September 23, 2020
DAILY BRIEF: Satellite funding, sustainable clothing, repair software, healthtech and attracting talent
ICEYE's SAR satellites provide commercial radar satellite imaging worldwide that can track, for instance, oil spills, hurricanes and deforestation.
All the daily Finnish business news that works: ICEYE, Finnish clothing, Fixably, Meru Health and Finland’s foreign labour policies make headlines.
ICEYE and Fixably secure funding, Finnish clothing brands are ranked for sustainability, Meru Health starts a pilot in the US, and GNF explores Finland’s need for work-based immigration.
Finnish spacetech startup ICEYE has closed an approximately 74 million-euro series-C funding round led by return investor True Ventures, with significant additional investment from OTB Ventures. ICEYE has successfully launched five synthetic-aperture radar (SAR) satellites to date, including the first ever small one in January 2018. The company will launch an additional four satellites this year and at least eight more in 2021, bringing unique capabilities to its satellite constellation on a global scale.
Pro Ethical Trade Finland (Eetti) has released its second sustainability report for Finnish clothing brands, placing Finnish men’s fashion house Frenn at the top. Frenn was awarded full points for its climate work, and notably its clothes are made with European eco certified materials and ethically manufactured in low-risk Baltic countries. The second edition of the report, Ränkkää brändi 2020, ranked the sustainability merits of 35 Finnish clothing brands, noting that many have significantly improved their score in the past year. The most sustainable brands shared some common practices, including production in low-risk countries, openness about materials and concrete climate actions.
Espoo-based Fixably has raised 1.6 million euros in a funding round led by Icebreaker.vc. Fixably provides software that allows repair shops and technicians to manage their workflows in order to fix hardware more efficiently. The fast-growing software-as-a-service (SAAS) provider has created a complete service management system specifically for Apple Authorised Service Providers. With over a million repairs completed so far in 2020, the company aims to increase the number to three million by the end of 2021. Fixably intends to use the funding to accelerate its US expansion and increase its presence in Europe and the Asia-Pacific region.
Finnish digital mental health clinic Meru Health has announced a partnership with Mental Health Center of Denver, Colorado (MHCD), to pilot its clinically proven treatment programme for depression, burnout and anxiety. MHCD is a non-profit mental health centre operating in the Denver metropolitan area, and its customers often belong to underserved groups such as Medicaid-insured populations, which currently have very poor or no access to mental health services. The collaboration is especially important as demand for mental health services has increased during the COVID-19 pandemic. Meru Health hopes the pilot will also pave the way for other community mental health centres to adopt remote care solutions.
The financial pressures induced by the coronavirus pandemic have added to the urgency of injecting talent from other parts of the world to the Finnish labour market, supporting enterprise growth and renewal and safeguarding the future of the welfare state. Read our full feature article by clicking the headline.
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