Dual-use solutions for society: satellite technologies and quantum computers

In the defence and security sectors, dual-use in particular is seen as having strong potential, as dual-use technologies can be used in both civil and defence applications.

“There is now a strong demand for defence innovation, with Finland hosting a NATO Diana accelerator and two test centres for start-ups. We are therefore hoping for the highest possible participation from Finland in the 2024 Diana Challenge. The Pitch Finland DefSec event is a great example for identifying Finnish start-ups interested in the defence sector,” says VTT Vice President Sauli Eloranta.

The event is organised by Finnish Business Angels Network FiBAN, Tesi (Finnish Industry Investment Ltd), VTT Technical Research Centre of Finland, Business Finland, City of Riihimäki, DEFINE Defence Innovation Network Finland, Digital Defense Ecosystem, Finnish Venture Capital Association, and Finnish Information Security Cluster Kyberala. 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 also increasingly topical for Tesi, and Tesi is already a major investor in companies such as Sisu Auto and Rauma Marine.

“Our start-up 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 the Finnish defence industry ecosystem together with other players in the sector,” says Keith Bonnici, Tesi’s Investment Director.

In addition to direct investments, in May 2023 Tesi invested EUR 35 million in the NATO Innovation Fund, which has a total size of EUR 1 billion.

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

The Pitch Finland DefSec competition is open to applicants from Finland, the Baltics and the Nordic countries, and the deadline for startup applications is 26 April. Angel investors and venture capitalists are ready to invest €100,000 in the best company in the competition.

At the public event in the National Defence Arena, Finland’s role in NATO and the technology competition between the major powers will be discussed by Risto E.J. Penttilä and a representative of The Finnish Defence Forces. The discussion will continue in a panel with, among others, cyber security professor and Member of Parliament Jarno Limnell, and Patria CEO Esa Rautalinko. In addition, the afternoon guest seminar will feature talks on innovation in the defence industry by Olli Ruutu from the Ministry of Defence and representatives of the business community.

MaanpuolustusAreena Defence Exhibition and Pitch Finland DefSec are organised in connection with the International Sportsmen’s Fair in Riihimäki.

Check out the Wilderness Fair event pages and tickets.

Further information

Tiina Laisi-Puheloinen
CEO, Finnish Business Angels Network (FiBAN)
Tel. +358 040 750 7417
tiina.laisi-puheloinen@fiban.org

Jouni Eho
Mayor, City of Riihimäki
Tel.  +358 044 767 6674
jouni.eho@riihimaki.fi
Read more: Rii­hi­mä­ki is building a new kind of cooperation in the defense industry

Keith Bonnici
Investment Director, Tesi
Tel.  +358 040 179 9584
keith.bonnici@tesi.fi
Read more: Finland joins NATO Innovation Fund

Sauli Eloranta
Vice President, VTT
Tel. +358 040 580 8664
sauli.eloranta@vtt.fi
Read more: Nato business accelerator to Finland