AKKURATE AIMS FOR THE ASIAN MARKET
The Finnish startup receives financing worth half a million.
The Finnish Akkurate is a one-year old startup company, but its team has accumulated over one hundred years of work experience in the development, production chains and life cycle management of lithium-ion batteries. The company obtained EUR 500,000 in its first funding round from venture capitalists and private investors.
Akkurate’s premises bear a striking resemblance to the Mythbusters. For the purposes of testing, optimizing, and analyzing Li-ion batteries, the company’s laboratory contains hundreds of batteries and miles of cables and an entire explosion-proof container in which to test the safety of batteries. The interest from investors speaks volumes about the trust that there will be even more demand for Akkurate’s professionalism and laboratory in the future.
“The number and size of batteries keep on growing, and there will be even more applications for them in the future. Electric vehicles, mobile devices, the Internet of Things, and energy storage technologies all require reliable, efficient, and safe solutions,” says Akkurate’s CEO Mika Kanninen, one of the company’s co-founders.
“The investors of the first funding round include the Finnish Lifeline Ventures that has been investing in Akkurate from the very beginning, and Suffice International from Hong Kong. We also managed to attract interest from the Lappeenranta University of Technology investment company Green Campus Innovations and high-class private investors with strong experience in industry and business. In addition to the funding we received, we also managed to incorporate extremely valuable expertise into the Akkurate team”, says Kanninen.
“This is once again a great example of how new business can be developed based on university-driven research”, says the CEO of Green Campus Innovations Pertti Miettunen. “We are proud for being able to participate in the development of top tier growth companies like Akkurate through both the world-class research of LUT and our own equity investment”.
Growth potential in Asia
In its first year of operations, Akkurate has worked with companies in several industries, from consumer electronics to electric ferries.
“We consider our growth potential to be in large battery systems”, says Mika Kanninen. “In the future, we aim to be global, with a particular goal of gaining a foothold in the massive battery market introduced by the increasingly electrified traffic system in China.”
Kanninen reminds that the megatrend of electrified traffic is not limited to cars, but it includes, to an increasing degree, ships, ferries, trucks, construction sites and mining machinery, which are increasingly becoming powered by electricity instead of diesel fuel, China being the pioneer.
Sights set on the development of diagnostics
According to Mika Kanninen, Akkurate is aiming to become world’s leading software company in large battery system diagnostics. Akkurate’s strength is in the company’s personnel, which consist of a very strong team of experts in different industries who are skilled developers of batteries and their management systems.
“In addition to the funding round, we have initiated a research project on battery diagnostics, supported by Business Finland, the innovation funding organization of the Finnish government. The idea is to finish the research project by the end of this year,” says Kanninen.
Tel. +358 40 758 1370