Puzzleteq Oy · Est. 2004 · Paalasmaa, Eastern Finland

Quiet software
for closely-held
companies.

We are a small Finnish house that builds AI software and advises the owners of closely-held businesses and family offices. We take on a few engagements at a time and work them for years — never for quarters.

Schedule an introduction How we work
Founded 2004
Engagements per year 4 — 6
Operating horizon 5+ years
Primary markets Nordics · DACH
01Services

A small bench, used carefully.

Three lines of work. Always the same hands. We do not subcontract and we do not staff up. If we cannot do something with the people already here, we say so — and recommend someone who can.

— 01

AI & software consulting

We embed for six to eighteen months at a time. Strategy, applied AI, and the engineering to ship it. Often a single owner-operator, sometimes a small founding team.

Read more From €15k / month
— 02

Board & advisory

Board and operating engagements with closely-held companies and family offices. We bring twenty years of operator experience and an investor's patience.

Read more Annual retainer
— 03

AI Asset Management

Software in early development for family offices and small holdings. Property, equity, equipment, and timber in one ledger — read by an agent that drafts the weekly briefing. Used today to operate our own book.

See the product In early development
02Product

The one we are building.

We are working on a single piece of software, in early development, designed for the kind of portfolio we operate ourselves. It is not for sale yet — but we are talking to a small number of design partners who would use the same ledger we already do.

In early development · design partners wanted

AI Asset Management

One quiet ledger for a small but varied portfolio — apartments, equity, equipment, forest, the trading book. An agent reads the underlying data and writes a weekly briefing in plain language. We use it to operate our own portfolio today; we are looking for a handful of family offices to use it with us next.

Read more, register interest In early development

We do not need to be a hundred people to be useful. We need to pick the right four or five clients, work them for years, and leave each one better off than we found them.

— Janne Hietala, founder
03Companies we hold

Four positions, one horizon.

We hold a small number of long-dated positions and work them actively — as operating or board engagements, occasionally with fundraising support. We rarely sell. Valuations are not published; the work is.

An enterprise software company.

held since 2008
Mature
Global B2B software. Owned via a 2008 merger; partial liquidity taken in 2016 and 2021.
Board · since 2008
·

A software consulting firm.

exited 2022
Exited
High-end software consulting for government and private enterprise customers. A long, quiet hold that closed in 2022.
Board · until 2022
·

A Nordic deeptech company.

held since 2022
Growth
Dual-use autonomy software and hardware for civilian and defence customers. Built via a consulting engagement from 2022.
Operating · since 2022
·

A mental-health services company.

held since 2024
Early
Clinical mental-health services with a long-term operating model. An investment patient even by our standards.
Board · since 2024
·
Second Island · operating brand

A property in Paalasmaa,
and the work it does.

Second Island is the operating side of the house — 30 hectares of forest in Eastern Finland, a restored homestead with a sawmill and a workshop, and seven rental apartments across Ylämylly, Joensuu, and Oulu.

It is also the laboratory for the asset-management product. We build for closely-held portfolios because we are one.

See the portfolio
A weathered Finnish timber barn at the edge of misty pine forest, the lake just visible through the trees.