Canatu, a fast-growing deep-tech company creating advanced carbon nanotubes (Canatu CNTs), related products, and manufacturing equipment for the semiconductor, automotive, and medical diagnostics industries, has been recognised by the Deloitte Technology Fast 50 programme as one of Finland’s fastest-growing technology companies.
The Deloitte Technology Fast 50 Finland ranks the fastest-growing technology companies in Finland, both public and private, based on percentage sales growth over four years, from 2020 to 2023, as reported in official financial statements. During this period, Canatu achieved a remarkable revenue growth rate of 799%, securing 21st place on the list. The top three fastest-growing companies were IQM, Kempower, and Metacore.
Achieving a commercial breakthrough
“I’ve been following Canatu for over a decade, and it’s fantastic to see a Finnish deep-tech company rooted in scientific discovery achieving a commercial breakthrough. It’s not easy for any R&D- and capital-intensive material technology company to find customers whose products and applications align with the solutions companies like Canatu offer, yet Canatu has succeeded exceptionally well in creating demand for its advanced CNT solutions. This journey has likely involved many trials and errors, but also numerous right decisions. Canatu’s success sets a strong example and shows the way for other Finnish deep-tech innovators—a sector that will undoubtedly play a key role in Finland’s economic growth and competitiveness in the decades ahead,” stated Petteri Tulikoura, Director, Corporate Finance, Deloitte.
“We’re truly honoured to be recognised alongside an outstanding group of Finnish technology companies that are driving growth and redefining industries with technology,” said Juha Kokkonen, CEO, Canatu Oyj. “This award reflects our team’s ability to promote and sell advanced CNT solutions globally which is reflected in strong sales growth.”
The 2024 Technology Fast 50 list for Finland spans a range of industry segments, with an average growth rate of 706%. Individual company growth rates ranged from 367% to 22,485%, and the fastest-growing industries over the past four years included Environmental Tech (868%), MedTech (791%), and Media & Entertainment (655%).
In recent years, Canatu’s revenue has grown substantially, with net turnover rising from EUR 1.5 million in 2020 to EUR 13.6 million in 2023. This growth corresponds to a compound annual growth rate (CAGR) of 108% and a total increase of 799%. Canatu’s gross margins have also shown significant improvement, reaching 71% in 2023, up from 61% in 2021. Its net turnover for the 2024 financial year is estimated to be between EUR 20 million and EUR 25 million.
High-quality carbon nanotubes
Canatu focuses on the semiconductor, automotive, and medical diagnostics industries, which require high-quality carbon nanotubes and offer strong growth and profitability potential. Each of these industries is undergoing a significant technological disruption. Canatu expects that demand for advanced, sub-7nm chips continues to grow in the semiconductor industry, driven by advancements in artificial intelligence and computing. The automotive sector is shifting toward assisted and autonomous driving technologies and electric vehicles. Medical diagnostics is shifting towards point-of-care diagnostics, reducing reliance on centralized, laboratory-based testing for specific parts of the care chain. The company is well-positioned to support these industry transformations with its CNT solutions.