Oulu-based startup Haltian has secured €22 million in growth funding to accelerate its expansion in the US and Europe. The funding round, which brings its total funding up to €40M, was led by Mandatum Asset Management Growth Equity II fund (MAM GE). Varma, Tesi, Ventic, and Inventure also participated. The company’s IoT software and sensor solutions are designed to be easy to use and can be implemented across multiple needs in commercial real estate. Following the recent funding round, Haltian has outlined its plans to grow its business in the US and Europe. The IoT company intends to use the funds to build upon its existing success in these markets and to bring new products to market in the coming months.
The demand for new cutting-edge Internet-of-Things solutions and services is driven by global megatrends, such as improving work comfort and supporting hybrid work, as well as digitalisation of the real estate industry and energy and space-use efficiency. According to a report by WorldGBC, buildings are currently responsible for 39% of global energy-related carbon emissions, of which 28% are from operational emissions, from energy needed to heat, cool and power them.
Haltian is tapping into the demand by creating easy-to-use IoT software and sensor solutions and services that can be implemented for multiple needs in commercial real estate. Their sensor solution Empathic Building digital twin on the other hand is a key solution in modern desk-sharing offices, where employees need to find colleagues and available spaces when coming to the office, book those spaces and get analytics and reporting of the used workplaces.
Haltian’s IoT solutions and services have already gained significant traction and top-tier clients, with the US market alone accounting for a third of its revenue. The company has recently established offices in the Netherlands and California, and with the new funding, it is poised to continue its successful international expansion.
“At Haltian, our mission is deeply rooted in making working life smoother,” said Pasi Leipälä, the CEO and one of the co-founders of Haltian. “This mission has resonated with our clients. We are excited to continue to deliver cutting-edge IoT solutions that help our clients thrive in the digital age, make better data-driven decisions and ultimately contribute to building a more sustainable future.”
Haltian’s customers include many major international players, from Japan to North America, where Haltian will deliver its IoT systems to thousands of buildings this year. Many of the largest facility management and real estate companies in the world such as CBRE and ISS use Haltian’s solutions in their offices and other buildings.
“Haltian has a history of providing state-of-the-art IoT solutions with unparalleled accuracy and data – an indispensable component of truly invaluable IoT solutions. We are proud to be a part of Haltian’s new funding round and support the team to expand further into new markets. The new funding also strongly validates their unique position in the growing IoT market. Haltian’s impressive growth of over 50% annually and tripling turnover in just three years make it a fitting investment for Mandatum Asset Management’s Growth Equity Strategy,” said Kitty Laine, Investment Manager, Private Equity at MAM.
“The new funding enables us to boost our global commercialisation efforts and to build a truly successful Finnish hi-tech story,” told Leipälä. “Specifically, the new funding will further support Haltian’s international expansion in Central Europe and North America, as well as our recruiting effort. As a way of answering to growing customer demand, we are also looking to launch new cutting-edge IoT products in 2023.”
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