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Tesi is a state-owned investment company that focuses on promoting the growth and internationalization of Finnish companies and developing Finland's venture capital and private equity market. It invests directly in Finnish growth companies and in venture capital and private equity funds, operating on market terms alongside private investors to leverage both national and international funding.
Deal activity increased 1200% year-over-year (13 deals in the last 12 months). Average disclosed round size is $58.1M (across 30 rounds with reported amounts).
Portfolio
32
Fund Size
$3.5B
Top Stage
Series A
Last 12 Mo
13
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
32 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Capalo AI | Series A | $11M | Feb 2026 |
 Vexlum | Seed | $10M | Feb 2026 |
| RRen-Gas | Growth | $16M | Dec 2025 |
 ICEYE | Series E | $150M | Dec 2025 |
| ICEYE | Series E | $200M | Dec 2025 |
| NNestAI | Growth | $115M | Nov 2025 |
| DDataCrunch | Series C | $55M | Sep 2025 |
| IIQM Quantum Computers | Series B | $275M | Sep 2025 |
| SSteady Energy | Growth | $32M | Jul 2025 |
| SSteady Energy Oy | Unknown | $32M | Jul 2025 |
 Hedera Dx | Series A | $15M | May 2025 |
| TTILT Biotherapeutics | Series B | $25.6M | May 2025 |
| IIXI | Series A | $32.2M | Apr 2025 |
 Avenue Biosciences | Seed | $5.7M | Jan 2025 |
| MMeasurlabs | Seed | $2.5M | Sep 2023 |
 Bob W | Series A | $21M | Oct 2022 |
 Varjo | Series D | $40M | Sep 2022 |
| SSwappie | Series C | $108M | Feb 2022 |
 Aurora Propulsion Technologies | Seed | $2M | Sep 2021 |
| ICEYE | Series C | $87M | Sep 2020 |
| Varjo | Series C | $45.9M | Aug 2020 |
| SSwappie | Series B | $40.6M | Jun 2020 |
 IQM | Seed | $12.9M | Jul 2019 |
| WWirepas | Unknown | $14.4M | May 2019 |
 Oura Health | Unknown | — | Jul 2018 |
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Top Co-Investors
Lifeline Ventures9 shared
byFounders3 shared
Maki.vc3 shared
Heartcore Capital2 shared
VentureFriends2 shared
Bold Capital Partners2 shared
NordicNinja2 shared
General Catalyst2 shared
Bpifrance2 shared
European Tech Collective2 shared
TenEleven Ventures2 shared
Move Energy2 shared
Reaktor2 shared
EQT Ventures2 shared
Atomico2 shared
Volvo Cars Tech Fund2 shared
PROfounders1 shared
Innovestor1 shared
Verve Ventures1 shared
Last updated: 12 April 2026