In this article you will find:
The Finnish Health Tech Sector: An Overview
The health tech sector in Finland has been steadily growing and developing over the past five years. Finland has a strong reputation for healthcare technology innovation, with many startups and established companies working in the sector.
In 2018, the Finnish health tech sector generated approximately €2 billion in revenue, and the industry employed more than 10,000 people. One notable development in recent years has been the growth of digital health solutions, with many Finnish companies focusing on areas such as remote patient monitoring, telemedicine, and AI-powered diagnostics.
In addition, the Finnish government has been supportive of the health tech sector, with various initiatives and funding programs aimed at promoting innovation in the field.
Overall, the health tech sector in Finland has shown impressive growth and innovation in recent years, and it looks set to continue to thrive in the future.
European Healthtech Investment Forum (EHIF): Impact
For 7 years in a row, Business Finland and Tech Tour have been organizing the successful European Healthtech Investment Forum event series. That is why we decided to do a short overview of the impact the event has had on the Finnish health tech sector.
Below you can see a few charts that give an overview of the impact the EHIF has had on the Finnish health tech sector. The amount invested in companies that have taken part in the event has been growing from 1 M EUR in the first edition to 131 M EUR in 2022 which shows a staggering growth over the years.
The largest amount was invested in seed, series A & B rounds.
Below you can see the sub-sectors which got the highest amount of investment.
The most active investor was the European Innovation Council (EIC), followed by BICO & Molten Ventures.
Top 10 deals
| Dealroom ID |
Company |
Year |
Amount M EUR |
Amount Source EUR |
Tech Track |
Round Type |
Investors |
| 11629 |
dacadoo |
2019 |
66,54 |
66535087 |
Health |
C |
|
| 30179 |
Ieso Digital Health |
2021 |
49,58 |
49576263 |
Health |
B |
Molten Ventures (Formerly Draper Esprit) |
| 925540 |
Faron Pharmaceuticals |
2022 |
28,06 |
28062036 |
Health |
CONVERTIBLE, DEBT & LENDING |
IPF Partners |
| 671146 |
Aiforia | Fimmic |
2021 |
25,20 |
25200000 |
Health |
B |
Aktia Nordic Micro Cap |
| 3909424 |
Nanoform |
2022 |
25,00 |
25000000 |
|
IPO AND POST IPO EQUITY |
|
| 30179 |
Ieso Digital Health |
2017 |
20,35 |
20354056 |
Health |
D AND LATER |
Molten Ventures (Formerly Draper Esprit) |
| 883044 |
Nightingale Health |
2019 |
20,00 |
20000000 |
Health |
CONVERTIBLE, DEBT & LENDING |
European Investment Bank |
| 887133 |
Evondos Ltd |
2017 |
20,00 |
20000000 |
Digital |
D AND LATER |
Serendipity Partners |
| 925540 |
Faron Pharmaceuticals |
2015 |
14,13 |
14130000 |
Health |
IPO AND POST IPO EQUITY |
|
| 925540 |
Faron Pharmaceuticals |
2023 |
12,00 |
12000000 |
Health |
IPO AND POST IPO EQUITY |
The Leukemia & Lymphoma Society |
EHIF 2023: Award Winners
The European Healthtech Investment Forum has recognized six outstanding health tech companies that offer innovative solutions to medical challenges. These companies have made an impact in the healthcare industry, and their commitment to developing technology-driven healthcare solutions is commendable.
Moncyte, a next-level decision-making tool, has developed a new type of data that provides insight into the cellular mechanisms underlying cholesterol-lowering drug activity in individual patients. By analyzing patients' cellular mechanisms, Moncyte can develop personalized treatment strategies that help more patients achieve their cholesterol target levels, thus saving lives.
DasLab, dubbed the "Stripe for medical lab diagnostics," is an API-first technology infrastructure that allows all providers in a digital healthcare ecosystem to seamlessly integrate all kinds of medical tests into their offering.
Prosoma, a global medical company, is developing digital therapeutics (DTx) for oncology. They have developed CE and ISO compliant evidence-based digital therapeutics and adverse effects monitoring application that effectively reduces the level of anxiety, stress, and depression of Oncology patients by 15-50%.
NADMED is the only available technology that can reliably analyze NAD metabolites from blood and be provided as an In Vitro Diagnostic kit. The solution allows the analysis and/or monitoring of the level of all four NADs from a single biological sample, including whole blood.
GlucoModicum Oy is developing a completely new non-invasive glucose monitoring solution that has been proven to be 13 times better than the state of the art. It has a highly competitive "MARD" and ongoing productization with one of the leading global MedTech manufacturing companies.
Gyntools was founded to provide a comprehensive diagnosis solution for vaginitis, the cause of 30% of worldwide gynecology clinic visits. Their point of care scanner, Gyni™, together with a dedicated discharge collection disposables and a cloud-based, deep learning algorithm, diagnoses correctly (95%) all six major vaginitis conditions, infectious and non-infectious, within five minutes.
Butterfly Medical Ltd. has developed a novel treatment for men suffering from an enlarged prostate (BPH). Their implant, designed to fit the prostate anatomy, offers several advantages over existing BPH treatments, such as being simpler to perform, less invasive, requiring no capital equipment, and fully reversible. The company has treated over 100 patients to date and has received CE Mark.
Koite Health is a digital health company that offers a mobile app for managing chronic conditions such as diabetes and hypertension. The app provides personalized coaching, medication reminders, and health tracking to help users better manage their health.
