IoT Forge Foundation and a Finnish high-tech company have signed an agreement in which the operations of IoT Forge’s product development laboratory located in Espoo, Finland, will be transferred to the company. As part of the change, six IoT Forge employees will be transferred to the company.  Consequently, IoT Forge Foundation’s support for the development of IoT based solutions and devices will end in its current form.

During its six years of operation, IoT Forge Foundation’s experts have supported close to 400 Finnish companies in the various stages of product development and the foundation has granted financial support of approximately 3 million euros to its clients. “When we founded the IoT Forge Foundation in 2017, IoT innovations and business were in the very early stages. Our foundation’s mission has been to accelerate domestic IoT development and companies towards commercial product solutions and market,” said IoT Forge’s CEO Matti Hellgrén. “We are also very happy that IoT Paja’s excellence will be transferred to a rapidly growing company focused on high technology,” Hellgrén continued.

IOT Forge was founded in 2017 to accelerate Finnish startups and SMEs in their initial stage of device development in IoT-based business and product development. Primarily, the foundation and its team of experts have played a key role in the early-stage product development and innovation of numerous companies.  Originally the foundation was established for a fixed term (5 years).  However, due to strong demand and sufficient capital, this term was later removed. IoT Forge’s board will decide on foundation’s further plans and how, for example, the foundation’s remaining capital will be used to support Finnish innovation and product development. The foundation will communicate its board’s decisions separately later.