ROCSOLE, a Finnish smart process imaging company, announced that it has secured €5M funding in a Series A round led by Springvest Oy. The funding announcement comes six months after raising undisclosed funds from existing investors.
The company says that the funds will enable it to expand its team, upgrade its infrastructure, and accelerate scalability and product development.
“I am very glad to see this response, our team is strong and dedicated to our work to make industries safer and better. This investment turns the page for our company as we start a new chapter. The huge interest from investors, customers, and the market is confirming the need for improved sensor data and analytics allowing for improved operational efficiency which is a critical part of decarbonisation. We are now gearing up for our scale-up with an impact in several industries. The coming years are going to be extremely exciting,” says Mika Tienhaara, CEO of ROCSOLE.
ROCSOLE: What you need to know
Founded in 2012 in Kuopio, ROCSOLE provides process insights with tomography solutions for energy efficiency and asset performance optimisation.
With Artificial Intelligence (AI) and deep learning, the Finnish company helps customers reduce operational costs, avoid unplanned shutdowns, and monitor product quality to increase revenues and have reliable process control.
The company has been piloting its solution in a variety of industries and applications in the past years. ROCSOLE has offices in Houston, Oslo, Kuala Lumpur, Arnhem, Sao Paulo, and Abu Dhabi.
Investor
Based out of Helsinki, Springvest provides growth funding for the most promising companies and gives investors an opportunity to invest in unlisted shares of growth companies.
Springvest is a minority shareholder in all of its portfolio companies and currently owns shares in more than 30 companies.
“Springvest is built to support the most promising Finnish growth companies on their journey to international success. Rocsole has the potential to make a huge difference through its sensor technology and data and analytics solutions. We are proud to be able to back up the commercialisation of such technologies. Springvest is looking forward to continuous cooperation with Rocsole in the future and we are eager to see the company grow as a result of this funding,” says Jouni Mäkelä, chief investment analyst of Springvest.