$15m growth investment for radar sensor business
Developer and supplier of adaptive smart sensors, Novelda has closed a $15m 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 $15m 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 programmes for high volume applications,” said Cornelia Mender, CEO of Novelda.
The growth investment round was led by Investinor, the largest venture investor 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,” said 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 said: “Smart sensors empower customers with more information and greater insight than ever before. We recognised 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.”