Mandatum Asset Management Growth Equity II invests in Haltian, a global technology company focused on making buildings smarter


The investment from Mandatum Asset Management’s Growth Equity team (MAM GE) will be used to accelerate Haltian’s international growth and further scale its solutions worldwide. Haltian marks the first investment for the MAM Growth Equity II fund, which held its first close in the end of 2022.

Helsinki, April 24th, 2023 — Mandatum Asset Management’s Growth Equity strategy has invested in Haltian, a global Internet of things (IoT) hardware and software solution provider that is focused on making buildings smarter and more connected. MAM’s Growth Equity team has led the EUR 22 million funding round, which includes participation from Varma, Tesi and Ventic.  

The MAM Growth Equity II fund is the second vintage of MAM’s Growth Equity strategy, which held its first close in December 2022. MAM Growth Equity II fund targets Finnish and Nordic scale-up companies with proven business models and established and ambitious teams. The fund aims to actively develop its portfolio companies to enable their growth and internationalisation.

"We are thrilled to have led the investment round in Haltian, a high-tech company with a strong foundation of 20+ years of experience from Finland’s engineering and tech cluster. Haltian’s solutions are world class, and we are looking forward to actively supporting the company as it continues scaling its solutions worldwide. The investment into Haltian is a great start for our new 2nd vintage growth equity fund, which is dedicated to actively supporting Nordic high growth companies with global ambitions”, says Alexander Antas, Head of Private Equity, Mandatum Asset Management.

Haltian has made a recent breakthrough in the international proptech market, as evidenced by the company growing at a rate of nearly 50% over the past three years, and reaching revenues of ~20 MEUR in 2022. Haltian’s “Thingsee” IoT solutions can be used in a wide array of use cases related to lowering building running costs, informing data-based decisions and making buildings more sustainable. For instance, logistics companies can track warehouse activity metrics or locate the exact whereabouts of precious cargo. Owners of real estate are able to monitor temperature in sensitive areas or do preventative monitoring of damages, such as water leaks. Haltian’s “Empathic Building” suite is used by customers to smoothen the back-to-the office transition after the COVID-19 pandemic and increase operational efficiency. Hospitals can use it to make their operations more efficient and easen burden of nurses through tracking whereabouts of shared equipment.

“I am delighted we found and can partner with a Finnish growth fund that shares the same ambitious mindset and targets as Haltian. The significant funding round led by the MAM GE team enables us to boost our global commercialisation efforts in the fast growing IoT market and build a Finnish hi-tech success story”, says Pasi Leipälä, CEO, Haltian.

As an active owner, the MAM Growth Equity team forms a close partnership with management to enable significant growth and internationalisation. Haltian will benefit from the MAM Growth Equity team’s strong track record in strengthening its portfolio companies’ go-to-market strategy, reinforcing their marketing and data resources and expanding to new markets.

“We are very happy to partner with Haltian in order to accelerate their international growth journey. Haltian’s cloud-connected smart sensors, software and top-notch R&D have received excellent feedback from demanding US-based customers, and we have been excited to see how their solutions are gaining traction globally, with 70% of revenues already coming from international markets”, says Kitty Laine, Investment Manager, Mandatum Asset Management.


For more information, please contact:

Mandatum Asset Management

Alexander Antas, Head of Private Equity, Mandatum Asset Management,, +358 40 533 0986

Niina Riihelä, Senior Vice President, Marketing and Communications, Mandatum,, tel. +358 40 728 1548


Pasi Leipälä, CEO, Co-Founder at Haltian, tel +358 40 543 4579

About Mandatum Asset Management

Mandatum Asset Management (MAM), established in 2021, is a Nordic asset management company. MAM offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, private equity, real estate and equity selection. MAM and its sister company Mandatum Life belong to Mandatum Group, a wholly owned subsidiary of Sampo plc.

Mandatum Asset Management’s Growth Equity II fund primarily invests in Finnish growth companies with turnover in the range of EUR 10–100 million. The fund seeks to diversify its investments across industries where it sees opportunities for structural growth. MAM is an active minority owner, and its commitments range from EUR 10–30 million, which is unique in the local market.

About Haltian

Founded in 2012 by a group of experts from Nokia’s top product development team, Pasi Leipälä, Teemu Vaattovaara, Jyrki Okkonen and Ville Ylläsjärvi. Haltian is a global IoT company offering world-class IoT services. Haltian IoT services include the Empathic Building digital twin service for smart buildings, and Thingsee, the proven IoT technology platform that enables faster IoT launches for mass-scale deployments. Haltian also provides world-class New Product Development Services to help companies get their product from an idea to a ready product. Headquartered in Oulu, Northern Finland, Haltian currently employs 145 people globally.