Deep-tech takes flight: Finland’s innovators raise over EUR 100 million

The activity spans sovereign satellites, AI cloud infrastructure, hyperspectral sensors and sustainable seafood, underscoring Finland’s growing role in European strategic technologies.

The lion’s share of this capital went to two companies with foreign-born founders at the helm but headquartered in Finland: ReOrbit, led by Indian-born founder Sethu Saveda Suvanam, and DataCrunch, founded by Belgian entrepreneur Ruben Bryon.

Together, these firms raised 100 million euros between them, reflecting how Finland’s innovation ecosystem is attracting international leadership while anchoring operations and jobs locally.

Alongside these larger rounds, smaller but strategically significant deals from Agate Sensors and SuperGround highlight the breadth of innovation emerging from Finland’s research base and food sector.

DataCrunch raises 55 million euros to build Europe’s AI cloud

AI infrastructure provider DataCrunch has raised 55 million euros in equity and debt funding to expand its sovereign AI cloud offering. Investors include byFounders, Skaala, Varma, and Tesi, with financing support from Nordea, Armada Credit Partners, Danske Bank, Norion Bank, and Local Tapiola.

Founded in 2020 by CEO Ruben Bryon, a Belgian entrepreneur, the company operates four data centres in Finland and Iceland, running on 100 per cent renewable energy with waste heat reused in Helsinki. It recently deployed Nvidia HGX B200 systems, with plans to integrate next-generation B300/GB300 hardware.

“We want to make sure that Europe has its own sovereign, sustainable AI infrastructure, rather than being dependent on US cloud giants,” said Bryon, in an interview with Sifted.

ReOrbit raises 45-million-euro Series A to expand sovereign satellites

European space technology company ReOrbit has closed a 45-million-euro Series A, the largest all-equity Series A in Finland to date and one of the most significant in Europe’s space and defence sector. The round was led by Springvest, with participation from Varma, Elo, Icebreaker.vc, Expansion VC, 10x Founders, and Inventure VC.

ReOrbit designs and manufactures sovereign satellites and connected systems, enabling nations to operate critical space infrastructure independently.

“Closing a 45-million-euro Series A is a milestone not only for ReOrbit, but for Europe’s space and defence sector,” said Sethu Saveda Suvanam, CEO and founder of ReOrbit.

“This investment enables us to meet growing demand, ensuring that nations can operate critical space systems independently and with full control. In today’s geopolitical environment, reliance on external parties is a risk no country can accept. ReOrbit ensures they never have to,” Suvanam continued.

“ReOrbit is building capabilities that are central to any country’s strategic autonomy,” added Riku Seppälä, partner at Icebreaker vc. “This investment demonstrates our confidence in their ability to deliver sovereign space systems that are essential for national security and resilience.”

Agate Sensors secures 5.6 million euro for chip-scale spectral vision

Espoo-based Agate Sensors, a 2024 spin-out from Aalto University, has raised 5.6 million euros to commercialise its chip-scale spectral sensors. The round combines 4 million euros in seed equity, led by Voima Ventures and LIFTT, with 1.6 million euros in grants from Business Finland.

Agate’s platform miniaturises spectroscopy, enabling everyday devices to analyse materials in real time.

“We’ve taken a spectrometer once confined to specialised labs and made it small and affordable enough to live inside everyday devices,” said Tommi Leino, CEO of Agate Sensors.

“Agate Sensors’ platform is a leap forward in hyperspectral sensing: software-defined, scalable, and truly high-performance,” said Niko Elers, investment director at Voima Ventures.

SuperGround raises 3.65 million euros to scale sustainable seafood

FoodTech company SuperGround closed a 3.65-million-euro funding round, including a 1.15-million-euro extension led by CHECK24 Impact and Propeller Ventures. The company also announced a new partnership with Sweden’s Ocean Next AB to commercialise seafood products made from undervalued fish side streams.

SuperGround’s patented technology enables high-protein food products while reducing waste in seafood supply chains.

“Investors are looking for cost-competitive, scalable food innovations, and that’s exactly what we deliver,” said Jaakko Kaminen, CEO of SuperGround. “With Hatch Blue, CHECK24 Impact and Propeller Ventures leading this round, we are in a strong position to accelerate growth across the Nordics and beyond, starting with our new partnership with Ocean Next.”