Dobbelgänger, a VTT spinoff, a deep-tech-defence startup based in Oulu, has successfully raised €920,000 in a funding round that included contributions from 16 angel investors from the Finnish Business Angels Network (FiBAN), Innovestor‘s Angel CoFund, and Lifeline Ventures. The funding, with €240,000 directly from FiBAN investors, is intended to support the company’s operational continuity and enhance its capacity for scaling, marketing, and sales within the defense, dual-use, and security sectors. The round, led by FiBAN angel investor Pekka Samuelsson, will help them ensure operational continuity and enhance their capacity for scaling, marketing, and sales within the defense, dual-use, and security sectors.
Dobbelgänger specializes in the development and manufacturing of advanced decoy technologies tailored to meet contemporary defense and security needs. Their decoys feature authentic spectral fingerprints across various threat wavelengths, including visible, thermal, and radar responses. This capability is achieved through a combination of innovative active and passive surfaces and precision 3D structures with sharp edges and even surfaces.
Constructed from lightweight multilayered materials, these decoys create realistic thermal and radiant signatures that simulate true targets, requiring only low-voltage power sources for activation. Designed for practicality, Dobbelgänger’s decoys are lightweight and easy to handle, with assembly and disassembly possible without tools in 10 to 30 minutes. They are effective at distances over 50 meters, particularly in aerial surveillance contexts, allowing for credible deception against reconnaissance while maintaining cost efficiency.
“We are, of course, pleased that the funding round was successful, though it was realized unexpectedly. This funding will ensure our operational continuity and give us the capacity to scale, market, and sell. Once sales work, everything else falls into place,” says Terho Kololuoma, CEO and founder of Dobbelgänger.
FiBAN, the Finnish Business Angels Network, is an organization that connects early-stage startups with angel investors across Finland. Established to support entrepreneurship, FiBAN offers resources, training, and networking opportunities for both investors and startups. The network focuses on enhancing the visibility of emerging companies and fostering connections within the investment community. Through events such as pitching competitions and workshops, FiBAN aims to facilitate discussions around innovation, particularly in sectors like technology and defense. Its role in the Finnish startup ecosystem highlights the ongoing efforts to promote investment in new ventures.
The Pitch Finland DefSec competition took place on June 7th in Riihimäki, focusing on startups in the defense, dual-use, and security sectors. Organized by FiBAN, the event provided a platform for emerging companies to present their technologies and ideas to a panel of judges and investors. This inaugural competition aimed to foster dialogue around innovation in defense-related fields and facilitate connections between startups and the investment community. The outcome included increased visibility for participating companies and highlighted the interest of angel investors in the sector, evidenced by the subsequent funding round secured by Dobbelgänger.
“The company has a unique technology, a capable team, and strong prospects,” says Pekka Samuelsson, who led the angel syndicate.
A total of 16 angel investors from the FiBAN network contributed €240,000 to Dobbelgänger.
“The high number of investors shows that companies in the defense, security, and dual-use sectors are of interest to angel investors,” adds FiBAN CEO Tiina Laisi-Puheloinen.
The €30 million Angel Co-Fund makes investments together with angel syndicates in Finnish seed companies. A syndicate of at least three angel investors new to a target company can submit an investment proposal to the fund, which then makes its decision based on the submitted materials.
“Once again, we’re thrilled to highlight the great partnership we have with FiBAN. Dobbelgänger’s funding round is one of the largest angel syndicates by far, and in terms of euros, it is one of the largest rounds in which the Angel Co-Fund has participated. We are very pleased with how the Angel Co-Fund is helping to increase the size of early-stage funding rounds,” says Hannu Jungman, Partner at Innovestor Venture Capital.
FiBAN’s next defense sector event, DECOI, will take place on November 19th. The event is co-organized with FiBAN, Business Finland, Business Helsinki, Define Finland, Digital Defense Ecosystem, Finnish Venture Capital Association, Finnish Information Security Cluster, Tesi, VTT, The City of Riihimäki, Lifeline Ventures, and Summa Defence.
Read the orginal article: https://arcticstartup.com/dobbelganger-raises-e1m-from-fiban-angels/
