Aisti logo

## The novel acoustic tile championing sustainability

A sought-after feature of any indoor space is the acoustics—in other words how peaceful and quiet it can really be. And this makes acoustic tiles a key element of modern construction. However, the solutions widely used today are highly carbon intensive. To add to that the end products (made of insulating materials like glass wool or rock wool) are non-recyclable and can cause irritability. All too much of a price to pay for silence. Now Aisti is stepping in to change that with their novel acoustic tile—a natural, healthy and environmentally friendly solution for modern construction needs.

Aisti combines wood fiber with a unique manufacturing process to create low density fibreboards without synthetic material. Not only is the result, Aisti® Teno Acoustic tile, all natural and 100% circular but also cost-effective to produce. Simply put, it’s the future of acoustics.

Investors

> Our goal is to rise alongside the world's largest acoustic tile manufacturers by offering sustainable products for the needs of today’s construction

Mikko Paananen
Founder and CEO of Aisti


## Making new standards of construction material

Construction is one of the most environmentally taxing industries—especially in terms of resourcing, manufacturing and disposing materials. It’s in urgent need of both alternative materials and processes that can bring sustainable solutions without compromising the quality. Which are also optimized for industrial scale production at a competitive price point. It just so happens that this challenge is what drives Aisti’s veteran founding team. So they are combining their expertise on bio-based material, fiber-based processes and property design to create novel solutions that are making new standards for construction material.

> Aisti’s technology is ready and scalable quickly. There is a huge potential in carbon-negative and cost-competitive new building materials

Pirkka Palomäki
Partner at Maki.vc

Aisti team

Making: All natural & 100% circular acoustic tiles
Round size: €1.6M
Invested in: 2022

Aisti

Onego Bio logo second image

## Creating egg whites without chickens

Eggs are one of the most used animal proteins in the world. Over the past two decades their production has almost doubled in volume and is predicted to grow to a whopping 138 million tonnes by 2030. Now, Finnish startup Onego Bio is using novel technology to produce animal-free egg protein, Bioalbumen. In a method similar to beer production, they leverage precision fermentation to create egg-white proteins identical to their conventional counterparts, minus the many implications to both the planet and animal welfare. What’s more — Onego Bio’s animal-free egg white can be produced at an industrial scale and at a competitive price point, too.

> Egg protein is one of the most widely used proteins in the world, and Onego Bio has the opportunity to launch an animal-free alternative, which is also environmentally sustainable. 

Paavo Räisänen
Partner at Maki.vc

Onego Bio middle image

## Creating smart proteins that can change attitudes

For the founding team of experienced entrepreneurs and scientists at Onego Bio, a cellular agriculture spin-off from VTT Technical Research Centre of Finland, producing egg white proteins in a bioreactor was in fact the easy part. When doing so, they also picked a commercially-proven Trichoderma technology that allows for higher efficiency and productivity — exemplifying potential for industrial scale success from the get go. They believe the true challenge will be to change the perspectives on alternative ways of producing food. But as consumers become more and more open to animal-free products, Onego Bio plans to enter the market first with the bakery and confectionary industry, then protein supplement for fitness products before eventually winning the hearts of home bakers and cooks around the world.

Onego quote picture

> We want to rethink eggs and give people access to a delicious healthy animal-free alternative. Egg white is a smart starting point for the next level proteins. In many applications, egg is the last frontier before entirely animal-free end products can be manufactured.

Maija Itkonen
CEO of Onego Bio Ltd.

Making: Creating egg whites without chickens
Round size: €10M
Invested in: 2022

Onego Bio

Jennis 

## Building the go-to-app for cycle mapping

Every woman is different and they each go through a unique menstrual cycle. But there’s very little information on how to hack these hormone spikes. That’s why Olympic gold medalist Jessica Ennis-Hill teamed up with veteran sports agent Jane Cowmeadow to share their expertise on how to train, eat and sleep for optimised hormonal health with everyday women -  through an app.

Most training programs are made for the physiology of men and a 24-hour cycle. Jennis CycleMapping is on a mission to change this convention by creating a bespoke fitness programme that puts women in the driving seat of their own cycle.

> Only 6% of sport and exercise science research is done exclusively on women, so there is a huge gender data gap when it comes to knowing about women’s bodies and how to get the most out of them.

Dr Emma Ross
Head of Physiology at Jennis


Middle image Jennis

## A wellbeing plan that truly understands women

Jennis CycleMapping elevates the idea of a basic period tracker to develop training sessions that take into account the unique patterns and symptoms each woman experiences, and personal goals. The results include more efficient strength and fitness gains, a more consistent approach to training, reduced cycle symptoms (including hormonal headaches and hormonal insomnia), greater energy, more lean muscle and a more positive mood and body image across the cycle.


> We can help all women understand their bodies and
hormones in a way we&#39;ve never been taught to before.

Dame Jessica Ennis-Hill
Co-founder of Jennis

Jennis quote

Making: the go-to-app for cycle mapping
Round size: €1.2M
Invested in: 2021

Jennis

QDI Systems logo

## Building high-quality X-rays with low radiation

QDI Systems from Groningen, the Netherlands, is the first initiative worldwide that is able to demonstrate the added value of quantum dots for X-ray examinations.

The technology is based on ultra-modern nanomaterial: quantum dots. This material converts photons into electronic signals in a highly effective way. When quantum dots are used for X-ray examinations, they are able to create a higher image quality at lower radiation doses. The technology is expected to have a huge impact on procedures like mammogram screening and diagnostics.

> QDI Systems has already generated impressive traction and feedback from large industrial companies, some of which have stated that this is the best new tech they have seen in ten years.

Paavo Räisänen
Partner at Maki.vc

## First to demonstrate the added value of quantum dots for X-ray examinations

QDI systems is a high-tech start-up, spin-off from Zernike Institute for Advanced Materials, University of Groningen, founded by Dr. Artem Shulga. The strategy of QDI systems is to become a major technology provider, developing quantum dot technology for various applications. The company offers high-quality and easy-to-use quantum dot material and the detailed recipe on how to make a high-performance device out of it.

> When you use a high dose, the image quality gets better. But because radiation is also bad for the body, this is a difficult trade-off. Our quantum dot technology makes it possible to create X-ray views of higher image quality, but with a lower dose of X-rays. It’s better for the patient and better for the diagnosis.

Dr. Artem Shulga
Founder and CEO of QDI Systems

QDI Systems team

Making: The first x-ray detector based on quantum dot technology
Round size: €1.3M
Invested in: 2022

QDI Systems

Quanscient logo image

## Accelerating breakthrough R&D with quantum simulation technology

Companies innovating in deep tech fields, from fusion energy and aerospace to electric motors and 5G technology, rely heavily on simulations to provide feedback for product development. However, existing solutions come with high costs and other inefficiencies resulting in long waits before bringing products to the market.

As world’s first cloud-and-quantum-computing-powered multiphysics simulation technology provider, Quanscient is radically accelerating simulations and transforming R&D processes across multiple industries. Quanscient doesn’t only enable speedy and highly complex R&D – their better simulations also help to make products more energy efficient and sustainable.

> With the help of our technology, innovation and product development become more efficient, and products are brought to market faster. With the existing solutions, it can take up to a month to run a superconductor simulation to provide feedback for product development. Quanscient can do this in a few hours.

Juha Riippi
Co-founder and CEO of Quanscient

## Advancing the foundations of simulation research

Quanscient’s founding team has been working to accelerate the performance of simulation platforms long before founding the company in 2021. The performant and modern set of algorithms they developed is the bedrock of their simulation platform which, as of now, is supporting 17 companies to carryout groundbreaking research and product development. With the new investment, Quanscient aims to further their product development and expansion to enable more and more companies to innovate and bring their products to market efficiently and sustainably.

Quanscient body image

> Quanscient’s product delivers unforeseen runtime speed, scale, and accuracy for simulations. The product enables flexibility by allowing the users to combine any physics in a single simulation, providing unforeseen accuracy and usability when solving multiphysics problems. We were impressed by Quanscient’s strong team with experience in quantum computing, software, and research, and look forward to helping them scale the business further.

Ilkka Kivimäki
Founding Partner of Maki.vc

Making: Cloud & quantum powered simulation tech
Round size: €3.9M
invested in: 2023

Quanscient

Ever dye image

## Inventing the most sustainable way to color textile

The textile industry is in need of a detox. It’s responsible for up to 10% of the carbon emissions and 20% of wastewater generated across the world. One of the main culprits behind this pollution is inefficient textile dyeing processes. Therefore, lowering the environmental toll of colors should be a top priority for everyone in the fashion ecosystem who are striving for more sustainability.

The Paris-based, material tech startup Ever Dye is stepping up to this challenge with their greener, faster and energy-efficient dyeing process that produces recyclable and reusable dyes. This eco-friendly alchemy involves – synthesizing pigments from natural elements, a fast and no-heat required process to attach the dyes, and a simple, mechanical process to clean the used water after the fact.


> With Ever Dye's novel method, fabrics can be dyed five times faster with fifteen times less energy consumed – and without any petrochemicals involved.

Ilan Palacci
CEO at Ever Dye

## Setting a new standard for creating colorful wardrobes

From day one, the team of experts behind Ever Dye has been pursuing a long-term solution that completely overhauls the fabric coloring process as we know it. Now, Ever Dye’s patented innovation allows brands to improve the sustainability of their supply chains, end products and product life cycles – without sacrificing their love for bold and vibrant colors. However, changing practices and behaviors of the fashion industry, on both consumer and producer ends, calls for a collaborative and systematic push. That’s why Ever Dye continues to work closely with partners who are also diving into cutting-edge research and development to keep elevating the bar of sustainable fashion.

Ever Dye body image

> Fashion is one of the industries most ripe for disruption, and Ever Dye’s technology brings a long-awaited, more sustainable solution to dyeing fabrics.

Paavo Räisänen
Partner at Maki.vc


Making: Low heat & low-energy dyeing pigments and processes
Round size: €3.4M
Invested in: 2023

Ever Dye 

All companies 1/2

Aivo upper image 

## Healing the root cause of chronic symptoms

Chronic pain is a $635 billion per year burden on the health care system in the U.S. alone. Aivo's vision is to shift chronic pain care from ad hoc random encounters to continuous precision care. The company is developing a personalized self-care program with leading neuroscientists that teaches brain to overcome chronic back pain. To cure chronic pain, the brain needs to be rewired and Aivo's program uses emotional learning to treat the root cause of chronic pain. By discovering personal pain profile Aivo is able to create personalized daily programs, which are fine-tuned monthly to start journey towards pain-free life. 

Investors 

## The Aivo Program is developed by leading neuroscientists

While serial entrepreneur and chronic pain patient Mika Marjalaakso studied scientific literature for a cure, he stumbled on the work of Professor Apkarian, a respected neuroscientist who used brain imaging to show that, instead of the tissue damage, the brain structure was best to predict the symptom patterns and differential treatment response. Soon after, Aivo was born. Now, Marjalaakso and Apkarian are building Aivo together. They're fulfilling their vision by using in-app digital biomarkers and machine learning models that leverage Dr. Apkarian's decades of work at Northwestern University.   


Aivo App picture

> We are starting with chronic low back pain, but we’ve got big ambitions. And we won’t stop until we’ve succeeded at redefining what chronic pain care means.

Making: Precision pain care
Round size: €2M
Invested in: 2021

Aivo

Altum Technologies upper picture

## Building cleantech solutions to reduce CO2 emissions in process industries

Altum Technologies is the first and only company to use focused power ultrasound to remove fouling from industrial equipment with no production stoppages and no equipment disassembly.

Having a specialized solution for several industries is a must, therefore Altum Technologies experts and technology have taken into account the industrial needs of pulp and paper, mining and mineral processing, oil and gas, chemical production, and more.

> By investing in Altum Technologies, we wanted to back an industrial revolution in which there is no need to stop production because of fouling and this generates a lot of value. 

Ilkka Kivimäki
Partner at Maki.vc

## It’s hard to believe that the world is throwing away entire fouled pipelines

Fouled industrial pipelines are a total nightmare. As the pressure rises, energy consumption skyrockets, and the whole production needs to be stopped in order to clean up the clogged pipe as fast as possible. For heat exchangers alone, fouling costs amount to $123 billion in the world’s ten largest economies.

Altum COO Bo Malmberg and CEO Matias Tainela ran a company that imported different sonic and ultrasonic cleantech solutions to clean fouling in industrial equipment. Their customers often asked, “Do you have a product that can clean our fouled equipment with ultrasound without the need to stop production?”. They looked all over the world a solution that could do this — but found nothing. All the ultrasound technologies out there were just too weak. Now, they are building this solution. 

> The currently used cleaning methods are mechanical and chemical washes. But both require the machinery to be stopped, which means they are out of productive use for hours or even days.

Matias Tainela 
CEO at Altum Technologies 

Altum quote image 

Making: Fouling removal with power ultrasound
Invested in: 2018
Round size: €5M 

Altum Technologies

Alvar Pet intro image 

## Eco-friendly and personalized dog food, delivered directly to the customer’s door 

The growing pet industry is an area that has not reacted to sustainability challenges that the industry is causing, but Alvar Pet believes owning a dog should not be a choice against the environment. 

Alvar Pet has created a range of zero-emission meals by making sustainable choices in every step of the operational chain. That means choises such as using Nordic ingredients like Baltic herring, faba beans and oats, using recyclable materials, and delivering the food directly to the dog owner's front door. 

> Alvar's value-led mission stands out from its competitors. The company's D2C business challenges the traditional, well-known brands and the often locally functioning distributors with its data-driven customer understanding and speed.

Pauliina Martikainen
Investment Director at Maki.vc

Alvar pet image 

## Alvar Pet found an uncatered space in environmentally-conscious pet owners

Being dog owners themselves, the founder group felt that these topics should be addressed and they founded Alvar with the mission to minimise the carbon pawprint. They started addressing the pawprint impact of food consumption that accounts over 50% of the emissions.

They currently offers a range of zero-emission dog foods made of Nordic ingredients such as Baltic herring, oats and faba beans and have delivered over 300,000 meals since their launch in 2020. 

Quote image 

> As dogs become an increasingly popular and prominent part of our lives, their environmental impact must be addressed

Ilari Haataja 
Co-founder of Alvar Pet 

Making: Sustainable pet food home-delivered
Round size: €1M
Invested in: 2020

Alvar Pet

Baseimmune upper image 

## Developing a variant-proof coronavirus vaccine

UK-based Baseimmune is a biotech startup founded to create vaccine that could provide immunity against all future coronaviruses and predict new variants. But how? Pathogens are evolving constantly to adapt and ensure their survival, meaning they are a constantly moving target for vaccines. Baseimmune uses deep learning to predict the direction that a pathogen will take to create vaccines that are many steps ahead and future proof.

Their unique platform is based on powerful technology, which generates antigens using a level of informatics depth not previously seen. This way they're able to tackle emerging and challenging pathogens, and most importantly able to ensure that vaccines remain effective even if a pathogen mutates.

> In January 2020, even when there was just a small amount of data available about the Covid-19 virus, we predicted the key variants that would emerge, like the South African one.

Josh Blight 
Co-founder at Baseimmune

Baseimmune / Wide picture 

## We keep missing the bullseye 

“Pathogens are a bit like dartboards and the vaccine the dart. The problem is that the dartboard keeps moving, sometimes we manage to hit them whilst others we can never hit in time. We are seeing this now with reduced vaccine efficacy against emerging COVID variants.” This is how Baseimmune Co-founder likes to explain the problem their team is tackling.

The founders met while working at the Jenner Institute at the University of Oxford, where they developed vaccines for a various of diseases. Baseimmune was founded in August 2019 and now manufacturing and testing of an ASFV vaccine is underway. They expect to deliver a vaccine against Africa Swine Fever in few years.

>  We call this vaccines with plasticity. Imagine only needing one flu shot instead of one every year, that's vaccines with plasticity.

Joshua Blight
Co-founder at Baseimmune

Quote image

Making: a variant-proof coronavirus vaccine
Round size: €4.1M  
Invested in: 2021

Baseimmune

BLAST upper image 

## Building a global esports media network delivering world class entertainment experiences

BLAST Premier is an innovative global tournament series of live Counter-Strike tournaments, with the best teams in the world competing in a fast and exhilarating format. 

Whether it be intimate broadcast studio shows, arena events, digital platforms, or industry-leading multi-platform content, the BLAST team creates the most exciting, exhilarating, and euphoric moments in esports.

> It's about diversifying our incredible broadcasts, our digital product, to enable ourselves to be in further games

Robbie Douek
CEO at BLAST Premier 

## The most entertaining esports event in the world

In 2019, esports revenues were above $1B, while the entire games industry has become a $150B business. BLAST Premier works in the center of this growing industry. 

In 2020 Blast Premier went completely digital with standout results. During 2020, [Blast produced](https://www.sportspromedia.com/analysis/blast-premier-robbie-douek-esports-2021-tournaments-investment-sponsorship) more than 800 hours of esports action – more than 6x than in 2019 – and generated over 146 million views across its owned channels, with tournaments broadcast in 105 territories.

Quote image BLAST 

> We’re an entertainment business by heart, so everything we do has to lead with this sort of mantra: We’re really trying to entertain the world, entertain the population, do it slightly differently, and make it really sing and dance 

Robbie Douek
CEO at BLAST Premier 

Making: Global esports entertainment
Round size: €12.5M
Invested in: 2018

BLAST

Upper image Calqulate

## Building a financial analytics platform for startups and growth companies 

Calqulate envisions a world where every entrepreneur has the financial knowledge to run a successful business and get easier access to financing.

Their financial analytics platform helps startups and growth companies to understand their current and future business performance to achieve faster growth. They do this, by combining all key subscription metrics, cashflow management and financial forecasts to a single, easy-to-use platform.

> Many companies, especially in their early stages, have limited budgets or capabilities in their financial teams. In order to manage successful, rapid growth, you need to be on top of your key metrics and have a forward looking view to your cash flow

Pirkka Palomäki 
Partner at Maki.vc

Big picture Calqulate 

## Financial forecasting shouldn’t be tedious and complex

The founders have personal experience of tech companies achieving considerably faster growth when they understand their key metrics and know how much it costs to acquire new customers in different markets. It's essential to know when it's time to invest in growth and Calqulate is working to eliminate  challenges and risks by providing a clear overview of the company’s growth metrics and accurate cash flow forecasts.

Calqulate has grown to a burgeoning thirty person company with staff on 3 continents and representing 10 nationalities. Next, the company plans to launch its platform to businesses in other verticals, such as e-commerce and mobile gaming, and enter the U.S market. 


> By providing an opportunity to better understand their current and projected business performance, we’re positioning SaaS companies to achieve exponentially faster growth. We offer our customers a full suite of finance-led growth tools. Say goodbye to having 200 tabs open and say hello to clarity

Niko Laine
CEO at Calqulate


Niko Laine Calqulate

Making: Finance understandable
Round size: €1.5M 
Invested in: 2020

Calqulate

CarbonCloud hero image

## Building a platform to discover your climate footprint

CarbonCloud makes climate labelling feasible on a global scale and on full portfolio level for the food producers. Without a platform for calculating and sharing of data, the industry cannot work effectively on their climate footprints.

CarbonCloud's web service replaces expensive expert consultants while delivering a superior service. The digital platform lets food producers easily calculate their climate footprint and share their results with business partners and the public. Users become their own experts and identify improvement potentials in their value chains.

> We love investing in teams making products that help make sustainable choices a habit. CarbonCloud’s vision for how to make a change in the food industry is truly unique, putting keys into brands’ and consumers’ hands in ways we&#39;ve never seen before

Pauliina Martikainen 
Investment Director at Maki.vc

Carbon Cloud / Nude picture

## The science behind food and climate change is hard, but the decisions that have to be made to fight it are easy 

Founded in 2016 as a spinout from food and climate research at Chalmers University of Technology. Founded and run by leading researchers on food and climate change who dedicate their lives to provide you with accurate and comprehensible information about the climate impact from your choices. Regardless of whether you are a chef, a restaurant guest, a food producer, or an end consumer. We help you understand and help you learn that making climate-smart choices is easy.

The team behind CarbonCloud combines decades of cutting edge climate impact research with long business executive and entrepreneurship experience. The services are developed and provided using state-of-the-art cloud computing technologies.

> Food and agriculture are globally responsible for almost 25% of the climate problem and end-consumers increasingly realize that they can make a difference by purchasing food products with transparent climate labels

David Bryngelsson
CEO at CarbonCloud

CarbonCloud quote image 

Making: Climate footprint calculation platform
Round size: €7.5M
Invested in: 2020 

CarbonCloud

## Bringing a paradigm shift to heart health 

Cardiac diseases and related premature deaths are the top burden in health care globally – 49 million people suffer from heart diseases in Europe alone. CardioSignal, a smartphone app approved as a medical device, helps detect atrial fibrillation, making monitoring heart health more accessible to people.

CardioSignal is a brand and a product by Precordior, a Finnish health technology company.The solution measures micro-motions of the chest using the accelerometer and gyroscope which can already be found from most smartphones. The non-invasive, cloud-based automated analysis of motion data provides a new way for general practitioners (GPs) to accurately assess heart-atrial fibrillation (AFib). The company aims to expand the capabilities to other heart diseases in the future.


> What makes our position unique is our capability to harness the everyday device, smartphone, to detect severe heart diseases accurately. 

Juuso Blomster 
Cardiologist & CEO of CardioSignal.

Middle image 

## CardioSignal is created by cardiologists for better heart health

Detecting serious heart issues early can save a life. CardioSignal’s technology is patented and clinically tested to detect atrial fibrillation with 96% accuracy. CardioSignal is an academic spinoff that is based on a decade of research and algorithm development. The company focuses on scientific research and collaborates with several universities and hospitals on clinical studies and trials for other heart disease applications.

> Detecting serious heart issues early can save lives. The CardioSignal solution and the company’s focus on scientific research and collaborations with several universities have impressed us. They are well positioned to fundamentally change the way heart diseases are being diagnosed. 

Ilkka Kivimäki
Founding partner at Maki.vc.

Making: a paradigm shift to heart health 
Round size: €2.2M
Invested in: 2021

CardioSignal

Collo upper image

## Building an Industrial IoT liquid analyzer

Collo's vision is to transform the productivity and environmental footprint of manufacturing industry. Their analyzer provides actionable real-time analytical results from processes prior measured only in a laboratory, and thus helps its customers better understand and to develop more effective liquid processes. 

Collo helps its customers save energy, materials, processing time, and increase product quality and shorten product to market time. They're already working with tens of customers across several sectors: water, chemical and mining, food and beverage, ceramic, oil and paint, and coating. Their customers include global Fortune 500 companies as well as small and innovative process owners.

> We can increase the safety of liquids and save our stakeholders’ and mankind’s resources, including energy, chemicals, raw-materials and time.

Matti Järveläinen
CEO at Collo

## In search of a liquid fingerprint

Dirty drinking water, unqualified liquid used in a manufacturing process, or a contaminated drink on a bar counter. Liquids are ingenious to hide what they really contain. But every liquid has a fingerprint, and Collo has found a way to identify it.

Collo’s solution sends a MHz-range radio wave that advances through the liquid. The analyzer detects interferences that the chemicals and different component in the liquid in the liquid cause to the signal. Sensitivity of the measurement reaches a level of a millionth. It’s a continuous, real-time measurement that works regardless of the solidness or complexity of the liquid, from drinking water to ceramic mass.

> Every liquid has a unique fingerprint. No two are the same, just like no two human fingerprints are the same.

Ilkka Sillanpää
Co-founder of Collo

Making: Ultimate liquid process performance
Round size: €2.8M
Invested in: 2018

Collo

Disior upper image

## Building 3D medical imaging software for clinicians

Disior is turning CT and MRI images into mathematical models and numerical analysis. Their 3D analytics software for medical doctors analyses, quantifies and parameterizes medical images. The software turns medical images into automated, objective data for patient diagnosis, treatment planning, and outcome assessment. 

The Disior software helps doctors make better diagnoses and treatment decisions based on accurate, consistent, and comparable data – something that traditional and soon-to-be outdated methods can never match.

> The Disior method analyzes the original 3D data in a way that compares to having a full vision

Professor Jari Salo 
MD & Specialist in Orthopedics and Trauma

Quote 

## Making Medical Imaging Intelligent

In the next 5–10 years, artificial intelligence is likely to fundamentally transform the $30+ billion diagnostic imaging market by speeding up the clinical workflows, improving diagnostic quality and enabling personalized treatment. To date all commonly used medical imaging solutions produce a set of separate 2D pictures from various angles, leaving the responsibility of compiling the puzzle to the physician.

New technologies are urgently required to extract and reconstruct the data in a way that reduces human labor, lowers costs, and improves accuracy to benefit patients and physicians alike.

> Standing at the crossroads of medical and technology, we think a lot about finding the common language with clinicians — to have a profound understanding of what they need, want and see as possible

Anna-Maria Henell
CEO at Disior 

Quote image Disior 

Making: Medical imaging intelligent 
Round size: €1.7M
Invested in: 2018

Disior

Enfuce upper image 

## Building payment, open banking and sustainability services for banks, fintechs, financial operators, and merchants 

By combining industry expertise, innovative technology, and compliance, they deliver long-term and scalable solutions fast and securely. Enfuce's aim is to change the financial industry for good by building sustainable and relevant solutions that have a positive impact. 

Enfuce's services include next level card issuing and payment processing services, the only PSD2 and open banking services you will ever need, and a purchase-based carbon footprint tracker.

> Enfuce and their team of financial industry heavy lifters convinced us with their future-proof approach that can serve a wide range of businesses in the payments industry, and a platform that can be scaled globally

Ilkka Kivimäki 
Partner at Maki.vc

## Nordic fintech powerhouse 

Everything started in 2016 with the desire to do things faster, safer, and better. The co-founder Monika Liikamaa asked the future Enfuce co-founders: “If we were to rebuild payments from the ground up, how would we do it?” It quickly became apparent that a flexible cloud-based solution was the way to go as this approach offered unrivalled global scalability and fast implementation.

Years later, they are a Nordic forerunner in payment processing & card issuing services, with a cutting-edge payment platform serving close to 10 million end users globally.

Enfuce quote image 

> Shoppers will soon be able to work out the true carbon footprint of their purchases thanks to an app from one of the most digitally savvy nations in the world

Bloomberg


Making: The future of payments
Round size: €45M
Invested in: 2019

Enfuce

Glue upper imgae 

## Building collaboration platform that uses immersive 3D graphics, virtual reality, and cloud computing 

Glue facilitates virtual face-to-face collaborations in custom environments. In the post-pandemic era, remote work has become a norm, and Glue's mission is to help people and teams around the world collaborate remotely in more human, productive, and sustainable ways. 

Glue takes advantage of recent advances in immersive 3D graphics, virtual reality, and cloud computing. The platform is accessible on a variety of hardware platforms: VR, AR, mobile, and desktop.


> The need for remote collaboration tools that truly emulate the experience of being face to face with others has never been greater

Jussi Havu
CEO at Glue Collaboration 

Middle image Glue 

## Helping individuals and teams around the world to collaborate in more human, productive and sustainable way

Glue's team is drawn to an important challenge: to enable people thousands of miles apart to collaborate effectively in virtual environments, just as they might in a real physical setting. In 2016, the team revealed the first multi-user VR prototypes. These proved an instant hit. 

Since then, their 30-strong team has continued to break new ground in multi-user VR software, developing Glue into the fully-featured virtual collaboration platform we are today.

Glue quote image 

> Glue’s virtual environments and spatial audio immerses users and creates agency and presence within the friendly, smooth, and soft designed space

Jae Grant Maloney
New Technology Consultant at KLM. 

Making: Virtual collaboration platform
Round size: €3.5M
Invested in: 2018

Glue

Happeo upper image 

## Building a social intrenet 

Enterprise and fast-growing companies are struggling to connect a diverse workforce over locations and generations. Departmental silos, the absence of effective knowledge sharing, and an overflow of tools used to communicate and collaborate often results in low employee productivity and engagement. 

Happeo is solving these challenges by bringing together the software that organizations use daily into one unified platform, allowing employees not only to connect and collaborate in new ways, but also to work more efficiently. With 280%
YoY growth rate, today already more than 300,000 employees are working with the Happeo digital workplace. In 2019, Gartner named Happeo a Cool Vendor. That same year, The Next Web recognized Happeo as one of Europe's fastest-growing scale-ups.

> Traditional employee intranets are dead, because they host static and often outdated information in isolation, offering no value to the employee

Perttu Ojansuu
Co-Founder and CEO of Happeo.

## Big organizations tend to be terrible at internal communications

Company information is spread across several applications, and as the applications usually aren’t connected to one another, employees struggle to locate the right information at the right time. Happeo compiles different enterprise applications into one, easy-to-use UX, and enables integration of other corporate softwares such as CRM and HR systems.

And when ecosystems wage a furious war over market share and do everything in their power to create a strategic lock-down, the end user needs are often neglected. Happeo's vision is total integration, where employees can work with any solution regardless of political ecosystem tensions.

> We felt that intranets were typically made only from the point of view of the administrators

Perttu Ojansuu 
CEO at Happeo 

Making: Social intranet
Round size: €26M
Invested in: 2018

Happeo 

IQM hero pikkukuva

## Building commercial quantum computers for the wellbeing of humankind

IQM is the European leader in superconducting quantum computers. They deliver on-premises quantum computers for research laboratories and supercomputing centers, and adopt a unique application-specific co-design approach for industrial customers.

IQM's co-design strategy aims to deliver quantum advantage to its customers by using novel chip architecture, application-specific processors, and ultrafast quantum operations.

> Europe could lead the quantum computing revolution

Jan Goetz
Co-founder of IQM 

IQM image 2 

## Looking to deliver the first commercial machine in 2021 

Founded by a highly ambitious team of world-leading scientists who have built several quantum labs and research centers globally over the past two decades.

The team’s pioneering work started with breakthroughs in qubit reset, readout, and thermal management towards large-scale quantum processors. Since then, the work has progressed to unique hardware advantages and novel concepts around digital-analog quantum computing. 

Now they have the largest industrial hardware team of world-class quantum experts in Europe with over 640+ scientific publications and over 27000 citations.


> I always say that quantum computing is like electricity — you can imagine what advantages electricity has brought us, and electricity will always be in use

Mikko Möttönen
Co-founder of IQM 

Making: On-premises quantum computers
Round size: €128M
Invested in: 2022

Its released intro - image

## Building a subscription-based fashion rental service

It's Re:leased is a subscription-based rental service offering access to premium scandi-fashion. The team wants to replace a broken consumer behaviour with one that provides more value and variation to wardrobes without exhausting neither users or the planets resources. 

By renting the parts of your wardrobe you would otherwise discard within the year, It's Re:leasead increases the number of uses per garment and creates the shift needed both for the retail landscape as well as our planet.

> Technology and new digital-first services reshape the way we live, work and consume brands – and fashion is one of the industries that’s most ripe for change.

Pauliina Martikainen
Investment director at Maki.vc

It's re:leased image 

## When the company launched in 2019, a fashion subscription service was unheard of in the Nordics

There were mainly only big players such as Rent-The-Runway in the US. Since then, the European market has seen a drastic increase in subscription services and consumer demand. It’s Re:Leased has been determined to shift a consumer behaviour, by being data driven and having a clear product focus, which
is why Annie Thorell has built the platform from scratch.

The two founders are now getting ready to grow their business, and attracted some heavy names for their first round. In addition to Maki.vc, they are joined in the round by Haflo - a family fund run by Martin Hauge, former general partner at Swedish VC firm Creandum that’s behind consumer companies like music streaming service Spotify.

> If this industry is going to be able to continue growing and thriving, we need a
new way of consuming fashion. Subscribing to the variation you crave and quality you want is the best
way forward 

Johanna Norrman
Co-founder of It's Re:leased

Making: Subscription-based fashion rental service
Round size: €300K
Invested in: 2020

It's Re:leased

K Line Europe logo

## Creating the first 4D-powered shape-shifting aligner

While deeptech solutions are revamping many facets of healthcare, dentistry has stayed immune to many of their economic and ecological advances. K Line Europe, a dental technology company from Düsseldorf, is now providing an eco-friendly alternative to the standard clear aligners that’s both time and money saving for orthodontic patients across 25 markets.

K Line Europe’s flagship product, ClearX, is the first dental aligner to leverage IoT. Its remote monitoring system allows patients to check their treatment process and modify the aligners’ fit without needing a new pair of aligners each time – or a time-consuming visit to the dentist’s office.

> The Clear aligner market has been surging in the last couple of years. However, the market was undermined by a weak infrastructure of services. K Line Europe has changed this equation by investing in innovative materials, automation, and robotics.

Dr. Sherif Kandil
CEO of K Line Europe


K Line Europe middle image

## The state-of-the-art 4D technology bringing a major shift in orthodontics

ClearX-4D technology enables more resource efficient production. Since every aligner produced has shape memory for 3 different shapes, the company is able to reduce its plastic consumption by 60% on average.

IoT and remote solutions have been more scarce in orthodontics compared to consumer health tech at large. While shifting this industry paradigm, ClearX- 4D technology also aims to uplift the orthodontic patient experience. With 7 patents under its belt, K Line Europe aims to become the biggest private label provider of clear aligners in the world.

Making: The first 4D-powered shape-shifting aligner
Round size: €5.3M
Invested in: 2022

K Line Europe

Lollipop logo

## Transforming your weekly shopping

Online grocery shopping has increased tremendously over the pandemic, and the Lollipop team has taken this growth opportunity by storm with their smart assistant for weekly grocery shopping. The team’s vision is to revolutionize the weekly shop with a free, smart shopping assistant that does the hard work for you. It enables consumers to save time by easily planning meals, giving food inspiration from in-house chefs and the ability to be part of a larger community of shoppers. 

This holistic approach to grocery shopping was created by ex-Monzo COO Tom Foster-Carter, and Chris Parsons as CTO with 20 years experience in gaming and data analytics. The team combines experience from companies like Sainsbury’s, Amazon, and Zoopla.

> The digital groceries market is massive, and while there’s much activity around delivery speed, that’s not the only need in the market. Lollipop team impressed us by taking cues from their earlier experiences at fintech companies Monzo and Curve, and turning those cues into a vision of getting families fed well and effortlessly through replicating the same obsession over design and UX in the grocery segment.

Pauliina Martikainen
Investment Director at Maki.vc

Lollipop middle image

## Getting families fed without the stress

With living costs on the rise, families have to work much harder to put tasty, nutritious and affordable meals on the table. Lollipop’s meal-first approach allows busy shoppers to add and import their favourite recipes, build custom meals and even use up the remaining ingredients in the cupboards, effortlessly. With community at its core, Lollipop’s personal grocery shopping assistant provides support at every stage from meal inspiration and reaching health goals to making everyday cooking easy.

Lollipop quote picture

> Tracking your family’s nutritional intake and what’s left to use up in your cupboards should be as effortless as tracking your money on Monzo. That’s what we’re building at Lollipop.

Tom Foster-Carter
Co-founder & CEO, Lollipop

Making: A smart grocery shopping assistant
Invested in: 2022
Round size: €5.8M

Lollipop

Mainframe hero image 2 

## Building the world's first cloud-native MMO

Mainframe Industries is a pan-Nordic game venture with studios in Helsinki and Reykjavik that brings together a 13 strong founding team of veteran game developers. The team members have been part of building iconic games such as EVE Online, Alan Wake, and The Walking Dead: No Man’s Land.

Mainframe is working on a vibrant world with new ways to engage and connect with friends. In cloud gaming, a game is computed in internet-connected datacenters, and then the results are sent via video to a user’s screen. That enables gaming on various machines, be it a low-end laptop, a desktop gaming PC, a mobile device, or a console display such as a TV.

> Today, we bring all our hard won lessons (both good and bad) to our cause of reimagining an MMO for this decade

Thor Gunnarsson
CEO at Mainframe

Mainframe image 

## The next generation in gaming is rising from the Nordics

Mainframe is a 20-strong team of veteran game developers set out to create the first cloud-native social sandbox MMO — a game that you can play anywhere, using the device of your choice. They’re betting on the rise of 5G to accelerate this paradigm shift to cloud gaming — much like King’s success was largely due to the success of Facebook games, Rovio’s growth was propelled by the launch of the iPhone, and Supercell was able to build the perfect game for the iPad.

And Mainframe’s not the only one in the race — giants like Amazon, Google, and Microsoft already have plans for the cloud-native future of gaming in place. There are signs everywhere that cloud-native games will revolutionize the games industry in the same way as Netflix and Spotify changed how we consume television or music.

Quote image mainframe 

> Cloud native games are the future — and we at Maki.vc are beyond excited to work with the team we believe will be leading the charge

Ilkka Kivimäki
Partner at Maki.vc

Making: Cloud-native MMO
Round size: €20M
Invested in: 2019

Mainframe Industries

Membrane Finance logo

## Closing the gap between traditional & crypto financial markets

As a fintech specialist developing technologies that facilitate hybrid financial markets, Membrane Finance designs and builds core stablecoin infrastructure, applications and services for institutions, marketplaces and end-users. Membrane Finance is the principal architect of EUROe – an EU-regulated stablecoin that’s a digital representation of fiat Euros.

Fiat or government issued currencies not pegged to a commodity like gold are inherently incompatible with digital currencies. Today, stablecoins are the go-between for traditional finance and virtual currencies. While USD stablecoins are gaining a stronghold in this multi trillion market, EURO is trailing behind without an established equivalent. Membrane Finance is bridging this gap through EUROe which will also provide fast, inexpensive and regulatory-compliant access to DeFI markets.

Making: Tech that facilitate hybrid financial markets
Invested in: 2022
Round size: €2M

Aisti

Making:

All natural & 100% circular acoustic tiles

Round size: €1.6M

Invested in: 2022

Onego Bio

Making:

Creating egg whites without chickens

Round size: €10M

Invested in: 2022

Jennis

Making:

the go-to-app for cycle mapping

Round size: €1.2M

Invested in: 2021

QDI Systems

Making:

The first x-ray detector based on quantum dot technology

Round size: €1.3M

Invested in: 2022

Quanscient

Making:

Cloud & quantum powered simulation tech

Round size: €3.9M

invested in: 2023

Ever Dye

Making:

Low heat & low-energy dyeing pigments and processes

Round size: €3.4M

Invested in: 2023

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