Lappeenranta-headquartered Visedo unveiled a 20-million-euro financing package ahead of Christmas break to boost its smart and high-performance electric drivetrain systems.
Visedo raised an equity investment of 13.5 million euros, an EFSI loan of 5 million and 1.5 million in funding from other sources. The equity round was the fourth largest in Finland last year after M-files, Alphasense and Verto Analytics.
The equity investment round was managed by Emerald Technology Ventures, with Ilmarinen, LähiTapiola, Suffice International, Sinituote, Finnish Industry Investment, VNT Management, Green Campus Innovations and Visedo’s employees participating in the funding.
The 2009-founded Visedo manufactures high-performance powertrain systems for commercial vehicles, heavy-duty machinery and the marine vessels. The market is expected to grow rapidly to around 11 billion euros by 2020.
“We are pleased to have attracted such experienced investors,” Visedo CEO Kimmo Rauma said in a statement. “The company has grown at an annual rate of 100 percent, and the new funds will enable us to invest in sales and marketing to take our business to a new level in Europe and Asia. We have and will continue to recruit several key people.”
Visedo named also a new CFO and marketing head in connection with the funding package.