Beaufort Solutions raised NOK 20M in capital from TD Veen and Geir Langfeldt Olsen.
Beaufort Solutions, an Oslo, Norway-based developer of a cyber security platform, announced that it signed off a financial agreement to add NOK 20M ($2.4M) in capital raise.
The deal was made with local investors from Norway TD Veen and Geir Langfeldt Olsen, who will initially invest 10 million each, with an option to invest an additional NOK 15 million each within the next year. The investment values Beaufort at NOK 85 million ($10.2M).
Beaufort Solutions, founded in 2018 and led by CEO Henning Gravklev, developed a financial software solution intended to combat financial crimes related to money laundering act. The tool is in use by financial companies, brokerage services or accounting firms interested in identifying risks and keeping up organizations with AML rules and regulations, including counter-terrorism financing and sanctions lists.
Beaufort Solutions previously raised $1.4 million from Finstart Nordic in 2019.