€2.1 million EIC accelerator funding for photonics firm Hypermemo

Hypermemo, a company developing laser cutting technology in Joensuu, Finland has received €2.1 million of EIC Accelerator funding. The funding supports companies with a high market and growth potential in their attempts to commercialise new innovative products or solutions.

Companies receiving funding are expected to have an international turnover of up to hundreds of millions of euros in the future. Only few are selected: only 44 (2.4%) of the 1,849 applications were accepted. In Finland, funding was given to Hypermemo and Precordior.

Hypermemo says its solution "revolutionises laser glass cutting". The technology is based on a pulsed CO2 laser that can cut glass with a thickness of up to 30 mm with exceptional precision and speed. There are numerous applications as the laser can operate in areas where high performance lasers are useless. Lasers can cut, for example, the ultra-durable Gorilla glass that is used to protect smartphone displays, as well as laminated glass made of several layers and used in smart windows in cars and buildings.

The low-emission cutting method consumes significantly less energy and materials than the competing solutions, the company claims. This solution upgrades the whole laser glass cutting value chain by providing more effective post-processing, glass border quality and contactless chamfering. This brings up to 50% savings for the overall production. The environmental friendliness of the device meets the objectives of the Green Deal programme set for the financial instrument.

Hypermemo lasers have already been tested in customers' production environments, such as on a production line for drinking glasses in Turkey. "The customers have been very satisfied and want to introduce our products to more production lines. Next, we are in a hurry to productise the concept and start regular deliveries," commented Vadim Kiyko, Hypermemo's CEO and inventor of this technology.

Hypermemo operates in the international business-to-business market of glass processing equipment, which is worth about one billion euros annually. The market is also growing by 4.5% annually. Potential market areas for the company include the construction industry, kitchen and household supplies, the automotive industry and consumer electronics. With its exports reaching €2.5 million through funding, Hypermemo plans to invest in new production facilities and create 10-15 new jobs in Joensuu by 2022. Enquiries for new facilities are already under way.

Hypermemo background

Established in Joensuu in 2009, Hypermemo is developing a bespoke carbon dioxide laser. The company currently employs five people in a cleanroom facility constructed inside a workshop building in Käpykangas, Joensuu. The company is based on a technology developed by Russian-born Vadim Kiyko. Its development started at the Russian Academy of Science and continued in Joensuu. The company is funded by Business Angel, Business Finland and Butterfly Ventures.