Mantex, based in Kista, Sweden, develops and provides equipment to measure moisture content in organic material, primarily targeting the pulp and paper industry and bioenergy sectors. Its measurement products can be applied across multiple industries and the company recently introduced its first product to market. Customers include paper manufacturers such as Stora Enso, Holmen and BillerudKorsnäs. Mantex intends to use new capital to industrialize its products and to expand internationally. Founded in 2004 and led by CEO Erik Odén, the company reported turnover of just over SEK7m in 2012. Mantex develops a patented photon absorption technology used in multipurpose biomaterial scanners for laboratory and operational control in processing industries such as bio power, bio fuel, paper and pulp, saw mills and recycling centers. The scanners produce analysis results that help users improve biomaterial and machine utilization and reduce emissions. The company reported a financing package totalling over SEK20m, with commitments from public and private backers. Investors named in the financing include the Swedish Energy Agency (Energimyndigheten), STING Capital, RWE, and the company’s employees and founders. CEO Erik Odén stated the funding will be used to continue expansion in Europe and North America. The company is based in Kista, Sweden.

Total raised

$6M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2013