Novelda secures a Series B funding round of 12M USD led by Investinor, and appoints Cornelia Mender as its new CEO.
Oslo, Norway, 24th of November 2016 – Novelda, a developer and manufacturer of adaptive smart sensors, today announced a further $12M funding round to take its XeThru vital signs and true presence sensors into high volume production.
Novelda is providing advanced contactless sensor technology for a range of vital signs applications including: baby monitors, sleep monitoring systems, respiration rate monitors, elderly care, and similar fitness, health, welfare and lifestyle products. The ultra sensitive XeThru sensors are similarly providing a revolutionary true presence sensor for building safety, HVAC control, light control, surveillance and automation applications.
For Novelda, this funding round means that the company can secure the commercialization phase of its products, as well as maintain its position as a leading supplier of smart sensors. “Novelda has rapidly achieved a leadership position in the large and fast-growing market for advanced building sensors. This builds on the great potential the XeThru radar sensor has in a vast range of vital signs monitoring applications”, said Jon Øyvind Eriksen, investment director at Investinor, “The technology that has been developed by the Novelda team over the last two years is truly impressive, and we're excited to be working together to establish Novelda as a global market leader. Novelda is a great example of a typical capital-efficient business in the IoT sector that we like to invest in.”
Novelda has also appointed Cornelia Mender as its new CEO. Mender comes from GE Vingmed Ultrasound where she led the supply chain operation for cardiovascular ultrasound systems. Before GE, Mender was head of R&D in Kongsberg Maritime developing and producing advanced technological solutions for the merchant marine, onshore, offshore and subsea industry. Cornelia also has experience of product development and the commercialization of products and services in the telecoms industry from working for 11 years in the Telenor Group.
Mender`s background from manufacturing of healthcare products together with her broad management experience in global high-tech companies will help transition Novelda from a technology innovator to a solutions provider. Mender has an MSc in Industrial Economy and Technology Management from the Norwegian University of Science and Technology.
“Novelda has developed a unique and leading-edge UWB radar technology and I am very proud and happy to be able to work with such a great team”, says Cornelia Mender. “We will focus on developing the people detection and vital signs markets much further providing true presence technology to the customers”.
“It is a pleasure to welcome Cornelia Mender to the team”, says Alf-Egil Bogen, Novelda’ chairman, continuing, “Cornelia has a great track record of technology leadership and I look forward to working with her as we take the company forward to become a market leader in advanced sensors.”
For more information, see the XeThru technology website www.xethru.com.
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About Novelda AS
Novelda AS is a leading developer of smart sensor technology for detecting vital signs, motion, presence and location. Novelda´s XeThru sensors can improve quality of life and personal comfort and safety by enabling non-intrusive sensors that collect important data while preserving full privacy. The XeThru technology can also be used in a number of automotive and industrial applications. The sensors use extremely low energy GHz radio waves and advanced signal processing, which makes them highly suited to a range of applications. Novelda provides both development kits and OEM modules to system developers worldwide. Research and development funding from the BIA program by the Norwegian Research Council (Norges Forskningsråd) has been of high importance in developing the XeThru’s unique radar technology.