Specialist VC, known for backing successful ventures like Bolt, Starship, Veriff, and Salv, has made their first investment in the defence industry company SensusQ to help build a global and smart defence industry in Estonia. With the money raised, SensusQ, which has operations in Ukraine, the UK and Estonia, plans to continue its international growth and accelerate product development.
"We focused more on analysing defence-related companies over a year ago. By now, Europe has its eyes on the defence industry. In addition to significantly contributing to our security, the sector also offers interesting opportunities for technology investors, and it makes no sense to overlook it," says Specialist VC founding partner Riivo Anton. "Other countries are investing billions of euros in defence. Our country may be small, but tech companies are at the top. One of the peculiarities of the SensusQ software product is that it is needed in similar quantities in times of war and peace," he adds.
SensusQ, a technology company, can synthesise a large amount of different data and sources into comprehensive information. This will make information exchange in military units faster and reduce the failure of intelligence cycles. While currently focused mainly on the defence industry, SensusQ aims to provide a solution for other civilian sectors that work with large amounts of data on a daily basis soon.
According to Marko Kaseleht, founder of SensusQ, the investment will help the company to move even faster into new markets and take the next step in product development. "We are pleased that venture capital funds like Specialist VC see increasing potential in the defence sector. SensusQ's mission is to revolutionise the world of intelligence, and a significant part of the investment will go into AI-related research development," says Kaseleht.
Erik Markus Kannike, Head of Strategy at SensusQ, added, "We have proven in Ukraine and Estonia that our technology works. The new investments will allow us to grow as a company and to supply a unique intelligence system to other allied countries."
So far, Specialist VC has mainly invested in companies related to Internet technologies. The fund currently operates in both the Baltics and Finland. Their portfolio includes nearly 60 companies, including Bolt, Salv, Veriff, Cybexer and Starship.
Specialist VC invests in early-stage companies in the Baltics and Finland. The company currently invests from its €50 million fund, with key investors including the European Investment Fund, LHV pension funds, the fund's team and a number of technology companies and asset management firms in the region.
Marko Kaseleht and Villiko Nurmoja founded SensusQ in 2020. The company has raised more than €3 million, and the team has grown to nearly 40 experts from Estonia and the UK. SensusQ's investors include StartUp Wise Guys and Lemonade Stand.