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Finnish photodetector company Elfys raises €3M to ramp up the production for the growing wearable market

ElFys is tapping into a growing demand for photodetectors with people  increasingly wanting to measure their health and wellbeing. Today’s announced  €3M round is dedicated to ramping up the production to match the growing  demand. The lead investor on the round is Metaplanet Holdings together with  the company’s earlier round’s lead Voima Ventures. Other angel investors  include the founders of Oura Health, the company behind the Oura Ring.

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With ElFys’ technology’s sensitivity and energy efficiency the performance of these health  monitoring devices can be remarkably improved universally across solutions. This is  groundbreaking as photodetectors are often the biggest limiting factor for making these  devices better and more accurate.

“Our customers clearly see the value we offer but until now we have not been ready to scale  up the production. Now we can finally take that step and we are very excited to be able  to serve our customers and ultimately the end user community with ever better devices”,  explains the founder and CEO of ElFys, Mikko Juntunen.

The company founded in 2017 already has over 40 customers globally and that number is  steadily growing especially now with the investment round bringing bigger scale opportunities  to the table.

“The wearable market overall has quickly bounced back from the setbacks of the pandemic  and is marching forward with steady growth and ElFys superior photodetector technology  could be an integral component in increasing the quality of the health-specific data users  are receiving from their wearables.”, observes Rauno Miljand, the Managing Partner of  Metaplanet Holdings.

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