Altum Technologies secured €5 million from Lähitapiola, Tesi and Maki Ventures.

Altum Technologies, a Helsinki, Finland-based cleantech startup producing a software-driven ultrasound solution used to streamline industrial processes, announced completing an equity funding round closed at €5 million ($5.7M).

The money was raised locally from investors from Finland, including Lähitapiola, Tesi and Maki Ventures.

In addition to the equity, the company secured a loan facility and grants worth also €5 million.

At the same time, the company says it made a partnership with Japan-based Nippon Steel, the world's third largest steel company, as a distribution partner and customer. Altum's technology will be part of a cleaning service sold by Nippon Steel Engineering to its own industrial customers.

Altum, founded in 2016 and led by CEO Matias Tainela, provides a power ultrasound solution for cleaning pipelines, tanks, heat exchangers, and basically all liquid carrying production equipment online. The power ultrasound solution is capable to clean almost any dirt, like biofouling, mineral scaling, chemical fouling by penetrating the industrial equipment’s walls – without causing damage – to remove fouling in a matter of minutes.

The company says it has implemented around 20 pilot projects for customers, about half of which have been converted into customers, whoch brought in sales of €2 million in 2021.

Prior to this investment round, Altum secured a bit more than $1M in funding at the end of 2016 from Lifeline and Tekes and raised more in 2018.