Novelda has closed a USD $15 million funding round led by Investinor to further develop and take the XeThru radar sensor technology into high volume applications. The XeThru sensor is a complete CMOS radar system on a single IC, which can be used for vital sign monitoring, environmental monitoring, industrial and home automation, personal security and other novel applications.
The investment round was led by Investinor, the largest venture investor in Norway. Alliance Venture also participated in the round.
"Developing and introducing new technology represents risk, takes time and demands investors with a long-term perspective. We have raised USD 15 million to bring our world-class radar sensors to the market in partnership with global tier one electronics manufacturers, to scale up R&D and manufacturing, and to support customer programs for high volume applications," — Cornelia Mender, CEO of Novelda
"Novelda is a company with a disruptive technology within the IoT sector. The market potential for Novelda's best-in-class radar sensors in various applications is huge, whether for consumer electronics, building automation or ehealth applications," — Jon Øyvind Eriksen, investment director at Investinor
"Smart sensors empower customers with more information and greater insight than ever before. We recognized Novelda's potential early and have been supporting the company since the seed-stage. Now we are excited to back the company during its growth phase." — Jan-Erik Hareid, chairman of Novelda and managing partner at Alliance Venture
Novelda, based in Norway, received a Technology Innovation Award for product innovations at ISSCC 2018 in San Francisco.