Nordic Option

Nordic Option Oy is a venture capital firm based in Oulu, Finland, established in 1994. The firm specializes in investing in small and medium-sized growth technology companies located in the Northern regions of Finland, specifically Oulu, Lappi, and Kokkola. Nordic Option focuses on both early-stage and later-stage investments, aiming to provide capital ranging from €0.5 million to €3.84 million to companies with a minimum sales value of €1 million. The firm does not engage in property sector investments and has a portfolio with an investment value of approximately €10 million, along with around €1 million in loans granted. Nordic Option's investment strategy allows for up to five early-stage growth investments, supporting the development of established companies in its target regions.

Teemu Puumalainen

Investment Manager and Investment Director

Teemu Puumalainen

Investment Director

21 past transactions

Profilence

Venture Round in 2024
Profilence specializes in software test automation, offering a platform that streamlines the testing and analysis of embedded device software. The platform captures comprehensive data, including logs, crash dumps, and memory usage, to facilitate a thorough reliability analysis. This approach helps automation engineers quickly identify and address errors and bugs, reducing the time spent on interpreting test reports and device logs. By enabling timely fixes, Profilence enhances business productivity and optimizes operational efficiency for its clients, ensuring that issues are resolved before they impact end users.

Haltian

Venture Round in 2022
Haltian specializes in the design and development of Internet of Things (IoT) solutions and wireless technologies tailored for global consumer electronics and telecommunications companies. The company offers a range of services, including the Empathic Building digital twin service, which enhances the management of smart buildings, and the Thingsee platform, which accelerates IoT deployments for large-scale applications. Through its innovative products and services, Haltian aims to simplify daily tasks for end-users while providing businesses with actionable data to inform their decision-making processes. By focusing on enhancing productivity, safety, employee satisfaction, and customer experience, Haltian supports clients in effectively expanding their digital operations.

Brightplus Oy

Funding Round in 2021
Brightplus is an innovative renewable materials manufacturing company from Finland. We specialise in design and development of new functional properties for industrial biomaterial solutions. We cater for industries like textiles, packaging, construction, cosmetics and consumer goods. Our expertise is based on developing solutions to multiple industries and providing fast prototyping and full fit for customers’ production lines.

Sensorfu

Seed Round in 2021
SensorFu is a network security platform focused on protecting companies' critical information by detecting potential network leak paths before they can be exploited. The platform addresses the need for secure isolated networking environments, allowing organizations to determine whether their network isolation measures are functioning effectively. Leaks can occur due to human error or malicious intent, potentially violating security policies and contractual obligations. To mitigate these risks, SensorFu automates manual audit checks, thereby enhancing the capabilities of IT and security operations. This ensures ongoing compliance with specific mission policies and regulatory requirements. SensorFu's offerings include a virtual appliance, software application, and hardware appliance, providing flexibility for various operational needs.

Owatec

Private Equity Round in 2021
Owatec Group is an environmental company based in Oulu that specializes in the treatment of industrial wastewater and the recovery of side streams. The company provides a range of services and products aimed at improving water quality and enhancing industrial water treatment processes. Their offerings include electrochemical water treatment devices, electrochemical flotation machines, electrocoagulation systems, spectrophotometry tools, and magnetic separators. By focusing on innovative solutions, Owatec Group helps clients reduce water and chemical consumption while effectively addressing their wastewater treatment challenges at a low cost.

Rajobit

Private Equity Round in 2021
Rajobit specializes in robotic process automation solutions aimed at enhancing operational efficiency for businesses. The company develops software robots specifically designed to automate routine tasks, allowing organizations to redirect their focus toward more productive and meaningful work. Unlike some advanced automation technologies, Rajobit's solutions do not rely on artificial intelligence or necessitate modifications to existing systems and processes. Instead, they function based on predefined rules and instructions, which enable companies to eliminate repetitive tasks and create value in areas that require human intervention. Rajobit also offers technical, functional, and service capabilities to support the internationalization of its software robotics services.

Sensmet

Private Equity Round in 2021
Sensmet Oy, founded in 2017 and based in Oulu, Finland, specializes in the development of advanced water analysis technology utilizing micro-discharge optical emission spectroscopy (µDOES). The company focuses on providing real-time multi-element water measurement solutions that enable the simultaneous detection of various elements in water. This technology enhances water quality monitoring and supports businesses in optimizing their water processes, ultimately improving production capacity and safety. Sensmet is actively pursuing strategic partnerships across selected industrial sectors to further develop and implement its innovative water analysis applications. With a team experienced in industrial research and measurement science, Sensmet aims to transform water monitoring practices through its cutting-edge technology.

Haltian

Venture Round in 2020
Haltian specializes in the design and development of Internet of Things (IoT) solutions and wireless technologies tailored for global consumer electronics and telecommunications companies. The company offers a range of services, including the Empathic Building digital twin service, which enhances the management of smart buildings, and the Thingsee platform, which accelerates IoT deployments for large-scale applications. Through its innovative products and services, Haltian aims to simplify daily tasks for end-users while providing businesses with actionable data to inform their decision-making processes. By focusing on enhancing productivity, safety, employee satisfaction, and customer experience, Haltian supports clients in effectively expanding their digital operations.

TactoTek

Series C in 2020
TactoTek specializes in injection-molded structural electronics (IMSE®), focusing on the development and licensing of technologies that enable the integration of circuits and components directly into plastic parts. This innovation allows for the transformation of traditional structures into smart, interactive surfaces, catering to sectors such as automotive, aviation, connected home, industrial control, and medical applications. TactoTek's intellectual property portfolio includes over 280 patents and extensive expertise acquired through years of research and development. The company partners with global manufacturers to implement reliable and standardized production methods for curved and conformal electronics, thereby facilitating cost-effective and scalable design solutions that enhance user experiences while promoting sustainability.

Taitonetti

Private Equity Round in 2020
Taitonetti is an online retailer specializing in used computers and related accessories. The platform offers a variety of products, including desktops, laptops, keyboards, laptop chargers, and cables, catering to customers seeking affordable solutions for study, home, and business needs. By providing quality used equipment, Taitonetti aims to deliver a cost-effective alternative for individuals and organizations looking to acquire reliable technology without the high costs associated with new devices.

Enhancell

Private Equity Round in 2020
Enhancell is a software company focused on developing innovative tools for wireless network testing. The company combines the expertise of mobile network specialists with creative software design to simplify the testing process. Enhancell's software solutions, enhanced by cloud integration, facilitate easy sharing and transfer of licenses across teams, catering to various testing needs such as benchmarking and traditional drive testing. By streamlining these processes, Enhancell enables clients to reduce time and effort, particularly in conducting indoor surveys.

9Solutions

Private Equity Round in 2019
9Solutions is a prominent manufacturer specializing in Bluetooth Low Energy RFID and cloud technology solutions aimed at enhancing safety and workflow in healthcare settings. The company offers its Integrated Positioning and Communicating System (IPCS) technology to system integrators and develops a range of safety and workflow optimization solutions built on this robust platform. Its product portfolio includes advanced applications for hospitals, care homes, and home care, featuring real-time patient locating, nurse signaling, and other functionalities. By automating routine tasks, 9Solutions enables healthcare professionals to concentrate more effectively on patient care.

Screentec Oy

Private Equity Round in 2018
Screentec Oy, founded in 1989 and based in Oulu, Finland, specializes in the design, development, and manufacturing of user interfaces, computer keyboards, sensors, and custom medical electrodes. The company focuses on creating products that are durable and reliable, catering to various demanding environments such as hospitals, heavy industry, vehicles, and professional kitchens. Screentec's offerings are engineered to withstand high wear and ensure consistent performance, making them suitable for applications that require exceptional operational dependability.

Kide Systems

Venture Round in 2017
KIDE Clinical Systems Oy, founded in 2015 and based in Helsinki, Finland, specializes in developing advanced medical imaging software solutions tailored for eye care specialists. The company focuses on enhancing the efficiency and effectiveness of the clinical imaging process, benefiting both healthcare professionals and patients. With over 50 years of collective experience in the industry, KIDE Systems has established itself as a leader in delivering innovative imaging technology. Its platform generates over one million studies annually, securely processed through the KIDE cloud. Operating as a subsidiary of Topcon Healthcare Solutions, KIDE continues to expand its impact within the medical imaging sector.

FocalSpec

Venture Round in 2017
FocalSpec is a Finnish high-tech company based in Oulu that specializes in the production of advanced 3D optical sensors and related automated quality control systems. Its product lineup includes sensors, surface profilers, and 3D at-line scanners designed for various industries, including metal, electronics, plastics, and medical sectors. FocalSpec provides high-resolution 3D imaging and precise measurement capabilities, allowing clients to enhance their manufacturing processes and ensure quality control. The company operates globally, supported by a subsidiary in Atlanta and a network of integrators and distribution partners.

Valtavalo

Private Equity Round in 2015
Valtavalo Ltd, founded in 2008, specializes in the development, manufacture, and supply of energy-efficient LED lighting solutions in Finland and internationally. As the largest LED tube manufacturer in the Northern Countries, Valtavalo focuses on high-volume production and large clients, allowing the company to offer competitive pricing on advanced lighting technologies that were previously considered too costly. Their product line features long-lifetime LED lighting tubes with replaceable light sources, which significantly reduce energy consumption and lower both installation and maintenance costs for users.

Specim

Private Equity Round in 2015
Specim is a manufacturer of hyperspectral imaging instruments and systems, specializing in advanced applications for remote sensing. With over 4,000 instruments and spectrographs delivered and actively used, the company demonstrates significant expertise in optical engineering and hyperspectral technology. Specim's product offerings include imaging spectrographs and spectral cameras tailored to meet the needs of various industrial and scientific applications, such as color measurement, recycling, geological core logging, process analytical technology, life sciences, chemical imaging, and forensics. By providing these advanced tools, Specim enables clients to achieve efficient outcomes in their research and discovery efforts.

Arctic Drilling Company

Private Equity Round in 2012
Arctic Drilling Company focuses on ecological drilling, providing a variety of certified exploration drilling services and specialized drilling equipment for soil analysis. The company offers guided drilling, reverse circulation (RC) drilling, and diamond drilling, all designed to produce high-quality drill core samples. With both automatic and manual control options, along with optional rod handlers, Arctic Drilling ensures that clients receive reliable and efficient drilling solutions, even in extreme conditions. Its commitment to quality and ecological responsibility positions it as a key player in the mineral exploration and test drilling sectors.

Best Glass

Private Equity Round in 2011
Best Glass Oy is a leading manufacturer of insulating glass, operating one of the most advanced factories in northern Europe, located in Nivala. With nearly two decades of experience, the company specializes in producing high-quality, energy-efficient glass that also provides sound-dampening properties. Utilizing a highly automated production line, Best Glass employs the Super Spacer® Intermediate List to ensure superior insulation performance. Their products cater primarily to door, window, and house manufacturers, helping clients meet evolving energy standards with reliable and technically advanced solutions. The combination of cutting-edge technology and a commitment to quality positions Best Glass as a key player in the insulated glass industry.

Sotkamo Silver

Private Equity Round in 2010
Sotkamo Silver is a Sweden-based exploration and development company focused on the extraction of mineral deposits in the Nordic region. The company primarily operates the Taivaljarvi silver mine project, which is complemented by its interests in two gold deposits: Harnas, a former small-scale mining site in Sweden, and the Hopevuori gold occurrence in Finland. Sotkamo Silver aims to create positive social and environmental impacts through its mining activities.

Tekniseri Group

Private Equity Round in 2008
Provider of industrial printing and contract manufacturing services intended to serve industrial automation, lighting, machinery, medical, instrumentation and infrastructure sectors. The company specializes in offering overlays, front panel markings, precision-cut insulation, labels and warning stickers and related products and screen-printing services, ensuring the client a robust, reliable and quality switching and controlling of frequency converters and other electrical equipment.
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