Finnish diabetes technology company challenges international competition
Diabetes technology company Mendor has developed a portable all-in-one blood glucose meter and a web based service for diabetes management, as well as raised 2.4 million euros of capital. The company, based in the Greater Helsinki area, intends to use the investments to fuel its rapid growth and aims to expand to the Asian and US markets.
A blood glucose meter so small and discreet that it can be used in the middle of a business meeting, Mendor’s all-in-one device even has an integrated lancing device and test strips. The company’s other product is an online service that processes blood glucose meter readings into useful information and helpful instructions.
— Our Balance cloud service saves glucose readings and turns them into helpful suggestions and better diabetes management. It introduces a whole new kind of product on the diabetes technology market. Its competitive advantages are the quality of care, individualization and results, said Kristian Ranta, CEO of Mendor.
— The service offers information that is useful to users, healthcare professionals as well as pharmaceutical companies. Healthcare is one of the few fields that have not yet utilized cloud services. This will probably happen in 5–10 years, so Mendor is a trailblazer, said Ranta.
Fuel for growth
Mendor currently employs close to 50 people in its office in the city of Espoo. In 2011, its sales were 200 000 euros, and the year after that they climbed to 600 000 euros. This year by the end of July, the company’s sales were 3.2 million euros. More than 95 percent of that comes from other EU countries, as Mendor currently has a sales license in the European Union.
In less than a year Mendor has raised 2.4 million euros of capital that it intends to use to power its phenomenal growth. The company’s investors include business angels and corporations.
— Our goal is to use the investments to expand to the Asian market and possibly also to the US market next year. We will also hire more employees and we aim to exceed 10 million euros in sales, said Kristian Ranta.
Mendor has also raked in recognition. Technology publication Red Herring listed Mendor among the top 100 most innovative European companies in 2011. The year before, Tech Tour organization listed Mendor among the 30 most promising Nordic growth companies. In 2012, Silicon Valley based TiE50 organization, which follows startup companies worldwide, awarded Mendor a technology prize for its innovations.
Home in the Helsinki area
Kristian Ranta finds that the Greater Helsinki area offers an excellent business environment.
— The Helsinki area offers a great support network, infrastructure and business spirit. We’ve seen a big wave of new startups in the last couple of years, and that has further improved the business environment and brought up important issues regarding entrepreneurship, said Ranta.
— Finland also has strong know-how in communication and information technology. We have occasionally recruited employees with expertise in biomedical engineering from other countries, which has not been difficult as we can offer an interesting work environment.
In the future, Mendor intends to continue expanding its Balance online service to the international markets while developing the next, even smarter blood glucose meter.
Article is published in cooperation with Good News from Finland.