March 21, 2016

EIB grants Finnish NewIcon EUR 8 million loan

NewIcon manufactures automation solutions with technology that relies on robotics and the Internet of Things.
NewIcon manufactures automation solutions with technology that relies on robotics and the Internet of Things.
New Icon

Finnish health technology company NewIcon has received an eight million euro loan from the European Investment Bank (EIB) for its development and innovation activities in the field of medicine logistics.

NewIcon manufactures automation solutions for hospitals and pharmacies with technology that relies on robotics and the Internet of Things.

The company will use the funds from the EIB loan to the development and production of pharmacy automation solutions that enable developing its range of storage retrieval robots for pharmacies and automated dispensing cabinets for hospital wards. The funds will also be allocated to support the development of intravenous compounding robots and novel medication management software.

With the loan, NewIcon can also scale up operations. The company’s first international branch was established in the UK in early 2016 and now the plan is to establish a branch in each Nordic country. NewIcon currently employs more than 50 people and the number is expected to quadruple within the next three years.

“Our solutions provide an answer to the global megatrend in health care, i.e. ageing, due to which pharmaceuticals are consumed at an increasing rate and nursing staff resources are under pressure. Automation is the remedy for ensuring patient safety,” says Ossi Parviainen, CEO of NewIcon.

The loan is supported by the new generation of financial instruments for innovative growth companies InnovFin – EU Finance for Innovators. Earlier beneficiaries of such EIB backing in Finland were Rovio and Kiosked.

Earlier this month we reported on NewIcon’s first steps into Iran’s pharmacy market, when the company signed an agreement concerning a fully automated pharmacy storage system for a clinic near Urmia.

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