Schibsted takes an equity position in Fronteer Solutions, the robot-driven asset manager from Norway.

Fronteer Solutions, an Oslo, Norway-based asset management company announced that it had added Schibsted Growth as an investor in the company.

While other financial details of the transaction remain undisclosed, after the deal Schibsted will own 16% of the company, with an option of doubling its investment. The contribution is both in to be made in both cash and media space on Schibsted's assets.

Fronteer Solutions, co-founded in 2010 by CEO Atle Christiansen, provides private clients with low cost savings via a robot-driven equity fund.

The fund, called Fronteer's Global Equity Fund Harvest, has NOK 159M ($20M) assets under management and uses a proprietary equity bot that identifies attractive companies to invest in. In short, Harvest seeks companies that are cheap and long-term profitable and show low risk, by using a technology based on a mathematical model mitigating specific risk factors.

Prior to this deal, Fronteer Solutions raised almost $2M in funding from investors including Investinor, Founders Fund and angel investors Martin Skancke and Åge Korsvold.

This is the second Schibsted investment in a company that Fronteer's co-founder Atle Christiansen is part of. Schibsted has previously been a partner in the Point Carbon analysis service, which was later sold to Reuters.