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Tesi (Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in growing Finnish companies. Founded in 1995, it acts as a fund-of-funds anchor investor and direct co-investor to help Finnish startups, growth companies, and industrial scale-ups succeed.
Deal activity increased 40% year-over-year (14 deals in the last 12 months). Average disclosed round size is $48.7M (across 44 rounds with reported amounts).
Portfolio
76
Fund Size
—
Top Stage
Series A
Last 12 Mo
14
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
126 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| EEniferBio | Series A | — | Sep 2026 |
 CurifyLabs | Series A | $14M | Jul 2026 |
 Verda | Unknown | $117M | Apr 2026 |
 Capalo AI | Series A | — | Feb 2026 |
 VEXLUM | Seed | — | Feb 2026 |
 Basemark | Unknown | — | Jan 2026 |
 Kelluu | Series A | — | Jan 2026 |
 ICEYE | Unknown | — | Jan 2026 |
| CurifyLabs | Series A | $14M | Jan 2026 |
| RRen-Gas | Growth | — | Dec 2025 |
| ICEYE | Series E | — | Dec 2025 |
 IQM Quantum Computers | Series A | — | Nov 2025 |
 NestAI Oy | Growth | $115M | Nov 2025 |
 DataCrunch | Series C | — | Sep 2025 |
| DataCrunch | Series A | — | Sep 2025 |
| IQM Quantum Computers | Series B | — | Sep 2025 |
| IIQM Finland | Series B | $50M | Sep 2025 |
 IQM Quantum Computers | Unknown | $320M | Sep 2025 |
 IQM | Series B | — | Sep 2025 |
 Steady Energy | Unknown | — | Jul 2025 |
| Steady Energy | Growth | — | Jul 2025 |
 HederaDx | Series A | — | May 2025 |
 TILT Biotherapeutics | Series B | $25.6M | May 2025 |
| TILT Biotherapeutics | Seed | $25.6M | May 2025 |
| IIXI | Series A | $32.2M | Apr 2025 |
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Top Co-Investors
Lifeline Ventures25 shared
European Innovation Council (EIC)14 shared
Maki.vc14 shared
byFounders9 shared
Reaktor8 shared
OpenOcean8 shared
Business Finland7 shared
Vsquared Ventures7 shared
Reinventure Group6 shared
True Ventures5 shared
NordicNinja VC5 shared
Salvia5 shared
EQT Ventures4 shared
Draper Associates4 shared
Bayern Kapital4 shared
VentureFriends4 shared
Heartcore Capital4 shared
Eurazeo4 shared
EIT Food4 shared
Last updated: 7 October 2026