Espoo-based startup ElFys just closed a new €3M round led by Samsung Venture Investment Corporation (SVIC), together with its earlier round’s lead Voima Ventures. With the contribution of the other earlier shareholders including the founders of Oura Health, the company behind the Oura Ring, the startup has received a total investment of €6 million. EIFys was founded to commercialize the black silicon photodiode technology invented by a group of university researchers. The investment will be used to accelerate production to meet growing demand.
Founded in 2017, EIFys’ photodetector technology, which offers light sensors with unprecedented sensitivity, captures every light beam, and the performance of its technology is based on a creative combination of modern MEMS nanotechnology advances and atomic layer deposition. These light sensors are used in wearable devices such as smart watches, and this technology can be effective in improving the quality of data obtained from these devices, especially in the healthcare field.
“Our customers clearly see the value we offer. Now we are quickly progressing towards high volume production and we’re very excited to be able to serve our customers – and ultimately the end user community – with ever better devices”, explains Mikko Juntunen, the founder and CEO of ElFys.
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