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.
Kyynel has been also funded by Tekes.
“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”, says Toni Lindén, CEO of Kyynel Ltd.
“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.”
The system Kyynel has developed makes it possible to provide telecommunication services with high reliability and exceptional coverage, no matter where in the world the users may reside. This technology and the market potential of the company proved attractive to the investors.
“Butterfly decided to invest in Kyynel because of the promising business idea and a very profound level of knowledge of the field”, sums Juho Risku of Butterfly Ventures. “The investment we made is so far the single largest capital investment made by Butterfly.”
For the last four years, the Oulu-based Kyynel Ltd has been developing a wireless telecommunication system, which is able to provide telecommunication services anywhere in the world. Its envisioned uses include data transmission in arctic regions, maritime and official telecommunications.