March 12, 2020
DAILY BRIEF: Startup funding, Nokia and Royal partnership
Nokia is keeping busy worldwide.
All the daily Finnish business news that works: Aibidia, Nokia and UPM Biofuels make headlines.
Aibidia raises substantial funding, Nokia strikes deals around the world, and UPM Biofuels partners on the world’s strongest fibre.
Finnish startup Aibidia has raised 4.2 million euros in a seed funding round led by Global Founders Capital and Icebreaker.vc. The Helsinki-based company also collected 1.25 million euros in the round from Finnish public funding agency Business Finland’s Young Innovative Company funding programme. Aibidia provides companies with digital services related to international taxation. More specifically, it helps companies to save time and money with its digital software designed to automate transfer pricing, a term for the rules and methods of pricing goods and services sold within and between enterprises under common ownership.
Finland’s Nokia has signed new deals for its technology around the world. The company will deploy an LTE wireless network with ENGIE Solutions for metro lines 15, 16 and 17 of the Grand Paris Express in Paris, France. Nokia has also upgraded the air traffic control network of the Irish Aviation Authority, which is responsible for the majority of airspace over North Atlantic. Finally, the Finnish company has been chosen by Rakuten Mobile to provide optical transport technology for the Japanese carrier’s first fully virtualised cloud-native 5G mobile network.
Sustainable raw materials producer UPM Biofuels has teamed up with Royal DSM and SABIC in an effort to reduce the environmental footprint of Dyneema, the world’s strongest fibre developed by Royal DSM. UPM Biofuels’ bio-based feedstock, UPM BioVerno, is produced from a residue of the pulping process, which is then processed by SABIC to make renewable ethylene for Royal DSM. The partnership represents an important step in realising Royal DSM’s goal of using bio-based raw material for at least 60 per cent of its feedstock by 2030.
Good News from Finland is published by Finnfacts, which is part of Business Finland.
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