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Timegate Instruments Ltd, the world´s leading innovator in time-gated Raman spectroscopy, has raised funding of 2,6 M€ for product and business development. Funding consists of stakes by venture capital investor Lifeline Ventures Fund Management Ltd, private investor Mr. Hannu Turunen and Business Finland.
Timegate Instruments Ltd, established in 2014, has the roots for its innovation at VTT Technical Research Centre of Finland in the unit of Optical Measurement Systems and at the University of Oulu in the department of Electronics and Communications Engineering. The patented time-gated Raman spectroscopy technology can be utilized in material characterization i.e. in the mining industry to quantify minerals in real-time.
Time-gated Raman technology has been proven to function with mining applications. With the funding received, Timegate will become the leading provider in real-time solutions for different stages of mining and making time-consuming sampling history. The real-time information on the mineralogy increases yields by enabling better process controlling and optimization and decreases costs by cutting down the need for chemicals and energy.
The Business Finland grant is part of 3D-LIDAR consortium led by VTT. Aim of the research and development project is to take the next generation technology further and foster company growth and internationalization.
Lifeline Ventures and Mr. Hannu Turunen consider that Timegate´ s technology has huge potential in quality control and production optimization of process industry. The company possesses strong technological know-how and skilled team that have brought Raman spectroscopy to a new era. Now is the right momentum to bring the instrument to the global market, investors say.
The CEO of Timegate Mari Tenhunen is also very satisfied with the funding: “Right now our technology has reached the maturity level that allows us to scale up the business and deliver our products to the world. With this funding we get strong support and know-how for growth and internationalization. We can now take the next step ahead with Timegate.”