The leading seed stage focused VC in the Nordics

Butterfly Ventures is the leading seed stage focused VC in the Nordics. Butterfly Ventures was founded in 2012. Ever since then we’ve been one of the most active early stage VCs in the region. We have an office in Oulu, Helsinki and Stockholm.

Butterfly Ventures is known for our co-operative approach. We like to interface with founders directly and work as a team and founders have the full support of all our partners.

Butterfly Ventures is investing in the seed stage startups particularly from Finland, but also from other Nordic countries and Baltics.  We prefer to get involved with companies early on. 80% of our portfolio companies do not have any revenue at the time of our entry. However, we’re very business driven, typically our portfolio companies start generating revenue in less than 6 months from the first investment. Right now we’re looking for deep tech, HW and HW interfacing SW.

Some numbers

30M€

Under management

10

New portfolio companies / year

186

Investment rounds completed

0.3M€

Average investment / company

62

Companies invested

102M€

Portfolio raised financing

57M€

Portfolio generated revenue

209M€

Portfolio market cap

Team is everything

Here bright ideas meet a can-do spirit.

Matti Kanninen

Co-Founder, Managing Partner

M.Sc. in Technology, seasoned executive, in management positions since 1990, including being a vice president of Computer Associates and a CEO of stock listed technology company QPR Software, in startup and growth company financing, fund raising and management since 2008, VC since 2012, participated 100+ investment rounds.

Matti is the professional manager guy, who knows how corporations and listed companies work. He has a super strong IPR background. He’s a razor sharp what comes to agreements, deals and details buried deep under what ever information it may be. He understands the numbers and their implications. All this makes him a huge asset, for instance when negotiating a major deal or putting together next financing round.

Contact

matti@nullbutterfly.vc
+358 40 5455877

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Juho Risku

Co-founder, Partner

In the fore front of digital technologies from mid -80s, serial entrepreneur since 1996, founder in four companies, M.Sc. in Economics (thesis about the effects of VC-Founder relationship quality), VC since 2012, participated 100+ investment rounds, visionary technology guy and an enthusiast ice climber and mountaineer.

Juho is often the first contact for a startup at Butterfly Ventures. He’s passionate about great products and enjoys taking deep dives in to the competitive landscape. He’s customer value driven, knows a lot about metrics and business models and most important of all he knows how’s the life with a VC from the both sides of a table. He’s an eternal optimist and enthusiast. His entrepreneur minded thinking is greatly valued by our portfolio companies.

Contact

juho@nullbutterfly.vc
+358 40 557 4004

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Ville Heikkinen

Partner

Hands-on transaction and fund management specialist with 15 years of experience in entrepreneurship, VC financing, M&A and technology management, L.LM and M.Sc. in Economics, Partner of Butterfly Ventures since 2014, an ex-quarterback, who nowadays satisfies need for speed and action downhill skiing, motorcycling and running.

Ville is a true team player, who puts all in. His knowledge of all sorts of business related agreements is extraordinary and an enormous help to any startup. He’s social, has a great contact network and has almost magical ability to connect the right people. In addition he’s creative thinker, deep in the startup scene and truly fun to work with.

Contact

ville@nullbutterfly.vc
+358 40 750 7517

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Tanya Marvin-Horowitz

Partner

A seasoned asset manger and M&A investment banker from NYC, Tanya followed her passion in 2013 to work with tech startups and entrepreneurs and co-founded her first VC fund, CAP A, based between the USA and the Nordics.  Based now in Stockholm, she is perfectly positioned to help budding startup teams gear up for the international market.

In addition to being a collegiate tennis player and athletic enthusiast, Tanya has a dual Mathematics and Marketing degree from Georgia State University and has served on several private equity related boards, such as ACG New York.  She is a consummate networker and her rolodex spans the globe where it is helpful to startups for business development, strategic partnerships, additional capital and eventually as they look to an exit.

Contact

tanya@nullbutterfly.vc
+46 70 530 2451

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Matti Kanninen

Co-Founder, Managing Partner

M.Sc. in Technology, seasoned executive, in management positions since 1990, including being a vice president of Computer Associates and a CEO of stock listed technology company QPR Software, in startup and growth company financing, fund raising and management since 2008, VC since 2012, participated 100+ investment rounds.

Matti is the professional manager guy, who knows how corporations and listed companies work. He has a super strong IPR background. He’s a razor sharp what comes to agreements, deals and details buried deep under what ever information it may be. He understands the numbers and their implications. All this makes him a huge asset, for instance when negotiating a major deal or putting together next financing round.

Contact

matti@nullbutterfly.vc
+358 40 5455877

Juho Risku

Co-founder, Partner

In the fore front of digital technologies from mid -80s, serial entrepreneur since 1996, founder in four companies, M.Sc. in Economics (thesis about the effects of VC-Founder relationship quality), VC since 2012, participated 100+ investment rounds, visionary technology guy and an enthusiast ice climber and mountaineer.

Juho is often the first contact for a startup at Butterfly Ventures. He’s passionate about great products and enjoys taking deep dives in to the competitive landscape. He’s customer value driven, knows a lot about metrics and business models and most important of all he knows how’s the life with a VC from the both sides of a table. He’s an eternal optimist and enthusiast. His entrepreneur minded thinking is greatly valued by our portfolio companies.

Contact

juho@nullbutterfly.vc
+358 40 557 4004

Ville Heikkinen

Partner

Hands-on transaction and fund management specialist with 15 years of experience in entrepreneurship, VC financing, M&A and technology management, L.LM and M.Sc. in Economics, Partner of Butterfly Ventures since 2014, an ex-quarterback, who nowadays satisfies need for speed and action downhill skiing, motorcycling and running.

Ville is a true team player, who puts all in. His knowledge of all sorts of business related agreements is extraordinary and an enormous help to any startup. He’s social, has a great contact network and has almost magical ability to connect the right people. In addition he’s creative thinker, deep in the startup scene and truly fun to work with.

Contact

ville@nullbutterfly.vc
+358 40 750 7517

Tanya Marvin-Horowitz

Partner

A seasoned asset manger and M&A investment banker from NYC, Tanya followed her passion in 2013 to work with tech startups and entrepreneurs and co-founded her first VC fund, CAP A, based between the USA and the Nordics.  Based now in Stockholm, she is perfectly positioned to help budding startup teams gear up for the international market.

In addition to being a collegiate tennis player and athletic enthusiast, Tanya has a dual Mathematics and Marketing degree from Georgia State University and has served on several private equity related boards, such as ACG New York.  She is a consummate networker and her rolodex spans the globe where it is helpful to startups for business development, strategic partnerships, additional capital and eventually as they look to an exit.

Contact

tanya@nullbutterfly.vc
+46 70 530 2451

Software driven drive train for e-bikes.

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High density energy storage with millions of charge-discharge cycles.

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The pulse of the brain.

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Addressing the 500 billion health problem.

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Replacement for SATCOM, without the cost of satellites.

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World's most advanced video AI.

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Save up to 40% off from your electric heating bill.

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Revonte

Revonte reforms the e-bike industry by providing the best-in-class software centric drive system with sensational user experience. Revonte ONE includes automatic gearing, Linux-based controller, efficient battery, and mobile application. Unlike competitors’ products, Revonte’s engine can be installed on any e-bike model. The core of the product is in the software, which enables unprecedented customization opportunities and value-added services for the bike manufacturers. Additionally, Revonte has opened its service APIs to external developers to integrate with and build upon existing products. With its competitive and fresh approach, Revonte aims to become a major system operator in the e-bike industry. The e-bike market is growing fast: it was valued at €13 billion in 2018 and is expected to reach nearly €24 billion by 2025. European Cyclist Federation (ECF) has estimated that over 150 million e-bikes will be sold in the EU during the next 11 years.

The funding from Butterfly Ventures enabled us to develop Revonte ONE e-bike drive system with a very fast schedule. Without proper funding, we would not have been able to deliver a finished product to the most important event of this industry, Eurobike Fair, in September. The funding has also helped us to recruit great people and assemble an outstanding team. Butterfly Ventures had an important role during our follow-on funding: they introduced us to new investors and advised us regarding different investor materials. Monthly meetings with Butterfly Ventures helped us to maintain a clear focus and emphasize relevant matters. Our cooperation has always been easy and communication fast.” – Otto Chrons, CEO of Revonte

Revonte’s founders had been in the e-bike industry for years when they realized how inadequately customizable the bikes were. Revonte was founded in 2018 in Tampere, with a mission to create a smart and fully customizable drive system. Because Revonte has software at the core of its product, it has been able to move extremely fast in its product design. In September 2019, Revonte ONE was published in Eurobike Fair, which is the second-largest cycling trade show in the world.

“The founding team of Revonte was one of the major reasons why we decided to invest in the company. The founders handled investor relations extremely well and it was obvious that they’re super smart and experienced serial startup entrepreneurs. The fact that market is sizeable in billions and clearly underserved (both in terms of service as well as product features) meant a lot as well. We are also very impressed how much Revonte has been able to reach and deliver with the limited resources they have – they have outperformed many bigger players.” – Juho Risku, Partner and Co-founder of Butterfly Ventures

Butterfly Ventures invested in Revonte in Q1/2019. Revonte raised a seed round very fast after the pre-seed, and closed a €1.8 million financing round (led by Maki.vc) in Q3/2019. With the help of the investment, the company is going to start mass production of Revonte ONE drive system in 2020. Revonte’s e-bikes are supposed to arrive in stores in 2021.

Founders

Iiro Peltola, Antero Jalkanen, Otto Chrons

Offices

Tampere (Finland)

Details

Founded: 2018
Revenue (2018): 0
Personnel: 13 permanent, 2 freelancers

Financing

Butterfly invested: Q1/2019
Total financing to date: 2.2M€
Last round (Q3/2019): 1.8M€
Other investors: Maki.vc, private investors

Contact

revonte.com info@nullrevonte.com https://www.facebook.com/revonte/ https://www.linkedin.com/company/revonte/ https://twitter.com/revonteltd

Geyser Batteries

Geyser Batteries produces the world’s most sustainable high-performance batteries. While li-ion batteries last thousands of cycles, Geyser Batteries are capable of charging millions of times. They charge to full only in seconds every time and remain operational from -60 to +85 ˚C.Besides being extremely powerful and long-lasting, Geyser Batteries are environmentally friendly and carbon neutral. The batteries are manufactured from common materials and water-based electrolytes, and they do not contain any toxic nor flammable materials. Geyser Batteries can be used in multiple industries, from heavy machinery to power grids and transportation.

The supercapacitor market is currently valued at €700 million, and it has a compound annual growth rate of 22 %. Researchers estimate that the market size will reach €3-5 billion by 2025. Remarkable growth is driven by several factors such as increasing demand for renewable energy solutions, the use of supercapacitors in trains and aircraft as well as demand for regenerative braking systems in hybrid and electric vehicles.

The Butterfly team was the first to believe in Geyser. Their early investment in us in September 2018 has literally laid a founding stone for the company. Admittedly it was a bold move in support of a technology that came as surprise even for industry professionals. We were delighted to work with professionals that managed to develop a reasonable and structured investment approach for such a risky case that Geyser was back then. Cooperation with Butterfly Ventures has been a really good working relationship. Butterfly’s guys have been providing support when needed and making the burden of reporting and compliance very structured, and thus, easy to handle. They are an adequate and very efficient investor for early stages of deep-tech companies.” – Andrey Shigaev, CEO of Geyser Batteries

The company was founded in 2018 and its team has decades of experience in research, development, and manufacturing of supercapacitors. Geyser Batteries’ growing pace is fast: the company is currently producing its first batteries in small batches and aiming to begin mass production in Q1/2020. A pilot factory will be opened in Vaasa at the end of 2019.

“Geyser Batteries came through an introduction, after which we setup a meeting quite quickly. The team gave me a super professional impression from the very beginning and the value proposition of the case, i.e. number of cycles vs. energy density sounded super promising. The kind of professionalism that they’ve been able to exhibit throughout the entire time we’ve collaborated is extraordinary. Whatever you end up asking, they’re totally on top of it, and the determination of pushing things to the end is absolutely unique.”– Juho Risku, Co-founder and Partner of Butterfly Ventures

Geyser Batteries closed a seed round of €1 million in Q4/2019. The financing will be used for accelerating rapid growth in Finland and abroad.

Founders
Andrey Shigaev, Aleksei Beliakov, Oleg Podsechin

Office
Vaasa (Finland)

Details
Founded: 2018
Revenue: 0, 2018
Personnel: 25

Financing
Butterfly invested: Q3/2018
Total financing to date: €1.75M
Other investors: Voima Ventures, Ehrnrooth family office

Contact

geyserbatteries.com inbox@nullgeyserbatteries.com https://www.linkedin.com/company-beta/10257619 https://twitter.com/geyserbatteries?lang=fi

Cerenion

Cerenion is a healthcare company that has developed the only practical solution for measuring brain function in intensive care. Cerenion C-TRENDis a software solution that combines electroencephalogram (EEG) measurement with artificial intelligence and machine learning algorithms. There are no comparable products on the market: the technology is the first clinically validated and profoundly practical method that offers reliable information on the condition of the brain. The innovation increases the quality of intensive care and simultaneously decreases costs. It has immense potential in the intensive care market, which is estimated at €200 billion globally.

“The funding from Butterfly has supported us in the development of our C-TREND™ medical software technology that reveals the status of the brain as one simple score. In addition, it has supported the development of ISO13854-compliant quality management system that is required for operating in the medical technology market. The collaboration with Butterfly Ventures has provided us with some good contacts, business advice as well as legal support. Primarily the collaboration has been very smooth.” – Timo Koskela, CEO of Cerenion

Cerenion is led by a research team from the University of Oulu, and it has signed first agreements with EEG device vendors, such as Bittium. The company has filed 12 intellectual property applications globally, and it has been awarded three key patents related to brain monitoring technology in the USA, Europe and Japan.

We decided to invest in the company because the technology has sustainable competitive advantage based on research, and the team has deep knowledge in the domain. They have years of experience in the respective technologies as well as patient work. The solution requires extensive experience in several domains to develop, which makes the innovation very special. It increases the efficiency of patient care and doesn’t require changes into the treatment methods. It’s also scalable as it’s not tight to only one hardware used for measuring EEG.” – Ville Heikkinen, Partner at Butterfly Ventures

In September 2019, Cerenion closed a pre-A funding round of €2 million. The funding will be used to start sales operations in Europe and to integrate the software into other manufacturers’ products. The company is also preparing for an expansion to the U.S. market.

Founders
Timo KoskelaJukka Kortelainen, Eero VäyrynenIlkka Juuso

Office
Helsinki and Oulu (Finland)

Details
Founded: 2017
Revenue: 0, 2018
Personnel: 10

Financing
Butterfly invested: Q1/2018, Q3/2019
Total financing to date: ~3M€
Last round (Q3/2019): 2M€
Other investors: Icebreaker.vc, Springvest

Contact

cerenion.com info@nullcerenion.com https://www.linkedin.com/company/cerenion/

Naava

Naava redefines the air we breathe indoors and creates healthier and happier workplaces. Indoor environment can stop us from performing at our best. Naava Smart Active Green Wall purifies air from harmful chemicals – and reconnects humanity with nature. In addition to addressing a 500 billion health problem, Naava Smart Active Green Wall has been shown to improve the work force productivity by over 20%. By 2025 Naava is going enable a billion people to breathe Nordic healthy forest air indoors everyday.

“Buttefly Ventures invested in Naava in Q2/2014. While the market opportunity was obvious, we were very impressed with the team, particularly their ability to put together such a complex product and secure the first customers at very high, over 90%, test to purchase ratio. Visit to the Naava factory was also instrumental. My breathing felt lighter and I felt rejuvenated when I entered in their assembly line with couple of dozen Naava units in test use. That very real experience absolutely convinced me.” – Juho Risku, Co-founder and Partner of Butterly Ventures

After the investment development has been rapid. Naava made over a million of annual revenue in 2015, almost doubled that for 2016 and is increasing the pace on 2017. Since the investment they have opened several offices in Finland, Sweden and US, as well as a production facility in US.

“Butterfly Ventures has been invaluable investor for us. They were instrumental particularly after the first investment round. For instance, when we had a bit of issues in investor communications and board work, they were the ones who helped us to restore the mutual trust and a great working atmosphere. They were also the first ones who committed to follow-on financing. I think that due to close co-operation they just knew better. Overall our co-operation has always been constructive and supportive to us entrepreneurs.  It is very easy to recommend Butterfly Ventures to my fellow entrepreneurs.” – Aki Soudunsaari, CEO of Naava

In April 2017 Naava announced a financing worth of 5.4M€, which was a combination of a more traditional financing round of 3.2M€ and a crowd funding round worth of 2.2M€. The crowd funding round was one of the largest ones in the history of Finland.

Right now one of the major focus areas is the scaling the operations in the US. Preparations for Asia entry have also begun.

Founders

Aki Soudunsaari, Niko Järvinen, Mika Tyrväinen

Offices

Oulu, Jyväskylä, Helsinki (Finland), Stockholm (Sweden), New Jersey, New York (USA)

Details

Founded: 2011
Revenue: 1.8M€, 2016
Personnel: 54 full time, 19 part time

Financing

Butterfly invested: Q2/2014
Total financing to date: 8.7M€
Last round: 5.4M€, Q2/2017
Other investors: Pepins, SITRA, Delos

Contact

naava.io info@nullnaava.io https://www.linkedin.com/company/naava https://www.facebook.com/breathenaava https://twitter.com/breathenaava https://www.instagram.com/breathenaava/

KNL Networks

KNL Networks is a communications company that has developed the first alternative to satellite systems for the maritime industry. Using the company’s breakthroughs in HF radio, KNL Networks has built a secure mesh network to provide reliable data communication anywhere in the globe. With low fixed costs and always-on connectivity, KNL Network’s market opportunity is to be the core of maritime digitalization.

“It was roughly two years before the investment, in late 2012, when we first met the Butterfly Ventures. At the time we really didn’t need the money. However, the numerous discussions we had were valuable and we liked their cooperative approach. For instance, they helped us on our business model. One of the main reasons why we took Butterfly Ventures along when we closed our seed round in 2014 was the trust built during those early days. It was a right decision, it’s not just the financing, but the kind of help and the quality of cooperation, the investors bring in that matters.” (Toni Lindén, CEO of KNL Networks)

With the seed round, KNL Networks developed and protected a huge technology base necessary for the service. Additionally, the initial product versions were developed and significant pilot customers were secured.

“It’s very rare that you encounter such a transformative solution for a fairly well-established market, such as communications, that also enables a market entry at a global scale without critical mass challenges. We were impressed, not just the market, but the technology itself as well as the way KNL Networks had secured the IPRs. We were even more impressed by the quality of the team, they’re nice people, yet very professional. It’s a joy to work with such a team.” (Juho Risku, Co-founder and Partner of Butterfly Ventures)

The unique market opportunity and company’s extraordinarily deep knowledge of the field ensured the roughly 9M€ A-round in fall 2016, one of the largest in the Scandinavia of that year. By the end of 2016, they were already making over half a million in annual revenue.

KNL Network has been able to verify a business model with steep monetization curve. Right now it’s all about scaling it up globally.

Founders

Toni Lindén, Matti Raustia, Teemu Vanninen

Offices

Oulu, Helsinki (Finland), Oslo (Norway)

Details

Founded: 2011
Revenue: 0.6M€, 2016
Personnel: 30

Financing

Butterfly invested: Q3/2014
Total financing to date: 11M€
Last round: Q3/2016, 9M€
Other investors: Inventure, Creandum

Contact

kyynel.net info@nullkyynel.net https://www.facebook.com/KNLNetworks https://www.linkedin.com/company-beta/10257619 https://twitter.com/KNLNetworks

Valossa

Traditional video search technologies are based on keywords and thin layer of manually generated metadata. Valossa uses artificial intelligence to facilitate natural deep content discovery. They enable automated yet very detailed real-time video metadata generation at scene level. Their video AI can detect and identify for instance people, speech, emotions, places, objects etc. This rich metadata, essentially enables computers to understand what’s going on, which in turn is a key enabler for improved human computer interaction. Obviously, the story is bigger than just video search and retrieval, which itself alone is a billion-dollar industry. In addition, there are numerous use cases, where such in-depth understanding is needed, from advanced user interfaces to self-driving cars.

“Butterfly Ventures was instrumental when we founded Valossa. While there were several years of research and technology development in the University of Oulu behind us, they have been with us from the day the company was founded. Before the investment it was mostly about getting customer validation, business models and proper business structures, including contractual help such as IP-transfer agreements. That hasn’t changed after the investment. It’s not just the money, they also share our vision and we appreciate especially the way they offer valuable, hands-on support. They are front line players.” (Mika Rautiainen, CEO of Valossa)

Before the investment, Valossa was a research team in the University of Oulu. Since 2010 Valossa technology has been used to analyze more than 300 000 TV programs and 70 000 English language movies. Butterfly Ventures has been involved with the Valossa more than year before it was founded. Valossa has filed the patents on key technologies and shortly after investment they also piloted the technology with Yle, the national broadcasting company of Finland. The financing also enabled creation of their first product, Valossa AI analysis engine, including the beta customer acquisition for it.

“Artificial intelligence is one of the major transformative forces that’s changing the world right now. Butterfly Ventures invested into Valossa because of the elegant AI driven solution for a problem that has a billion-dollar market opportunity. Furthermore, their team is ambitious, deep in the domain with several PhDs and capable of reflecting the market demand, while relying their own technology stack. Furthermore, market is hot, we see that Valossa will become household name for video analysis technology.” (Ville Heikkinen, Partner of Butterfly Ventures)

In Q3/2017 Valossa closed a 1.7M€ million financing round. The financing will be used to leap further ahead on the product side, as well as acquisition of large international reference customers.

Founders

Mika Rautiainen, Otso Kassinen, Henri Huttunen, Arto Heikkinen, Jukka Holappa, Karita Kasurinen, Sami Huttunen

Offices

Oulu (Finland)

Details

Founded: 2015
Revenue (2016): <0.5M€
Personnel: 9

Financing

Butterfly invested: Q1/2015
Total financing to date: 2,3M€
Last round (Q3/2017): 1.7M€
Other investors: 01 Ventures, Reaktor Ventures

Contact

valossa.com www.whatismymovie.com https://www.linkedin.com/company-beta/10190539/ https://www.facebook.com/ValossaLabs https://twitter.com/ValossaInc

OptiWatti

OptiWatti is a hassle-free room level heating and cooling optimization system that saves electricity, improves the comfort and control the user has over temperatures and reduces the carbon footprint. OptiWatti automatically takes into account number of factors such as spot prices of electricity, weather data, humidity, thermal capacity of the spaces etc. and optimizes the use of electricity accordingly. Even up to 40% savings on heating costs have been achieved. In larger scale, this kind intelligent systems provide the kind of demand response capacity that is required due the increase of renewable energy sources. According to EU commission, the market size for demand-response alone in Europe is more than €100 Billion. Room level temperature optimization, that OptiWatti enables, is the most effective way to implement demand-response.

“We were very impressed of what OptiWatti had achieved prior to our investment. They had their first product launched, some revenue and very satisfied customer base. Like customers, we loved the user experience they provided. Throughout the whole investment process the professionalism of the team was obvious. Also, the market opportunity was clear. However, the major realization was the huge impact OptiWatti could have in the bigger picture through demand response capability.” – Matti Kanninen, Co-founder and Managing Partner of Butterfly Ventures

As at the time of investment the first product version was ready, the key focus has been on sales, marketing and building the channel. Very successfully so. After investment OptiWatti doubled their revenue in 2016 and won Kasvu Open competition in three categories. In the first half of 2017 it doubled the revenue again. Overall the pace of growth is increasing fast.

“Butterfly Ventures has been with us from the very early days of our journey. We like their style, while they rely on founders to do the final decisions, they have plenty of concrete suggestions and insight. Most important of all they’ll ask the right questions. They’re the investor to call to whenever we need advice. It’s remarkable, how big difference the right kind of energizing support can make.” Juha Marjeta, CEO of OptiWatti

In May 2017 OptiWatti completed a financing round where some of the angel investor were bought out and 2.5M€ of new capital injected into company. The financing will be used to further accelerate growth in Finland and abroad.

Founders

Juha Marjeta, Jyri Seppä

Offices

Espoo, Oulu (Finland)

Details

Founded: 2013
Revenue (2016): <0.5M€
Personnel: 17

Financing

Butterfly invested: Q2/2015
Total financing to date: ~4.5M€
Last round (Q2/2017): 2.5M€
Other investors: Taaleri

Contact

www.optiwatti.fi https://www.linkedin.com/company-beta/3668542/ https://www.facebook.com/optiwatti https://twitter.com/OptiWatti

More examples

Since 2012 Butterfly Ventures has invested into 60+ early stage companies. Our business track record is strong. While, at the time of investment 80% companies do not have any revenue, 80% of them do after six months in our portfolio. Furthermore, roughly 25% our investments have already made their first million in revenue and 10% making more than a million a year. Here’s a few more companies from our active portfolio. Feel free to explore them further.

The most energy efficient motor in the world. 21tdmc.com

Solid state laser perfomance with the cost of fiber laser. ampliconyx.com

Controls the augmented reality. augumenta.com

The pulse of the brain. cerenion.com

Billions of IoT device measurements streamed to cloud. ioliving.com

Highly effective antimicrobial peptidecoatings. chainantimicrobials.com

No more bad containers or damaged cargo. conexbird.com

Optimized floorplans from any media to digital. cubi.casa

The next logical step towards best possible sports performance fasciawear.com

Up to 30% savings on heating in water raditor heated buildings. fourdeg.com

Discover the health impact of your daily activities. Fjuul.com

Collaborative change management system for construction sites. gbuilder.com

High density energy storage with millions of charge-discharge cycles. geyserbatteries.com

Movement disorder analysis re-invented. headinstruments.com

Softer, cleaner and more efficient production trough AI. intelecy.com

Next generation sequencing for the immune system. ipdx.eu

10x better than any lidar. ladimo.fi

Replacement for SATCOM, without the cost of satellites. kyynel.net

Reducing complications and saving lives in IV therapy. monidor.com

Addressing the 500 billion health problem. naava.io

Restoring the original flavors to the kitchen natufia.com

For better sleep ntrain.fi

Save up to 40% off from your electric heating bill. optiwatti.fi

Enjoy beer better. pintplease.com

Never miss a pill again. popit.io

Automated testing and profiling combined profilence.com

Easiest way to enable advanced location services in an APP. proximi.io

Software driven drive train for e-bikes. revonte.com

See in to super hot processes like never before. sapotech.fi

Trade sale to Siemens. sarokal.fi

Absolutely no-friction magnetic levitation bearings. spindrive.fi

Trade sale to Amer Sports. sports-tracker.com

Allow radio waves pass through. stealthcase.fi

Making bone surgery safe. surgifymedical.com

Real-time avalanche risk assemsent sensor. thinkoutside.no

In-venue advertising. Revolutionized. tvm.media

World's most advanced video AI. valossa.com

Nano coating for 100 fold higher quality microscopic imaging. xfoldimaging.com

Have a great idea?
We’d like to hear about it!

Send a short introduction with your investor deck to ideas@nullbutterfly.vc

Oulu

Torikatu 4 A 5,
FI-90100 OULU, Finland

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Helsinki

Lapinlahdenkatu 16,
FI-00180 HELSINKI, Finland

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Stockholm

Mäster Samuelsgatan 36,
11157 STOCKHOLM, Sweden

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Meet us here

26May2020

Arctic15, Helsinki

Cable Factory, Tallberginkatu 1, 00180 Helsinki, Finland