Finnish Vensum raises €3.8M for their Revolutionary Software-Defined Power Conversion Technology

With Finnish top early-stage investor Lifeline Ventures leading the round, Vensum will drive sustainability in the energy sector and accelerate green transition further.

Finnish energy technology startup Vensum announces today their finalized 3.8 million euro seed funding round to develop their power converter technology further. The round was led by Lifeline Ventures, and joined by Grid.vc, Harjavalta Oy, and Business Finland.

The growth in world electricity demand is expected to triple by the year 2050 (Mckinsey & Company, Global Energy Perspective 2022). At the same time, a meaningful amount of energy is wasted to heat due to power losses of conversion. With Vensum’s technology, over 50% of the wasted energy can be saved by improving conversion losses from 7-10 per cent to 3–5 per cent, creating a robust solution to drive down energy usage on a scale.

Vensum’s software-controlled power converters are a new groundbreaking approach to power conversion, delivering up to three times more power from the same footprint and giving the same power output in up to 65% smaller packages.

The technology’s peak efficiency and minimal energy losses are valuable in a wide range of conditions, such as renewable energy systems, where power conversion can vary greatly due to fluctuating sunlight and varying input/output voltage ranges and load currents. Vensum’s technology has a wide range of applications in the power industry from electric vehicle charging stations to efficient energy storages, DC microgrid architectures, and improving wind and solar power systems.

“We are thrilled to secure this funding and advance our technology to enable a revolution in power conversion,” says Peter Nisula, the CEO of Vensum Power. “Our holistic approach to understanding and redefining power conversion technology sets us apart, and we are excited to work with our investors to bring our novel solution to market soon.”

Vensum’s cutting-edge technology is the result of long-term, highly focused research and development efforts. Their innovative technology offers faster switching speeds, lower energy losses, better scalability and reliability, longer service life, and significantly smaller device size.

The new funding will be used to further the development and testing of Vensum Power’s technology, in addition to new pilot projects and product development. Furthermore, the company will expand its research and engineering resources. The 3.4 million euro funding also includes a 1.7 million euro R&D loan and a 400k€ deep tech funding from Business Finland.

“Vensum Power has a unique advantage in the power conversion industry due to their revolutionary technology and the team’s expertise in this field. We are excited to support their cutting-edge research and development work. The market opportunity for Vensum’s technology is significant, and we believe that their innovative approach to power conversion has the potential to revolutionize the industry, leading to higher profitability and making it more efficient and sustainable, while setting them apart from conventional power conversion technologies”, says Petteri Koponen, Founding Partner at Lifeline Ventures.

“We are a company with over 100 years of history and value both continuity and renewal. Investing in promising growth companies and innovative technologies is an essential part of our commitment to renew Harjavalta Oy. We see the green transition and the electrification of society as one of the key drivers of this transformation”, explains Jussi Aine, CEO of Harjavalta Oy.

About Vensum Power
Vensum Power, founded in 2018, develops new software-defined Power Converter (SPDC) technology, removing the bottlenecks in existing power conversion systems. It reduces switching losses to the minimum via trade secret soft-switching methods. For more information on Vensum Power and their Software-Defined Power Conversion technology, visit their website at www.vensum.com.

About Grid.vc
Grid.vc is the first investor in superb teams disrupting the energy industry. The Finnish venture capital fund invests in early-stage energy startups with novel technological innovations. The fund has started its operation in 2019 and currently has six energy startups in its portfolio. More information about Grid.vc can be found at www.grid.vc.

About Harjavalta Oy
Harjavalta Oy is a family enterprise, whose foundations were rooted in Finnish soil a century ago. Today, the company is a leading construction group in Finland. The group seeks to create long-term value development as a responsible and active owner.

About Lifeline Ventures
Lifeline Ventures is a sector-agnostic early-stage investor partnering with founders from the very beginning of their journey and supporting them throughout their growth. Lifeline Ventures was founded by Timo Ahopelto and Petteri Koponen in 2009. Since then, Lifeline Ventures has been the first investor in many major Finnish technology companies and an early investor in four Finnish unicorns, backing success stories like Wolt, Supercell and Oura. www.lifelineventures.com