Novelda, an Oslo, Norway-based developer and manufacturer of adaptive smart sensors, closed a $12m Series A financing round.
The round was led by Investinor AS, with participation from Alliance Venture, Sparebank 1 SMN Invest and other employees and angel investors in Norway and the USA.
The company intends to use the funds to secure delivery and further development of its XeThru sensor technology.
Led by CEO Alf-Egil Bogen, Novelda develops sensors designed to detect movement and human body vital signs such as breathing and heart rate from a distance of several meters. In addition to normal motion detection, the sensors can detect other types of movement including proximity, gestures and more. The sensors use low energy, high frequency (GHz) radio waves and can sense through clothing, bedding and obstacles such as glass, walls and other materials.
The XeThru sensor, based on the company’s integrated X2 system-on-chip (SOC) that enables system designs to achieve accurate sensing of movement, distance, motion, speed, presence and proximity, is suited to a variety of commercial and industrial applications including home and building automation, security systems, smart city applications, robot vision, gesture recognition, proximity sensing and advanced tracking sensors.
Its XeThru X2 Inspiration Kit, which includes a preprogrammed movement sensor and various X2 sensor modules for development and experimentation, will be available for customers in January 2015.