Helsinki-based startup Ovido, which helps brands and manufacturers manage and share product data for compliance and traceability, has secured €2.4 million in a seed funding round led by Lifeline Ventures and Kvanted.
- Founded in 2024 by Otto Merikallio, André Praça, and Tuomas Rinkineva, Ovido offers a software platform that enables manufacturers and brands to collect, manage, and share product and supply chain data.
- The system is designed to simplify compliance with emerging regulations such as the EU’s Digital Product Passport (DPP) requirements.
- Ovido automates data collection from suppliers, manages certificates and audit documents, and generates reports in formats required by partners, auditors, and regulators.
- The platform works without the need for supplier onboarding or complex IT integrations, making it accessible to companies of varying sizes and technical capabilities.
"Our AI-powered platform helps manufacturers, suppliers, and brands collect, manage, and share data on traceability, sustainability, and compliance, all in one place. Everything is automated and centralized, giving even SMEs access to enterprise-grade insights," Ovido's team, commented on LinkedIn.
Details of the deal
- The funding round was led by Helsinki-based venture capital firms Lifeline Ventures, an early-stage investor backing startups with €100,000 to €2 million in angel, seed, and Series A rounds, and Kvanted, which focuses on industrial tech and manufacturing innovation.
- Illusian Founder Office and Business Finland, also joined the round.
- The firm plans to use the fresh funding to grow its team, enhance its product capabilities, and expand into new verticals, including packaging and consumer goods.
