Kelluu raises EUR 15 million in Series A – Tesi invests alongside NATO Innovation Fund’s first Finnish deal
Finnish deep tech company Kelluu has announced a EUR 15 million Series A funding round led by the NATO Innovation Fund (NIF), marking its first-ever investment in a Finnish company. Tesi participated in the round alongside Dutch-British defense and dual-use VC firm Keen Venture Partners and Swedish defence-focused investor Gungnir Capital. The funding will support Kelluu’s international growth, technology development, AI capabilities, and fleet expansion.
Founded in 2018 in Joensuu, eastern Finland, Kelluu designs, manufactures, and operates the world’s largest autonomous airship fleet. Its hydrogen-powered airships deliver persistent intelligence, surveillance, and reconnaissance (ISR) over vast areas. For example, in the drone realm, Kelluu’s airships serve as an open multi-sensor platform that strengthen drone detection, surveillance, and the creation of a real-time operational picture. The airships operate reliably in extreme conditions including temperatures as low as -33°C and sustained GPS jamming. The dual-use platform serves defense, border security, critical infrastructure, and environmental monitoring customers.
Kelluu has been a member of NATO’s DIANA programme since 2024, selected as one of 15 from over 2,600 applicants. NIF’s investment in Kelluu resulted from the programme.
“This investment is strategically significant for Tesi on multiple levels. Beyond supporting Kelluu’s international growth, we are pleased to play a role in opening the door to NIF’s first investment in Finland – a strong signal that Finnish defense and dual-use expertise is attracting the attention of leading international investors. We hope this marks only the first step in closer collaboration with NIF for the benefit of Finnish companies,” says Keith Bonnici, Investment Director in Tesi’s Venture & Growth Investments team.
Tesi’s investment reflects its focus on strategic areas for Finland, including defense and dual-use technology. Through its investments, Tesi aims to develop expertise clusters and support high-potential Finnish companies in scaling internationally. However, Tesi can also invest in other high-potential companies outside its strategic investment themes.
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Additional information:
Keith Bonnici, Investment Director, Venture & Growth Investments
keith.bonnici@tesi.fi
+358 40 179 9584
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