Financing round sends NewIcon to international markets

Case

The medical service automation focused NewIcon Oy has invested a lot in product development in recent years. Last autumn the company raised EUR 2.3 million through a financing round in which also Finnish Industry Investment took part. Now NewIcon is heading to international markets.

Case

The medical service automation focused NewIcon Oy has invested a lot in product development in recent years. Last autumn the company raised EUR 2.3 million through a financing round in which also Finnish Industry Investment took part. Now NewIcon is heading to international markets.

“The products are now at the stage that we can sell them on international markets. This requires stronger financial backing so that we have enough resources to fuel the growth,” notes Ossi Parviainen, CEO, NewIcon.

NewIcon produces medical service automation for hospitals and pharmacies. Its main products are storage automation for pharmacies and electronic medicine storage solutions for hospitals. Additionally, the company manufactures special equipment for diluting antibiotics, for example.

NewIcon’s sales are now concentrated to Finland. The big markets are abroad.

“We have our internationalisation sights set primarily on the Nordic markets. Of course, we currently have activities also in growing markets, like China,” Parviainen says.

NewIcon’s products are mainly developed and manufactured in Finland.

“We use a lot of Finnish subcontractors and we buy components from abroad, but all these products are manufactured by us and we’ve collaborated a lot in this with our end users.”

The company’s head office is located in Kuopio, where the equipment is designed, manufactured, assembled and tested. That’s where customer deliveries are also finalised. The Jyväskylä unit focuses on mechanical engineering.

According to Parviainen, the main benefits of a storage automation solution for a pharmacy are the improved cost efficiency and customer management and the streamlining of all storage management.

“Our storage automation solution in use at the Puijonlaakso Pharmacy in Kuopio automatically shelves products and dispenses the pharmaceuticals at the prescription pick-up location,” says Parviainen.

“Hospitals purchase electronic medicine cabinets specifically to improve patient safety and to eliminate unnecessary intermediate storage steps, i.e. medicines are not stored in multiple places.”

As a rule, the dilution of antibiotics is done by hand in hospital wards. It is preferable to centralise this process to the sterile areas of pharmacies. According to Parviainen, this would be impossible without automation.

CEO Parviainen has big growth expectations and a confident outlook:

“I personally expect NewIcon to have brisk growth, successful deliveries and satisfied customers, and to enter international markets.”

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Investment Director Heli Ahlroos

Momentum from new investment programme

“The investment made in NewIcon will accelerate the development of the new Finnish high-tech export company. Health technology is one of the focus areas of our industrial renewal investment programme,” notes Investment Director Heli Ahlroos from Finnish Industry Investment.

The programme for industrial renewal targets rapidly growing, well-established industrial SMEs and the SMEs serving them.

The goal of the investments is to strengthen the financing and competitiveness of these companies and to enable international growth and the related investments. The programme’s focus areas are industry digitalisation, health technology, cleantech and bioeconomy.

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The investment made in NewIcon will accelerate the development of the new Finnish high-tech export company.

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Heli Ahlroos