Chips, Startups, and Venture Capital: Insights from Deep Tech Boost at Slush 2025

FiCCC
6 hours ago
3 min read

A man gives a speech from the stage and people are watching with interest. — Juha Kokkonen (Canatu) giving a speech titled *Deep Tech Growth Story*

The semiconductor sector showed presence at this year’s Slush, with Business Finland and FiCCC hosting a chip-themed side event Deep Tech Boost that brought together Finnish startups, industry leaders and global investors in the semiconductor domain. The event highlighted not only the breadth of innovation in Finland’s chip ecosystem but also the growing interest from venture capital in hardware-driven companies.

A man gives a speech from the stage. — Dr. Omkaram (Om) Nalamasu from *Applied Materials* gave an interesting industry keynote speech.

The Finnish Semiconductor Landscape: More Than Just Chip Design

A man giving a speech — In his speech, **Pasi Pylväs** talked about the opportunities FiCCC offers to deep deck startups.

One of the most striking takeaways from the event was the diversity of Finnish startups present. While chip design remains a cornerstone, the sector encompasses much more: measurement systems, advanced manufacturing processes, sensor technologies, and laser applications were all represented. This broad spectrum mirrors the strategic focus areas defined in Finland’s semiconductor strategy—areas that have proven to be both valid and forward-looking.

For those less familiar with the field, it’s worth noting that Finland’s contribution goes beyond chip design and fabrication. Significant innovations are emerging in the processes that enhance and optimise chip manufacturing, making Finnish companies key players in improving global semiconductor production efficiency.

Why Now? The Shift Towards Hardware

Historically, Slush has been dominated by software startups. However, the rise of AI and the increasing demands on hardware have shifted the spotlight. As AI applications proliferate, the need for more capable and efficient chips grows, driving interest in hardware innovation. The panel discussion at the event underscored this shift: while software development is increasingly automated, hardware presents new challenges and opportunities that require deep technical expertise and longer-term investment.

A panel discussion takes place on stage while the audience watches. — **Steven Konsek** *(Applied Ventures),* **Samppa Sirviö** *(Tesi) and* **Sven De Cleyn** *(imec.istart)* participated in a panel discussion moderated by **Jussi Heikelä.**

Venture Capital: Opportunities and Demands

Venture capital interest in semiconductor startups is rising, but the sector presents unique demands. Unlike software, hardware startups often require larger capital investments and longer time horizons before returns materialise. The event showcased how major players like Applied Materials are investing in Finnish firms, recognising decades of local expertise in areas such as ALD (Atomic Layer Deposition) technology.

European and global semiconductor companies are increasingly establishing venture arms to identify and support promising startups. These organisations are willing to reinvest profits into new ventures, sharing the benefits of their success and fostering innovation. Public funding at the EU level is also becoming more accessible, further supporting the growth of the sector.

The Unicorn Question: Growth Stories and National Identity

Will Finland produce its own semiconductor unicorns? The answer is nuanced. While the potential exists, success does not always mean reaching unicorn status. Some companies may choose to remain Finnish, contributing to the local economy through major acquisitions and tax revenues. Others may be tempted by lucrative buyout offers, using the proceeds to launch new ventures. What matters is the continued generation of ideas and the willingness to invest in the next wave of innovation.

A man giving a pitch on the stage — At the event, we also got to listen to various startups give deep deck pitches.

What Makes Semiconductor Startups Special?

Technical Depth: Hardware startups are often built on years of research and development, requiring specialised knowledge and robust engineering teams.
Capital Intensity: Significant upfront investment is needed for prototyping, manufacturing, and scaling.
Longer Timelines: Unlike software, hardware development and market adoption can take years.
Strategic Partnerships: Success often depends on collaborations with established industry players and access to advanced manufacturing facilities.
Global Impact: Innovations in chip technology can transform entire industries, from AI to automotive and beyond.

Conclusion: A New Era for Finnish Chips

Deep Tech Boost event at Slush 2025 made it clear: Finland’s semiconductor startups are ready for the spotlight. With growing VC interest, strong technical foundations, and supportive public policy, the sector is poised for significant growth. Whether or not the next unicorn emerges, the opportunities for investors and innovators in Finnish chips have never been greater.

A room with many people talking and networking — The event attracted many people from different backgrounds, and there was plenty of discussion and networking.

Authors: Elina Mielityinen (FiCCC coordinator) & Pasi Pylväs (FiCCC director)

Pictures: Susanna Lehto (Business Finland)