The additional funding will accelerate the product development and speed up market entry
HELSINKI – April 25, 2019 – Karsa Oy, developer and manufacturer of chemical threat detectors for security applications, has reached the minimum level during a funding round by investment house Springvest Oy.
“Karsa has been looking for ways to accelerate the development of the ScentHound product including the sophisticated software.” said H. J. Jost, co-founder and CEO of Karsa Oy. “While an organic growth scenario was feasible, the team felt strongly that speeding up the market readiness was warranted, given the positive results from different tests of the ScentHound.”
Karsa Oy started working with Springvest Oy in January 2019 and by April 8, 2019 the funding round was live with a target of 1.1-2.1M€ to be raised. Yesterday, the minimum was reached, and the round is progressing rapidly (see below for live update). The funding will enable Karsa to accelerate the productization of the ScentHound and to prepare the international launch activities.
Karsa Oy is developing explosives detection equipment with high sensitivity and specificity to provide dramatically increased explosives detection capabilities at lower costs than current technologies. Bringing this technology to the global market place is expected to transform the security industry with options that will raise the level of security in markets including civil aviation, beginning with air cargo screening. Karsa’s technology also has application for customs and border protection as well as emergency management.
Karsa Oy was founded in 2016 by a team of sampling and detection experts from the University of Helsinki, international industry partners and Lifeline Ventures, the leading venture capital investor in Finland, and with the support of Business Finland, Finnish Funding Agency for Innovation.
Below you can find a live update on the progress.