Specim closes a €3.5M investment by Bocap, wants to double revenues in 3 years.

Finland Investments 23 August 2017
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Specim, Spectral Imaging Ltd, an Oulu, Finland-based provider of hyperspectral imaging technology and related products and solutions, announced an agreement to an investment of €3.5M ($4.13M) by Bocap through its Bocap SME Achievers Fund II Ky.

The aim of the investment is helping with doubling the company's current €10M revenues by 2020.

Timo Hyvärinen, founded in 1995 by Timo Hyvärinen, is a global pioneer in hyperspectral imaging technology and related products and solutions. Its products are widely used in industrial, environmental and security applications. Specim’s solutions serve mining industries in drill core scanning and producing mineral maps, agriculture to screen the crops for disease and infestation, and they are key components in state-of-the-art waste sorting robotics. Specim’s products also revolutionize the authenticity inspection of artwork, detection of explosives, and forensic investigation.

Specim employs 60 people and recorded sales of €10M ($12M) in 2016.