Finnish IoT company Treon closes its €5.5M Series A round for the expansion
Tampere-based Treon, a startup specializing in intelligent edge products for massive IoT, has closed a €5.5 million Series A round led by Ventech, to accelerate its international growth.
- Launched in 2016 by Joni Korppihe, Treon provides intelligent edge products and scalable solutions for industrial, digital buildings, and logistics clients, facilitating data collection and analysis to enhance efficiency and decision-making. In 2022 Treon’s YoY revenue growth increased to 80% YoY, which is projected to continue at a similar pace throughout 2023 and 2024. In addition, the team has grown to over 60 people within the last year.
- Ventech, the leading investor in the current round, is a European-Chinese early-stage investment fund that invests in the digital economy. With its dual structure platform, Ventech has dedicated funds for Europe (Paris, Munich, Berlin, Helsinki) and Asia (Shanghai and Hong Kong).
- In 2019 Ventech already supported Treon in its initial seed investment.
“We are truly blessed to be chosen by Treon to lead their Series A funding, a significant step for its internationalization. Our initial investment in Treon through our Seed program back in 2019 was a testament to the potential we saw in Joni and the entire team. Witnessing their remarkable growth since then has left us immensely impressed, further solidifying our strong belief in Treon’s journey to becoming a global leader in massive IoT,”Tero Mennanderm, General Partner at Ventech added.
- The fresh funding will help to bolster its sales and marketing efforts, establishing its market presence, especially in the USA. Additionally, it will help to enhance Treon’s product portfolio and scale its organization.