Cloudstreet, the Nokia spin-off from Finland, raises €2.6M in Funding

Cloudstreet, the Finland-based Nokia spin-off providing mobile Internet connectivity on-demand, raised €2.6m in funding.

The money comes in two parts, consisting of a €1.6M EU grant from the EU’s Horizon 2020 and €1M in private money from VersoVentures and Finesco Capital.

The close of the 2nd VC round, with the public funding grant from the H2020 SME Instrument, along with earlier public grants, brings this combined public/private round to €2.6M and total Cloudstreet investments to date to €3.2M.

Founded in 2010, and led by Mika Skarp, Founder & CTO, and Tero Auvinen, CEO, Cloudstreet is a cloud-based service platform for telecom operators, combining business and network layer technologies to provide SLA-assured bandwidth-on-demand for services such as streaming HD Video-on-Demand, data-intensive apps, and the Internet-of-Things.

Aligned with the principles of net-neutrality, the company’s Dynamic Profile Controller™ (DPC™) identifies the precise data need for each mobile-internet connected device or application on-the-fly and enables instant and fully-automated network optimization to serve each end-user’s precise data requirements at any particular moment, without affecting other users’ connections.