Finnish company Quuppa has announced that it has raised its first ever funding round, generating €20m to accelerate growth as the pandemic and rise of industry 4.0 boost demand for its real-time locating systems (RTLS) technologies.
The funding round saw investment in Quuppa from Finnish private equity company Bocap and Tech Consulting Group, an organisation specialising in boosting Finnish companies into the international market.
Founded in 2012, and already reaching €10m annual revenue, Quuppa enables Bluetooth devices to be tracked in real-time within centimetres. Its technology is already used across a number of verticals, including manufacturing, smart buildings, healthcare and sport, in order to keep track of stock or assets, and drive operational efficiency.
However, with industry 4.0 on the rise – a trend that has been accelerated by the Covid-19 pandemic – there is far greater market potential ahead, with MarketsandMarkets predicting a 22.5% annual growth rate for RTLS to reach a global market value of €7.5bn by 2023.
“Industry 4.0 introduces the idea of smart factories that are automated and optimised for best performance,” said Kimmo Kalliola, CEO and founding partner of Quuppa.
“Our customers can improve their production efficiency and operational safety by locating people and assets in real-time”
Quuppa raises funding to achieve €100m revenue target
Given the growth potential, Quuppa is targeting a significant growth in revenue, and so has generated funding in order to achieve this goal.
“With the new investment, we are able to scale up our services, support our global partner network better and further develop our technology and services,” said Kalliola.
“Our aim is to grow from €10m to €100m in five years and establish our position as a market leader.”
This ambition has also turned the head of investors.
“Bocap is very excited about Quuppa. The company perfectly matches our focus on ambitious entrepreneurs looking for significant global growth on a profitable basis within a horizon of 3 to 5 years,” said Vilma Torstila, partner of Bocap.