# Tesi

> Tesi is a VC fund in Helsinki backing Software and Manufacturing. See 152 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Helsinki, Finland
- Total investments: 152
- Last investment: Jul 2026
- Lead investor: 16%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/finnish-industry-investment-ltd
- X (Twitter): https://www.twitter.com/tesifii
- Website: https://www.tesi.fi

Tesi is a VC fund in Helsinki focused on Software and Manufacturing. Finnish Industry Investment Ltd is a government-owned investment company. It invests the proceeds accrued from the privatisation of state-owned companies in stimulating the growth and internationalisation of Finnish businesses.Finnish Industry Investment invests in venture capital funds and directly in growth companies, together with privateco-investors. The targets are in all sectors. Capital investments are needed for financing the growth of investee companies, and for spin-offs, major industrial investments, and sector and corporate restructurings.The investments of Finnish Industry Investment amount to over MEUR 570

## Contacts

5 contacts available for Tesi. Shizune tracks 11 team members at Tesi. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/tesi?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $2.4M–$41M |
| Series B | $3.1M–$35M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 34 | 22% |
| Manufacturing | 18 | 12% |
| Health Care | 13 | 9% |
| Information Technology | 13 | 9% |
| Biotechnology | 10 | 7% |

189 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Funding Round | 38 | 25% |
| Series A | 28 | 18% |
| Series B | 23 | 15% |
| Seed | 19 | 13% |
| Venture - Series Unknown | 12 | 8% |

14 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Finland | 97 | 64% |
| United States | 6 | 4% |
| Switzerland | 2 | 1% |
| Argentina | 1 | 1% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Henri Grundsten | Director | 0 | https://shizune.co/investors/profile/henri-grundsten |
| Juha Lehtola | Head of Direct VC Investments | 9 | https://shizune.co/investors/profile/juha-lehtola |
| Heli Kerminen | Director, Venture Capital Investments | 0 | https://shizune.co/investors/profile/heli-ahlroos |
| Jan Sasse | CEO | 0 | https://shizune.co/investors/profile/jan-sasse |
| Joni Karsikas | Investment Director | 4 | https://shizune.co/investors/profile/joni-karsikas |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| CurifyLabs | CurifyLabs develops technology for the automated compounding of personalized medicines used in pharmacies and hospitals. Its platform combines compounding hardware, software, validated excipient bases, integrated quality control, and digital documentation to support the preparation of non-sterile medications through standardized workflows. Thecompany also provides formulation libraries and tools that enable pharmacists to create and produce patient-specific dosage forms while maintaining traceability and consistency throughout the compounding process. Its solutions are used to support personalized medication preparation across a range of healthcare settings. | $13.7M | Series A | Jul 06, 2026 |  |
| ICEYE | ICEYE is a space technology company that develops and operates a constellation of synthetic aperture radar (SAR) satellites used for Earth observation and persistent monitoring. The company provides satellite imagery and data that enable governments, defense organizations, insurers, financial institutions, and other commercial users to monitoractivities and environmental conditions across the globe. Its SAR technology captures imagery regardless of cloud cover, weather conditions, or time of day, supporting applications such as disaster response, infrastructure monitoring, maritime awareness, environmental monitoring, and security operations. ICEYE also delivers satellite-based intelligence systems and analytical solutions that help organizations assess events, track changes, and make operational decisions using near real-time information. Through its satellite network and data services, the company supports monitoring and situational awareness across a range of public and commercial sectors. | $519.7M | Series F | Jun 09, 2026 |  |
| Verda (formerly DataCrunch) | DataCrunch is a cloud service provider which facilitates utilization and integration of state of the art AI/ML models | $116.9M | Venture - Series Unknown | Apr 24, 2026 |  |
| Kelluu | Kelluu is building a satellite constellation under the clouds using an autonomous fleet of lighter-than-air a platform that produces a high-resolution digital twin of the world while providing real-time aerial intelligence.Kelluu’s data can be accessed via the browser and provided via the cloud to the customers. Data access is sold as asubscription while delivering an order of magnitude decrease to data cost. | $17.7M | Series A | Apr 14, 2026 |  |
| Capalo AI | Capalo AI offers a state-of-the-art Artificial Intelligence platform for the energy industry. | $13M | Series A | Feb 06, 2026 |  |
| Avenue Biosciences | Avenue Biosciences is a transatlantic biotechnology company committed to speeding up the research and development of protein biologics and tools for the biotechnology industry, ensuring that no lifesaving therapy goes unmet due to production constraints. | $7.4M | Seed | Jan 12, 2026 |  |
| ICEYE | ICEYE is a space technology company that develops and operates a constellation of synthetic aperture radar (SAR) satellites used for Earth observation and persistent monitoring. The company provides satellite imagery and data that enable governments, defense organizations, insurers, financial institutions, and other commercial users to monitoractivities and environmental conditions across the globe. Its SAR technology captures imagery regardless of cloud cover, weather conditions, or time of day, supporting applications such as disaster response, infrastructure monitoring, maritime awareness, environmental monitoring, and security operations. ICEYE also delivers satellite-based intelligence systems and analytical solutions that help organizations assess events, track changes, and make operational decisions using near real-time information. Through its satellite network and data services, the company supports monitoring and situational awareness across a range of public and commercial sectors. | $174.7M | Series E | Dec 05, 2025 |  |
| NestAI | NestAI is building next-generation AI for unmanned vehicles, autonomous operations, and command and control (C2) platforms across logistics, inspection, surveillance, security, and defense domains. | $115.3M | Venture - Series Unknown | Nov 20, 2025 |  |
| Verda (formerly DataCrunch) | DataCrunch is a cloud service provider which facilitates utilization and integration of state of the art AI/ML models | $64.7M | Series A | Sep 08, 2025 |  |
| IQM Quantum Computers | IQM Quantum Computers builds and delivers superconducting full-stack quantum computer systems and cloud services designed for research institutions and developers. It offers several products including Spark, a compact 5-qubit system for academic use, Radiance, a scalable platform with configurations from 20 to 150 qubits, and Resonance, a managedcloud service that provides high-fidelity quantum processors with tools, algorithm libraries, and pulse-level programmability. The company develops hardware topologies such as Crystal and Star, which enhance connectivity and aim to support error-corrected, fault-tolerant computing through the integration of quantum error-correction codes. In addition, IQM provides developer-focused resources such as SDKs, multi-framework compatibility, and educational programs to facilitate quantum algorithm experimentation. | $320M | Series B | Sep 03, 2025 |  |

10 of 152 investments shown.

## Co-investors
- [Lifeline Ventures](https://shizune.co/investors/profile/lifeline-ventures) — VC Fund, 20 deals together
- [Inventure](https://shizune.co/investors/profile/inventure-oy) — VC Fund, 16 deals together
- [Maki.vc](https://shizune.co/investors/profile/maki-vc) — VC Fund, 13 deals together
- [OpenOcean](https://shizune.co/investors/profile/open-ocean) — VC Fund, 13 deals together
- [byFounders](https://shizune.co/investors/profile/byfounders) — VC Fund, 8 deals together
- [Conor Venture Partners](https://shizune.co/investors/profile/conor-venture-partners) — VC Fund, 8 deals together

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## FAQ

### What does Tesi invest in?

Tesi invests primarily in Software, Manufacturing and Health Care startups, most often at Funding Round and Series A stage. Most of the 152 investments tracked by Shizune back companies in Finland. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Tesi's check size?

Tesi typically joins rounds of $2.4M–$41M at Series A and $3.1M–$35M at Series B. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Tesi participates in.

### How do I contact Tesi?

Public channels for Tesi include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Tesi?

The team at Tesi includes Henri Grundsten (Director), Juha Lehtola (Head of Direct VC Investments) and Heli Kerminen (Director, Venture Capital Investments), among 11 team members tracked by Shizune. The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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