Voima raises €40m for deep-tech startup fund

The fund is targeting €50m and will make 25-30 investments in seed, pre-seed, series-A and series-B funding rounds.

The vehicle seeks startups that it considers "deep tech", meaning they are based on substantial scientific advances and high-tech engineering innovation, which is difficult to replicate by competitors. Investments in deep tech often require longer than average holding periods, extensive research and frequent supplemental funding before achieving commercial success, but this risk is offset by forging a company with very few potential competitors.

The areas of focus include medical technology, Internet of Things, electronics, robotics, software and information and communications technology, according to a company statement.

Cornerstone investors VTT Technical Research Centre of Finland and the European Investment Fund backed the vehicle at first close.

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