High Density Devices AS (HDD), a Kristiansand, Norway-based developer of a technology for encryption and protection of storage media, secured NOK24m in new fresh capital.
The investment includes NOK14m from Incitia Ventures II AS, NOK3m from HDD’s Management Team and NOK7m from existing owners including Tønnevold Venture & Invest AS.
In addition, a previous debt of NOK3m is converted into shares, and the participants in this capitalization of the HDD have furthermore secured an option (subscription right/warranties) to raise an additional NOK10m in future equity.
HDD has developed and patented (US Patent granted) a unique technology for encryption and protection of storage media. The technology is applied for full-disk encryption of laptops, desktops, for external storage media, and the technology is also applied for efficient, simple, and secure protection of USB-based memory sticks.
Incitia Ventures II AS is now the largest single shareholder, with more than 34 % of HDD’s overall shares. Olav Stokke and two of his co-entrepreneurs from NextGenTel have become part of the HDD Management Team.