In the defence and security sectors, dual use in particular is seen as having strong potential, as dual-use technology can be utilised in both civilian and defence applications.

“There is now strong demand for defence innovations, and the NATO DIANA accelerator and the two test centres granted to Finland will be available to startup companies going forward. We hope for the largest possible participation from Finland in the 2024 DIANA challenge competition. The Pitch Finland DefSec event is a great example of how to map Finnish startups interested in the defence sector,” says Sauli Eloranta, Vice President at VTT.

The event is organised by FiBAN (Finnish Business Angels Network ry), Tesi (Finnish Industry Investment Ltd), VTT (VTT Technical Research Centre of Finland Ltd), Business Finland, the City of Riihimäki, Defence Innovation Network Finland, Digital Defense Ecosystem, FVCA – the Finnish Venture Capital Association, and Kyberala ry. The event is part of the EU-funded Connect2Scale project and the Define project led by the City of Riihimäki.

Dual-use and defence technologies are increasingly topical for Tesi as well – Tesi is already a significant investor in companies such as Sisu Auto and Rauma Marine

“Our startup and growth-stage investments include Iceye, IQM, Varjo Technologies and Dispelix. We are currently exploring how Tesi could be more actively involved in developing and internationalising Finland’s defence industry ecosystem together with other actors in the field,” says Keith Bonnici, Investment Director at Tesi.

In addition to direct investments, in May 2023 Tesi invested EUR 35 million in the NATO Innovation Fund. The total size of the fund is one billion euros.

“For Tesi, the June pitching competition provides an excellent opportunity to get to know promising early-stage dual-use companies,” Bonnici adds.

Applicants for the Pitch Finland DefSec competition are expected from Finland, the Baltics and the Nordic countries, and the startup application period ends on 26 April. Angel and venture capital investors are prepared to invest EUR 100,000 in the best company of the competition.

At the MaanpuolustusAreena public event, discussion on Finland’s role in NATO and in the technology race between great powers will be sparked by Risto E.J. Penttilä, CEO of Nordic West Office, and a representative of the Finnish Defence Forces. The discussion continues in a panel featuring, among others, Professor of Cybersecurity and Member of Parliament Jarno Limnéll and Patria’s CEO Esa Rautalinko. In addition, at the afternoon’s invitation-only seminar, speakers on defence industry innovations include Olli Ruutu from the Ministry of Defence and representatives of the business community.

MaanpuolustusAreena and Pitch Finland DefSec will be held in conjunction with the international Erämessut fair organised in Riihimäki.

See the Erämessut event pages and tickets.

Further information

Tiina Laisi-Puheloinen
CEO, Finnish Business Angels Network (FiBAN)
tel. 040 750 7417
tiina.laisi-puheloinen@fiban.org
Read also: Defence and security startups need funding channels for growth (The opinion piece is behind a paywall in Kauppalehti.)

Jouni Eho
Mayor, City of Riihimäki
tel.  044 767 6674
jouni.eho@riihimaki.fi
Read also on the City of Riihimäki website: Riihimäki is building a new kind of defence cooperation

Keith Bonnici
Investment Director, Tesi
tel.  040 179 9584
keith.bonnici@tesi.fi
Read also on Tesi’s website: Finland joins NATO’s one-billion-euro innovation fund

Sauli Eloranta
Vice President, VTT
tel. 040 580 8664
sauli.eloranta@vtt.fi
Read also on VTT’s website: A NATO business accelerator for Finland