Investinor backs $15m series-C for Novelda

Existing investors Allianz Ventures and Swedish tech investor Norron have also taken part in the financing.

Investinor invests from an evergreen structure with a volume of NOK 4.2bn.

The company recently launched its sleep and wellness sensor product XeThru and generated sales last year. The company's financials have not yet been released for 2018 but Unquote understands the revenues are less than $10m and it is still pre-profit.

Previous funding
Allianz Ventures backed Novelda at seed stage and returned to its $12m series-A alongside Investinor in 2014.

Both investors returned to provide the company with a $12m series-B in December 2016.

Company
Novelda was founded in 2004 and is headquartered in Kviteseid, Norway. The company makes sensors based on low power radar. XeThru sensors are currently being marketed to consumers to monitor sleep patterns and vital signs in a non-intrusive way. The technology also has potential uses in smart building technology and healthcare. It currently employs 40 people.

People
Investinor - Jon Øyvind Eriksen (investment director).
Novelda - Jan-Erik Hareid (chairman).

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• Topics
• Expansion
• Nordics
• Consumer
• Norway
• Venture
• Alliance Venture