Viking Venture invests in poLight

27 May 2009

The Norwegian technology company poLight is raising NOK 22 million in new equity to start mass production and commercialization of their auto focus lens for micro cameras to be used in devices like mobile phones.

Viking Venture III AS invests MNOK 10 of a total private placement of MNOK 22 towards Viking Venture III AS, Alliance Venture Polaris AS, Sintef Venture III AS and existing shareholders and employees in poLight.

In addition, SINTEF/Sinvent AS has transferred patent and process technology to poLight with an estimated value of MNOK 24.

"We have made some smart choices and been extremely focused on which products to take to market first. Since our technology is quite generic, we have been listening to the leading market operators. Together we have identified a very promising technological roadmap, where our autofocus lens will be the first product to be launched. Supported by risk willing shareholders and a generous Norwegian research grants, poLight is now entering a new and challenging phase. Consequently, we will expand our team with additional highly qualified professionals," says Geir Gjørva, CEO in poLight

poLight is situated in Horten, outside Oslo, Norway and has since year 2000 capitalized from its unique and patented technology, and developed optical micro components based on deformable polymers. poLight has during this period been working with SINTEF on R&D activities, both with Materials and Chemistry and ICT (Micro and Nano Technology Laboratory). SINTEF is collaborating closely with Norwegian and foreign industry in developing micro components. Horten and Vestfold have a cluster of innovative companies within micro and nano technology, who together with the Vestfold University College represent a highly competent R&D environment.

"Every day we are approached by companies, individuals and environments with many interesting investment opportunities. poLight is an exciting company, which we believe has a promising future. We are convinced poLight is well positioned to succeed in a global market and we are looking forward to contribute in the further development and growth of the company. To us, it was critical that poLight has a unique technology, which by its generic and highly applicable nature can be utilized in multiple product segments," says Erik Hagen, Managing Partner in Viking Venture.

SINTEF has substantial experience from working with private companies and Norwegian venture capital companies, and believes poLight has a promising future.

The potential of poLight's technology is huge and we believe there are many international opportunities for their future products. By focusing and working systematically with technology development and market penetration we believe poLight has a strong potential for success, says AageThunem, Director in Sintef ICT.

Links:
www.polight.no