Finnish wireless connectivity company Wirepas has secured €24m in financing from the European Investment Bank (EIB).
The funding will support research, development and innovation activities in Finland and France, as well as business growth across Europe and beyond.
The Helsinki-based deep-tech firm develops software enabling millions of devices to connect and communicate directly with each other, without relying on traditional mobile networks.
The technology is designed for large-scale industrial Internet of Things (IoT) applications, with potential uses spanning energy grids, factories, buildings and cities. At its core is NR+, an open 5G standard that allows millions of devices to operate within a single network at high reliability and low energy use.
The EIB support is structured as venture debt – long-term financing that complements existing venture capital and equity investment while limiting immediate dilution for existing shareholders.
Yu Zhang, EIB’s head of division for deep tech, digital and life sciences, said: “Europe needs to scale technologies that can connect millions of devices reliably and at low cost. Companies like Wirepas will help build the next generation of digital systems for industry, energy and cities. This is fully in line with Europe’s goals to strengthen digital sovereignty and accelerate the deployment of secure, energy-efficient technologies.”
Teppo Hemiä, chief executive at Wirepas, said: “Resilient scalable connectivity is becoming a cornerstone of Europe’s digital infrastructure. With the support of the EIB, we can accelerate the development and deployment of Wirepas technology across Europe and beyond, enabling industries and cities to connect millions of devices securely and efficiently.
“This financing strengthens our ability to innovate in Europe while supporting Europe’s ambitions for digital sovereignty and sustainable industrial transformation.”
The deal contributes to the InvestEU programme and also supports the EIB Group’s TechEU programme.
Image credit: your/Shutterstock
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