Gothenburg-based deeptech startup Vesiro has raised €1.6 million in seed funding to scale its performance-enhancing Elasticsearch plugin, which aims to cut both server costs and energy consumption for companies running large data workloads. The round was led by Chalmers Ventures with Industrifonden as co-lead, joined by Länsförsäkringar Göteborg & Bohuslän, Yuncture, First Gate Invest, E14 Invest, Mach One, and several angel investors, including Stefan Mahlstein, Staffan Truvé, Jan Sparud, Petter Eriksson and Magnus Lundgren. The new funding will be used to grow the technical team, accelerate product development, and expand market rollout.
Vesiro, a Chalmers University spinout, develops a performance-enhancing plug-in for Elasticsearch. The software helps companies with large Elasticsearch clusters reduce server costs by increasing the search performance in their existing Elasticsearch instances. Internal benchmarks and pilot customer tests show that Vesiro’s software enables up to three times faster search, which can enable customers to reduce the number of required servers by up to 50 percent.
“Data volumes are growing faster than today’s infrastructure can handle, and our technology makes it possible to analyze large datasets using far fewer servers. This lowers costs while also reducing energy consumption,” says Oskar Hagman, co-founder and CEO of Vesiro.
The solution is particularly relevant for companies with high server costs connected to their use of Elasticsearch, for example, in industries like business intelligence, e-commerce and AI. By delivering up to twice the search performance of standard Elasticsearch deployments, the plugin enables organizations to achieve the same results with significantly fewer servers, unlocking substantial cost and energy savings without replacing their current systems.
“Our focus is to make it easy for customers to get value from our technology. With our current solution, companies can achieve significant performance gains and cost savings while keeping their existing systems in place,” says Oscar Widén, co-founder and COO of Vesiro.
The company was founded by Hagman and Widén, both alumni of Chalmers’ entrepreneurship program, together with Örjan Vestgöte, a well-known Swedish innovator and the inventor behind the core algorithm.
“Vesiro is a strong example of how advanced research at Chalmers can be turned into a scalable company, and this journey from idea to a well-funded seed round is exactly what we aim to enable for more entrepreneurs. Vesiro will have an impact on sectors such as business intelligence and e-commerce. In the long term, it has the potential to help global tech companies become far more efficient, reduce their cost for hardware and energy use,” says Oskar Svarfvar, Seed Investment Manager at Chalmers Ventures.
“Vesiro has developed an innovative search algorithm that unlocks value for a broad set of customers struggling with the rapid growth of unstructured data. The solution shows strong potential as a highly scalable and easy-to-integrate addition to existing systems, and we are glad to welcome Vesiro to Industrifonden’s portfolio,” says Tobias Elmquist, Senior Investment Director at Industrifonden.
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Read the orginal article: https://arcticstartup.com/vesiro-raises-e1-6-million-seed/
