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Specim has been granted 5.3 M Euro growth financing

8 September 2015 | News
by Ian Michael
Photo of hyperspectral system

SPECIM, Spectral Imaging Oy Ltd, has received 5.3 M€ of financing to ensure its growth. The financing package consists of venture capital financing by Teknoventure Oy of Oulu, Finland, and R&D financing by Tekes, the Finnish Funding Agency for Innovation. The company, which was founded in 1995 by three former researchers of VTT Technical Research Centre of Finland Ltd, is known for its hyperspectral technology. The spectral imaging camera products are widely used in various industrial, environmental and defence applications.

Specim has its roots in manufacturing often one-of-a-kind and extremely demanding measurement systems. These projects can range as high as a million euro in value. Specim is going to continue to pursue this path and further enforce its strong market position. Its past experience and know-how provide an excellent foundation for the company to expand its business to become a proven provider for a new generation of intelligent hyperspectral measurement instruments.

Thanks to developments in optics and other key components, it is possible to develop efficient and small hyperspectral imaging instruments for a myriad of new applications, for instance in the fields of foodstuffs, medicine, forensics and plant diseases. Specim will focus the new financing into developing a new product generation as well as enforcing and expanding its global market position.

“Many applications, which have originally been developed for high-end research or defence administration purposes, have in time begun to serve more our everyday life. We see clear signs that this is also the case for hyperspectral imaging. We want to be early movers in these new markets thanks to our R&D efforts”, says Timo Hyvärinen, one of the original founders and a majority owner of the company.

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