Industrifonden leads NOK 146m round for poLight

The private placement of shares saw Industrifonden become the leading shareholder, joining previous backers Investinor, Viking Venture, Alliance Venture and TD Veen.

Following its NOK 50m investment, Industrifonden will nominate a representative to the company's board.

poLight had planned to raise NOK 90–120m in this latest funding round. The capital provided from the oversubscribed fundraise will help poLight take its mobile camera autofocus actuator to market, with production in scale expected to begin in H2 2015.

Before the funding round, Viking Venture was the largest shareholder with a 36.5% stake, while Investinor was the second-largest with 28%.

Previous funding
In 2009, poLight raised NOK 22m from Viking Venture and Alliance Venture in a series-A funding round.

Two years later, the company raised an additional NOK 100m in a series-B led by Investinor, which saw Alliance and Viking re-up.

Company
Oslo-based poLight is a developer of micro-optics components, mainly for mobile device cameras. Its main product is an autofocus actuator with no moving parts, which it claims would allow for reduced autofocus times.

Founded in 2005, the company employs 17 people.

People
Dan Ekelund is an investment manager at Industrifonden. Eivind Bergsmyr is a partner at Viking Venture and chairman of poLight's board. Øyvind Isaksen is the company's CEO.

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• Topics
• Nordics
• Expansion
• Technology
• Norway
• Sweden
• Industrifonden
• Alliance Venture
• Viking Venture A/S