Inventure and Nexit back $5.2m round for Rightware

Ellie Pullen
14 May 2013

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Inventure and Nexit Ventures have reinvested in Finnish user interface software developer Rightware, which has closed its $5.2m series-B funding round.

The two VC firms reinvested alongside new backer Finnish Industry Investment, a government-owned firm that invests in Finnish companies through private equity funds and direct investment.

The new capital will be used to expand the company's market presence in its existing target sectors – automotive and consumer electronics – as well as to develop Rightware's product-base to cater for new sectors, including tablets and smart TVs.

Inventure typically invests €1-3m per company, though it can invest up to €7m. Its most recent fund is Inventure Fund Ky, which held its first close in 2008 on €35m. According to the company's website, the fund size is €42.1m.

Nexit focuses its investments on the mobile and wireless sectors. Its most recent fund, Nexit Infocom II, held its interim close in December 2008 on €75m. It has raised a total of €85m, according to the company website. Nexit reportedly injects €1-5m as an initial investment and can invest up to €10m over its holding period.

Inventure and Nexit co-led Rightware's €3m series-A funding round in 2010. The company has received a total of $9m (€7m) to date.

Company
Founded in 2009, Rightware is headquartered in Espoo, Finland, and has additional offices in Munich, Shanghai, Taipei and Saratoga in California.

The company develops embedded user interface (UI) software and benchmarking tools for the mobile and automotive industries. Its main product, Kanzi, offers rapid 3D and 2D UI design and deployment for developers.

Kanzi is notably used by car manufacturer Audi for its A3 model, offering an advanced human-machine interface (HMI) with a colour display central console. Other Rightware customers include Intel, LG, Nokia, Samsung and Ericsson.

Rightware employs between 55-150 staff worldwide and reportedly recorded revenues of €1.5m in 2011.

People
Jonas Geust is the CEO of Rightware, while Tero Sarkkinen is the founder and president of the company.

Timo Tirkkonen, investment director and partner at Inventure, sits on Rightware's board as a chairman. Artturi Tarjanne is a co-founder and general partner at Nexit and also sits on the board of Rightware.