Million funding for a Finnish biotechnology company (Kauppalehti 11.9.2019)

Million funding for a Finnish biotechnology company (Kauppalehti 11.9.2019)

Biotechnology company ProtectPipe has received funding from Business Finland and the EU Horizon 2020 program.

Anna Juvonen, Kauppalehti

ProtectPipe is a biotechnology company developing preventive sewage maintenance solutions. The company has received 1.25 million Young Innovative Company (NIY) funding from Business Finland and SME Instrument funding from the EU Horizon 2020 program. SME Instrument funding amounts to EUR 50 000 in the first phase and up to EUR 2.5 million in the second phase. According to the company, the EU Horizon 2020 SME Instrument funding is aimed at innovative small and medium-sized enterprises that are seeking to develop their growth potential and are seeking growth in European or global markets.

With the help of the funding, the company intends to grow in the international market and to develop the wastewater treatment of cruise ships with its microbial innovation. The company that is established in 2016 has resales in Norway, Estonia, and the United Arab Emirates. In 2018, the company made net sales of almost EUR 1.2 million and a profit of EUR 122,000.

“With the help of the funding, we have a great opportunity to grow our international sales. We are also planning to expand abroad by establishing a functioning sales organization in Norway, ”says Hannu Keränen, Director of Administration and Finance, in the press release.

The bacteria in ProtectPipe’s microbial solution eat fat and other organic waste in the pipeline. The pre-treatment system, that doses the microbial solution, is installed at the beginning of the ship’s piping system, where bacteria grow and operate throughout the entire length of the sewage system.

“Bacteria make wastewater treatment more efficient and the ship produces cleaner wastewater. The goal in the future is to partially replace inefficient sewage systems on ships with organic-eating bacteria,” the company says.

In August, the company announced that it had received an investment of EUR 200,000 from Ilkka Ruotsila, who started as Chairman of the Board. Ruotsila is an investor in several financial and real estate companies and has previously served as a board member at Framery, a manufacturer of soundproofed premises such as office phone booths.

Timo Kohtamäki, the former CEO of construction company Lemminkäinen and Juha Helminen, director of internationalization of restaurant group NoHo Partners, have also invested in ProtectPipe.

You can also read the news in Finnish from Kauppalehti.

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