Kyynel LTD announces a successful funding round

Kyynel Ltd, an Oulu, Finland-based company developing a novel wireless telecommunication system, announced that it has completed a funding round,

Participants of the funding round include venture capital companies Inventure and Butterfly Ventures, as well as private investors. The share of venture investors in the funding round amounts to two million euros ($2.7M).

The funding is aimed to provide financial resources for commercializing the technology developed by the company and expanding towards international market.

Toni Lindén, CEO of Kyynel Ltd.:

“The concluded funding round was a resounding success for our firm. We are in a good situation since we were able to qualify investors that are able to offer a great deal of added value in terms of developing our company further. The funding round makes it possible for us to recruit new employees in order to speed up the commercialization process and head towards larger markets.”

Juho Risku of Butterfly Ventures:

“Butterfly decided to invest in Kyynel because of the promising business idea and a very profound level of knowledge of the field. The investment we made is so far the single largest capital investment made by Butterfly.”