When Maki.vc became Upheat’s first investor, it was betting on the team. Today, strong customer demand is proving that bet right. General Partner Paavo Räisänen explains what convinced Maki to invest, and why Upheat’s steam-generating heat pump is not just a feature, but a product that solves a major problem for factories while helping strengthen industrial energy resilience.
Half engineer, half business
Räisänen holds a master’s degree in industrial engineering and management, with minors in applied mathematics and networking technology. “I have a half commercial, half technical background,” he says.
Before moving into venture capital, he co-founded a company focused on strategy and business development for industrial companies.
After working at an IoT startup, he joined Maki.vc in January 2018 as its first employee, just as the firm began investing from its first fund. At Maki, he focuses on B2B and deep tech companies, especially in industrial technology. He looks for teams that combine strong technical expertise with a deep understanding of customer needs and the ability to turn technology into commercially viable solutions.
The team that has done it before
When Maki first invested in Upheat, the team was the deciding factor. “When you invest in very early-stage companies, the team is everything.”
Upheat’s founders have long experience in oil-free, high-speed turbo compressors, including more than a decade building Tamturbo. “You could argue that this is the world’s best team to solve this particular problem. And we knew the market potential was huge.”
He looks for founders who get three things right. They have a clear vision of where the company is going, they make focused choices instead of trying to solve everything at once, and they do what they said they would, quickly.
Upheat’s founders fit that description. “They have good reasons for every choice, and they get things done, as their track record shows. It’s a team of doers, not just talk in a meeting room. And a good sense of humour doesn’t hurt either.”
That showed in due diligence, when Maki asked detailed questions about how the product would be built and which suppliers to use. “They already knew who to buy from and who not to.”
Chemistry matters too, because investing means building a long relationship. “We often work with these teams for seven years or longer.” Maki is in touch with Upheat almost every week.
The founders have needed little help with the big decisions. “They’ve had the strategic choices well in hand.” Maki’s support has come in other forms. For Upheat, that has meant introductions to investors and customers, practical advice, and the credibility that comes with an experienced backer.
From waste heat to steam
Räisänen has looked at many thermal storage solutions over the years. These solutions store cheap electricity as heat for later use, but require significant upfront investment . Heat pumps offer the customer a more straightforward business case.
What sets Upheat apart, in his view, is how far it can raise the temperature in a single machine. “There’s a lot of waste heat at around 40 °C, and being able to raise it to 140 °C with a single unit and make steam is the biggest thing.”
Another key question for him is how much of the customer’s process a solution covers. “We always ask whether something is a product or just a feature.” Many industrial startups make small improvements to one step of a process, only to end up customising their solution for every factory, he says.
Upheat is different. “It’s a sensibly sized building block in a factory’s process. You buy a solution that produces steam. It’s standardised, so integrating it is much simpler than designing a product separately for every site.”
What stands out to him most today is how strongly Upheat resonates with customers. “The product specifications have hit the mark from the start. Customers have an important problem to solve, and Upheat solves it well.”
Climate goals meet energy security
Factories now have two reasons to move away from fossil fuels. Climate change has received less attention since the war in Ukraine began, but in Räisänen’s view, there’s no turning back. At the same time, Central Europe wants to cut its dependence on Russian natural gas to secure its energy supply.
“Two big trends come together here: the green transition and energy resilience.”
He sees Central Europe as a particularly important market. “There’s a lot of industry there, and a lot of natural gas is used. The business case is strong in Finland and even stronger there.”
For manufacturers still hesitating, he keeps it simple. “Moving forward is always the right choice. This isn’t about cutting emissions for their own sake. It has a real payback period, and the euros speak for themselves.”
Finnish engineering, global potential
Upheat’s Finnish roots are an advantage, he says. Finland has a long tradition of industrial equipment companies, strong engineering skills and several global success stories in the field. High-speed machinery in particular has a long history in Finland, as Upheat’s team demonstrates.
“Finland is the best place in the world to build this type of company and technology.”
He sees a lot of potential in Upheat. “There are really good chances to build a huge industrial equipment company here. Time will tell how fast and how big, but customer demand is very strong. All the arrows point upwards.”
About Maki.vc
Maki.vc is a Helsinki-based venture capital firm backing ambitious Nordic founders from their earliest rounds. Founded in 2018, the firm manages €260 million in three funds and has backed 50+ companies, from AI-native startups and deep tech to robotics, quantum computing and consumer technology. Its portfolio includes IQM, IXI, Enfuce, Onego Bio, Riff, Distance Technologies and Ever. Maki.vc combines entrepreneurial experience with hands-on support and a global network to help ambitious founders build and scale category-defining companies.
