Helsinki, Finland-based Altum Technologies, an industrial equipment supplier, has raised an undisclosed amount of Series A funding. Maki.vc led the round with participation from Lifeline Ventures.
HELSINKI, Finland (August 21st, 2018) – Altum Technologies has announced its expansion to the United States on the back of an undisclosed funding round, with the aim to help US companies remove industrial fouling and solve water management issues by working in collaboration with WaterStart in Las Vegas. The funding round was led by Nordic-based venture capital company Maki.vc with participation from Lifeline Ventures, who in 2016 previously invested in a seed funding round for Altum Technologies.
Altum’s power ultrasound penetrates the industrial equipment’s walls – without causing damage – to remove fouling in a matter of minutes. Fouling refers to accumulated dirt inside industrial equipment. Unlike other cleaning solutions, the system uses no chemicals and causes no production stoppages as no disassembly of equipment is required.
“By investing in Altum Technologies, we wanted to back an industrial revolution in which there is no need to stop production because of fouling and this generates a lot of value. Nowadays, a great amount of toxic chemicals are used to get rid of fouling; this contaminates our environment and affects each of us directly,” said Ilkka Kivimäki, Partner at Maki.vc. “Making industrial processes more efficient and sustainable for their clients is Altum’s goal, and we are happy to be part of this change,” he concluded.
WaterStart is a Las Vegas-headquartered cluster of global leaders interested in the implementation and catalyzation of water technology, research, and expertise. Cooling towers are the second largest cause of water waste in Nevada – the driest state in the US. Altum’s technology means less water will be wasted and no chemicals to be leached in the water table.
“WaterStart has provided us a market entry opportunity with a vast network of experts to help us solve big industrial issues. Subsequently, Maki.vc and Lifeline Ventures have seen this potential. By being physically in North America, we want to show our commitment to our clients and partners while giving the best of our service,” says Matias Tainela, CEO of Altum Technologies.
“WaterStart is excited to support Altum’s expansion into the US. Altum’s technology caught the attention of WaterStart because of its potential to improve the efficiency of cooling towers, a conservation target here in Southern Nevada,” says Nate Allen, Executive Director of WaterStart. “As the first Finnish company in WaterStart’s growing international portfolio, we are enthusiastic about the future opportunities for Altum and furthering our relationship with Finland,” continues Allen.
Founded in 2016 in Helsinki, Finland, Altum Technologies has customers all over the globe and is planning further international expansion, growing the team, and accelerating product development. Esteban Soto, Altum’s Marketing Director, will lead the North American operations from Las Vegas.