Spectral Engines closes 1.6 M€ funding from investors

PRESS RELEASE July 18, 2016 (for immediate release)

Spectral Engines, a Helsinki-based smart material sensor company, has secured a 1.6 M€ funding. In addition to previous investors - Inventure, Finnvera and VTT Ventures - a private investor Timo Syrjälä also participated in the financing round.

"Spectral Engines’ team has done excellent work with their sensor solution and we see great potential in the company”, says Timo Tirkkonen, Partner at Inventure. "Spectral Engines fits well to our high-tech portfolio including companies such as Rightware, Beddit, Beneq and Blueprint Genetics."

"We and our customers see great opportunities in the big trends of IoT, industry 4.0, smart home appliances and miniaturized portable instrumentation. This funding allows us to launch our new products, scale up manufacturing and also invest more to marketing and sales in our main business areas in US, Europe and Asia", comments Jarkko Antila, CEO of Spectral Engines.

Spectral Engines develops and manufactures next generation smart sensors. Unlike traditional sensors which are capable of measuring one physical property such as pressure, these innovative sensors are capable of identifying the very building blocks of materials. They can reveal the chemical make-up of for example food items, textiles, plastics and pharmaceuticals among others. One uses the sensors to detect fake products, to improve safety and for health management, and to improve material efficiency in process industry. In February 2016 Spectral Engines' new wireless IR analyzer received the 'Oscar of Photonics' (Prism Award) at Photonics West in San Francisco, US.