Visedo is ready to take a global lead in providing smart and high performance electric drivetrain systems
Visedo received early Christmas present and raises 20 MEUR financing round with Emerald Technology Ventures as the lead investor.
Visedo, a company specializing in electric powertrains and components, has collected a financing package of EUR 20 million, comprising of an equity investment of EUR 13.5 million, an EFSI loan of EUR 5 million* and EUR 1.5 million in funding from other sources.
The equity investment round was managed by Emerald Technology Ventures, with Ilmarinen, LähiTapiola, Suffice International, Sinituote, Finnish Industry Investment, VNT Management, Green Campus Innovations and Visedo’s employees participating in the funding.
Visedo manufactures high performance powertrain systems for commercial vehicles, heavy-duty machinery and the marine vessels. The market is expected to grow rapidly to around EUR 11 billion by 2020. Including other electric vehicles, the total market will be EUR 50 billion. Visedo’s compact and robust components, controlled using its own intelligent software, provides customers with a complete powertrain solution.
“We are pleased to have attracted such experienced investors,” says Kimmo Rauma, CEO of Visedo. “The company has grown at an annual rate of 100 percent, and the new funds will enable us to invest in sales and marketing to take our business to a new level in Europe and Asia. We have and will continue to recruit several key people.”
One of the long-term investors in Visedo, Sinituote Oy, becomes the largest shareholder after the funding round. Sinituote is a successful Finnish family company and also one of the few supporting smaller Finnish SME’s both financially and by sharing their experience and vision in business development.
The lead investor of the new investors in this round is Emerald Technology Ventures and 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.” says 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 2016
Visedo currently operates in Finland and in The Netherlands and has clients in 19 countries around the world. The markets have grown the strongest in Asia and the 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,” says Rauma.
Founded in 2009, Visedo is a Finnish company specializing in electric powertrains and components for heavy-duty machinery, commercial vehicles and the marine industry. Its powertrains are suitable for hybrid and electric systems within the power range of 30 kW to 2,000 kW. Visedo’s head office is located in Lappeenranta, Finland, and the company has a subsidiary in the Netherlands. Visedo has a broad, international client base, with exports to Europe and Asia representing 90 percent of its sales.
Emerald Technology Ventures is a globally recognized investment firm in the areas of energy, water, advanced materials and industrial IT. Founded in 2000, the company has raised four Venture Capital Funds, completed nearly 60 venture investments, been a trusted partner for numerous multinational corporations in their open innovation activities and managed three technology investment programs for third parties. From offices in Zurich, Switzerland and Toronto, Canada, Emerald has managed assets of more than USD 660 million to date.
Tuomo Rönkkö, Chairman, Board of Directors, Visedo
Tel. +358 50 387 6120