Deep Tech Study Finland 2025 (Tesi Finnish Industry Investment)

Summary

• Finnish deep tech companies raised close to €1.6 bn year-to-date in 2025, a record, corresponding to over 170% growth on the previous yearly high.p.8
• The total is driven by a few large rounds, this year by Oura, IQM, Iceye and Nest AI.p.8
• IQM announced a €275 million Series B in Q3 2025, and Nest AI raised a 100 m€ seed round with a partnership with Nokia.p.15
• Oura's $900 m (c. €780 m) investment was the largest ever scale-up round in Finland, lifting its valuation to $11 bn.p.19
• Only 58m€ of new hybrid financing was raised in 2024, by only 38 deep tech companies.p.11
• Finnish deep tech revenue is expected to end in the region of €2 bn. in 2025.p.22

Key insights

1. Capital flow into Finnish deep tech is highly concentrated, with sub-€20 million rounds on track to be a bit lower than a year ago.p.4
2. The link between early and later stage funding, namely Series A and B rounds, is where the ecosystem has the most work to do.p.4
3. Finnish deep tech companies often raise funding at ca. 18-month intervals.p.8
4. In 2025, 60% of equity funding euros raised by Advanced Materials & Manufacturing start-ups went to businesses at pre-commercial or market-entry phases.p.13
5. The average equity funding round size in energy technology since 2015 is 2,33 m€.p.17
6. Excluding Oura, the number of health & life sciences deals year-to-date is 13.p.19
7. Hospitals, clinics and care providers are the most common primary customer segment, with 49 companies.p.23