Finland-based Haltian raises €22M to offer IoT solutions and product development services

Oulu-based Haltian, a company that provides product development services and commercial Internet of Things (IoT) solutions, announced on Monday that it raised €22M in a fresh round of funding for growth.

With this round, the IoT company has raised a total funding of €40M to date.

The round was led by Mandatum Asset Management Growth Equity II fund (MAM GE) and joined by Varma, Tesi, Ventic and Inventure.

Kitty Laine, Investment Manager, Private Equity at MAM, says, “Haltian has a history of providing state-of-the-art IoT solutions with unparalleled accuracy and data – an indispensable component of truly invaluable IoT solutions.”

“We are proud to be a part of Haltian’s new funding round and support the team to expand further into new markets.”

“The new funding also strongly validates their unique position in the growing IoT market. Haltian’s impressive growth of over 50 paper cent annually and tripling turnover in just three years make it a fitting investment for Mandatum Asset Management’s Growth Equity Strategy,” adds Laine.

Developing easy-to-use IoT software and sensor solutions

Haltian believes that enhancing work comfort and facilitating hybrid work, as well as digitisation of the real estate sector and energy and space-use efficiency, are driving demand for new Internet-of-Things solutions and services. 

And according to a report by WorldGBC, buildings now account for 39 per cent of worldwide energy-related carbon emissions, with 28 per cent coming from operational emissions, such as the energy required to heat, cool, and power them.

This is where Haltian steps in.

The company says it is developing simple IoT software and sensor solutions and services that can be applied to a variety of commercial real estate demands.

Their sensor solution, Empathic Building, is a digital twin solution in modern desk-sharing offices where employees need to find colleagues and available spaces when arriving at the office, book those spaces and get analytics and reporting of the used workplaces.

Additionally, Haltian is also testing the Emphatic Building solution in hospitals, where it may be used to improve operations such as patient flow, equipment, and facility management.

Pasi Leipälä, co-founders of Haltian, says, “At Haltian, our mission is deeply rooted in making working life smoother. This mission has resonated with our clients. We are excited to continue to deliver cutting-edge IoT solutions that help our clients thrive in the digital age, make better data-driven decisions and ultimately contribute to building a more sustainable future.”

Companies from Japan to North America are among Haltian’s clients. In North America, the company will install its IoT systems in thousands of buildings this year. 

Haltian’s solutions are also used in offices and other buildings by many of the biggest facilities management and real estate firms in the world, including CBRE and ISS.

Capital utilisation

Haltian says it will use the funds to accelerate its expansion in the US and Europe and to launch new IoT products later in the year.

As per the company, its IoT solutions and services have attracted a lot of attention and top-tier clients; the US market alone accounts for a third of its income. 

With the fresh funds, the company, which recently started operations in the Netherlands and California, is looking to continue its international expansion.

“The new funding enables us to boost our global commercialisation efforts and to build a truly successful Finnish hi-tech story,” says Leipälä. 

“Specifically, the new funding will further support Haltian’s international expansion in Central Europe and North America, as well as our recruiting effort. As a way of answering to growing customer demand, we are also looking to launch new cutting-edge IoT products in 2023.”

About Haltian

Founded in 2012 by Pasi Leipälä, Teemu Vaattovaara, Jyrki Okkonen, and Ville Ylläsjarvi. Haltian offers IoT services.

These include the Empathic Building digital twin service for smart buildings, and Thingsee, a IoT technology platform that enables faster IoT launches for mass-scale deployments.

Besides, the company also offers New Product Development Services to help companies get their product from an idea to a ready product. Currently, it employs 145 people globally.