Investment & Fund Management

Optomed, a Finnish medical technology company specializing in retinal imaging devices, faced significant challenges during its early development phase, which lasted nearly a decade. Despite holding over 50 patents, the company struggled to achieve commercial traction with its products. The turning point came with the development of their third and fourth generation of handheld retinal imaging devices, which are not only portable but also provide high accuracy and rapid results—delivering readings in just 10 seconds. This innovation significantly reduced the cost of eye examinations to about 10% of traditional methods.

To support their growth and innovation, Optomed invested heavily in research and development, allocating approximately EUR 2-3 million annually. In 2016, they secured an EU-guaranteed loan from OP Corporate Bank, facilitated by the European Investment Fund (EIF) under the EU’s Investment Plan for Europe. This funding was crucial as it served as a catalyst for attracting venture capital on more favorable terms, mitigating the risks that banks typically associate with early-stage companies.

With the financial backing from the EU, Optomed expanded its product offerings to include software solutions that leverage artificial intelligence for data analysis. This strategic move allowed the company to penetrate international markets, including the US, China, and India, resulting in a substantial increase in their workforce from 40 to over 100 employees. The combination of innovative product development and strategic financial support has positioned Optomed for steady growth in the competitive medical devices sector.