Finnish energy tech start-up Vensum has raised a €3.8 million funding round which will see it further develop its power converter technology.
Vensum Power's technology adapts to changing conditions and varying requirements to make sure the most is made of power conversion. It says that over 50% of the wasted energy can be saved by improving conversion losses from 7-10% to 3–5%, driving down energy usage on a scale.
The Seed round was led by Lifeline Ventures and includes Grid.vc, Harjavalta Oy, and Business Finland who provided an €1.7 million loan and €400,000 of deep tech funding.
"We are thrilled to secure this funding and advance our technology to enable a revolution in power conversion," says Peter Nisula, the CEO of Vensum Power. "Our holistic approach to understanding and redefining power conversion technology sets us apart, and we are excited to work with our investors to bring our novel solution to market soon. With this investment, Vensum can continue to push the limits of what is possible in the power conversion industry and help accelerate green transition on a scale."
“Vensum Power has a unique advantage in the power conversion industry due to their revolutionary technology and the team’s expertise in this field. We are excited to support their cutting-edge research and development work. The market opportunity for Vensum’s technology is significant, and we believe that their innovative approach to power conversion has the potential to revolutionise the industry, leading to higher profitability and making it more efficient and sustainable, while setting them apart from conventional power conversion technologies," says Petteri Koponen, Founding Partner at Lifeline Ventures.
