Finnish Visedo, a company that specializes in creating electric powertrains and components, has raised €20 million. The round was led by Emerald Technology Ventures, with participation from Ilmarinen, LähiTapiola, Suffice International, Sinituote, Finnish Industry Investment, VNT Management, Green Campus Innovations and Visedo’s employees.
Visedo manufactures high performance powertrain systems for commercial vehicles, heavy-duty machinery and the marine vessels. The market for these products is expected to grow rapidly to around €11 billion by 2020. Visedo’s compact and robust components, controlled using its own intelligent software, provides customers with a complete powertrain solution.
The company reports that it has recently grown at an annual rate of 100%. It plans to use the new funding to invest in sales and expand in Europe and Asia.
The lead investor of the new investors in this round is Emerald Technology Ventures. Charles Vaslet, Partner at Emerald Technology Ventures, will become a member of Visedo’s Board of Directors.
“Electrification improves machine performance, in addition to significant fuel savings and reductions in noise and emissions. These are essential factors for industrial clients and original equipment manufacturers.” said Vaslet. “Thanks to its superior powertrain design and unique business model, Visedo is a winner in this business.”
The funding round was one of the largest in Finland and in industrial innovation in 2016. Visedo currently operates in Finland and in The Netherlands and has clients in 19 countries around the world. The market has grown the strongest in Asia and, Visedo’s next step is to open new office in Hong Kong.
“The added value that we create for clients is not merely technological. We offer the best expertise in the electric system as a whole. We know that our system is the best in the world and these additional funds will enable us to ensure that we are known globally,” said Kimmo Rauma, CEO of Visedo.
Read more: Visedo (Press release)