Funding for deep tech startups in Helsinki – global breakthroughs expected from research results

In September 2023, Business Finland granted a total of EUR 6.8 million in funding to 17 different startups utilising research results. As many as six of the companies that received Deep Tech Accelerator funding have also participated in Business Helsinki’s business incubator and accelerator activities.
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Deep tech companies are highly technology-driven businesses with backgrounds almost always built on academic research. Photo: Keksi Agency

Of the companies that have received Deep Tech Accelerator funding, ReFaMo Oy and Elmery Oy have participated in the Business Helsinki Accelerator, which specifically supports incubation and acceleration-stage startups and teams aiming towards international markets. The Accelerator’s services are free, and companies can apply for them at any time.

ReFaMo Oy offers a unique approach to monitoring structural fatigue and solving the related problems in areas such as railways and industrial machinery. Elmery Oy helps extract precious metals and remove harmful elements in a sustainable way.

In addition, no fewer than four companies – Curify Labs Oy, Fepod Oy, Maculaser Oy and Nadmed Oy – have taken part in Health Incubator Helsinki, the only long-term incubator programme focusing on health in the Nordic countries. The incubator supports the development of health innovations, research projects and expertise into international business. At the same time, Health Incubator Helsinki attracts experts and companies to Helsinki, offering tailored mentoring, coaching and support services for business development for up to three years.

Curify Labs Oy has created a technology called MiniLab that enables high-quality 3D printing of personalised medicines on site in pharmacies. Fepod Oy is developing and commercialising a state-of-the-art IVD technology platform that can be used to measure the concentrations of paracetamol, opioids and other painkillers directly from a drop of blood at the treatment point. Meanwhile, Maculaser is developing new medical technology to treat common retinal diseases such as macular degeneration. NADMED Oy is introducing a new precise high-performance method for measuring metabolic NAD molecules in blood and other samples.

With the business incubator services, the city supports entrepreneurs in the heart of the action

The incubator and accelerator services are important to Helsinki. They allow the City of Helsinki to support entrepreneurs concretely in the heart of the action. The incubators and accelerators work closely together with their partners and networks. Through incubators, the city provides expert support to businesses as well as a platform for encounters and the emergence of new communities.

“Cutting-edge Finnish research, startup entrepreneurs from different fields, and the entire startup ecosystem of Helsinki come together in our business incubators. We are very happy that the customers of our incubators have managed to raise such significant funding,” says Timo Helenius from Business Helsinki's Growth Business Services.

The aim of the Deep Tech Accelerator funding provided by Business Finland is to promote the utilisation of research results in startup businesses and, in particular, to accelerate the market entry of deep tech startups and the launch of international business. With the help of the funding, the companies can increase their customer understanding, adapt their solutions to their customers’ needs, and strengthen their teams.

"These early stage companies have significant potential for major breakthroughs, says Jari Toivo, the Director for Funding at Business Finland.

Explore the topic

Business Finland’s news article about the Deep Tech Accelerator

More information about Business Helsinki Accelerator

Learn more about Health Incubator Helsinki