Novelda in a NOK 100 million funding round from existing investors.

Novelda, an Oslo, Norway-based electronics manufacturer, announced that it raised NOK 100 million ($11.8M) in a capital funding round.

The money was raised from existing investors including Runar Vatne, Andenæs family and Tore Aksel Voldberg. The deal values ​​the company at NOK 1.3 billion.

Novelda, led by CEO Jan-Bjørnar Lund, has developed XeThru, smart sensor technology based on low power UWB Impulse radar. The sensors utilize extremely low energy GHz radio waves and advanced signal processing, which makes them highly suited to a range of applications. Customers include computer producer from China Lenovo.

Novelda is not profitable and produced a turnover of NOK 18.3 million ($2.1M) in 2020. The company's shareholders include Verdane Capital, Investinor and Aliiance Ventures.