Start-up Fund Joensuu invests EUR 100,000 to help Hypermemo to grow

Hypermemo Ltd has developed a new method for cutting and finishing glass based on a pulsed carbon dioxide laser solution, which enables excellent precision and speed. The new, industry-changing innovation has been successfully turned into a commercial product and patented in four countries.

The company’s glass processing solution has been successfully tested in the production environment of a major pilot customer  In addition to improving the efficiency of the glass processing process, the pulsed CO2 laser solution is significantly more energy efficient and environmentally friendly than the current solutions based on gas energy, for example.

Hypermemo has set its sights on the international, growing, industrial glass manufacturing and processing market with a turnover of billions, which will enable the company to grow. Hypermemo Ltd has already invested in new production facilities in Joensuu. According to the company’s estimate, already in 2022 it will employ a total of 15 people instead of the current 5 persons.

“This investment will put our company on a growth path and enable the acquisition of new international customers and the further development of the product,” says Vadim Kiyko, CEO of Hypermemo Ltd.

Startup Development Joensuu – Investment Fund that made the investment of EUR 100,000 is managed by Joensuun Startup Kehitys Oy, a subsidiary of Business Joensuu. The capital of the fund is EUR 2.5 million. The Fund has a co-investor, the Butterfly Ventures fund, which already has invested in Hypermemo. Butterfly Ventures will continue as the company’s growth partner along with the Startup Development Joensuu – Investment Fund.

“One of the key sectors of the industrial strategy for the Joensuu region is photonics business. Hypermemo is an excellent example of an innovative growth company whose unique photonics-related technology will enable its international growth in the coming years. With the help of this investment round, Hypermemo will be able to bring its products to the market, enabling growth and employing top experts in the sector in Joensuu,” says Harri Palviainen from Business Joensuu. Palviainen also serves as the Chairman of the Joensuu Board of Directors of the Startup Development Joensuu – Investment Fund.

“The excellence of Hypermemo Ltd’s innovation has already been tested at the EU level, as the company managed to secure EUR 2.1 million of highly competitive EU funding last spring. Only 2.4 % of the applicants pass the strict criteria set for EU funding. In addition, the company has received product development support from Business Finland,” says Harri Palviainen.

Photo: Hypermemo Ltd.

Further information:

Harri Palviainen. CEO, Business Joensuu
harri.palviainen@businessjoensuu.fi
+358 500 967 744

Vadim Kiyko, CEO, Hypermemo Ltd
vvk@hypermemo.eu
+358 4058 96941

Established in Joensuu in 2009, Hypermemo Ltd, is a company developing a unique carbon dioxide laser (CO2 laser) solution. At the moment, the company employs five people in its new production and development facilities in Joensuu. The company is based on a technology developed by Russian-born Vadim Kiyko. Its development started at the Russian Academy of Science and continued in Joensuu.

The Start-up Fund Joensuu helps start-up companies to grow, employ people and internationalise. The Fund obtains its capital from the City of Joensuu and private investors. The fund is managed by Joensuun Startup Kehitys Oy, a subsidiary of Business Joensuu. The Fund’s capital is EUR 2.5 million and its typical investment is EUR 50,000 – 200,000. Together with the Business Joensuu’s Business Accelerator and internationalisation services, the Fund supports the domestic and international growth of its target companies. The Fund is an avenue for companies’ second phase funding round. While the Fund is not subject to any field-specific restrictions, its main focus is on companies that specialise in digitalisation, the forest bioeconomy, and materials and innovative technology. Target companies must operate in Joensuu, want to be located in Joensuu or have a connection with the Joensuu region at the level of operative activities.