Finnvera and Indekon invested in simulation technology
Finnvera and Indekon have made an investment in MeVEA Ltd, a company developing simulator products in Lappeenranta, Finland.
The simulation technology developed by MeVEA enables the production of software and hardware that simulate the real circumstances. When this technology is utilised, for instance, in product development, the manoeuvrability and operation of equipment under manufacture can be tested directly with the user during the design phase. This yields important information about the characteristics of the equipment in terms of product development.
The technology developed by the company can also be used in training simulators, dynamics software and in various motion platforms and maintenance services.
“The aim is to use the capital obtained during the financing round to give MeVEA a boost for brisk growth and international markets. There is ample potential and the feedback received from customers is promising,” says Manager Matti Eskelinen of Finnvera’s Venture Capital Investments.
“MeVEA is a highly interesting company that has already proceeded far on its own resources. We believe in sound cooperation with Finnvera for developing MeVEA. The investment also serves as strong proof of the importance of a regional fund in enterprise development,” says Juha Turunen, Investment Director at Innofinance Oy, which manages the Indekon Fund.
“We have launched an international growth programme that aims at substantial growth. We strive to become undisputed technology and market leaders in product development for heavy machinery and equipment and in the simulation of dynamics. In the near future, we will focus heavily on commercialising the development work already done. This will also be reflected in the company’s turnover and personnel strength,” Managing Director Tero Eskola of MeVEA predicts.
MeVEA was established in 2005 to commercialise the simulation technology developed by a research group working at Lappeenranta University of Technology. The company’s principal customers are manufacturers of work equipment and machinery on the international market.
Managing Director Tero Eskola, MeVEA Ltd, +358 50 015 0003
Investment Director Juha Turunen, Innofinance Oy, +358 40 74 75 076
Manager Matti Eskelinen, Finnvera’s Venture Capital Investments, +358 29 460 2731
Finnvera's Venture Capital Investments
Finnvera plc, the State-owned specialised financing company, provides financing for the start, growth and internationalisation of enterprises and for protection against export risks. Finnvera reinforces the capacity and competitiveness of Finnish enterprises by offering loans, domestic guarantees and export credit guarantees. In addition, Finnvera’s subsidiaries make venture capital investments through funds or as direct investments. Direct investments are made in innovative start-up enterprises.
Indekon Oy / Innofinance Oy
The fund’s objective is to promote regional enterprise together with other bodies developing enterprise financing and business in the same region. The fund makes investments, without sectoral restrictions, in SMEs carrying out business in the region. The fund participates in corporate arrangements and changes of generation that aim at creating and maintaining solid, entrepreneur-based and successful business in the region.
Innofinance is a venture capital investment company that operates through its funds and also makes direct venture capital investments in SMEs with good growth potential.
MeVEA Ltd provides its customers with solutions for improving product development and user training. The company’s business is based on special know-how in real-time simulation of dynamics and virtual engineering. The broad scope of expertise enables almost any type of application, thus meeting the needs of the most demanding customers.