Finnish energy tech Vensum raises €3.8M funding round
The Helsinki-based startup Vensum that is focused on energy technology has raised €3.8 million to develop its power converter technology. The round was led by Lifeline Ventures, joined by Grid.vc, Harjavalta Oy, and Business Finland, Tech.eu reports.
- Founded in 2019 by Mika Marjalaakso, Vensum develops a software-defined Power Converter (SPDC) technology, aiming to overcome the existing limitations in power conversion systems. The startup claims its technology can deliver up to three times more power from the same footprint and gives the same power output in up to 65% smaller packages.
- Vensum’s technology can be used for electric vehicle charging stations, efficient energy storage systems, DC microgrid architectures, and the optimization of wind and solar power installations. SDPC also simplifies the maintenance and repair of power conversion systems, thanks to remote diagnosis and troubleshooting capabilities, significantly reduces downtime and repair costs.
- The seed round was led by Finnish VC Lifeline Ventures that has recently raised €150 million for the fifth fund. Its biggest one for the fund, and it allows it to continue investing in Finnish startups. The investment was joined by Grid.vc, Harjavalta Oy, and Business Finland who provided an €1.7 million loan and €400,000 of deep tech funding.
- With the fresh investment, Vensum Power’s technology will enter new pilot projects and product development and the company will expand its research and engineering resources.