Vaaka Partners, a leading private equity firm based in Finland and Sweden, has acquired a majority stake in Axitare, a pioneering medical device company specializing in easy-to-use medicine dispensing robots for elderly people living at home. The plan is to accelerate Axitare’s international growth and expand its innovative solutions to new markets.
Axitare, founded in 2016, has developed a unique medication dispenser that automatically serves medication doses in user-friendly cups and reminds elderly home care customers to take it with an audio announcement. The software platform also allows caregivers to monitor medication adherence remotely and sends automatic alerts if periodic medicine is not taken in time, significantly improving medication adherence among elderly people.
Finland faces significant challenges with its aging population and the preference of elderly individuals to live at home, compounded by financial pressure on the public sector. Axitare’s innovative solutions address these trends by ensuring safety and quality of life for elderly individuals while enabling substantial savings for the public sector through reduced need for home care visits solely for medication administration. As a leader in utilizing medicine dispensing robots for home care, Finland sets an example that many European countries are now following to modernize their home care processes.
In 2024, Axitare achieved revenue growth of 74%, and has currently over 4000 end-users in Finland and Denmark. In May 2025, the company launched a new version of its medicine dispensing robot with integrated remote video connection platform for home care customers, caregivers, and family members.
“We are thrilled to partner with Axitare and support their mission to enhance the quality of life for elderly individuals. Axitare’s innovative technology and strong growth potential align perfectly with our investment strategy. We look forward to working closely with the Axitare team to have a broader positive international impact,” says Ville Koskenvuo from Vaaka Partners.
“This partnership with Vaaka Partners marks a significant milestone for Axitare. With Vaaka’s expertise and resources, we are well-positioned to accelerate our growth and expand our reach in Europe. We are excited about the opportunities ahead and are confident that this collaboration will enable us to make a meaningful impact on the lives of elderly people worldwide,” says Jukka Penttinen, Founder and CEO of Axitare.
Management will continue as significant shareholders, ensuring continuity and commitment to Axitare’s vision. Additionally, Axitare’s Board of Directors will be strengthened by the addition of Vaaka’s Industrial Advisors: Professor Juha Tuominen, former CEO of Helsinki University Hospital (HUS); Kustaa Piha, founder of Med Group and a seasoned healthcare entrepreneur and investor; and Seppo Mäkinen, an experienced med tech and digital health executive and investor.
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For further information, please contact:
Ville Koskenvuo, Partner, Vaaka Partners
ville.koskenvuo@vaakapartners.fi
+358 50 3878 115
Jukka Penttinen, CEO, Axitare
jukka.penttinen@axitare.fi
+358 50 5184 800
Vaaka Partners in Brief: Vaaka Partners is an ambitious private equity company that helps medium-sized Finnish and Swedish companies to become business champions. Current Vaaka champions are e.g. Framery, Medbase, Nordic Healthcare Group and Tietokeskus. The company is responsible for approximately EUR 0.6 billion of private equity funds. To realize new growth opportunities, Vaaka’s approach combines strategic and operational expertise with trust-based collaboration. The largest investors in Vaaka funds are leading pension funds. https://www.vaakapartners.fi/en
Axitare in Brief: Axitare is a Finnish medical device and software company founded in 2016, specializing in automated medicine dispensing robots for elderly people living at home. Axitare’s innovative solutions aim to improve medication adherence and enhance the quality of life for elderly individuals through user-friendly technology and remote monitoring capabilities. http://www.axitare.com
