Kelluu secures 15 million euros in capital from NATO's innovation fund

Finnish defence technology company Kelluu has raised €15 million in a Series A funding round led by the NATO Innovation Fund (NIF). The investment is set to support the company's international expansion and further development of airborne surveillance technology.

According to a press release from Kelluu, the funding round is led by the NATO Innovation Fund (NIF), marking the fund's first investment in a Finnish company. Also participating in the round are Keen Venture Partners, Swedish firm Gungnir Capital, and Finnish state investment company Tesi.

– We built Kelluu in one of Europe's most demanding operational environments because we saw that persistent aerial intelligence would become critical infrastructure – not just for defence, but for the resilience of entire societies, says CEO Janne Hietala in the press release from Kelluu.

The capital will be used to scale operations internationally, develop the company's technology and AI capabilities, and expand its fleet of unmanned airships, writes the NATO Innovation Fund in the fund's press release.

Kelluu develops and operates autonomous, hydrogen-powered airships for long-endurance surveillance. The systems are used for intelligence, surveillance and reconnaissance (ISR) and can, according to the company, operate for more than 12 hours and in demanding environments, including areas affected by GPS jamming and Arctic conditions.

According to the NATO Innovation Fund, the company has participated in several NATO-related activities. During Exercise Steadfast Dart 26 in Germany, Kelluu conducted real-time integration with the Maven Smart System and delivered video and positional data to allied forces. The company has also demonstrated its technology at the NATO Innovation Range Technical Demonstration in Finland, and participated in trials with NATO units in Norway and together with NATO's Maritime Command (MARCOM).

– Kelluu offers NATO member nations persistent surveillance over large areas in demanding environments. The platform enables stable coverage even in conditions of GPS jamming or adverse weather, says Patrick Schneider-Sikorsky, Partner at the NATO Innovation Fund, in the fund's press release.

According to Tesi, the investment is also seen as strategically important for strengthening Finnish expertise in defence and dual-use technology, as well as attracting international capital.

– This investment is strategically important for Tesi on several levels. Beyond supporting Kelluu's international growth, we are pleased to contribute to NIF's first investment in Finland, which signals that Finnish defence and dual-use expertise is attracting international interest, says Keith Bonnici, Investment Director at Tesi, in their press release.

In a LinkedIn post, Keen Venture Partners highlights the need for new surveillance solutions in a changed operational landscape.

– The gap between what needs to be monitored and what existing platforms can actually cover is widening. Satellites return too infrequently, drones lack endurance, and manned aircraft are too costly for continuous use, they write in the post.