Specim Secures €3.5M from Bocap

Hyperspectral imaging technology provider Specim, Spectral Imaging Ltd. has secured a €3.5 million ($4.2 million) investment from Bocap SME Achievers Fund II Ky.

“I am proud that as a high-tech company, Specim will invest nearly as much in sales and marketing as in R&D,” said Risto Kalske, chairman of Specim. “With this move, it will take full commercial advantage of its superior knowledge, the entire R&D investment and the new camera family.”

The company aims to double its current €10 million in revenues by 2020. Specim will invest the new funding in further strengthening its position in the global markets.

“I have every reason to believe that with miniaturization, hyperspectral imaging will step into people’s everyday lives. Usability will undergo a revolution, and soon mobile equipment can easily be brought to the measurement sites for real-time use. Collecting samples, transporting them to the lab for analysis, and experiencing delays in getting the results will become history,” said Timo Hyvärinen, a founder of Specim.

Bocap is funded mainly by Nordic institutional investors such as life and pension insurance companies, foundations, pension funds and selected private investors.

“Specim is an excellent company [that] combines superior technological knowledge with the ability to commercialize it to meet sophisticated and ever-demanding customer needs,” said Vilma Torstila, a Bocap partner. “We are happy to enhance Specim’s commercial success and accelerate future growth via this investment.”