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Friday, June 2, 2023

Finnish IoT company raises €6.6M in new growth funding

Oulu-based developer of IoT alternatives and wireless technologies Haltian has raised  6.6 million euros in the funding round. The round was backed by many investors including Inventure, Nordic Option, Ventic, Tesi (Finnish Industry Investment) alongside other Finnish and Swedish private investors. The Finnish company will use the capital to fuel up its growth and to explore new markets in North America. The growth funding will also be used to hire new talents for the product development teams and to extend its product range. Last year,  the company has achieved a 71% growth.

Haltian reached a 71% growth in 2021 and closes a 6.6 M€ (USD 7,2 M) funding round

IoT House Haltian’s revenue has grown by more than 71% in 2021 and the company has closed its 6.6 million euro funding round, which includes contributions from both existing owners and new investors. Pasi Leipälä, CEO of Haltian, expects revenue growth to continue as IoT solutions for the built environment will become an essential part of the operations of most companies.

Big growth in smart buildings and facilities

Haltian’s revenue took a big leap from 9 to 15,5 M€ last year despite global challenges. Pasi Leipälä, CEO of Haltian, says that the growth has been in line with the company’s ambitious targets.

“The growth of more than 71 percent is an awesome performance given the global component shortage and the ongoing global pandemic. It shows that we have made correct decisions in developing our offering.” Leipälä says.

The biggest growth has been in the smart buildings and facilities sector, for which Haltian offers both the Empathic Building smart office solution and Thingsee IoT hardware solutions. According to Leipälä, several international customers have been the main engine of growth.

“We solve everyday problems in working life with IoT, and many of us benefit from digital solutions without even knowing it,” Leipälä explains. “For businesses, smart solutions save a lot of time and money, and make it easier to develop their services”.

According to Leipälä the transition of offices to hybrid work and the need for remote monitoring of premises have increased the demand for IoT solutions.

Haltian has also been recruiting considerably during the past year. “Even during such unusual times more than 30 new experts have joined our company, and we have currently 130 employees”, Leipälä says. The company’s growth and recruitment will also continue this year: “The competition for the best talent is fierce, but we have found Haltian’s values ​​and employer reputation to be good assets in the labour market.” Leipälä says.

Inventure, Nordic Option, Tesi, Ventic and other Finnish and Swedish private investors, among others, took part in the financing round.

Haltian will use the new capital to open new markets in, for example, North America, where Haltian has grown at a steady pace and will this year significantly strengthen its team to better support its customers. The growth will also be supported by strengthening the company’s product portfolio continuously.

The need and popularity for IoT solutions growing rapidly

Haltian’s customers include many prominent international companies all the way from Japan to North America, where Haltian is shipping its IoT solutions to thousands of buildings this year.

Haltian’s wireless Thingsee IoT devices can be used to remotely monitor, for example, utilization rates of premises, air quality and temperature, water leaks, the behavior of building services and the location of assets.

Haltian Empathic Building is the leading application to improve employee experience in offices and hospitals. It makes the everyday tasks of the end-user easier and simpler, helping them to find the right workspace, colleagues, and equipment; share information and voice their feelings. In addition, Empathic Building provides valuable data on space utilization, air quality and employee satisfaction, through which companies can make data-driven decisions on how to plan their spaces and improve productivity.

As some examples of major customers, Leipälä mentions Telia and Telefonica, which use Empathic Building in several of their offices, and the Finnish postal service Posti, which has over one hundred thousand new self-service parcel lockers operating with Haltian’s IoT technology.

Click here to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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