Verdande Technology Raises $8M in Funding

Verdande Technology, a Trondheim, Norway-based provider of software that applies Cased-Based Reasoning (CBR) to specialized business applications, has raised $8m (approximately NOK45m) in new funding.

Backers include Investinor and other owners of the company, which include Statoil and ProVenture Management.

Founded in 2004 and led by Lars Elias Olrik, CEO, Verdande Technology develops products and services which collect and enable the re-use of knowledge. The company’s Edge platform is based on the principle of case-based reasoning (CBR), a process which solves new problems by utilizing the solutions of similar past problems. It has has applications applications in the energy sector and now Verdande intends to use the capital to bring its technology into new industry verticals such as finance and healthcare. To this end, the company als received a US$1.75m (NOK10m) grant from Innovation Norway.

Verdande Technology has regional offices in Houston, New York and Abu Dhabi, UAE.



Related News:
30/08/2010: Verdande Receives NOK19.7M Investment

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