Tag Archives: Timo Ahopelto

HumanCharger: Indiegogo campaign fails, last investor pulls out

Valkee (alias HumanCharger) has had a single foreign investor since 2013: Merieux Developpement, which financed the earlight company together with Lifeline Ventures and the finnish tax payer. As the co-lead investor, Merieux Dev. had its partner Valerie Calenda on Valkee’s board. Until now.

 

According to the trade register, Calenda has resigned from the board recently. Merieux Equity Partners, which holds the active investments of Merieux Dev., no longer lists Valkee on its portfolio pages. From the french investor’s “regional partners” category disappeared Seppo Mäkinen, former Sitra director, and probably the person who lured Merieux Dev. into this adventure.

 

There is no explanation other than Merieux has backed off and written down its multi-million loss. Now Valkee’s HumanCharger operations are completely controlled by its own folks: the CEO Aki Backman, the inventor Juuso Nissilä, and Timo Ahopelto.

The struggling company had high expectations for their follow-up product to the old LED headset: The HumanCharger Wireless Headset, an ugly and hard-to-wear bluetooth device. It launched an Indiegogo campaign, which looks like a complete desaster already.

 

Featured prominently at reddit/shittykickstarters, people aren’t buying it for half the price.

One backer has left a positive comment, looks like here’s really an impressed user.

 

It’s Timo Ahopelto, the company’s chairman, who felt the urgent need to push his product. Probably it won’t help.

Valkee Humancharger shutdown – temporary or final?

This blog – as the previous earlightswindle.com – was once reporting exclusively about the multifaceted scamming activities of finnish company Valkee Ltd, maker of the fake “light therapy device” HumanCharger.

Now it seems they are finally phasing out of business. The company is technically bankrupt since March 2017, but now

The finnish trade register says, that in May 2018 the main shareholders LifeLine Ventures, Vera and Merieux forgave the company another 230.000€ convertible loan; i.e. was converted into worthless shares. The same happened to several other such loans during the last two years, rising the amount of burnt money to more than 10 million Euro.

The next months will now be decisive. I am looking forward and will inform as always.

Finnish “innovation agency” leader: Evolution is a question of belief

…those are the oldest brain areas, if you believe that the brain has developed evolutionary, in a way […] depending to who you listen to

This (and other stunning announcements) is from an interview* by Timo Ahopelto, a lead strategist5006-512 at Finland’s tax-financed innovation funding agency TEKES. Many of his companies received TEKES funding5006-512 – including the ill-fated Valkee Ltd5006-512.

Ahopelto has made antivax statements5006-512 and often uses crude war- and propaganda rhetoric5006-512, especially against critics. Another incredible demonstration of what – or who – is possible in Finland, with the right connections and political support.

*at 27:55 in the SmartDrugsSmart podcast, MP3 download here 5006-512.

Suomeksi:

nuo ovat aivojen vanhimmat osat, jos uskot että aivot kehittyivät evolutionäärisesti, [se tavallaan] riippuu siitä, keneltä kysyt

Valkee Ltd collapses as predicted: All share capital lost

UPDATE: My original story has reached more than 500.000 800.000 readers.
See ILTALEHTI | KAUPPALEHTI | TEKNIIKKA&TALOUS | ILTA-SANOMAT etc.pp.

The finnish trade register has just announced, that the HumanCharger manufacturer Valkee Ltd has lost all of its share capital. That means, that all of the company’s ressources are depleted, and new capital is not in sight – not even theoretically.

valkee-bankrupt

In other countries, the firm would have to file for immediate insolvency or bankruptcy, which is regulated in the same chapter of finnish corporate law.  In Finland, however, business could go on for a while – under extreme conditions, as purchases must all be paid in advance, and credits are stroke off. All business partners are now informed officially, that Valkee cannot fulfil upcoming liabilities.

Because of the consequences, such a notification is usually done in the least possible moment. It may be driven by the fact, that management and owners can be held liable personally from now on, if they don’t declare the final state publicly.

If anyone has claims against Valkee Ltd, now is the time to demand.

Personally I think, that the company will exist on paper for a few months, until its chairman Timo Ahopelto resigns from the board of TEKES, Finland’s tax-financed innovation funding agency. TEKES has shot in more than 100.000€ last year into Valkee, despite the obviously desperate state of the company, which was strictly documented in the 2016 balance.

Probably it’s the political dimension of the case. The snail media will report more soon. The source is earlightswindle.com – just in case they “forget” it again. /-Ed.

Valkee ist pleite

Wie die finnische Registerbehörde PRH gestern mitteilte, hat der Ohrleuchtenhersteller Valkee Oy aus Oulu am vergangenen Donnerstag den Verlust des gesamten Stammkapitals gemeldet.

valkee-bankrupt

Während nach deutschem Recht die Gesellschafter zum sofortigen Insolvenzantrag verpflichtet wären, kann die Firma in Finnland unter Umständen fortgesetzt werden. Wegen der Auswirkungen auf die Geschäftstätigkeit (Einkäufe nur noch gegen Vorkasse, Kündigung von Kreditlinien, usw.) ist aber eine Insolvenz mit Gläubigerschutz und Sanierungsversuch oder ein direkter Konkurs wahrscheinlicher. [s. Abschnitt 20, §§23-25 des finnischen Kapitalgesellschaftsgesetzes: Stammkapitalverlust, Insolvenz und Konkurs]

Die Meldung über den Stammkapitalsverlust erfolgt in der Regel zum allerletzten rechtlich möglichen Zeitpunkt. Unterbleibt die Anzeige, oder erfolgt sie zu spät, können Geschäftsführung und Gesellschafter im Falle des Konkurses in Anspruch genommen werden. Hiermit zeigen demnach die Verantwortlichen bei Valkee an, dass sämtliche finanziellen Möglichkeiten ausgeschöpft sind, und sie nicht persönlich haften wollen.

Da das Schicksal von Valkee in Finnland wegen der Verwicklung der Regierung politische Bedeutung hat, könnte die Skandalfirma auf dem Papier noch fortbestehen – etwa bis zum Sommer 2017, wenn der Firmenchef Timo Ahopelto vom Leitungsgremium der Innovationsförderungsbehörde TEKES zurücktritt. TEKES hat im letzten Jahr noch über 100.000 € in Valkee nachgeschossen, obwohl die Geschäftsführung öffentlich zugegeben hat, dass die Ohrleuchtengeräte in Finnland unverkäuflich sind und der sinkende Auslandsumsatz maximal 1/4 der Kosten deckt.

Wenn Sie noch Ansprüche an die Firma Valkee haben, dann ist jetzt der Zeitpunkt, sie anzumelden. Das Zeitfenster kann sich bald schließen.

Don’t use HumanCharger for Seasonal Affective Disorder: Valkee fools the FDA

As reported earlier on earlightswindle.com, the U.S. Food and Drug Administration has refused the import of Valkee’s HumanCharger earlight headset into the States, when it was misbranded as a therapy device. But now Valkee Ltd actually did a rererere-launch of their hokuspokus in Canada and the US. How is this possible?

Valkee’s resellers explain on amazon.com, how Valkee circumvents FDA requirements.
Hold on to your seats!

“Doesn’t this need FDA approval?”

valkee-fuck-fda

“Only if advertised for use in Seasonal Affective Disorder. The product is advertised for Winter Blues”

It can not make any effectiveness claims, it gets no FDA approval – but it works “for winter blues”? That’s a synonym.

The USA is a known minefield for health fraud businesses like Valkee’s, because of class action suits. Power Balance, the magnetic wrist band sellers, had to return most of their shady businesses’ profits, because they made false health claims.

Valkee really doesn’t know better than to fool around with U.S. legislation. On the other hand, there is nothing to regain from Valkee, as the Company has no assets. They didn’t make even profits.

Congratulations to Merieux Developpement, TEKES and SITRA for making these shameful maneuvres possible. This is what sustainable businesses look like (in Finland)!

Finnish pension millions invested in questionable companies: Valkee, uBiome, Ductor &Co.

The earlight maker Valkee Ltd has caused much anger here in Finland for wasting millions of tax money. The money was channeled through TEKES, the “Finnish Funding Agency for Innovation“. The number is usually named as ca. 2,5 million Euro. But that’s only the beginning.

The main “private” investor in Valkee, as opposed to the public, was LifeLine Ventures, by its founding partners Timo Ahopelto and Petteri Koponen. Millions of its funds went into the earlight. TEKES has given an extra 3 million € for the first fund in question. A considerable portion of that has to be added to public funds wasted for the scam.

from the TEKES website: its "best funds"

from the TEKES website: its “best funds”

Additionally, the LifeLine funds got millions from Mutual Pension Insurance Ilmarinen, the biggest pension insurance company in Finland with over 500.000 insured. Starting with nearly a million € in 2012, when the LifeLine fund was opened, its stake has risen to nearly 4 M€ in Ilmarinen’s 2015 balance (PDF, p. 102).

from Ilmarinen's 2015 balance

from Ilmarinen’s 2015 balance

In Finland, one pays pension insurance directly from the pay check, every month. At the moment, it’s 5,7% for workers under 53 years, and 7,2% for the older. So Valkee has not only burned tax money, but also pension funds.

valkeestreamofmoney

There’s good reason to look, what other companies LifeLine has invested in. Besides taxes, who would give pension funds for questionable activities?

Hopefully, the following list is not representative.

 

Ductor

Ductor Ltd promises to help solving the world’s energy problems by making available up to 100% of chicken poop for biogas production (short description). It is marketing itself even as the new Nokia. Not making this up!

Its Board of Directors has caused considerable irritation. It consists of three persons:

  1. Ductor’s CEO and founder Ari Ketola, a former textile trader;
  2. the “prophet of GodVeikko Latvala;
  3. Timo Ahopelto from LifeLine Ventures.

They present the ownership: Ketola 50%, Latvala 33%, LifeLine 16% (numbers from 2015).

The Book of Veikko. - Jesus!!

The Book of Veikko. – Jesus!!

Ketola is a follower of the “Prophet” Latvala, he praises him as his mentor, having “this gift of mercy last twenty years”(sic!). Latvala briefly became known in the western world, thx to Fox News, for claims he’d cracked the code of the world-famous Voynich manuscript with the help of God. It turned out to be bogus, as prophecies usually do. He said the EU would end in 2014, but to my knowledge, it’s still around. (Btw, is it?)

Maybe found in Voynich's

Bacteria from Voynich’s?

The business idea came from a tête-à-tête with his prophet, Ketola says. The right bacteria needed for the process was found straight away, when Ductor started. He doesn’t tell if God helped with that, also. An ex-manager, who left Ductor in 2015, described the company leaders as completely incompetent. That would fit.

So far, Ductor has made millions of loss and 4 contracts in Germany. It is unknown whether their plant add-ons will work in real world settings.

Update Feb 2017: The opening of the first german plant was delayed twice, and mentions have disappeared from Ductor’s website.

May a little prayer help? – More soon…

 

uBiome

Another LifeLine investment concerned with feces is uBiome “from the Valley”, as Ahopelto calls it. It sells test kits in which you can fill in poop (for $89) or swab mouth and private parts (for $399). The samples are then screened for the different bacteria they contain. There isn’t much to learn from this for the user, the results are meaningless – unless, one day, somebody finds out.

Apologies for this one.

Apologies for this one.

In a cool twist, uBiome promises to be that somebody. If just enough people buy their test kits – and/or enough money is thrown at them – there may be results to tackle mankind’s worst killers.

For example, with 500 people, uBiome will be able to answer questions about (…) diabetes and hypertension. With 2,500, the project can investigate connections to breast cancer. With 50,000 people, the project can begin to address multiple sclerosis and leukemia

Promising too much, at the very least. Some may smell a scam herein. uBiome calls their efforts “citizen science” and has defended its lack of institutional (scientific/ethics) control, blaming the science community as old-fashioned, building obstacles for projects like theirs.

These are basically the same conspiracy theories, which Ahopelto used to defend Valkee Ltd.

 

ZenRobotics

ZenRobotics makes AI-powered robots sorting waste. I’m naming it, because it’s been one of Ahopelto’s favorites for years. Unfortunately, it made more than 13 million € loss so far, i.e. all invested money. Sales go on, although they had to admit at one point that their robot simply “did not work“.

ZenRobotics revenue and balance

ZenRobotics revenue and balance

The firm will exist as long as investments flow, or how their website puts it:

zenroboticsslogan

Join us – we’ll be the last to go.

 

If there is money to be spent, it will be spent. Sometimes at all cost. More scrutiny on how it seeps away is warranted, especially when public money and pension funds are at stake.

/-Ed.

Conflict of interest: Timo Ahopelto has made malicious and obviously false statements about me at some occasions. May the reader decide, but I am digging into facts here.

The 3rd Relaunch of the Valkee Scam: “SummerLight”!

With worldwide sales nearing zero, the finnish earlight maker Valkee Ltd undertakes the next (and probably last) “relaunch” of its 10 year-old scam. The product is now called SummerLight. The accompanying website summerlight.com is a shady copy of the previous humancharger.com fraud.

valkee-summerlight-therapy-deviceNo further comment needed.

Update: Valkee’s scam sites won’t open w/ earlightswindle.com referrers. They also block me on Twitter. OMG. OMG!!1! – I had to fix the links.

Valkee Ltd, Elisa Oyj and TEKES: Good Old Boys at Work

Valkee Ltd’s previous CEO Pekka Somerto has a new job, he tells at LinkedIn: Business Development Director at Elisa Oyj, a major finnish operator traded at the Helsinki stock exchange.

I won’t again talk about what I call his competitive relation with the truth, which he has publicly demonstrated at several occasions. I am just wondering how they took into account his performance as CEO of Valkee Ltd. Here the figure for his tenure, quite exactly that specific interval.

Valkee results in Pekka's tenure

Nothing against the new job. He is qualified. But at Elisa’s board of directors is Petteri Koponen. In the specific sub-commitee he is responsible for recruitment to the leading posts in the Corporation.

Koponen is founding partner of LifeLine Ventures, together with Timo Ahopelto, Valkee’s chairman. LifeLine is the lead investor in Valkee.

Ahopelto again is at the board of the tax-funded TEKES agency. And the biggest single Investment of TEKES goes into … LifeLine Ventures. As well as most of it investments. TEKES again has poured millions into Valkee.

Corporate governance, Finland style.

***

Personal note: To my knowledge, Valkee’s leaders have told investors and others, that I am a malicious person with an agenda to bring down Valkee. I may advise Elisa Oyj to look rather at the company turned down by a blogger, not at the blogger who turned the company down.

I have no specific hatred towards Somerto.

 

 

Valkee’s chairman joining antivax conspiracists?

Valkee Ltd’s chairman Timo Ahopelto has often been reluctant to give interviews to critical, or un-bribed reporters. The finnish SEURA magazine tried to get an interview last year, but he refused for many weeks. Finally Ahopelto agreed to answer questions, which he approved beforehand. Here is what he said about the faulty scientific base for Valkee’s claims:

“In Finland, there are also doctors who want everybody to be vaccinated against influenza. Others think nobody should be vaccinated, and then there’s everything in between. In science, it takes time to find the final truth and get it accepted. Things get either rejected or accepted at a certain time. For Valkee, the talk in Finland is not very important. Here’s 5 million people, but the world has 8 billions.”

In Finnish:

”Onhan Suomessa lääkäreitäkin, joiden mielestä kaikkien pitäisi ottaa influenssarokote, toisten mielestä kenenkään ei pitäisi ottaa, ja kaikkea siltä väliltä. Tieteessä lopullisen totuuden löytäminen ja hyväksytyksi saattaminen vie aikaa; asiat joko hylätään tai hyväksytään tietyssä vaiheessa. Valkeen kannalta suomalainen keskustelu ei ole kovin merkityksellinen. Täällä on 5 miljoonaa ihmistä, ja maailmassa on 8 miljardia.”

 

Ahopelto has defended Valkee’s actions with conspiracy theories before. For finnish readers, the SEURA article is worth a read. An important piece about probably corruptive practices in TEKES. — However, stay tuned for Monday, April 4th.