The University of Oslo sensor software spinout has started trading on the Merkur Market, part of the Oslo Stock Exchange.

Elliptic Labs, a Norway-based sensor technology spinout of University of Oslo, has listed on the Oslo Stock Exchange’s Merkur Market. The company undertook a $13.5m private placement, including $7m subscribed to by cornerstone investors Danske Capital, Aktia Asset Management and Handelsbanken Fonder. Other existing shareholders to have participated include MP Pensjon, Alden and Passesta, the last of which represents Elliptic’s chairman Tore Engebretsen. The company has listed nearly 9.6 million shares. Founded in 2006, Elliptic Labs builds software-driven sensors that can be installed on devices such as mobile phones and smart voice assistants to detect human proximity and actions such as gestures or breathing. The software uses AI algorithms to monitor ultrasound frequencies picked up by a device’s internal speakers and microphone, ostensibly sparing the need for bespoke hardware sensors. The capital injection will enhance Elliptic Labs’ balance sheet as it looks to expand its product pipeline and double down on negotiations with key clients. Proceeds will also help scale up its engineering and sales activities, doubling its headcount over the next three years in combination with its internal cash flow. Elliptic Labs expects to strengthen its working capital so it is more resilient to sales fluctuations, and also hopes to pay off a $2.7m loan from Pareto Bank. ByteDance, developers of social video sharing portal TikTok, has struck an agreement with the spinout to incorporate its technology in a new smartphone product. Elliptic Labs had raised a total of $27.4m of equity funding ahead of the latest private placement, according to its pre-IPO presentation to investors. Passesta remains the largest shareholder having diluted its stake from 13.1% to 12.5% in the offering. MP Pensjon holds a 9.2% stake after the IPO, followed by Alden (7.7%), private investor Robert Horne (6.1%) and company CEO Laila Danielsen (5.5%). Bryhni.com, an investment vehicle for Elliptic Labs’ former chief technology officer Haakon Bryhni, holds a 3.2% stake according to the company’s website. Bryhni completed his PhD thesis at University of Oslo but now works as a research professor for Simula Metropolitan Centre for Digital Engineering, a partnership of Oslo Metropolitan University and Simula Research Laboratory. Laila Danielsen said: “We are pleased with our first reception in the public markets. The offering clearly demonstrates the capital market’s interest in our scalable software platform for the consumer mass market.”

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?