What ElFys does

ElFys is a Finnish photodetector company founded in 2017 as a spin-out from Aalto University in Espoo, specializing in Black Silicon Induced Junction Photodiodes — a proprietary process that combines surface nanostructuring (black silicon) with atomic layer deposited (ALD) thin-film coatings to form recombination-free induced p-n junctions. The technology achieves near-unity external quantum efficiency (over 100% EQE in the UV, ~96% across the full 200–1050 nm spectrum), certified by Germany's PTB national metrology institute, and is protected by granted patents in the US, Finland, China, and Japan. The company employs ~15–20 people, with a PhD-heavy founding team drawn from Aalto's long-term photodetector research programme.

ElFys operates three core product lines: the QPD 4-Quadrant Detector family for NIR (1064 nm) laser guidance, beam tracking, and free-space optical communication; the SM surface-mount family (SM322, SM446) for compact wearable health-monitoring photodiodes with ~50% higher green-light sensitivity than competing PPG photodiodes; and the PD standard photodiode family (PD1s through PD100s, 1–100 mm²) in TO-can packaging for analytical instruments and high-precision photometry. The company also offers custom design and processing services plus IP licensing of its black silicon technology.

The business model combines direct sales from Finland, a global distributor network covering North America, Europe, Israel, China (four regional sub-channels), Japan, Singapore, Malaysia, and South Korea, and OEM/embedded partnerships where the technology is integrated into customer end products (e.g., Thorlabs' Redstone OSA302 spectrum analyzer, GE HealthCare's Portrait Mobile via the VTT-led PhotonWear consortium, Bittium biosignal devices). An external European foundry was brought online in early 2025 to serve high-volume consumer wearable segments, supplementing in-house production at Micronova Nanofabrication Center. ElFys serves 100+ customers across more than 20 countries with ~90% export ratio, and has raised approximately €9M cumulatively, with Samsung Venture Investment Corporation, Voima Ventures, and Metaplanet Holdings as institutional backers.

Name

ElFys

Legal name

ElFys, Inc.

Website

https://elfys.fi

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

ElFys is a Finnish spin-out from Aalto University that designs and manufactures black-silicon photodiodes for wearables, analytical instruments, and defence, serving 100+ customers across 20+ countries.

Ownership category

akta.pro rank

Product category

Photodetectors and Photodiodes

NAICS

Semiconductor and Related Device Manufacturing (334413)

SIC

Semiconductors & Related Devices (3674)

akta.pro primary industry

Optical & Light Sensors (Photodiodes/ALS/Color/UV) (HDAHALAE)

akta.pro secondary industry

Optoelectronic Receivers & Transceivers (Photodetectors/Optical Modules) (HDAHALAM)

Keywords

• Black silicon photodiodes
• UV photodetectors
• Wearable health sensors
• Quadrant photodetectors
• Photonics components

Headquarters

HQ city

Espoo

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Photodetector Product Sales: ElFys designs, develops, and manufactures customized photodetectors as well as standard products. Products are sold directly and through distributors globally. Revenue is generated from the sale of photodiodes across multiple product lines: QPD (quadrant detectors), SM (surface-mount for wearables), and PD (standard photodiodes with TO-can packaging). The company serves customers in health monitoring, analytical instruments, space and defence, and other light sensing applications.
2. Custom Design & Processing Services: ElFys provides tailored photodetector solutions based on their advanced technology for customer-specific applications. This includes custom detector design and processing services, allowing customers to get bespoke solutions for their specific needs.
3. Technology Licensing: ElFys offers comprehensive IP licensing solutions to third parties who wish to use or embed their patented black silicon photodiode technology. The company licenses its technology to partners seeking to integrate ElFys' technology into their own products.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

ElFys designs, develops, and manufactures customized photodetectors and standard products based on its proprietary Black Silicon Induced Junction Photodiode technology. The portfolio includes the QPD 4-Quadrant Detector line for NIR/laser applications, the SM Surface Mount series for wearable health monitoring, and the PD standard photodiode line with TO-can packaging for analytical instruments, complemented by custom design services and technology licensing. All products leverage patented black silicon nanostructuring combined with atomic layer deposition to achieve near-unity external quantum efficiency (≥96%) across the UV-VIS-NIR spectrum (200–950 nm).

Product overview

ElFys is a Finnish photodetector technology company offering a portfolio of standardized and customized products based on patented Black Silicon Induced Junction technology. The product portfolio consists of three core product lines: (1) the QPD 4-Quadrant Detector line for NIR applications like laser guidance and beam tracking; (2) the SM Surface Mount line for wearable health monitoring devices; and (3) the PD Standard Photodiode line for analytical instruments and photometry applications. Additionally, the company offers Custom Design & Processing Services and Technology Licensing for tailored solutions. All products leverage proprietary black silicon nanostructuring combined with atomic layer deposition to achieve near-unity quantum efficiency (≥96%) across wide spectral ranges from UV to NIR.

Differentiator

Problem solved

Functional benefit

Products and services

• QPD Product Line (4-Quadrant Detector) NIR-optimized 4-Quadrant photodetectors providing exceptional sensitivity of 0.64 A/W at 1064 nm, accurate positional information on incident light, high responsivity with low dark current and fast response times. Designed for YAG laser systems, laser beam tracking/alignment, atmospheric/space optical communication, and autocollimation applications.
• SM Product Line (Surface Mount Photodiodes) Compact SMD-packaged photodiodes offering superior photosensitivity at multi-wavelength (Green, Red, and NIR), low dark current, and high photosensitivity for green light (~50% improvement) and red light (>15% improvement) vs. state-of-the-art PPG photodiodes. Specifically designed for wearable health monitoring and wearable electronics applications.
• PD Product Line (Standard Photodiodes) Standard photodiodes with enhanced photosensitivity and wide spectrum coverage (UV, Vis, and NIR), optimized electrical properties, and maximum environmental protection with TO-can packaging. Designed for high-precision photometry and analytical instruments. Active area sizes from 1 mm² (PD1s) to 100 mm² (PD100s).
• Custom Design & Processing Service Tailored photodetector solutions based on ElFys' advanced Black Silicon technology for customer-specific applications, including bespoke photodetector designs and processing services for OEMs and system integrators.
• Technology Licensing Intellectual property licensing of ElFys' patented Black Silicon photodiode technology for partners seeking to integrate the company's proprietary photodetector platform into their own products or high-volume applications.

Quantifiable outcome

• 50% higher photosensitivity in green light (0.40 A/W at 540 nm) and >15% higher in red light (0.47 A/W at 630 nm) compared to other state-of-the-art photodiodes used in PPG applications
• +6 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Ten partnerships are on record, tiered major and core.

• European Defence Fund (EDF) — Silfrared ProjectmajorStrategic or Co-development Partner · 27 May 2025ElFys was selected for the European Defence Fund 2024 as part of the Silfrared project coordinated by Universidad Complutense de Madrid, alongside top-tier research and industry leaders from Spain, Germany, and Czechia. The project harnesses ElFys' black silicon expertise to create low-cost, high-resolution, fast-response detectors for night vision and surveillance.
• NATO DIANA (Defence Innovation Accelerator for the North Atlantic)majorStrategic or Co-development Partner · 11 December 2024ElFys was selected for the NATO DIANA Accelerator program in December 2024, emerging as one of only three Finnish companies chosen from over 2,600 applicants globally. ElFys completed the six-month accelerator in 2025, delivering a new dual-use product based on their proprietary 4-Quadrant photodiode. The program provided access to NATO's extensive network of test centers and accelerator sites across member countries.
• Finnish Defence and Aerospace Industries Association (PIA)coreStrategic or Co-development Partner · 1 November 2024ElFys became a member of the Finnish Defence and Aerospace Industries Association (PIA) in Autumn 2024. PIA is an interest group for the defence, aerospace, space, and security industries operating in Finland, promoting operating conditions, competitiveness, and networking of member companies nationally and internationally.
• VTT Technical Research Centre of FinlandcoreStrategic or Co-development Partner · 20 March 2024ElFys is a consortium partner in the PhotonWear project coordinated by VTT and funded by Business Finland as part of Bittium's Veturi program. The project aims to develop new optical methods for measuring physiological functions and biomarkers for wearable health technology. ElFys provides photodetectors with up to 50% higher sensitivity than traditional technology.
• PhotonWear Consortium (GE HealthCare, Oura, Bittium, University of Oulu)coreStrategic or Co-development Partner · 20 March 2024The PhotonWear project consortium includes GE HealthCare, ElFys, Oura, Bittium, and the University of Oulu, along with international research exchange between universities and research institutes. The two-year project (concluding October 2025) aims to develop new optical methods for measuring physiological functions and biomarkers using high-fidelity multispectral measurement.
• External European Foundry PartnercoreImplementation/ SI/ Consulting Partner · 14 March 2024ElFys partnered with an external European foundry for high-volume mass production to address very high-volume business segments such as consumer wearables. Mass production at the external foundry began in early 2025. This supplements ElFys' existing in-house production at its Finland facility for various market segments.
• Hi-Tech Detection Systems (HTDS)coreChannel Partner/ Reseller/ Distributor · 4 January 2024HTDS is ElFys' French distributor and collaboration partner, featured on ElFys' logo section of the website. HTDS participated with ElFys at the OPTRO 2024 symposium in Bordeaux, presenting black silicon technology to the defence optoelectronics community.
• Digital Defence Ecosystem (DDE)coreStrategic or Co-development Partner · 11 April 2023ElFys joined the Digital Defence Ecosystem (DDE) in April 2023 to collaborate and drive innovation in defence and security solutions. DDE is a Finnish industry-driven platform that facilitates research and development, helping members amplify their capabilities and boost business growth in global defence and security markets.
• European Space Agency (ESA)majorStrategic or Co-development Partner · 14 April 2022ElFys won a €350,000 ESA contract in April 2022 for the project 'Black Silicon Induced Junction Photodiode Applied to Scintillator-Based Detectors for Hard X-ray and Gamma-ray Detectors.' The ESA-ElFys collaboration began in 2017 when ElFys was founded. In a previous project, ElFys photodetectors were proven to exceed ESA requirements.
• Aalto UniversitycoreStrategic or Co-development PartnerElFys is a spin-out from Aalto University in Espoo, Finland. The company's technology is based on long-term research work on photodetector technologies at Aalto University. ElFys scientists (Dr. Antti Haarahiltunen, Dr. Toni Pasanen) co-authored a Nature Portfolio journal article on germanium photodiodes with Aalto University researchers in January 2025. The company utilizes Micronova Nanofabrication Center facilities.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• First Sensor (TE Connectivity): German-headquartered manufacturer of silicon photodetectors and sensor solutions for industrial, medical, and mobility applications. Now part of TE Connectivity, offering comparable silicon photodiode products for analytical and biomedical sensing overlapping with ElFys' PD and SM product lines.
• Excelitas Technologies: North American photonics manufacturer offering silicon photodiodes, quadrant detectors, APDs, and custom sensor solutions for defense, life sciences, and industrial OEM customers. Directly comparable to ElFys in 4-Quadrant detectors for laser-guided systems and standard photodiodes for instrumentation.
• OSI Optoelectronics (TE Connectivity): Manufacturer of silicon photodiodes, quadrant detectors, and position-sensitive detectors for medical, defense, and analytical instrument applications. Direct competitor to ElFys in 4-Quadrant detectors and standard PD lines serving aerospace, defense, and spectroscopy customers.
• Hamamatsu Photonics: Japanese manufacturer of a broad portfolio of silicon photodiodes, compound semiconductor photodetectors, and optical sensors spanning UV to NIR, with applications in analytical instruments, medical, and industrial measurement — directly competing with ElFys across all three product lines (QPD, SM, PD).
• Ketek GmbH: German specialist in silicon photodetectors including photodiodes, quadrant detectors, and SiPMs for scientific, medical, and industrial applications. Closely comparable niche silicon photodiode competitor to ElFys in analytical instruments and emerging defense applications.

Broad incumbents

• Vishay Intertechnology: Global broad-line semiconductor manufacturer with a discrete Optoelectronics group offering silicon photodiodes, phototransistors, and infrared sensors for industrial, automotive, and consumer applications. Competes with ElFys in standard PD products but with a far broader portfolio and larger scale.
• ON Semiconductor (onsemi): Global semiconductor incumbent offering a portfolio of image sensors and photodetectors (including the legacy SensL SiPM/SPAD business) for automotive, industrial, and consumer applications. Broad-line competitor to ElFys with substantially greater scale across multiple use cases including wearables and automotive sensing.
• Broadcom: Global semiconductor incumbent with an optical components portfolio including photodiodes and fiber-optic receivers for communications and industrial sensing. Serves as a broad-line incumbent reference for ElFys' optoelectronics positioning, though its focus is weighted toward telecom/datacom rather than ElFys' sensing niches.
• ams OSRAM: Austrian-German broad-line optoelectronics leader offering photodiodes, ambient light sensors, and spectral sensors for consumer, automotive, industrial, and medical markets. Competes with ElFys across wearables/health monitoring and analytical instruments but is much larger and broader in scope.

Others

• Thorlabs: US-based photonics equipment and components company that is both a customer of ElFys (embedding its black silicon technology in the Redstone OSA302 spectrum analyzer) and a partial competitor offering its own photodetectors and optical instrumentation. Most relevant as a key customer/partner in analytical instruments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ElFysInc
• YouTubeyoutube.com/@ElfysMarketing
• LinkedInlinkedin.com/company/elfys/mycompany

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ElFys