Tellu merges with Telenor Norway's health initiative, raises NOk 40 million more.
Tellu, an Asker, Norway-based operator of an IoT platform, announced in a press release getting into an NOK 40M ($4M) financial transaction.
The capital raise is part of a larger agreement involving Tellu merging its operations with a health initiative of the local telecom operator Telenor. Part of the deal, the company receives NOK 40 million, 30 of which from existing investors Investinor (20M) and Sintef (10M).
After the merger, Telenor will become the company's largest owner with more than 40 per cent . Investinor gets a 20 percent stake, while Sintef Venture VI takes 15 percent. The employees also own shares through shares and option programs.
Following the merger, Tellu IoT, the new name of the company, will have 34 employees and a combined turnover of around NOK 80 million .
Tellu, founded in 2009 as a spin-off from Ericsson Research in Norway and led by CEO Ole Christian Olssøn, has been building the TelluCloud platform focussed on the Internet of Things. The platform is used to collect, process and orchestrate data from devices further allowing to create services and products with connectivity and IoT functionality.