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

Investor

Jenny Engerfelt

Investor

Inka Mero

Managing Partner

Veera Pietikäinen

Analyst

Jussi Sainiemi

Partner

Pontus Stråhlman

Partner

Kalle Öhman

Venture Partner

Stina Wallmark

Life Sciences Investment Director

47 past transactions

Skyfora

Seed Round in 2025
Skyfora is a company focused on enhancing weather observation and forecasting capabilities through innovative technology. It addresses the limitations of traditional weather data by utilizing repurposed GNSS receivers located in telecom base stations, transforming them into advanced 4D weather scanners. This approach generates significantly more weather observation data, improving the accuracy and performance of AI-driven weather forecasts. Additionally, Skyfora develops forecasting software that leverages computer vision and IoT technologies to analyze high-resolution satellite images, particularly for predicting hurricanes. This technology aids disaster management efforts by providing critical insights that can help mitigate the impacts of severe weather events. Through its advancements, Skyfora contributes to global sustainability and enhances the operational efficiency of industries reliant on accurate weather information.

StemSight

Seed Round in 2025
StemSight is a Finnish biotechnology company developing innovative cell therapies for treating blindness. Its proprietary platform uses induced pluripotent stem cells (iPSCs) and biomaterials, initially targeting rare diseases like limbal stem cell deficiency, with plans to expand to major corneal blindness conditions.

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 biotechnology company dedicated to accelerating the research and development of protein biologics and tools for the industry. It aims to overcome production constraints, ensuring no lifesaving therapy remains unmet.

ÄIO

Series A in 2024
ÄIO focuses on sustainable biotechnological innovation, aiming to replace unsustainable ingredients like palm oil with healthier alternatives. They specialize in harnessing microorganisms to produce beneficial fatty acids through fermentation processes.

Betolar

Post in 2024
Betolar Ltd., established in 2013 and headquartered in Kannonkoski, Finland, specializes in transforming industrial waste streams from energy, mining, and forestry sectors into geopolymer concrete. The company offers a range of products including concrete mixes, soil stabilization materials, and serves clients across construction industries such as ground engineering, mining, landscaping, and building materials. Betolar's core mission is to facilitate the green transition in various industries by providing sustainable, low-carbon alternatives to traditional cement-based concrete.

NADMED

Series A in 2024
NADMED develops NAD measurement technology designed to quantify all four NAD forms and glutathione. Its metabolite extraction system uses a nondestructive extraction method and colorimetric quantification to enable precise analysis across diverse biological samples. The technology supports research and clinical applications by providing measuring kits for laboratories and laboratory services, with use cases spanning cells, liver, brain, muscle, and blood from human or animal origin. NADMED aims to support researchers and clinicians in studying NAD metabolism and redox biology through accessible, reliable measurement tools.

Enifer

Series B in 2024
Enifer is a biotechnology company that produces mycoprotein from fungal fermentation, converting agrifood byproducts and fish by-products into Pekilo mycoprotein, a single-cell protein for fish feed. The protein is designed to replace soy in aquafeed, addressing ecological concerns linked to soy cultivation such as deforestation, and to support circular economy practices by turning underutilized side streams and waste from biorefineries into a nutritious, protein-rich feed ingredient for modern aquaculture.

ArgusEye

Venture Round in 2024
ArgusEye specializes in biotechnology sensor solutions. Its patented technology, based on nanoplasmonic sensing with fiber optics, enables real-time detection of biological systems and processes. By customizing receptors, ArgusEye offers flexible and sensitive sensing systems for diverse targets.

Sooma

Funding Round in 2024
Sooma develops non-invasive brain stimulation devices for treating major neurological and psychiatric disorders. Its products are used in over 100 clinics worldwide, including the first medically approved home-based therapy for depression.

N-Ink

Seed Round in 2024
N-Ink develops and supplies n-type ink that is compatible with printed electronics, the Internet of Things, and bioelectronics.

The Human Touch Robotics

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

Kuva Space

Series A in 2023
Kuva Space is a company focused on enhancing life on Earth through its extensive constellation of nanosatellites equipped with advanced hyperspectral imaging technology. By utilizing its GREEN DATA® platform, Kuva Space addresses critical global challenges such as climate change, disaster response, and food security. The company provides actionable data and insights that support sustainable management of natural resources, enabling clients to optimize agricultural practices, improve land use, and make informed investment and financial decisions. Additionally, its technology allows for the measurement of regional carbon sequestration rates, prevention of large-scale forest fires, and detection of gas leaks, all facilitated by an integrated artificial intelligence platform.

ÄIO

Series A in 2023
ÄIO focuses on sustainable biotechnological innovation, aiming to replace unsustainable ingredients like palm oil with healthier alternatives. They specialize in harnessing microorganisms to produce beneficial fatty acids through fermentation processes.

Quantagonia

Seed Round in 2023
Quantagonia enhances global operations through Decision AI, empowering businesses in logistics, production, and workforce management to tackle intricate scheduling and routing challenges with its adaptive, real-time AI solutions.

Alba Health

Pre Seed Round in 2023
Alba Health is a company focused on enhancing children's gut health through digital solutions and advanced microbiome testing. It offers an innovative stool test kit designed for easy use, allowing parents to analyze their child's gut microbiome in a certified laboratory. Upon completion of the analysis, detailed results are provided, which enable parents to collaborate with dieticians in formulating personalized action plans for their children's dietary and health needs. Additionally, Alba Health places significant emphasis on data privacy by anonymizing test results, which can contribute to broader discoveries that positively influence children's health outcomes. The company's overarching mission is to improve the health of future generations by leveraging artificial intelligence and microbiome science.

Origin by Ocean

Seed Round in 2023
Founded in Finland in 2019, Origin by Ocean is a biorefining company that transforms invasive algae and farmed seaweed into valuable bio-based chemicals. Their patented process enables the production of sustainable ingredients for various industries such as food & beverage, cosmetics, and textiles. By harnessing marine biomass, they help reduce excess nutrients in oceans while creating livelihood opportunities for coastal entrepreneurs.

Enifer

Series A in 2023
Enifer is a biotechnology company that produces mycoprotein from fungal fermentation, converting agrifood byproducts and fish by-products into Pekilo mycoprotein, a single-cell protein for fish feed. The protein is designed to replace soy in aquafeed, addressing ecological concerns linked to soy cultivation such as deforestation, and to support circular economy practices by turning underutilized side streams and waste from biorefineries into a nutritious, protein-rich feed ingredient for modern aquaculture.

MVision AI

Seed Round in 2023
MVision AI specializes in developing artificial intelligence and machine learning technologies to enhance various cancer treatments. Founded in 2017 and headquartered in Helsinki, Finland, the company aims to improve treatment outcomes and reduce costs, particularly in developing countries.

SemiQon

Pre Seed Round in 2023
SemiQon is a Finnish startup spun out from VTT Technical Research Centre. It specializes in developing silicon-based quantum processors using novel semiconductor qubit technology, aiming to advance the scalability and sustainability of quantum computing.

Quantrol Ox

Seed Round in 2023
QuantrolOx specializes in developing automated machine learning-based control software for quantum technologies, focusing on the tuning, stabilization, and optimization of qubits. By providing robust software solutions, the company aids quantum scientists in achieving stable platforms for experimentation, which enhances the effectiveness of quantum computing applications. This innovative approach allows clients to utilize more cost-effective quantum infrastructure while efficiently implementing standard quantum computing technologies in their operations.

Nucu

Seed Round in 2022
Nucu is a company focused on enhancing the sleep experience for infants by offering a multisensory baby pad. This innovative product is designed to soothe babies to sleep through a combination of sound and vibration, creating a safe and gentle environment. Nucu aims to assist caregivers in providing optimal positive stimulation and developmental sleep during the critical early years of a child's life, contributing to their overall growth and well-being. By combining functionality with portability, Nucu's solution addresses the needs of both parents and infants, ensuring a nurturing atmosphere for healthy development.

NADMED

Seed Round in 2022
NADMED develops NAD measurement technology designed to quantify all four NAD forms and glutathione. Its metabolite extraction system uses a nondestructive extraction method and colorimetric quantification to enable precise analysis across diverse biological samples. The technology supports research and clinical applications by providing measuring kits for laboratories and laboratory services, with use cases spanning cells, liver, brain, muscle, and blood from human or animal origin. NADMED aims to support researchers and clinicians in studying NAD metabolism and redox biology through accessible, reliable measurement tools.

ElFys

Venture Round in 2022
ElFys Inc. is a Finnish company founded in 2017, specializing in the manufacture of advanced photodetectors and photodiode technologies. Headquartered in Espoo, Finland, the company emerged to commercialize innovative technologies developed by university researchers, which are protected by patent families. ElFys operates from the Micronova Nanofabrication Center, which offers state-of-the-art CMOS-compatible facilities for research and semi-mass production. The company leverages extensive expertise in silicon photovoltaics and applies related innovations to its photodiode products. Key aspects of its manufacturing process include surface passivation and defect engineering, which are crucial for enhancing the performance and response of their photodiodes. Their products find applications in various fields, including X-ray imaging, spectroscopy, and light sensing.

Cellfion

Seed Round in 2022
Cellfion is a company focused on providing sustainable materials for advanced clean energy storage and conversion technologies. It specializes in the development of forest-based ion-exchange membranes and nanoparticle dispersions, aiming to transform the green energy sector. By manufacturing and commercializing nitrocellulose membranes, Cellfion offers a reliable and adaptable alternative to traditional fossil-based membranes. This innovation not only enhances the efficiency of electrochemical energy storage and conversion devices but also significantly reduces costs, thereby supporting the transition to sustainable energy solutions.

Adamant Health

Seed Round in 2022
Adamant Health develops devices that measure and analyze motion and electromyography data to improve Parkinson's disease management. Its clinically validated tools provide detailed symptom insights, enabling healthcare professionals to optimize treatment plans for enhanced patient outcomes.

Finnadvance

Seed Round in 2022
Finnadvance OY is a company based in Oulu, Finland, specializing in microtechnology and 3D biology solutions. Founded in 2018, it develops microfluidic organ-on-chips designed for pharmaceutical drug research and development. These innovative devices replicate the activities and physiological responses of entire organs, enabling more accurate studies in drug efficacy and safety. In addition to its core focus on organ-on-chips, Finnadvance also offers tailored hardware solutions and bio-materials for cell culture. Furthermore, the company provides aerial imaging and analysis services, catering to sectors such as forestry and agriculture, along with stockpile management.

Quantrol Ox

Seed Round in 2022
QuantrolOx specializes in developing automated machine learning-based control software for quantum technologies, focusing on the tuning, stabilization, and optimization of qubits. By providing robust software solutions, the company aids quantum scientists in achieving stable platforms for experimentation, which enhances the effectiveness of quantum computing applications. This innovative approach allows clients to utilize more cost-effective quantum infrastructure while efficiently implementing standard quantum computing technologies in their operations.

Quantagonia

Pre Seed Round in 2022
Quantagonia enhances global operations through Decision AI, empowering businesses in logistics, production, and workforce management to tackle intricate scheduling and routing challenges with its adaptive, real-time AI solutions.

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 is a company focused on enhancing life on Earth through its extensive constellation of nanosatellites equipped with advanced hyperspectral imaging technology. By utilizing its GREEN DATA® platform, Kuva Space addresses critical global challenges such as climate change, disaster response, and food security. The company provides actionable data and insights that support sustainable management of natural resources, enabling clients to optimize agricultural practices, improve land use, and make informed investment and financial decisions. Additionally, its technology allows for the measurement of regional carbon sequestration rates, prevention of large-scale forest fires, and detection of gas leaks, all facilitated by an integrated artificial intelligence platform.

ElFys

Seed Round in 2021
ElFys Inc. is a Finnish company founded in 2017, specializing in the manufacture of advanced photodetectors and photodiode technologies. Headquartered in Espoo, Finland, the company emerged to commercialize innovative technologies developed by university researchers, which are protected by patent families. ElFys operates from the Micronova Nanofabrication Center, which offers state-of-the-art CMOS-compatible facilities for research and semi-mass production. The company leverages extensive expertise in silicon photovoltaics and applies related innovations to its photodiode products. Key aspects of its manufacturing process include surface passivation and defect engineering, which are crucial for enhancing the performance and response of their photodiodes. Their products find applications in various fields, including X-ray imaging, spectroscopy, and light sensing.

StemSight

Seed Round in 2021
StemSight is a Finnish biotechnology company developing innovative cell therapies for treating blindness. Its proprietary platform uses induced pluripotent stem cells (iPSCs) and biomaterials, initially targeting rare diseases like limbal stem cell deficiency, with plans to expand to major corneal blindness conditions.

Kuva Space

Seed Round in 2021
Kuva Space is a company focused on enhancing life on Earth through its extensive constellation of nanosatellites equipped with advanced hyperspectral imaging technology. By utilizing its GREEN DATA® platform, Kuva Space addresses critical global challenges such as climate change, disaster response, and food security. The company provides actionable data and insights that support sustainable management of natural resources, enabling clients to optimize agricultural practices, improve land use, and make informed investment and financial decisions. Additionally, its technology allows for the measurement of regional carbon sequestration rates, prevention of large-scale forest fires, and detection of gas leaks, all facilitated by an integrated artificial intelligence platform.

Adamant Health

Pre Seed Round in 2020
Adamant Health develops devices that measure and analyze motion and electromyography data to improve Parkinson's disease management. Its clinically validated tools provide detailed symptom insights, enabling healthcare professionals to optimize treatment plans for enhanced patient outcomes.

Betolar

Venture Round in 2020
Betolar Ltd., established in 2013 and headquartered in Kannonkoski, Finland, specializes in transforming industrial waste streams from energy, mining, and forestry sectors into geopolymer concrete. The company offers a range of products including concrete mixes, soil stabilization materials, and serves clients across construction industries such as ground engineering, mining, landscaping, and building materials. Betolar's core mission is to facilitate the green transition in various industries by providing sustainable, low-carbon alternatives to traditional cement-based concrete.

Enifer

Seed Round in 2020
Enifer is a biotechnology company that produces mycoprotein from fungal fermentation, converting agrifood byproducts and fish by-products into Pekilo mycoprotein, a single-cell protein for fish feed. The protein is designed to replace soy in aquafeed, addressing ecological concerns linked to soy cultivation such as deforestation, and to support circular economy practices by turning underutilized side streams and waste from biorefineries into a nutritious, protein-rich feed ingredient for modern aquaculture.

Sofi Filtration

Venture Round in 2020
Founded in Finland in 2011, Sofi Filtration designs and manufactures advanced water cleaning solutions for diverse industries such as mining, metallurgy, oil & gas, and power generation. Its products include solids-free water provision for reverse osmosis, flue gas waste water treatment, cooling water treatment, and process water recycling.

Monidor Oy

Venture Round in 2020
Monidor Oy is a Finnish company established in 2015 and based in Oulu. It specializes in the development of innovative electronic devices, with a focus on healthcare technology. The company's flagship product, Monidrop, is an automated infusion monitor designed for intravenous infusion therapy, enhancing the safety and efficiency of medical treatments. Through its advancements in medical technology, Monidor aims to improve patient outcomes and streamline healthcare processes.

Iiwari Tracking Solutions

Seed Round in 2020
Iiwari Tracking Solutions Oy, established in 2018 and located in Vuokatti, Finland, specializes in designing and developing indoor positioning and tracking solutions. The company offers advanced tools and software tailored for various industries, leveraging technology to enhance location accuracy and operational efficiency. Iiwari Tracking Solutions has acquired key licenses from VTT, enabling it to operate on a global scale. It maintains a presence in the Nordic region and the United States through a network of integrators, allowing it to effectively deliver its innovative services across these markets.

Finnadvance

Seed Round in 2020
Finnadvance OY is a company based in Oulu, Finland, specializing in microtechnology and 3D biology solutions. Founded in 2018, it develops microfluidic organ-on-chips designed for pharmaceutical drug research and development. These innovative devices replicate the activities and physiological responses of entire organs, enabling more accurate studies in drug efficacy and safety. In addition to its core focus on organ-on-chips, Finnadvance also offers tailored hardware solutions and bio-materials for cell culture. Furthermore, the company provides aerial imaging and analysis services, catering to sectors such as forestry and agriculture, along with stockpile management.

MVision AI

Seed Round in 2020
MVision AI specializes in developing artificial intelligence and machine learning technologies to enhance various cancer treatments. Founded in 2017 and headquartered in Helsinki, Finland, the company aims to improve treatment outcomes and reduce costs, particularly in developing countries.

Geyser Batteries

Seed Round in 2019
Founded in 2018 and headquartered in Vaasa, Finland, Geyser Batteries specializes in the development and manufacture of novel high-power ultra-durable batteries. These batteries are designed to withstand millions of cycles of ultra-fast charging and discharging, making them ideal for applications where speed and efficiency are critical. They are also environmentally safe, fire-resistant, and functional even at extreme temperatures.

ElFys

Seed Round in 2019
ElFys Inc. is a Finnish company founded in 2017, specializing in the manufacture of advanced photodetectors and photodiode technologies. Headquartered in Espoo, Finland, the company emerged to commercialize innovative technologies developed by university researchers, which are protected by patent families. ElFys operates from the Micronova Nanofabrication Center, which offers state-of-the-art CMOS-compatible facilities for research and semi-mass production. The company leverages extensive expertise in silicon photovoltaics and applies related innovations to its photodiode products. Key aspects of its manufacturing process include surface passivation and defect engineering, which are crucial for enhancing the performance and response of their photodiodes. Their products find applications in various fields, including X-ray imaging, spectroscopy, and light sensing.

Alba Health

Alba Health is a company focused on enhancing children's gut health through digital solutions and advanced microbiome testing. It offers an innovative stool test kit designed for easy use, allowing parents to analyze their child's gut microbiome in a certified laboratory. Upon completion of the analysis, detailed results are provided, which enable parents to collaborate with dieticians in formulating personalized action plans for their children's dietary and health needs. Additionally, Alba Health places significant emphasis on data privacy by anonymizing test results, which can contribute to broader discoveries that positively influence children's health outcomes. The company's overarching mission is to improve the health of future generations by leveraging artificial intelligence and microbiome science.

Hormona

Hormona is a pioneering femtech company dedicated to improving women's hormonal health. It offers home testing kits for accurate, pain-free hormone monitoring, supported by leading medical experts. The results seamlessly integrate with the Hormona app, empowering women to understand and manage their hormones effectively.
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