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Haltian boosts growth plans after new round of funding

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One of ICTOulu’s member companies, Haltian, has raised 22 million euros in a new round of funding that will see them accelerate their expansion in the US and Europe. This was led by the Mandatum Asset Management Growth Equity II fund (MAM GE) and joined by Varma, Tesi, Ventic and Inventure. In total, Haltian has managed to raise 40 million euros to date.

The company is expanding its operations in new territories outside of Finland as the need for growth stems from the fact that its solutions and services are gaining more clients from overseas. For instance, they will deliver IoT systems to thousands in buildings this year in regions such as Japan and North America, whilst the US accounts for a third of its revenue. This is why they also have premises in California, and addition to an office in the Netherlands.

This new influx of money will not only help them to continue their growth but will also ensure that Haltian can become a global name in the digitalisation of the real estate industry and energy and space-use efficiency. This will be achieved through the creation and development of easy-to-use IoT software and sensor solutions and services that can be implemented for multiple needs in this sector.

“The new funding enables us to boost our global commercialisation efforts and to build a truly successful Finnish hi-tech story,” said Pasi Leipälä, CEO and co-founder of Haltian. “Specifically, the new funding will further support Haltian’s international expansion in Central Europe and North America, as well as our recruiting effort. As a way of answering to growing customer demand, we are also looking to launch new cutting-edge IoT products in 2023.

“At Haltian, our mission is deeply rooted in making working life smoother. This mission has resonated with our clients. We are excited to continue to deliver cutting-edge IoT solutions that help our clients thrive in the digital age, make better data-driven decisions and ultimately contribute to building a more sustainable future.”

“Haltian has a history of providing state-of-the-art IoT solutions with unparalleled accuracy and data – an indispensable component of truly invaluable IoT solutions,” said Kitty Laine, Investment Manager, Private Equity at MAM. “We are proud to be a part of Haltian’s new funding round and support the team to expand further into new markets. The new funding also strongly validates their unique position in the growing IoT market. Haltian’s impressive growth of over 50% annually and tripling turnover in just three years make it a fitting investment for Mandatum Asset Management’s Growth Equity Strategy.”

Haltian was founded in 2012 specialising in IoT and their solutions in this domain include the Empathic Building digital twin service for smart buildings, and Thingsee, the proven IoT technology platform that enables faster IoT launches for mass-scale deployments. Some of their clients and partners range from Posti and Fingrid to Telia and Stora Enso.