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.
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.