Sensmet Raises €1.5M to Accelerate International Growth
Sensmet, the growing water monitoring technology and water data company, has raised 1.5 million euros in the company’s second funding round to accelerate international market entry and sales. The round was led by venture capital fund Nordic Option. Innovestor participated with a follow-on investment with new private investors also joining the round.
“We are excited to have the backing of a great group of investors with their wide international network to help us accelerate market entry and sales in new geographies”, says Sensmet CEO Toni Laurila
“Water quality monitoring has traditionally been a conservative and time-consuming manual operation. We believe that with Sensmet’s technology and service model, industrial water processes can be taken to a whole new era where customers can benefit from significant financial and operational advantages” comments Teemu Puumalainen, Investment Director, Nordic Option Oy.
”Sensmet has made solid progress since our initial investment in 2019. The company’s new real-time water analysis capabilities have attracted significant attention among global corporate giants in different industrial verticals. With fresh funding, Sensmet is in an excellent position to take advantage of the identified international growth opportunities. We are also happy to see Nordic Option and other new investors join the shareholder base”, comments Innovestor’s CEO Wilhelm Lindholm.
Sensmet started started its operations three years ago and has entered the industrial and environmental water and wastewater monitoring sectors to prevent water pollution and to improve the efficiency of production processes. Sensmet’s proprietary micro-plasma technology enables comprehensive and quantitative online water quality analysis in harsh industrial conditions to help customers reduce the use of energy, chemicals and water in their production processes and increase water recycling rates without compromising the yield of production or the quality of products. Key customers include end-users in industries such as mining, steel manufacturing, oil&gas and pulp&paper as well as environmental monitoring service providers. Sensmet wants to thank the investors for supporting the company’s mission to secure responsible water management in cross-disciplinary industries and the environmental sector.