Hyperspectral imaging firm Specim has received €3.5 million of investment from Bocap SME Achievers Fund II Ky in Finland, enabling it to potentially double its current €10 million revenues by 2020 in addition to strengthening its position in global markets.
During the past two years, Specim has invested approximately €6 million in developing new generation hyperspectral cameras, and will complete the rollout of a new product family by the end of 2017. Its products are used in industrial, environmental and security applications, including drill core scanning in the mining industry, crop screening, robotic waste sorting, artwork inspection, explosive detection, and forensic investigation.
‘Specim is an excellent company which combines superior technological knowledge with the ability to commercialise it to meet sophisticated and ever-demanding customer needs,’ said Bocap’s partner, Vilma Torstila. ‘We are happy to enhance Specim’s commercial success, and accelerate future growth via this investment.’
‘I am proud that as a high-tech company Specim will invest nearly as much in sales and marketing as in R&D,’ added Specim’s chairman Risto Kalske. ‘With this move it will take full commercial advantage of its superior knowledge, the entire R&D investment, and the new camera family.’
Specim has previously received funding to boost its growth, accepting €5.3 million back in 2015 from two Finnish firms.