“Technology Alone Is Not Enough”
Finnish Medtech Spin-Off MoniCardi Accelerates Commercialization in Silicon Valley boots on the ground.
Moni Cardi co-Founder Matias Kanniainen says Silicon Valley exposes spin-off founders to entirely new business mechanisms and helps them understand the next wave of use behavior.
“Now this is an interesting opportunity” thought Matias Kanniainen while working part-time as a research assistant and completing his bachelor’s degree at Tampere University in Finland.
When he was asked whether he would be interested in joining a Research to Business project, he immediately became excited.
“I moved on to pursue my PhD while we simultaneously founded and spun out the company,” he says.
MoniCardi develops analytics that help identify cardiac risks from continuous ECG and wearable data before an actual diagnosis is made. The technology is also used in estimating precise training intensity and recovery insights in wellness applications.
“We can pre-diagnose conditions such as atrial fibrillation and heart failure through continuous analytics. Based on heart rhythm analysis, our solution can also estimate the risk of sudden cardiac death,” Kanniainen explains.
Commercialization has progressed steadily in Finland and across Europe. Current clients include Suunto, Cardiolex, and an undisclosed top five mobile company.
The company is in ongoing discussions with wearable and ECG manufacturers across Europe, the Nordics, and the United States.
Revenue has multiplied since 2025, yet the company has not raised outside investment.
“Our company remains 100 percent founder-owned. We have, however, received non-dilutive public grants and project funding.”
Presence Matters
MoniCardi participated in the Silicon Valley section of the Finnish SILTA Program, which helps Finnish growth companies build networks and understand the U.S. market on the ground.
Kanniainen says the company’s goals in the United States were clear from the beginning.
“Our objective was to open the market and license our technology to U.S.-based customers.”
He understands that in medtech, building customer relationships takes time.
“The United States is a market every medtech company eventually needs to enter. The earlier you come and the stronger presence you build here, the better.”
Once a network is established, maintaining relationships remotely becomes easier. Still, Kanniainen believes long-term customer coordination requires physical presence.
“At least partial relocation would definitely be beneficial.”
In his experience, AI-assisted outreach has already lost much of its effectiveness.
“AI-generated emails completely disappear into the flood of messages. They are not worth focusing on anymore. The biggest impact comes from warm introductions through networks and personal presence.”
Kanniainen also describes the medtech network formed by Silicon Valley-based professionals within the SILTA program as highly valuable.
He places Silicon Valley’s technology ecosystem and universities firmly at the top of the global field.
“Here, you stay close to where development is happening, and it is remarkably easy to get into conversations with potential customers and partners.”
Kanniainen says the global ISCE Conference operated on an entirely different level in Silicon Valley compared to similar European events. Meanwhile, PEAK Conference gathered key industry decision-makers searching for new technologies and products.
“You simply have to be bold enough to start conversations. Our expertise and European validation are clearly respected, and showing up here in person has been the key to meaningful discussions.”
Every Encounter Becomes a Lesson
While Kanniainen was building MoniCardi’s commercial network in Silicon Valley, the company’s CEO spent four months at Stanford University.
Research collaboration during commercialization, Kanniainen says, can be valuable in both directions — including back toward Finland.
“As someone coming from academia, it has been fascinating to notice how almost everyone at Stanford has some sort of spin-off or startup background. For many, building a company is already actively underway.”
Kanniainen believes Silicon Valley exposes spin-off founders to entirely new business mechanisms and helps them understand the next wave of consumer behavior before it fully emerges.
At the same time, he does not feel the company radically changed direction during the program.
“Rather, it strengthened what we were already doing. Different possibilities became more concrete, and our positioning within the medtech analytics landscape became much clearer.”
The company is no longer thinking only about device manufacturers.
“Our discussions increasingly involve digital platforms, combinations of ecosystems, and broader integrations.”
Commercialization Is What Creates Impact
Kanniainen speaks strongly in favor of university spin-offs and research commercialization.
“Young technology builders and researchers should absolutely consider entrepreneurship. Entrepreneurship is not something to fear — it is a pathway to creating real impact.”
According to him, Finland’s scientific research is already at a very high level, but commercialization capabilities need further development.
“If research only remains inside Google Scholar, it does not help anyone yet. That is only part of the work.”
In Silicon Valley, Kanniainen says he has especially learned how research is transformed into products — and how technology is positioned for the market.
“It is extremely valuable to observe how companies pitch, what kind of language they use, and how they create the desired impact.”
He believes the SILTA program is especially beneficial for teams with academic backgrounds.
“Here, you need to dare to step outside your own bubble and into a business environment. Our technology may be world-class, but without marketing understanding, it is of no use.”
Kanniainen hopes Finland will continue developing stronger incentives for research commercialization and earlier-stage startup funding.
“In Silicon Valley, seed funding often becomes available much earlier. Capital should start moving faster in Finland as well.”
For now, MoniCardi is returning to Finland. Yet the relationships and lessons gained in Silicon Valley have strengthened the company’s belief that a future U.S. presence will play an important role.
“First, the sauna is waiting for us back in Finland,” Kanniainen says with a smile. “After that, we’ll evaluate what kind of long-term presence in Silicon Valley makes sense for us.”
“Entrepreneurship is a pathway to creating real impact. If research only remains inside Google Scholar, it does not help anyone yet.” says Matias Kanniainen.
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