Novelda Receives $15 mil from Investinor to Develop XeThru Radar Sensor Technology
Novelda, a supplier of adaptive smart sensors closed $15 million funding round led by Investinor, an investment company with an objective to further develop and take the Xethru radar sensor technology into high volume applications.
Commenting on the funding, Cornelia Mender, CEO, Novelda, says, “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”.
A privately held, R&D driven, sensor company based in Norway, Novelda specializes in nanoscale wireless low-power technology for ultra-high resolution impulse radar. Its XeThru Impulse Radar is complete CMOS radar system integrated on a single chip. The technology is used to implement a high-precision electromagnetic sensor for human vital sign monitoring, personal security and more.
Jon Øyvind Eriksen, Investment Director, Investinor, comments, “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 e-health applications”.
Founded in 2008, Investinor is one of the major investment companies in Norway, both in terms of manpower and capital under management. It adds a value of mixture of engineers and business professionals with industrial and entrepreneurial experience. Investinor focus on companies in the other early stage and expansion stage, as defined by the European Venture Capital Association.
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