BREAKING: Finland is making headlines as a booming deep tech hub, boasting 15 unicorns and a staggering $1.5 billion in venture capital (VC) funding in 2024. This surge positions the country as a leading player in Europe’s tech landscape, driven by innovation in AI and quantum computing.
During a recent visit to Helsinki and Turku with Business Finland, the depth of the startup ecosystem was evident. With over 47,000 people employed across 4,200 companies, generating approximately $14 billion in revenue, Finland’s tech scene is thriving.
The urgency of this development is underscored by events like the AI Summit in Turku and Slush 2025 in Helsinki, where Finland’s deep tech capabilities took center stage. The newly opened Ellis Institute, a key location for AI research, has been hailed as a landmark development, showcasing the country’s commitment to fostering innovation. “It’s a testament to the community we’ve built,” officials stated at the summit.
Finland’s momentum is largely fueled by its top-tier universities in Turku, Helsinki, and Oulu, which continuously produce cutting-edge research. This strong university-to-startup pipeline keeps the ecosystem vibrant, promoting collaboration across borders with other Nordic countries.
“We’re building a complete simulation pipeline for molecular discovery using quantum systems,” said Dr. Boris Sokolov, co-founder of Algorithmiq, which originated at Turku University. The company recently partnered with IBM and the Cleveland Clinic to advance drug development. “Our team combines deep local expertise with international talent,” Sokolov added.
The larger players aren’t far behind. Canatu, a Helsinki-based company, is revolutionizing AI chip technology with its patented carbon nanotube innovations. “Without this technology, AI development couldn’t move forward to sub-2nm processors,” noted CEO Juha Kokkonen, further emphasizing Finland’s critical role in the global tech landscape.
Venture capital confidence is surging. Tom Henriksson, General Partner at OpenOcean, highlighted a transformative 15-year journey for Finland’s startup scene. “There’s a fair amount of startups generating revenue and raising capital,” he noted, pointing to the emergence of serial entrepreneurs who are driving new ventures.
However, challenges persist, particularly with the gender funding gap. Initiatives like Maria 01’s Launchpad are reserving half their spots for female and underrepresented founders, aiming to build a robust future pipeline. Sarita Runeberg, CEO of Maria 01, stated, “We’re seeing the beginnings of a pipeline,” reflecting the proactive outreach to schools to encourage young girls toward entrepreneurship.
In terms of diversity within the VC sector, Gylfe highlighted that approximately 30% of portfolio companies now feature female founders, many of whom are pioneering deep tech ventures. Henriksson acknowledged the need for greater representation, remarking, “Finland should be the leader in the world,” yet recognizing the gap that still exists.
What’s next for Finland? The deep tech future hinges on a collaborative approach, focusing on real-world solutions across sectors like healthcare and digital safety. As one AI executive put it, “The real value comes when you build human-centric solutions for society, not just chase hype.”
With substantial investments in inclusive education, ongoing innovation, and partnerships across sectors, Finland’s race in quantum and AI technologies is just beginning. The global tech community should stay tuned as Finland solidifies its position as a powerhouse in deep tech innovation.
