Voima Ventures

Voima Ventures is a venture capital firm established in 2019 and headquartered in Espoo, Finland. The firm focuses on investing in early-stage deep tech companies, particularly in the fields of bio and new materials, medical technologies, life sciences, imaging and optics, IoT, electronics, robotics, software, ICT, and artificial intelligence. Voima Ventures aims to address significant global challenges by merging scientific innovation with entrepreneurial efforts and providing value-added capital. The firm typically invests between €150,000 and €500,000 in seed and pre-seed stages, with potential investments in Series A and B rounds reaching up to €2 million. With a portfolio that includes over 30 startups, Voima Ventures is supported by cornerstone investors such as VTT Technical Research Centre of Finland and the European Investment Fund, in addition to backing from Finnish private and institutional investors.

Niko Elers

Investment Manager

Jenny Engerfelt

Investment Director

Inka Mero

Founder and Manging Partner

Veera Pietikäinen

Investment Analyst

Pontus Stråhlman

Partner

Kalle Öhman

Venture Partner

Stina Wallmark

Life Sciences Investment Director

45 past transactions

Skyfora

Seed Round in 2025
Skyfora is a company focused on enhancing weather observation and forecasting through innovative technology. It addresses the limitations of traditional weather data by utilizing patented GNSS Meteorology solutions and AI-enhanced forecasting methods. By repurposing GNSS receivers from telecom base stations, Skyfora transforms them into advanced 4D weather scanners, significantly increasing the volume of weather observation data generated from existing infrastructure. This innovative approach not only improves the performance of AI-driven weather forecasts but also contributes to global sustainability and climate change resilience. In addition, Skyfora develops forecasting software that leverages computer vision and IoT technologies to analyze satellite images, enhancing the scientific understanding of hurricanes and aiding disaster management efforts. This combination of advanced technology and sustainable practices positions Skyfora as a leader in the field of weather forecasting and climate resilience.

StemSight

Seed Round in 2025
StemSight is a cell therapy startup based in Tampere, Finland, focused on developing innovative treatments for blindness. The company is creating an off-the-shelf cell therapy platform that utilizes induced pluripotent stem cells (iPSCs) and biomaterials. Its initial product aims to address limbal stem cell deficiency, a rare condition that affects vision. StemSight plans to expand its offerings to include therapies for more common forms of corneal blindness, with the ultimate goal of helping patients regain their sight.

AISTI

Series A in 2024
AISTI is a manufacturer of building construction materials focused on sustainability. The company specializes in producing acoustic tiles made from wood pulp, which are fully carbon-negative, plastic-free, and easy to recycle. By utilizing wood fiber, AISTI addresses the growing demand for environmentally friendly construction products, promoting safer and more sustainable practices in the construction industry.

Liquid Sun

Seed Round in 2024
Liquid Sun is a new breed of green tech that converts CO2 into fossil-free fuels. Liquid Sun is at the forefront of transforming fossil fuel-free chemicals and green energy solutions because a fossil fuel-free future is essential and it eliminates the need for fossil fuels to keep our planet breathing.

Avenue Biosciences

Seed Round in 2024
Avenue Biosciences is a transatlantic biotechnology firm focused on enhancing the research and development of protein biologics and related tools for the biotechnology sector. The company leverages patented technology to optimize protein production, achieving high efficiency and scalability. This innovation aims to accelerate the development of life-saving therapies, ensuring that critical treatments can be delivered more rapidly to patients in need. By addressing production constraints, Avenue Biosciences seeks to contribute significantly to the pharmaceutical industry's ability to provide essential medical solutions.

ÄIO

Series A in 2024
ÄIO is a biotechnology company focused on developing innovative, plant-based microbial oils that serve as sustainable alternatives to traditional vegetable oils and animal fats. The company harnesses the capabilities of microorganisms to produce beneficial fatty acids, antioxidants, and pigments, ensuring the creation of healthy polyunsaturated fats. By utilizing low-value side streams in its fermentation processes, ÄIO aims to replace unsustainable ingredients such as palm oil and coconut oil, promoting environmentally friendly production and consumption. With a strong commitment to trustworthy innovation, ÄIO's work contributes to shaping a healthier future through its microbial lipid products.

Betolar

Post in 2024
Betolar Ltd is a Finnish materials technology company founded in 2013, specializing in the development of geopolymer concrete derived from waste streams in the energy, mining, and forestry sectors. The company aims to promote sustainability in the construction industry by providing carbon-neutral construction materials that utilize previously underused industrial byproducts as a substitute for traditional cement. Betolar's product offerings include concrete products, ready-mixed concrete, and soil stabilization materials, catering to various sectors such as construction, ground engineering, landscaping, and waste management. With a focus on supporting the circular economy, Betolar is positioned to facilitate the green transition across multiple industries globally.

NADMED

Series A in 2024
The NADMED test was developed by one of the world's foremost experts on NAD metabolism in humans. NADMED's metabolite extraction system is the only method for measuring all four NADs and glutathione.

Enifer

Series B in 2024
Enifer is a mycoprotein company focused on producing sustainable protein products through fungal fermentation. The company utilizes fish by-products as raw materials to create single-cell protein, which can serve as an environmentally friendly alternative to soy in fish feed. This innovative approach addresses ecological challenges associated with soy cultivation, such as deforestation in South America, while promoting a circular economy by transforming underutilized agricultural byproducts into valuable, nutritious feed. Enifer's products aim to enhance sustainability in fish farming and contribute to more responsible resource management in the agrifood industry.

ArgusEye

Venture Round in 2024
ArgusEye is a biotechnology company specializing in sensor solutions for real-time detection of biological systems and processes. The company utilizes patented nanoplasmonic sensing technology integrated with fiber optics, enabling the creation of highly sensitive and flexible sensing systems. By incorporating customized receptors, ArgusEye can tailor its technology to detect a wide range of biological targets, making it applicable across various fields. This innovative approach is grounded in extensive academic research, positioning ArgusEye at the forefront of advancements in biosensing technology.

Sooma

Funding Round in 2024
Sooma is focused on developing non-invasive brain stimulation devices aimed at treating major neurological and psychiatric disorders. The company has successfully launched the first medically approved home-based therapy for depression, making it a pioneer in this area. Its products are utilized in over 100 clinics worldwide, providing accessible treatment options that empower physicians to enhance psychiatric and neurological care. By offering innovative medical devices, Sooma is committed to improving mental health through effective and convenient therapies that can be administered in home settings.

The Human Touch Robotics

Seed Round in 2024
Introducing robotics with the lightness of the human touch in realms once thought impossible.

n-Ink

Seed Round in 2024
N-Ink provides n-type ink which is compatible with Printed Electronics, the Internet of Things, and Bioelectronics.

Kuva Space

Series A in 2023
Kuva Space utilizes a constellation of nanosatellites equipped with hyperspectral imaging technology to provide critical data for managing natural resources and promoting sustainable economic growth. The company's GREEN DATA® platform leverages artificial intelligence to offer actionable insights that address significant global challenges such as climate change, disaster response, food demand, and safety. By enabling clients to monitor agricultural productivity, optimize land use, and make informed investment decisions, Kuva Space facilitates regional carbon sequestration measurement, aids in forest fire prevention, and detects gas leaks. Overall, Kuva Space aims to enhance life on Earth through advanced satellite technology and data-driven solutions.

ÄIO

Series A in 2023
ÄIO is a biotechnology company focused on developing innovative, plant-based microbial oils that serve as sustainable alternatives to traditional vegetable oils and animal fats. The company harnesses the capabilities of microorganisms to produce beneficial fatty acids, antioxidants, and pigments, ensuring the creation of healthy polyunsaturated fats. By utilizing low-value side streams in its fermentation processes, ÄIO aims to replace unsustainable ingredients such as palm oil and coconut oil, promoting environmentally friendly production and consumption. With a strong commitment to trustworthy innovation, ÄIO's work contributes to shaping a healthier future through its microbial lipid products.

Quantagonia

Seed Round in 2023
Quantagonia specializes in enhancing global operations through its Decision AI and advanced quantum algorithm platform. The company focuses on helping businesses in logistics, production, and workforce management tackle complex scheduling and routing challenges with adaptive, real-time artificial intelligence that is accessible to all users. Additionally, Quantagonia provides translation tools that enable existing program codes to be compatible with quantum computers. This capability allows businesses to achieve performance improvements on classical hardware while also benefiting from enhanced efficiencies when employing quantum computing, thereby addressing intricate and time-sensitive problems that traditional methods struggle to solve.

Alba Health

Pre Seed Round in 2023
Alba Health specializes in digital gut health support for children, utilizing artificial intelligence and gut microbiome testing. The company offers a microbiome testing service that provides comprehensive insights into a child's gut health through an easy-to-use stool test kit. This kit is analyzed in a certified laboratory, and the detailed results are returned to parents, who can then collaborate with dieticians to develop personalized action plans to enhance their child's health. Additionally, Alba Health anonymizes the test results, potentially contributing to broader discoveries that could improve children's overall health and well-being.

Origin by Ocean

Seed Round in 2023
Origin by Ocean, established in 2019 in Finland, is a pioneering algae refining company that focuses on extracting valuable bio-based chemicals from invasive algae and sustainably farmed seaweed. Utilizing a patented biorefining process, the company produces organic algae-based ingredients that can replace traditional chemical components in various sectors, including food and beverage, cosmetics, hygiene, and textiles. By developing a platform for algae harvesting, Origin by Ocean aims to provide economic opportunities for coastal entrepreneurs globally, starting with regions like the Baltic Sea and the Caribbean, while also addressing the issue of eutrophication in oceans by removing excess nutrients. Their offerings include ingredients such as algae, bladderwrack, and kelp, promoting sustainable practices in the food, beverage, cosmetics, and pharmaceutical industries.

Enifer

Series A in 2023
Enifer is a mycoprotein company focused on producing sustainable protein products through fungal fermentation. The company utilizes fish by-products as raw materials to create single-cell protein, which can serve as an environmentally friendly alternative to soy in fish feed. This innovative approach addresses ecological challenges associated with soy cultivation, such as deforestation in South America, while promoting a circular economy by transforming underutilized agricultural byproducts into valuable, nutritious feed. Enifer's products aim to enhance sustainability in fish farming and contribute to more responsible resource management in the agrifood industry.

MVision

Seed Round in 2023
MVision develops advanced technology aimed at enhancing cancer treatment through the use of artificial intelligence and machine learning. The company focuses on improving diagnosis and treatment accessibility, particularly in developing countries, which can significantly enhance treatment outcomes while reducing costs. MVision's software offers automatic segmentation and contouring functionalities, which integrate smoothly with hospital systems. This feature provides consistent and reliable delineation of critical structures, allowing clinicians to optimize their workflow and save time in the cancer treatment planning process. The founding team is composed of experts, including PhDs in AI, data platform architects, and physicists, who bring extensive experience from notable organizations in the healthcare sector.

SemiQon

Pre Seed Round in 2023
SemiQon is a company that specializes in the development of silicon-based quantum processors, leveraging innovative semiconductor qubit technology. Originating as a spin-out from the VTT Technical Research Centre of Finland, SemiQon aims to facilitate the advancement of quantum computing by providing a commercially viable solution for mass manufacturing. Their technology is designed to support the computer hardware manufacturing industry in scaling up to the million-qubit era, positioning them as a key player in the evolving landscape of quantum technology.

Quantrol Ox

Seed Round in 2023
QuantrolOx is building automated machine learning-based control software for quantum technologies to tune, stabilize, and optimize qubits.

Nucu

Seed Round in 2022
Nucu is focused on enhancing the sleep and developmental experiences of infants through its innovative multisensory baby pad. This portable device is designed to soothe babies to sleep by utilizing sound and vibration, providing a safe and gentle environment. The product aims to assist caregivers in delivering positive stimulation while promoting healthy sleep patterns during the critical early years of life and development.

NADMED

Seed Round in 2022
The NADMED test was developed by one of the world's foremost experts on NAD metabolism in humans. NADMED's metabolite extraction system is the only method for measuring all four NADs and glutathione.

ElFys

Venture Round in 2022
ElFys, Inc. was founded in the fall 2017 to commercialize the innovation of photodetector technologies invented by a group of university researchers. The technologies are protected by their patent families. The company utilizes the state-of-the-art processing facilities at Micronova Nanofabrication Center in Espoo, Finland: 2600 square meters of CMOS compatible facilities suitable for both R&D and semi-mass production. Partners of the company also have vast expertise on silicon photovoltaics and related research. The structure and operation principles of solar cells and photodiodes are very similar and thus innovations from solar cells can often be applied to photodiodes and vice versa. Topics like surface passivation and defect engineering are integral parts of the manufacturing process and essential for achieving the superior response of their photodiodes.

Cellfion

Seed Round in 2022
Cellfion provides sustainable materials for next level clean energy storage and conversion devices.​

Adamant Health

Seed Round in 2022
Adamant Health is a company focused on transforming the management of Parkinson's disease through advanced measurement and analysis technology. Originating from over 15 years of academic research at the University of Eastern Finland, its innovative tools combine electromyography and motion sensor data to provide clinicians with detailed insights into patients' symptoms over several days. This comprehensive visibility allows for optimized treatment plans tailored to individual needs. Additionally, pharmaceutical companies can leverage Adamant Health's objective and long-term real-world data for clinical and post-market studies, using it as a complementary diagnostic tool to enhance personalized medication strategies.

Finnadvance

Seed Round in 2022
Finnadvance specializes in tailored hardware solutions and bio-materials for cell culture, and microfluidic design and fabrication, and our robotics sector provides aerial imaging and analysis services for forest, agriculture and other assets and stockpile management.

Quantrol Ox

Seed Round in 2022
QuantrolOx is building automated machine learning-based control software for quantum technologies to tune, stabilize, and optimize qubits.

Quantagonia

Pre Seed Round in 2022
Quantagonia specializes in enhancing global operations through its Decision AI and advanced quantum algorithm platform. The company focuses on helping businesses in logistics, production, and workforce management tackle complex scheduling and routing challenges with adaptive, real-time artificial intelligence that is accessible to all users. Additionally, Quantagonia provides translation tools that enable existing program codes to be compatible with quantum computers. This capability allows businesses to achieve performance improvements on classical hardware while also benefiting from enhanced efficiencies when employing quantum computing, thereby addressing intricate and time-sensitive problems that traditional methods struggle to solve.

The Human Touch Robotics

Pre Seed Round in 2021
Introducing robotics with the lightness of the human touch in realms once thought impossible.

Kuva Space

Funding Round in 2021
Kuva Space utilizes a constellation of nanosatellites equipped with hyperspectral imaging technology to provide critical data for managing natural resources and promoting sustainable economic growth. The company's GREEN DATA® platform leverages artificial intelligence to offer actionable insights that address significant global challenges such as climate change, disaster response, food demand, and safety. By enabling clients to monitor agricultural productivity, optimize land use, and make informed investment decisions, Kuva Space facilitates regional carbon sequestration measurement, aids in forest fire prevention, and detects gas leaks. Overall, Kuva Space aims to enhance life on Earth through advanced satellite technology and data-driven solutions.

ElFys

Seed Round in 2021
ElFys, Inc. was founded in the fall 2017 to commercialize the innovation of photodetector technologies invented by a group of university researchers. The technologies are protected by their patent families. The company utilizes the state-of-the-art processing facilities at Micronova Nanofabrication Center in Espoo, Finland: 2600 square meters of CMOS compatible facilities suitable for both R&D and semi-mass production. Partners of the company also have vast expertise on silicon photovoltaics and related research. The structure and operation principles of solar cells and photodiodes are very similar and thus innovations from solar cells can often be applied to photodiodes and vice versa. Topics like surface passivation and defect engineering are integral parts of the manufacturing process and essential for achieving the superior response of their photodiodes.

StemSight

Seed Round in 2021
StemSight is a cell therapy startup based in Tampere, Finland, focused on developing innovative treatments for blindness. The company is creating an off-the-shelf cell therapy platform that utilizes induced pluripotent stem cells (iPSCs) and biomaterials. Its initial product aims to address limbal stem cell deficiency, a rare condition that affects vision. StemSight plans to expand its offerings to include therapies for more common forms of corneal blindness, with the ultimate goal of helping patients regain their sight.

Kuva Space

Seed Round in 2021
Kuva Space utilizes a constellation of nanosatellites equipped with hyperspectral imaging technology to provide critical data for managing natural resources and promoting sustainable economic growth. The company's GREEN DATA® platform leverages artificial intelligence to offer actionable insights that address significant global challenges such as climate change, disaster response, food demand, and safety. By enabling clients to monitor agricultural productivity, optimize land use, and make informed investment decisions, Kuva Space facilitates regional carbon sequestration measurement, aids in forest fire prevention, and detects gas leaks. Overall, Kuva Space aims to enhance life on Earth through advanced satellite technology and data-driven solutions.

Adamant Health

Pre Seed Round in 2020
Adamant Health is a company focused on transforming the management of Parkinson's disease through advanced measurement and analysis technology. Originating from over 15 years of academic research at the University of Eastern Finland, its innovative tools combine electromyography and motion sensor data to provide clinicians with detailed insights into patients' symptoms over several days. This comprehensive visibility allows for optimized treatment plans tailored to individual needs. Additionally, pharmaceutical companies can leverage Adamant Health's objective and long-term real-world data for clinical and post-market studies, using it as a complementary diagnostic tool to enhance personalized medication strategies.

Betolar

Venture Round in 2020
Betolar Ltd is a Finnish materials technology company founded in 2013, specializing in the development of geopolymer concrete derived from waste streams in the energy, mining, and forestry sectors. The company aims to promote sustainability in the construction industry by providing carbon-neutral construction materials that utilize previously underused industrial byproducts as a substitute for traditional cement. Betolar's product offerings include concrete products, ready-mixed concrete, and soil stabilization materials, catering to various sectors such as construction, ground engineering, landscaping, and waste management. With a focus on supporting the circular economy, Betolar is positioned to facilitate the green transition across multiple industries globally.

Enifer

Seed Round in 2020
Enifer is a mycoprotein company focused on producing sustainable protein products through fungal fermentation. The company utilizes fish by-products as raw materials to create single-cell protein, which can serve as an environmentally friendly alternative to soy in fish feed. This innovative approach addresses ecological challenges associated with soy cultivation, such as deforestation in South America, while promoting a circular economy by transforming underutilized agricultural byproducts into valuable, nutritious feed. Enifer's products aim to enhance sustainability in fish farming and contribute to more responsible resource management in the agrifood industry.

Sofi Filtration

Venture Round in 2020
Sofi Filtration Oy is a Finnish company specializing in the design and manufacture of advanced water filtration and process wastewater handling solutions. Founded in 2011 and based in Espoo, the company serves various industries including mining, metallurgy, oil and gas, and power generation. Sofi Filtration's innovative technology offers robust, automated, and energy-efficient water treatment services, enabling clients to improve water recirculation rates at production sites. Its applications include providing solids-free water for reverse osmosis, treating flue gas wastewater, cooling water treatment, and pre-treatment of wastewater before discharge. The company's flagship product, the Sofi Filter, exemplifies its commitment to delivering high-performance filtration solutions. Backed by public innovation development funds and private investors, Sofi Filtration continues to advance the field of industrial water treatment.

Monidor Oy

Venture Round in 2020
Monidor Oy is a Finnish company based in Oulu, founded in 2015. The company specializes in developing innovative electronic devices, notably its flagship product, Monidrop, which is an automated infusion monitor designed for intravenous infusion therapy. Monidor Oy focuses on enhancing the efficiency and safety of medical treatments through advanced technology.

Iiwari Tracking Solutions

Seed Round in 2020
Iiwari Tracking Solutions Oy specializes in designing and developing indoor positioning and tracking technologies. Founded in 2018 and headquartered in Vuokatti, Finland, the company offers a range of tools and software tailored for various industries. Iiwari has acquired key licenses from VTT, enabling it to operate on a global scale. The company has established a presence in the Nordic countries and the United States through its integrator network, facilitating the implementation of its innovative solutions in diverse environments.

Finnadvance

Seed Round in 2020
Finnadvance specializes in tailored hardware solutions and bio-materials for cell culture, and microfluidic design and fabrication, and our robotics sector provides aerial imaging and analysis services for forest, agriculture and other assets and stockpile management.

MVision

Seed Round in 2020
MVision develops advanced technology aimed at enhancing cancer treatment through the use of artificial intelligence and machine learning. The company focuses on improving diagnosis and treatment accessibility, particularly in developing countries, which can significantly enhance treatment outcomes while reducing costs. MVision's software offers automatic segmentation and contouring functionalities, which integrate smoothly with hospital systems. This feature provides consistent and reliable delineation of critical structures, allowing clinicians to optimize their workflow and save time in the cancer treatment planning process. The founding team is composed of experts, including PhDs in AI, data platform architects, and physicists, who bring extensive experience from notable organizations in the healthcare sector.

Geyser Batteries

Seed Round in 2019
Geyser Batteries Oy is a Finnish company based in Vaasa, established in 2018, that specializes in the development and manufacture of innovative high-power batteries. These batteries are designed to endure millions of charge and discharge cycles, making them suitable for demanding applications in transportation, power grid, and heavy machinery sectors. Utilizing proprietary water-based electrochemistry and patent-pending technology, Geyser Batteries produces environmentally safe, maintenance-free batteries that are fire-resistant and operational in extreme temperatures down to -60°C. Their products focus on fast and efficient charging, as well as reliability and safety, aiming to provide sustainable energy solutions for various industries.

ElFys

Seed Round in 2019
ElFys, Inc. was founded in the fall 2017 to commercialize the innovation of photodetector technologies invented by a group of university researchers. The technologies are protected by their patent families. The company utilizes the state-of-the-art processing facilities at Micronova Nanofabrication Center in Espoo, Finland: 2600 square meters of CMOS compatible facilities suitable for both R&D and semi-mass production. Partners of the company also have vast expertise on silicon photovoltaics and related research. The structure and operation principles of solar cells and photodiodes are very similar and thus innovations from solar cells can often be applied to photodiodes and vice versa. Topics like surface passivation and defect engineering are integral parts of the manufacturing process and essential for achieving the superior response of their photodiodes.
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