Minima bags €1.6 million in seed funding from Nordic Capital, VTT Ventures and other investors
Finnish Minima Processor Ltd receives €1.6 million in equity funding. The company offers technology that can be used in almost all devices utilising digital computing. Backers included CFT Nordic Capital Ltd, VTT Ventures Ltd and private investors.
According to forecasts, by 2020 the number of devices connected to the Internet of Things (IoT) will be five times greater than the number of mobile phones, and companies are expected to be investing in IoT significantly over the coming years. Since every IoT device connected to the web needs digital computing capacity, the reduction of the energy requirements for this type of computing is a critical factor in terms of IoT productivity and environmental impact.
‘Digital computing affects the daily lives of us all. Namely, it is digital computing that makes it possible to listen to music with an iPod’, remarks Minima’s CTO Lauri Koskinen on the importance of digital processing.
VTT Technical Research Centre of Finland Ltd, Aalto University and the University of Turku have developed a unique technology which makes digital computing as much as twenty times more energy efficient than current technology. The patented technology is based on the optimisation of microprocessors’ operating points. Using this technique, a new world record in energy efficiency has been achieved. In order to commercialise the technology, Minima Processor Ltd was founded in April 2016. Minima has now raised a total of €1.6 million of seed funding from CFT Nordic Capital Ltd which is backed by CFT Capital Ltd, VTT Ventures Ltd and private investors.
‘Minima is involved in changing the world and promoting digitalisation. Our disruptive technology is a cost-effective solution that enables a boost in digital computing for a wide range of applications. For example, the computing power of virtual-reality devices can be increased with Minima’s technology’, report the company’s Chairman of the Board Jani Mäkipää with satisfaction regarding the investment received.
Semiconductor business is changing. The applications for Minima’s technology are broad due to the fact that it can be used in almost all electronic devices. The company’s technology is added to integrated digital computing microchips before manufacturing. The company delivers and licences its technology to other semiconductor companies. These companies then integrate the technology into their products. In the initial phase, Minima is aiming for a leading market share in energy saving solutions for data processing in IoT devices. In the future, its operations will be expanded into other market areas.
‘IoT deployment will alter many industry practices and create new ways of doing things’, says Minima’s CEO Toni Soini and adds, ‘There will be many opportunities for innovative and agile companies to challenge the old models’.
The company has also been supported by Tekes the Finnish Funding Agency for Innovation. Minima is a founding member, together with IBM, Oracle, Google and others, of the Risc-V Foundation. The company has offices in Espoo and Oulu, Finland.
Founded in April 2016 and led by CEO Toni Soini and CTO Lauri Koskinen, Minima delivers and licences its technology to other semiconductor companies, which then integrate it into their products. In the initial phase, the company is targeting energy saving solutions for data processing in IoT devices.
In the future, operations will be expanded into other market areas.
Source: Minima Press Release