Several well-known Estonian investors contributed a total of 5.5 million euros to the Estonian technology company Milrem Robotics during last year and this year.
Jüri Käo, Peeter Mänd, Heldur Meerits, Taavi Veskimägi, Gunnar Kraft, Toomas Bergmann, Urmas Past and Juhan Kolk, as well as Ahti and Alari Aho were among the investors. In addition, several key employees invested in the company. The majority shareholder of the company is OÜ Sinrob, which belongs to the CEO of the company Kuldar Väärsi.
“This is undoubtedly a huge statement of confidence, for which I am extremely grateful to all investors,” said Väärsi. The investments will be used for expanding the company’s international sales network and increasing the product portfolio, Väärsi noted.
The turnover of Milrem Robotics increased almost 7 times in 2019, reaching 5.1 million euros. The company’s first unmanned ground vehicle, THeMIS, has been sold to nine different countries, including 7 NATO countries. For many customers, THeMIS has become the industry’s standard solution.
“Milrem Robotics has created a unique competence in Estonia in the form of development and production of vehicles based on new technology. This is a fast-growing field in the world that can be used in Estonia as an engine to increase economic growth and high value-added jobs,” said Jüri Käo, the company’s shareholder.
The shareholders recently gave a mandate to the company’s management to explore and, if necessary, enter new business areas related to robotics and vehicles.
One of the project being looked at is the 6×6 APC project. Namely, the Estonian Ministry of Defense wants to acquire 100-300 armored vehicles in the next 10-15 years in order to strengthen the country’s defense capability. Milrem Robotics, together with other Estonian companies, has proposed to develop and produce the APCs in Estonia, as the needed competence exists in the country.
“Estonian companies can produce significantly more complex vehicles as proves the Type-X Robotic Combat Vehicle we recently launched,“ said Väärsi.
Milrem Robotics is a technology company with more than 100 employees, 40 of whom have a master’s degree and seven have a doctorate. Milrem has subsidiaries in the USA and Sweden, and plans to open new technology units in neighboring countries in the near future to include additional expertise.