April 17, 2020
DAILY BRIEF: Fresh funds for Finnish games, industry, healthtech and research
Nitro Games has secured around four million euros from its new largest shareholder Nordisk Film.
All the daily Finnish business news that works: YIT, Danfoss Editron, Suominen, Superplus Games, Aalto University, Nitro Games and Bioactive Bone Substitutes make headlines.
YIT builds roads in Lithuania, Danfoss Editron invests in Lappeenranta, Suominen ramps up sustainable production, Aalto University partners on health technology research, Bioactive Bone Substitutes secures a US patent, and Superplus and Nitro raise coin for games.
Finnish construction company YIT has been awarded four road and street renovation contracts worth over 10 million euros in Lithuania. The company started a major reconstruction project on an over 11-kilometre stretch of Telšiai District Road in March under an agreement with the Lithuanian Road Administration. The project will include laying over 73 000 square metres of pavement, renovating drainage and bus stops, installing speed bumps, and building a bridge over Pala River. Last year, YIT carried out nearly two dozen infrastructure projects in Lithuania.
Multinational company Danfoss Editron has opened an in-house testing facility in Lappeenranta, Finland. The facility will be used to conduct electromagnetic compatibility and environmental tests on the company’s systems and machines to guarantee their quality to customers. On-site testing will also allow Danfoss Editron to fix issues at an earlier stage in the manufacturing process. The company has already started to see the benefits of its own testing equipment in research and development activities in the area of conductive emissions, for instance.
Finnish non-woven fabrics manufacturer Suominen will strengthen its capacity for sustainable products by investing roughly four million euros in enhancing one of its production lines in Italy. Suominen is a leading global producer of non-woven fabrics for wipes, hygiene products and healthcare applications. To be finalised in the second half of 2021, the project is part of the company’s strategy to meet growing demand for sustainable nonwovens.
Finnish mobile game studio Superplus Games has raised 4.7 million US dollars (approx. 4.3 million euros) in a funding round led by Makers Fund, with participation from Business Finland, Sisu Game Ventures and other existing investors. The studio will use the funding to develop casual player-versus-player games. Superplus Games is currently working on Hills of Steel 2, a sequel to its 2017 tank battle game, as well as the battle royal-type title ‘Brawls of Steel’.
Aalto University and the University of Manchester have entered into a strategic research partnership on the use of artificial intelligence (AI) and machine learning in the medical sector. As part of the agreement, Samuel Kaski, a professor of computer science at Aalto University, will become the director of the Christabel Pankhurst Institute for Health Technology at the University of Manchester. His main objective will be to set up a AI centre at the institute, which is to play a critical role in bringing out new health technology innovations in Manchester. The partnership will also support the activities of the Finnish Center for Artificial Intelligence (FCAI) coordinated by Aalto University.
Nitro Games has received a 45 million-Swedish krona (approx. 4.1 million-euro) investment from Nordisk Film Games, making it the largest shareholder in the Finnish mobile game studio. The funding package consists of a directed new issue of shares expected to raise 25 million krona before issue costs and a convertible loan agreement worth 20 million krona. The funding will be used primarily to further develop Nitro Games’ portfolio of mobile shooter games, such as Heroes of Warland and Lootland.
Finnish biotech company BBS-Bioactive Bone Substitutes has been granted a patent for its Artebone product in the US. Artebone is a ready-to-use paste that contains two main components of bone, bone proteins and mineral scaffold, and works as a bone graft substitute in bone healing. It is used mainly to treat bone defects and healing problems in the extremities, such as the foot and ankle. Artebone has now been granted patents in all major market areas worldwide.
Bioactive Bone Substitutes
Good News from Finland is published by Finnfacts, which is part of Business Finland.
Looking for more good news? Subscribe to our newsletter