This brings the total raised by the company to more than $39 million since it was founded in 2004 (see Novelda raises $12 million, changes CEO ).
The latest round was led by Norwegian government backed Investinor AS and is earmarked to further develop the XeThru radar sensor technology and take it into high volume applications.
XeThru is a microwave radar system integrated on a single CMOS chip that can act as ground-probing radar, a sensor for human vital signs monitoring – even through walls, personal security, environmental monitoring, industrial automation and robotics.
"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." said Cornelia Mender, CEO of Novelda, in a statement.
Jan-Erik Hareid is chairman of Novelda, and managing partner at Alliance Venture, which participated in the round. He said: "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."
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