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© alphaspirit dreamstime.com Business | February 04, 2019

Novelda secures $15M in growth Investment

Novelda, a developer and supplier of adaptive smart sensors has closed a USD 15 million funding round led by Investinor, to further develop and take the XeThru radar sensor technology into high volume applications.

"Developing and introducing new technology represents risk, takes time and demands investors with a long-term perspective. We have raised USD 15 million to bring our world-class radar sensors to the market in partnership with global tier one electronics manufacturers, to scale up R&D and manufacturing, and to support customer programs for high volume applications", says Cornelia Mender, CEO of Novelda, in a press statement. The growth investment round was led by Investinor, one of the largest venture investors in Norway. "Novelda is a company with a disruptive technology within the IoT sector. The market potential for Novelda's best-in-class radar sensors in various applications is huge, whether for consumer electronics, building automation or ehealth applications", adds Jon Øyvind Eriksen, Investment Director at Investinor. Jan-Erik Hareid is chairman of Novelda, and managing partner at Alliance Venture, which participated in the round. He says, "Smart sensors empower customers with more information and greater insight than ever before. We recognized Novelda's potential early and have been supporting the company since the seed-stage. Now we are excited to back the company during its growth phase."
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August 06 2019 8:55 pm V14.1.1-1