Finnish photodiode startup ElFys raises €3M

The Espoo-based photodiode startup ElFys has raised €3M in funding, which complements a round of the same size from last summer. The lead investor is Samsung Venture Investment Corporation (SVIC), supported by Voima Ventures, Photonics Finland informs.

• Founded in 2017 by Mikko Juntunen, ElFys provides light sensors with better sensitivity than anything on the market. The technology improves any light sensing application, ranging from health monitoring to security X-ray imaging and autonomous driving.
• The solution’s performance is based on an inventive combination of modern MEMS (Microelectromechanical systems) nanotechnology developments and atomic layer deposition. The company has presently 14 employees and 50 customers globally, including many well-known manufacturers.

“Our customers clearly see the value we offer. Now we are quickly progressing towards high volume production and we’re very excited to be able to serve our customers – and ultimately the end user community – with ever better devices,“

Mikko Juntunen, the founder and CEO of ElFys, says about the startup.

• Samsung Venture Investment Corporation (SVIC) led this funding round. It is a venture capital firm, with a collected capital of about $1.8B, investing in tech-based startups. ElFys’s earlier lead investor Voima Ventures, a Finnish VC firm, also joined in the round.
• ElFys will use the funding to become an integral component of increasing the quality of health-related sensors for wearable devices, like digital watches.

More about Finnish VC fund you can read in our ranking of the 15 most active backers.