Capalo AI raises EUR 11 million to accelerate scalable growth and international expansion
Finnish sustainable tech company Capalo AI has announced an EUR 11 million funding round led by the European venture capital firm Heartcore Capital. In addition to Tesi, which made its first investment in the company during this round, other participants included VentureFriends, Innovestor, PROfounders and Inventure. With the capital raised, Capalo AI will accelerate its international expansion. The company currently operates in Finland, Sweden, Latvia, and Lithuania, and plans to enter several new European markets while growing its international customer base.
Founded in Kuopio in 2022, the company uses advanced AI to enhance battery performance and optimize the trading of stored energy. In practice, the company leverages machine learning and algorithms to connect large-scale industrial battery systems from multiple locations into a single virtual power plant.
“The demand for battery energy storage systems continues to grow alongside the clean transition. Riding this trend, Capalo AI has rapidly expanded in recent years and achieved a notable position in its current target markets. Scalable growth is among the key focus areas in Tesi’s new strategy, and we are pleased to support Capalo AI with our investment” says Jan-Patrick Haikkola, Investment Manager in Tesi’s Venture and Growth Investments team.
Tesi’s investment is its first in Capalo AI. In addition to scalable growth, Tesi focuses on strategic areas for Finland, such as clean economy, aiming to develop expertise clusters and drive sustainable growth. However, Tesi can also invest in high-potential companies in other areas.
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Additional information:
Jan-Patrick Haikkola, Investment Manager, Venture and Growth Investments
jan-patrick.haikkola@tesi.fi
+358 40 964 4527
Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies, and to new industrial scale businesses. tesi.fi | X (Twitter) | LinkedIn | Instagram | Bluesky | Threads | Newsletter