c/o Teollisen yhteistyön rahasto Oy (FINNFUND)
P.O. Box 147
00181 Helsinki - FINLAND
tel: +358 9 348 434 (please ask for Finnpartnership)
Inspex has its roots in Oulu, northern Finland, where it has a long history of developing camera technology and ways of measuring radiation. Early in the new millennium the company began to consider how the x-ray technology used in health care and baggage security inspections could be applied in the food processing industry.
“We saw a distinct market niche here. Traditionally, metal detectors and optical equipment are used to identify foreign objects in food but x-rays can achieve far better results,” says Mikko Nuutinen, managing director of Inspex. The problem was the cost of x-ray equipment. Inspex began looking for a business model that would bring down the price of an x-ray device to the same level as a metal detector. Its solution was global networking. Sales, product development and other operations would be managed from Oulu but manufacturing was to be done in China. As the location of its manufacturing base, it selected Xi’an, a city in central China renowned for its Terracotta Army. Finnish-owned Xi’an Xifen Software Technology Co. Ltd. and Xi’an Xifen XMC Inspection Technology Co. Ltd. began operations there.
Fortunately Finnfund agreed to finance the project, Mikko Nuutinen says. “It began in 2008, when the financial crisis began to affect the availability of finance. It is unlikely that we would be in the same position today without Finnfund’s participation.”
Inspex also received Finnpartnership’s business partnership support in the planning phase of the project and later for training of the employees in China.
Read more on the website of Finnfund