Sintef launches fourth seed fund

The fund is the fourth and largest fund to date managed by Sinvent, the technology transfer office of Sintef.

Sintef is an independent research organisation focusing on technology, medicine and the social sciences. Sintef employs 2,000 staff from 70 countries and its turnover in 2012 was €380m.

Investors
Sintef invested NOK 100m in the fund, the European Investment Fund (EIF) provided NOK 94m, while regional savings bank Sparebank1 SMN Invest contributed NOK 15m.

EIF's contribution, via the European Commission's Competitiveness and Innovation Programme (CIP), represents its first investment in a Norwegian fund.

Investments
Sintef Venture IV will invest in start-up SMEs whose activities are based on technology originating from the research centres at Sintef and the Norwegian University of Science and Technology (NTNU), both Trondheim-based.

At least 50% of the capital will be directed towards the environment-friendly innovations field. The early-stage investments will help promote the commercialisation of research and development results.

People
Unni Steinsmo is the chief executive of Sintef. Piyush Unalkat, principal of equity investments, led the investment on behalf of EIF. Reidar Stokke is an administrative director at SpareBank1 SMN Invest.

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• Topics
• Nordics
• Technology
• Venture
• Norway