Visedo Oy, a Lappeenranta, Finland-based cleantech company, secured €20m in additional financing.
Backers were not disclosed.
The company is using the funds to invest in international growth and strengthen its management team with experienced members. Tarja Järvinen joined as CFO, and Nina Harjula as CMO.
Established in 2009 by Kimmo Rauma, CEO, Visedo specializes in electrical power lines and components for heavy mobile equipment, commercial vehicles, and the shipping industry. The company’s power lines are suitable for both hybrid and electrical systems with a performance range of 30–2 000 kW.
The company, which has a subsidiary in the Netherlands, has an international customer base with 90% of sales consisting of export to Europe and Asia.