Novelda raises NOK 400 million, eyes IPO

Novelda, an Oslo, Norway-based electronics manufacturer, announced completing a new financing round for raising equity worth of NOK 400 million ($44.2M).

The money was raised from investors including Investinor, Alliance Venture and Vatne Equity, who are the top three largest shareholders in the company. According to their statements, the deal values the company at just over NOK 1.5 billion. Ity also says that Novelda will apply for listing on the Oslo Stock Exchange within the next 12 months.

Novelda, founded in 2004 by Dag T. Wisland and 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 previously raised around $55 million only locally, with the last deal announced at the start of 2021 and closed for $12 million.