Samsung Venture invests in Elfys
Finnish photodiode startup Elfys is tapping into the growing demand for photodetectors – due to the ever-growing trend of measuring one’s health and wellbeing through wearables.
The new €3M round announced today is complementing a round of the same size from last summer, and the money raised is dedicated to ramping up production to match the growing demand from the industry. The lead investor of the round is Samsung Venture Investment Corporation (SVIC), together with the company’s earlier round’s lead Voima Ventures. The investment is complemented by other earlier shareholders, including the founders of Oura Health, the company behind the Oura Ring.
Photodetectors are most commonly used in devices such as smartwatches and other wearables. With the growing trend of tracking one's well-being, the demand for detectors is constantly growing.
With the sensitivity and energy efficiency of Elfys technology, the performance of these health monitoring devices can be remarkably improved across solutions. This is truly groundbreaking, as photodetectors are often the biggest limiting factor for making these devices better and more accurate. “Our customers clearly see the value we offer. Now we are quickly progressing towards high volume production and we’re very excited to be able to serve our customers – and ultimately the end user community – with ever better devices”, explains Mikko Juntunen, the founder and CEO of Elfys.
The company, founded in 2017, already has closer to fifty customers globally – including many well-known wearable device manufacturers. The number is steadily growing, especially with this investment round opening up several larger-scale opportunities. The wearable market has quickly recovered, and was actually boosted by the pandemic, that further raised the interest among people to measure their body function. Elfys’ superior photodetector technology could be an integral component in increasing the quality of the health-specific data users are receiving from their wearables.
Further reading: Elfys raises €3M – Photodetector company ramps up production for growing wearable market, WileyIndustryNews.com, 23 September 2021
Company
ElFys IncTekniikantie 12
02150 Espoo
Finland
most read
5 robotics trends for 2026
The International Federation of Robotics reports on the five most important trends for the robotics industry in 2026.
Global robot density: Western Europe leads ahead of North America and Asia
In the EU-27, the robot density is 231, which is above the global average of 132.
Ziehl-Abegg achieves sales of over one billion euros
This corresponds to growth of over 12% compared to the previous year. The global workforce increased from 5,300 to 5,800 employees.
Machine Safety 2026: The Five Most Important Trends for Eutomation Engineers
Digitalization and automation continue to drive mechanical engineering forward - and with them, the requirements for functional safety and cyber security are increasing. For automation engineers, this means that machine safety is becoming a holistic concept.
Spherea acquires Averna
The Spherea Group has signed an agreement to fully acquire the Canadian company Averna.