Voima Ventures leads €1.5m seed round for Iiwari

US- and UK-based angel investors also took part in the round.

The deal is VC's sixth investment from its Voima Deep-tech Fund. The vehicle is targeting €50m, expects to reach a final close by the end of 2020, and has already raised €40m from VTT Technical Research Centre of Finland and the European Investment Fund (EIF).

Iiwari will use the proceeds to commercialise research in ultra-wide band (UWB) technology, which was developed by VTT Technical Research Centre of Finland. According to the startup, the technology provides higher accuracy and substantial cost efficiency over competing solutions, such as WiFi and Bluetooth.

The VC told Unquote that the company will aim for a series-A funding round in two years' time. 

Company
Founded in Kaajani, Iiwari facilitates indoor positioning for industries including retail and healthcare. Its product is based on UWB technology developed by the VTT Technical Research Center of Finland.

The company has a presence in the Nordic region, as well as the US through its integrator network. It employs fewer than 10 staff. 

People
Iiwari Tracking Solutions – Ville Kolehmainen (founder, CEO).
Voima Ventures – Inka Mero (managing partner). 

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