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Signicat wins Norwegian FinTech Achievement Award 2017

Signicat wins Norwegian FinTech Achievement Award 2017

Signicat, a leading provider of electronic identity and electronic signature solutions, has been awarded the Norwegian FinTech Achievement Award 2017. The award was announced during Oslo FinTech Fest on February 9, 2017. Signicat is headquartered in Trondheim, Norway and employees 60 people with offices in Denmark, Finland, Sweden and the Netherlands. Signicat is a Viking venture III portfolio...
Energy Ventures and Viking Venture exit READ Cased Hole Ltd

Energy Ventures and Viking Venture exit READ Cased Hole Ltd

Read Well Services Holding AS, a portfolio company of Energy Ventures III LP and Viking Venture III, funds managed by Energy Ventures III AS and Viking Venture AS, has signed an agreement to sell their shareholding in READ Cased Hole Ltd (“RCH”)  READ Cased Hole is a leading independent specialised provider of production logging and well integrity evaluation services with a 25-year track record from analysing wellbore data. RCH’s “best-in-class” technologies and diagnostic excellence ensure that customers have accurate answers to plan immediate action and maximise the long-term performance of their wells. “Since joining READ Cased Hole in December 2013, we have assembled a great team and embarked on an exciting journey to grow our position as the leading independent alternative for cased-hole logging and evaluation services. Energy Ventures and Viking Venture have been extremely supportive in investing into READ Cased Hole through what has been a difficult period for the industry, and I am pleased that another strong Norwegian Private equity partner will continue on with the journey for READ Cased Hole and support our ambitious plan to consolidate our market position as well as expanding our range of services and geographical reach,” says Roy Martin, CEO of READ Cased Hole. “On behalf of departing shareholders, Energy Ventures and Viking Venture, departing Chairman Gavin Prise commented, “The management team at Read Cased Hole have been successful in delivering through very challenging market conditions by providing innovative, high quality and cost effective downhole data services. We thank the team for their efforts and our advisors Simmons & Company International for their support in this successful process,” says Gavin Prise....
poLight establishes competence centre in Finland

poLight establishes competence centre in Finland

poLight continues to expand and has established a competence centre in Tampere, Finland. The new unit will be based on senior resources from the former Nokia/Microsoft imaging team. The competence centre will allow poLight to better support customers in implementing the poLight technology, and to further strengthen the company ́s ability to build system solution around its proprietary TLens® technology. poLight are currently in the process of ramping-up production of its first product TLens® Silver. This will represent a new and unique way of realising autofocus for smartphone cameras having several benefits for end-users, camera module manufactures and smartphone vendors. poLight is in dialogue with several potential customers, and numerous projects to qualify the company’s technology are ongoing. “The new competence centre is a strategic important move for poLight. We bring onboard unique competence which will increase our relevance and ease our market entrance. Furthermore, it will secure that we take important steps in bringing new innovative solutions to the market”, says Pierre Craen, CTO of poLight. poLight offers the fastest autofocus lens for mobile phone cameras. The company’s patented technology has several advantages over the currently used technology, Voice Coil Motor (VCM). Combined with advanced image processing, poLight’s autofocus lens enables new applications, such as “Instant FocusTM” – which provides instant focus of the image, “All in FocusTM” – which enables focus on all objects in the image, including objects both close to and far from the camera, as well as the opportunity to refocus the image post-capture. Further TLens will be an important component in the realization of high performance future dual camera systems. All this and...
Invesdor and Signicat create history with InsurTech equity crowdfunding offering

Invesdor and Signicat create history with InsurTech equity crowdfunding offering

Norwegian FinTech company, Cloud Solutions which develops Cloud Insurance a software-as-a-service for the insurance industry, has become the first ever Norwegian equity crowdfunding success using Finland-based Invesdor’s crowdfunding platform. Cloud Solutions saw its equity offering oversubscribed, raising almost twice its original target. The success of the equity offering hinged on opening up access to investors across the Nordics. This was made possible by another Norwegian company, Signicat, the first and largest identity assurance provider in the world. Organizations typically use Signicat’s services for customer on-boarding and authentication as well as digital signatures. In order to participate, equity crowdfunding legislation stipulates that investors are subjected to know your customer (KYC) verification, among other checks, including the submission of physical documentation such as passports. This creates a challenge for companies looking to raise funds from investors in multiple markets. Invesdor’s partnership with Signicat meant that Norwegian, Swedish, Danish and Finnish investors could participate in the funding round using eIDs such as BankID, NemID, banking credentials and mobile certificates issued in each country. “The result speaks for itself: oversubscription and an investor group that matches our company very well,” said Axel Sjøstedt, CEO at Cloud Solutions. “We want to offer businesses and investors a user-friendly and secure service for organizing cross-border funding rounds easily, and authenticating investors and entrepreneurs is a big part of that,” said Lasse Mäkelä, CEO at Invesdor. “However, authentication services are not our core business, so we wanted an experienced partner who could offer authentication services that investors in our target markets are familiar with. Signicat worked well for Cloud Solutions’ equity offering, as it has for dozens...
ZiLift demonstrates no rig pump deployment

ZiLift demonstrates no rig pump deployment

Zilift Ltd, have successfully demonstrated cable deployment of their SpeedDrive technologies on cable and without the need for conventional rig services.  Using a conventional winch and pressure control equipment (including BoP, lubricator and stuffing box), a SpeedDrive 2625 pump assembly was run into a test facility well in Oklahoma demonstrating the live-well deployment capability of the system. A wireline deployed, retrievable packer in the tubing string was used to land out the pump system and the repeatability of the ability to latch and unlatch the system verified.  Whilst unlatched the system was suspended in the BoP rams and the lubricator removed, demonstrating the capability to install a hanger termination in order to permanently install the equipment. Mike Rushby, Manager of the SpeedDrive Business Unit said: “This trial is a significant step forward in Zilift’s capability to deliver through tubing cable deployed ESP technologies without the need for a rig at any point – something the industry has been seeking for decades.” Zilift, a fully independent company, was established in May 2009 exclusively to develop and market permanent magnet technologies that will form the next generation of artificial lift for the oil and gas industry. ZiLift is a Viking Venture II portfolio company. More info on www.zilift.com...
AddSecure sold to ABRY Partners

AddSecure sold to ABRY Partners

Viking Venture is pleased to announce the sale of portfolio company AddSecure to ABRY Partners, a Boston US based private equity firm. AddSecure is the Nordic market leader providing secure mission-critical machine to machine communications for security and other applications across a wide range of verticals including healthcare, public safety, transportation and utilities.  AddSecure manages a highly secure communications platform enabling the automated control and remote monitoring and management of sensors and other devices deployed in the field. The company was established after the merger of the Viking Venture backed company Safetel AS and Multicom Security in 2014. Safetel AS was founded in 2000 based on a fundamental belief that mobile communication networks would be well suited to provide secure critical communication. Safetel received funding from Viking Venture, B. Skaugen AS and Follum Invest and grew quickly to become a strong Nordic player. Following the merger, AddSecure has grown into employing around 120 people, having 120,000+ active subscribers and a strong network of over 1,000+ channel partners in Norway and Sweden. The company had revenues of SEK 374 mill. in 2015 with an EBITDA of SEK 124 mill. “AddSecure is a great example of how we can develop world class Norwegian technology into internationally leading businesses through organic and inorganic growth”, said Erik Hagen, Managing Partner at Viking Venture. “AddSecure has managed to achieve a unique position within the Scandinavian secure communications market. Scandinavian tech companies are at the forefront of global development, and we truly believe AddSecure has the potential to establish itself as an international M2M communications player in the coming years”, said Rob Nicewicz, Principal at ABRY Partners. Read more in Adresseavisen June 17 2016 (only...