thereby extending its impact on the energy distribution industry. The company is backed by a mix of venture capital firms and private investors.

Jasper Design Automation

Series D in 2009
Founded in 1999, Jasper Design Automation specializes in electronic design automation. It offers products like JasperGold for bug detection and GamePlan for verification planning. The company provides verification products, IC design blocks, customer support, methodology consulting, training, and turnkey proof kit development. They also offer on-site consulting services to deploy structured verification methodologies.

Silecs International

Venture Round in 2009
Silecs International is a developer and manufacturer of electronic and optical materials specifically designed for the microelectronics industry, including applications in semiconductors, image sensors, and displays. Founded in 2000 and headquartered in Mountain View, California, the company provides materials solutions that seamlessly integrate with standard device manufacturing processes. Silecs' products cater to a wide range of applications, such as low-temperature dielectric layers, CMOS sensors, electro-optic devices, and TFT-LCD displays. The company maintains a manufacturing and research facility in Espoo, Finland, and has operational centers across Asia, the United States, and Europe, ensuring local and regional customer support.

Isconova AB

Venture Round in 2008
Isconova AB is an R&D company that develops and commercializes adjuvants and vaccines. It provides adjuvants for veterinary and human vaccines for an enhanced immune reaction with a longer duration. The products of the company include Matrix-M, which is a cell-mediated and antibody-mediated immune response for use in vaccines for humans, dogs, and cats. Matrix-C vaccines are used for horses, and Matrix-Q vaccines are used for cows and fish. Matrix-F is also used for fish. It also offers AbISCO research reagents, including AbISCO-100, for use in saponin-sensitive animal species, such as mice.

Novavax

Post in 2008
Novavax is a biotechnology company focused on discovery, development, and commercialization of vaccines to prevent serious infectious diseases. Its portfolio centers on nanoparticle vaccines using the Matrix-M adjuvant to elicit strong immune responses, including ResVax for respiratory syncytial virus delivered through maternal immunization and NanoFlu for seasonal influenza in older adults, with both candidates advancing through late-stage clinical trials. The company is advancing additional vaccine programs such as RSV vaccines for older adults and young children, as well as candidates against Ebola and a combined influenza and RSV vaccine. It collaborates with Takeda for NVX-CoV2373, a COVID-19 vaccine candidate, and operates globally via its development and commercialization platform. Founded in 1987 and headquartered in Gaithersburg, Maryland, Novavax pursues vaccines across multiple stages of clinical development to address urgent health needs.

Syntensia

Venture Round in 2008
Syntensia is a Stockholm-based company established in 2005 that specializes in providing network security services on a subscription basis. The company focuses on delivering all-in-one security solutions tailored for small and medium-sized businesses in high-growth emerging markets. By offering security on-demand, Syntensia addresses the increasing need for robust network protection in an evolving digital landscape.

Enigma Semiconductor

Series B in 2007
Enigma Semiconductor specializes in developing advanced silicon solutions aimed at enhancing wired communications. The company focuses on creating innovative components and subsystems tailored for various applications, including Metropolitan and Access Networks, enterprise and internet infrastructure, and storage systems. Enigma's offerings include semiconductors designed for switching systems and high-speed line card and backplane systems, supporting link speeds of up to 6.25G and line card speeds of up to 1x40G. The team behind Enigma comprises seasoned professionals with backgrounds in prominent technology companies, bringing a wealth of industry experience to its operations.

SantoSolve

Venture Round in 2007
SantoSolve is a biotechnology company focused on developing topical analgesic products utilizing non-radioactive strontium as the active ingredient. The company's research is grounded in clinical evidence demonstrating strontium's strong local analgesic effects for various localized pain conditions, including nociceptive and neuropathic pain. SantoSolve's lead product, 2PX, is designed for topical administration and employs dermal penetration enhancers to deliver the active agent effectively to targeted areas. Phase I safety and pharmacology studies indicated low systemic bioavailability and minimal adverse effects. Subsequent Phase II clinical trials have shown that 2PX provides significant analgesic relief compared to placebo, particularly in patients with osteoarthritis, where the Phase II program has recently been completed. SantoSolve aims to offer a safer alternative to existing pain medications, addressing both pain treatment and inflammatory lesions.

Apptus

Venture Round in 2007
Apptus Technologies AB, established in 2000 and headquartered in Lund, Sweden, specializes in providing solutions for online retailers to develop, manage, and optimize their merchandising strategies. The company's flagship product, Apptus eSales, is a unified search and merchandising platform that integrates with existing e-commerce systems. It facilitates real-time collection and analysis of customer behavior data, enabling retailers to display relevant products and customer propositions. Key features include personalized product recommendations, optimized search functionality, automated promotional content testing, and basket recovery solutions. Apptus also offers custom integration, support, hosting, training, and optimization consulting services. Its clients span various sectors such as books and media, electronics, DIY, fashion, beauty and healthcare, and B2B retailers globally. The platform leverages big data, predictive analysis, and real-time decisioning to deliver tailored product assortments and marketing campaigns, enhancing customer experiences and driving sales performance.

Syntune

Series B in 2007
Syntune is a developer of tunable lasers, specializing in solutions for the telecommunications sector. The company focuses on creating innovative laser technologies that enhance the efficiency of wavelength division multiplexing (WDM) systems, thereby reducing costs for operators. Syntune's products are integral to the development of flexible bandwidth fiber optic networks, positioning the company as a key player in advancing optical communication technologies. Additionally, Syntune's lasers are applicable in various fields, including sensor systems, further broadening its impact in the technology landscape.

Hymite

Series B in 2007
Hymite is a venture funded product company bringing to market the next generation packaging platform for use with High Power (HP) / Ultra-high Brightness (UHB) LEDs. Hymite's Engineered Silicon (Si) package platform delivers new levels of performance and value to their customers developing products for Solid State Lighting applications.

BONESUPPORT

Venture Round in 2006
BONESUPPORT AB is a medical technology company based in Lund, Sweden, specializing in the development of injectable bioceramic bone graft substitutes aimed at treating fractures and bone voids resulting from trauma, infection, disease, or surgery. Founded in 1999, the company offers a range of products, including CERAMENT BONE VOID FILLER, CERAMENT G, and CERAMENT V. These products are designed to address various medical conditions such as chronic osteomyelitis and infected diabetic foot ulcers. CERAMENT G and CERAMENT V are antibiotic-eluting bone graft substitutes that enhance bone healing, utilizing gentamicin and vancomycin, respectively. BONESUPPORT operates additional locations in Frankfurt, Zurich, London, Boston, and Haryana, India, and is committed to improving the quality of life for patients with bone disorders through innovative biomaterial solutions.

Action Pharma

Series A in 2006
Action Pharma A/S is a biotechnology company focused on research and development of innovative drug candidates aimed at treating cardiovascular, inflammatory, and metabolic diseases. Founded in 2000 and based in Holte, Denmark, the company specializes in discovering and developing new treatment concepts, particularly those targeting melanocortin receptors. Its product pipeline includes AP214, a modified peptide analogue for preventing post-surgical kidney injury related to cardiac surgeries, as well as the AP1030 and AP11 series, which are oral anti-diabetic medications designed for patients with type-II diabetes who are overweight or obese. Additionally, Action Pharma is developing AP1189, an oral anti-inflammatory compound for conditions like inflammatory bowel disease and rheumatoid arthritis, and AP405, which targets inflammatory skin diseases such as atopic dermatitis. The company's efforts are geared toward achieving clinical proof of concept for its drug candidates, facilitating partnerships for further development and commercialization.

Resistentia Pharmaceuticals

Series C in 2006
Resistentia Pharmaceuticals, a biopharmaceutical company, develops immunotherapeutic products for allergic asthma and inflammatory disorders. It provides Immunoglobulin E for allergic reactions, including asthma, rhinitis, and dermatitis; and C5a for the treatment of inflammatory conditions, such as rheumatoid arthritis, asthma, and multiple sclerosis. Resistentia Pharmaceuticals AB was founded in 1998 and is based in Uppsala, Sweden.

Ludesi

Venture Round in 2006
Ludesi is a rapidly growing bioinformatics company and the first company to offer image analysis of 2D electrophoresis gels as a globally accessible service. Their customers include some of the most prominent research institutes, pharmaceutical and biotech companies worldwide.

21GRAMS

Venture Round in 2006
21 Grams specializes in postal management services for corporate clients, utilizing advanced technology to optimize postage. The company combines its expertise in postal operations with knowledge of print and document management software to deliver effective solutions. By outsourcing bulk mailing production, clients can streamline their communication processes and substantially lower postage costs by taking advantage of savings in deregulated postage markets.

BONESUPPORT

Venture Round in 2006
BONESUPPORT AB is a medical technology company based in Lund, Sweden, specializing in the development of injectable bioceramic bone graft substitutes aimed at treating fractures and bone voids resulting from trauma, infection, disease, or surgery. Founded in 1999, the company offers a range of products, including CERAMENT BONE VOID FILLER, CERAMENT G, and CERAMENT V. These products are designed to address various medical conditions such as chronic osteomyelitis and infected diabetic foot ulcers. CERAMENT G and CERAMENT V are antibiotic-eluting bone graft substitutes that enhance bone healing, utilizing gentamicin and vancomycin, respectively. BONESUPPORT operates additional locations in Frankfurt, Zurich, London, Boston, and Haryana, India, and is committed to improving the quality of life for patients with bone disorders through innovative biomaterial solutions.

Ipsat Therapies

Venture Round in 2006
Ipsat Therapies, a biotechnology company, develops intestinal protection systems in antibiotic treatment. It focuses on the development of products for the prevention of antibiotic resistance, antibiotic-associated diarrhea, and hospital associated infections. The company offers bioengineered enzyme, which removes the excess unabsorbed harmful antibiotic in intestine and maintains a normal intestinal microflora. It also develops various antibiotics, including penicillin, cephalosporin, carbapenems, and fixed combination products. Ipsat Therapies Oy was founded in 1999 and is based in Helsinki, Finland.

Cellartis

Venture Round in 2005
Cellartis AB is a Swedish/British biotechnology company focused on pluripotent stem cells and technology for drug discovery research, toxicity testing and regenerative medicine Since 2001, Cellartis has worked globally with industry and academia, platform providers and end users to develop the next generation of advanced stem cell products and technologies. The company leverages a deep experience in stem cell handling, scale up and differentiation into mature and functional human cells. The company was first in the world to bring to the market human embryonic stem (hES) cell-derived hepatocytes and cardiomyocytes for use as drug discovery tools today.

Dolthera GmbH

Series B in 2005
Dolthera GmbH is a biopharmaceutical company that is developing an innovative class of nucleic-acid-based anti-inflammatory drugs. These drugs, based on oligonucleotides that act as decoys for disease-related transcription factors are all directed against biologically validated targets in major chronic diseases with high unmet medical need. With this business concept and the underlying patent-protected technologies, AVONTEC won in 2003 the prestigious German Founders Award that is backed by McKinsey & Company. Initially, the Company has chosen to focus its patented technology on chronic inflammatory respiratory system and skin diseases. AVONTEC currently has five programs in respiratory disease, skin disease, transplant rejection, cardiovascular disease and autoimmune disease under development. All these indications represent areas with high unmet medical need and strong commercial potential.

NordNav Technologies

Series A in 2005
NordNav Technologies is a Stockholm-based company specializing in the development of software GPS receivers designed for mobile and automotive applications. The company focuses on creating innovative solutions for global navigation satellite systems, catering to the growing demand for precise location services in various sectors. By leveraging advanced technology, NordNav aims to enhance the functionality and efficiency of navigation systems, positioning itself as a key player in the GPS receiver market.

Taktio

Series A in 2005
As of December 11, 2008 Taktio ApS went out of business. Taktio ApS develops and supplies man machine interfaces internationally. The company offers technology for high resolution and touch screen applications. Its products are used in mobile handset displays, computer monitors, windows, and glass walls. Taktio ApS was formerly known as O-pen ApS. The company was founded in 2003 and is based in Copenhagen, Denmark.

Syntune

Series A in 2004
Syntune is a developer of tunable lasers, specializing in solutions for the telecommunications sector. The company focuses on creating innovative laser technologies that enhance the efficiency of wavelength division multiplexing (WDM) systems, thereby reducing costs for operators. Syntune's products are integral to the development of flexible bandwidth fiber optic networks, positioning the company as a key player in advancing optical communication technologies. Additionally, Syntune's lasers are applicable in various fields, including sensor systems, further broadening its impact in the technology landscape.

Silecs International

Venture Round in 2004
Silecs International is a developer and manufacturer of electronic and optical materials specifically designed for the microelectronics industry, including applications in semiconductors, image sensors, and displays. Founded in 2000 and headquartered in Mountain View, California, the company provides materials solutions that seamlessly integrate with standard device manufacturing processes. Silecs' products cater to a wide range of applications, such as low-temperature dielectric layers, CMOS sensors, electro-optic devices, and TFT-LCD displays. The company maintains a manufacturing and research facility in Espoo, Finland, and has operational centers across Asia, the United States, and Europe, ensuring local and regional customer support.

Enigma Semiconductor

Series B in 2004
Enigma Semiconductor specializes in developing advanced silicon solutions aimed at enhancing wired communications. The company focuses on creating innovative components and subsystems tailored for various applications, including Metropolitan and Access Networks, enterprise and internet infrastructure, and storage systems. Enigma's offerings include semiconductors designed for switching systems and high-speed line card and backplane systems, supporting link speeds of up to 6.25G and line card speeds of up to 1x40G. The team behind Enigma comprises seasoned professionals with backgrounds in prominent technology companies, bringing a wealth of industry experience to its operations.

Hymite

Series B in 2004
Hymite is a venture funded product company bringing to market the next generation packaging platform for use with High Power (HP) / Ultra-high Brightness (UHB) LEDs. Hymite's Engineered Silicon (Si) package platform delivers new levels of performance and value to their customers developing products for Solid State Lighting applications.

Appium Technologies

Venture Round in 2004
Appium is one of the leading vendors of next generation telecommunication application platforms and applications for the converging IT and Telecom market. To enable its business Appium delivers the leading telecom application platform and service creation environment for the OSA/Parlay market (www.parlay.org). Appium complements its service creation and deployment platforms offering with a range of commercially available applications and application components together with deployment and business models for addressing the enterprise as well as consumer market segments. Appium works in a standard Independent Software Vendor (ISV) business model. Appium addresses its offerings to Network Operators, Service Providers, Application Developers and, as the market evolves, Enterprises. Appium was founded in 1992, with head offices in Malmoe, Sweden, and originally provided professional services and solutions in the areas of Intelligent Networks, Mobile Systems, NGN and services. In 2000, the company decided to exploit the opportunities arising from the OSA/Parlay standards and was re-oriented to be a product company.

Proximion

Venture Round in 2003
Proximion is a provider of advanced fiber Bragg grating (FBG) technology, specializing in products designed for the telecommunications, heavy industry, and aerospace sectors. The company focuses on embedding functionality into the optical layer of networks, enabling the detection and mitigation of network faults, which helps reduce costs associated with downtime. Proximion's flagship product, WISTOM, integrates optical channel monitoring and optical performance monitoring within a single platform. This system evaluates the performance of individual wavelength channels, allowing network operators to identify and resolve issues effectively, thereby ensuring high-quality service. In addition to WISTOM, Proximion offers a range of optical modules, dispersion compensation modules, and fiber optic sensor systems to meet the diverse needs of its clients.

Gyros

Series B in 2001
Gyros is the world leader in automated micro-immunoassays for therapeutic protein development. Gyrolab, the company's automated and open platform, is a versatile analytical tool that dramatically reduces the time required to optimize and execute immunoassays. Time for assay optimization is often cut from weeks, to a matter of days. This results in increased efficiency in process development and in clinical evaluation of therapeutic proteins. The ease of assay transfer is unsurpassed in the industry.

Proximion

Series B in 2001
Proximion is a provider of advanced fiber Bragg grating (FBG) technology, specializing in products designed for the telecommunications, heavy industry, and aerospace sectors. The company focuses on embedding functionality into the optical layer of networks, enabling the detection and mitigation of network faults, which helps reduce costs associated with downtime. Proximion's flagship product, WISTOM, integrates optical channel monitoring and optical performance monitoring within a single platform. This system evaluates the performance of individual wavelength channels, allowing network operators to identify and resolve issues effectively, thereby ensuring high-quality service. In addition to WISTOM, Proximion offers a range of optical modules, dispersion compensation modules, and fiber optic sensor systems to meet the diverse needs of its clients.

Printeurope

Venture Round in 2000
A vertical B2B portal for the printing industry.

Spotfire

Series C in 2000
Spotfire, a product of TIBCO Software, specializes in interactive and visual data analytics applications and services. The platform enables users to conduct real-time data analysis, allowing them to identify trends, patterns, and outliers effectively. With a focus on empowering executives, developers, and business users, Spotfire provides tools that facilitate the integration of applications and ecosystems, turning complex data into actionable insights. Over the years, countless businesses worldwide have depended on Spotfire’s technology to make informed decisions quickly, enhancing their operational efficiency and driving smarter actions. The company is committed to transforming data, regardless of its size, into a strategic advantage for organizations.

Spotfire

Series B in 1999
Spotfire, a product of TIBCO Software, specializes in interactive and visual data analytics applications and services. The platform enables users to conduct real-time data analysis, allowing them to identify trends, patterns, and outliers effectively. With a focus on empowering executives, developers, and business users, Spotfire provides tools that facilitate the integration of applications and ecosystems, turning complex data into actionable insights. Over the years, countless businesses worldwide have depended on Spotfire’s technology to make informed decisions quickly, enhancing their operational efficiency and driving smarter actions. The company is committed to transforming data, regardless of its size, into a strategic advantage for organizations.
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