Russian banker Otar Margania is investing almost EUR 1 million in the Finnish company PulseOn which is developing a wrist device based on its proprietary optical heart measurement technology.
The device has been designed as a comprehensive heart rate monitoring solution which can measure the heart rate with multiple use cases for exercising, activity, recovery, stress, and sleep monitoring. The device is integrated with mobile apps. PulseOn will use Otar Margania’s investment for the productization of its optical heart measurement wrist device.
PulseOn plans to launch the device during the first half of 2014. PulseOn was founded in November 2012 as a spin-off from the Finnish company Nokia, where the development of the device initially started. The company is based in Espoo, southern Finland, and it has 13 employees.
According to economist Heli Simola from the Bank of Finland, the interest of Russian investors in Finland is growing gradually. Currently Russia’s share of foreign direct investments in Finland is less than 1% of the total.
PulseOn’s managing director Tero Mennander believes that the new wrist device has the potential to be a market leader.
Sources: FinSMEs.com, Helsingin Sanomat