First sale of pre-seed shares provides a profit

From the Left; Project Manager Arv Håkon Breistøl, Technology Manager Dr. Erling Hugo Jensen and Director Dr. Åsmund Drottning in Rock Physics Technology. Photo: C-pictureFrom the Left; Project Manager Arv Håkon Breistøl, Technology Manager Dr. Erling Hugo Jensen and Director Dr. Åsmund Drottning in Rock Physics Technology. Photo: C-picture

First sale of pre-seed shares provides a profit

On behalf of Innovation Norway, Bergen Technology Transfer sells shares in Rock Physics Technology. This is the first sale of shares invested through the Pre-seed Scheme.

 

On behalf of Innovation Norway, Bergen Technology Transfer invested NOK 1 million in pre-seed capital in Rock Physics Technology in 2016. The shares have now been sold for NOK 1,435,000 to Norsk Innovasjonskapital IV, providing a profit of 43.5 per cent. The company is after the sale valued at NOK 18 million.

– The Government’s plan aims to increase access to venture capital and expertise to entrepreneuring companies in the early stages of development. In this case, the pre-seed scheme has triggered investments and contributed to value creation in terms of jobs and growth, says CEO of Innovation in Norway, Rannveig Fadum,.

Solution based on research

In addition to the investment from Bergen Technology Transfer, Rock Physics Technology also raised NOK 1.2 million from other investors.

The company develops digital software that is primarily intended to help geologists and geophysics to locate, refine and increase the production of oil and gas deposits. The technology is also applicable for the storage of CO2 and geothermal energy. The solution is based on more than 10 years of research made by the Department of Geoscience at the University of Bergen. The Norwegian Research Council has contributed to funding the research and commercialization implemented by Bergen Technology Transfer (Teknologioverføring).

-We are happy to contribute to the first sale of shares in one of the pre-seed companies. Bergen Technology Transfer has been heavily involved in Rock Physics Technology from the word go. Pre-seed funds have enabled us to find other investors and thereby accelerate development. This has given us the opportunity to focus on how we can best build the company. Without the pre-seed funding, the speed of corporate development would be slower, says CEO of Bergen Technology Transfer and Chairman of Rock Physics Technology, Anders Haugland.

The sale ensures increased flow of capital and further growth

The purpose of the pre-seed scheme is to provide entrepreneurs with easier access to capital and expertise, preferably from investors. Ther pre-seed capital goes through the intermediary of Bergen Technology Transfer, which borrows the money from Innovation Norway to invest in startup companies. The prerequisite is that companies raise at least as much capital from other investors.

-Pre-seed funds made it easier for us to raise private capital in the early stages, and not least to dare to focus on our own products and solutions. For investors, the threshold for investing was lower when they were assured of having a sound financial partner. The fact that the company is now being sold on enables us to get even better access to capital and expertise to develop the company further, says director of Rock Physics Technology, Åsmund Drottning.

 

© NTB Scanpix / Norway Today

 

 

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