EIT RawMaterials: Timegate Instruments Ltd raises EUR 2.6 million
The funding will help the company foster growth and enter the global market
EIT RawMaterials-supported Timegate Instruments Ltd, world´s leading innovator in time-gated Raman spectroscopy, has raised EUR 2.6 million for product and business development. Funding consists of stakes by venture capital investor Lifeline Ventures Fund Management Ltd, private investor Mr Hannu Turunen and Business Finland.
Timegate Instruments developed Timegated® Raman technology, leading the photonic revolution
Time-gated Raman technology has been proven to function with mining applications. With the funding received, Timegate will become the leading provider in real-time solutions at different stages of mining. The real-time information on mineralogy increases yields by enabling better process controlling and optimisation, and decreases costs by cutting down the need for chemicals and energy.
Timegate Instruments will present its next-generation technology to the global market
Business Finland is part of the 3D-LIDAR consortium led by VTT. The aim of the research and development project is to take the next generation technology further and foster the company's growth and internationalisation.
Lifeline Ventures and Mr Hannu Turunen believe Timegate’s technology has huge potential in quality control and production optimisation of the process industry. The company possesses a strong technological know-how and a skilled team that brought Raman spectroscopy to a new era. It is now the right time to launch the instrument into the global market, investors say.
'Right now our technology has reached the maturity level that allows us to scale up the business and deliver our products to the world. With this funding we get strong support and the necessary know-how for growth and internationalisation. We can now take the next step ahead with Timegate', said Mari Tenhunen, CEO of Timegate Instruments.
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