Tracxn - Top Business Models - Norway Tech - Apr 2022

TRACXN TOP BUSINESS MODELS REPORT
April 04, 2022
NORWAY TECH

Norway Tech - Top Business Models Report Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Contents
Norway Tech Funding OverviewNorway
Tech
3
Top Funded Business Models 4
One Pagers 7
Appendix 32
2

Norway Tech - Funding in last 1 year
3
Logistics Tech $277M
Oil & Gas Tech $150M
Energy Storage Tech $131M
IT Operations $125M
Cryptocurrencies $84.2M
Sensors $44.7M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Skyfall Ventures
Schibsted Media Group
Frontline Ventures
3
2
1
Early
Stage
Coatue
Investinor
Verdane
2
2
2
Late
Stage
SoftBank Vision Fund
Insight Partners
Creandum
2
1
1
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Oda
(2013, Oslo)
$265M - Series C
Gelato
(2007, Oslo)
$240M - Series D
Cognite
(2016, Lysaker)
$150M - Series B
EnergyNest
(2011, Asker)
$131M - Series D
Ardoq
(2013, Oslo)
$125M - Series D
Dune Analytics
(2018, Oslo)
$69.4M - Series B
Novelda
(2004, Oslo)
$44.7M - Series D
Neat
(2019, Oslo)
$30.0M - Series A
Xeneta
(2012, Oslo)
$28.5M - Series C
Attensi
(2012, Oslo)
$26.0M - Series B
imove
(2018, Bergen)
$22.3M - Series A
Cytovation
(2001, Bergen)
$20.0M - Series A
Oslo (71%)
Lysaker (11%)
Asker (10%)
Bergen (4%)
Fornebu (1%)
Others (2%)

Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Norway Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1▲9 Human Presence Detection Sensors $44.7M 1 Novelda | $44.7M | Series D Link
2-- Internet First Meeting Room System Brands $30.0M 1 Neat | $30.0M | Series A Link
3-- Gamification Based Learning $26.0M 1 Attensi | $26.0M | Series B Link
4-- Electric Car Subscriptions $22.3M 1 imove | $22.3M | Series A Link
5-- Project Time Tracking Software $14.0M 1 Memory | $14.0M | Series B Link
6▲8 Social Shopping Networks $11.0M 1 Tise | $11.0M | Series B Link
7-- Sports Team Management Software $11.0M 1 Spond | $11.0M | Series B Link
8-- Cross Device Ad Network $9.0M 1 Cavai | $9.0M | Series A Link
9▼8 Sustainable Recirculating Aquaculture Systems $7.5M 1 AquaCon | $7.5M | Series A Link
10-- Cryptocurrency Trading Platforms $6.8M 1 Firi | $6.8M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5
11▲9 Music Artist Software Suite $6.4M 1 Nomono | $6.4M | Seed Link
12▲15 Construction Field Collaboration Software $3.5M 1 Bygr | $3.5M | Series A Link
13-- Supercomputers $3.4M 1 Iagon | $3.4M | Seed Link
14▲17 Life Sciences Research Services $2.7M 1 Vectron Bioso.. | $2.7M | Series A Link
15▲24 Energy Demand Response Management Solutions $2.2M 1 Enode | $2.2M | Seed Link
16-- BIM Authoring Software $1.9M 2 laiout | $1.2M | Seed Link
17-- Protein Microfluidics Instruments $1.2M 1 ClexBio | $1.2M | Seed Link
18-- Microbial Genomics $1.2M 1 Bio-Me | $1.2M | Seed Link

6

7

8

Recent Funding Rounds
Human Presence Detection Sensors -
Norway
01
9
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$44.7M (▲277%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$83.6M
1
-
1
1
Sensors (IDEX)
(# Cos: 33 | $140M)
Industry Applications (Disruptive Technologies)
(# Cos: 14 | $92.7M)
Smart Infrastructure (ComLight)
(# Cos: 2 | $83.6M)
Human Presence Detection
(Novelda)
(# Cos: 1 | $83.6M)
Novelda
(2004, Oslo, $83.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Novelda (2004, Oslo)
$44.7M - Series D - Dec 2021

Neat (2019, Oslo)
$30.0M - Series A - Sep 2021
Internet First Meeting Room System
Brands - Norway
02
10
Back to index
Consumer Electronics E-Commerce (TriEye)
(# Cos: 10 | $61.0M)
Audio and Video Devices (X by Kygo)
(# Cos: 3 | $41.0M)
Internet First Brand (Neat)
(# Cos: 1 | $41.0M)
Taxonomy
Tech
Key Stats
Norway Tech
$30.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$41.0M
1
-
1
1
Neat
(2019, Oslo, $41.0M)

Attensi (2012, Oslo)
$26.0M - Series B - Apr 2021
Gamification Based Learning - Norway
03
11
Back to index
HRTech (Memory)
(# Cos: 98 | $159M)
LMS (Attensi)
(# Cos: 12 | $103M)
Gamification Based (Kahoot)
(# Cos: 2 | $99.6M)
Taxonomy
Tech
Key Stats
Norway Tech
$26.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$99.6M
2
1
2
1
Kahoot
(2012, Oslo, $67.3M)
Attensi
(2012, Oslo, $32.3M)

Electric Car Subscriptions - Norway
04
12
Back to index
Taxonomy
Tech
Key Stats
Norway Tech
$22.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.3M
1
-
1
1
Electric Vehicles (Hexagon Purus)
(# Cos: 60 | $174M)
Vehicle as a Service (BySpark)
(# Cos: 18 | $24.9M)
Cars (Move About)
(# Cos: 3 | $24.9M)
Subscription (imove)
(# Cos: 1 | $22.3M)
imove
(2018, Bergen, $22.3M)
imove (2018, Bergen)
$22.3M - Series A - Jul 2021

Memory (2013, Oslo)
$14.0M - Series B - Jun 2021
Project Time Tracking Software -
Norway
05
13
Back to index
Product Management Tools (Safran)
(# Cos: 19 | $26.0M)
Product Development (Timely)
(# Cos: 17 | $26.0M)
Time Tracking (Memory)
(# Cos: 6 | $26.0M)
Taxonomy
Tech
Key Stats
Norway Tech
$14.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$26.0M
3
-
6
1
Memory
(2013, Oslo, $20.0M)
Timely
(2013, Oslo, $6.0M)
Busy
(2017, Fornebu)

Social Shopping Networks - Norway
06
14
Back to index
Social Commerce (Aiutrix)
(# Cos: 2 | $25.0M)
Social Network for Shopping (Tise)
(# Cos: 1 | $25.0M)
Taxonomy
Tech
Key Stats
Norway Tech
$11.0M (▲57.1%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$25.0M
1
-
1
1
Tise
(2014, Oslo, $25.0M)
Tise (2014, Oslo)
$11.0M - Series B - Jul 2021

Spond (2003, Oslo)
$11.0M - Series B - Sep 2021
Sports Team Management Software -
Norway
07
15
Back to index
Sports Tech (TriEye)
(# Cos: 59 | $40.4M)
Sports IT (RankedIn)
(# Cos: 16 | $17.0M)
Team Management (Spond)
(# Cos: 7 | $17.0M)
Taxonomy
Tech
Key Stats
Norway Tech
$11.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$17.0M
1
-
7
1
Spond
(2003, Oslo, $17.0M)
ITeasmSport
(2012, Lillesand)
Rubic
(2014, Hamar)

Cavai (2018, Oslo)
$9.0M - Series A - Aug 2021
Cross Device Ad Network - Norway
08
16
Back to index
AdTech (Cxense)
(# Cos: 21 | $12.0M)
Ad Network (Webtraffic)
(# Cos: 6 | $9.6M)
Cross-Device (Cavai)
(# Cos: 5 | $9.0M)
Taxonomy
Tech
Key Stats
Norway Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$9.0M
2
-
5
1
Cavai
(2018, Oslo, $9.0M)
Webtraffic
(2009, Oslo)
PlugRush
(2007, Bergen)

AquaCon (1996, Oslo)
$7.5M - Series A - Oct 2021
Sustainable Recirculating Aquaculture
Systems - Norway
09
17
Back to index
Aquaculture Tech (Stingray)
(# Cos: 66 | $66.3M)
Sustainable Farming (AquaCon)
(# Cos: 9 | $56.9M)
Recirculating Aquaculture Systems
(RAS) (Proximar Seafood)
(# Cos: 8 | $56.9M)
Taxonomy
Tech
Key Stats
Norway Tech
$7.5M (▼84.7%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$56.9M
5
1
8
1
Proximar Seafood
(2015, Bergen, $49.3M)
AquaCon
(1996, Oslo, $7.5M)
Nordic Aquafarms
(2013, Fredrikstad)

Cryptocurrency Trading Platforms -
Norway
10
18
Back to index
Taxonomy
Tech
Key Stats
Norway Tech
$6.8M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$6.8M
1
-
4
1
Cryptocurrencies (Arcane)
(# Cos: 33 | $94.9M)
Financial Services (NBX)
(# Cos: 18 | $94.9M)
Investment Industry (Dune Analytics)
(# Cos: 12 | $94.9M)
Online Trading Platforms (VIKINGBIT)
(# Cos: 5 | $6.8M)
Regular Trading (Firi)
(# Cos: 4 | $6.8M)
Firi
(2017, Oslo, $6.8M)
VIKINGBIT
(2015, Stavanger)
NordicBitcoinTrade
(2017, Bergen)
Firi (2017, Oslo)
$6.8M - Series A - Jan 2022

Nomono (2019, Trondheim)
$6.4M - Seed - Aug 2021
Music Artist Software Suite - Norway
11
19
Back to index
Music Tech (beat.no)
(# Cos: 26 | $15.9M)
Music Artist IT (Soundrop)
(# Cos: 12 | $15.6M)
Diversified (Nomono)
(# Cos: 1 | $9.2M)
Taxonomy
Tech
Key Stats
Norway Tech
$6.4M (▲127%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$9.2M
1
-
1
0
Nomono
(2019, Trondheim, $9.2M)

Construction Field Collaboration
Software - Norway
12
20
Back to index
Taxonomy
Tech
Key Stats
Norway Tech
$3.5M (▲221%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.6M
2
-
4
1
Construction Tech (Imerso)
(# Cos: 61 | $99.2M)
Project Management (Volue)
(# Cos: 30 | $71.0M)
Field Management (Checkd)
(# Cos: 11 | $4.6M)
Collaboration (Streambim)
(# Cos: 4 | $4.6M)
Suite (Bygr)
(# Cos: 4 | $4.6M)
Bygr
(2018, Bergen, $4.6M)
Streambim
(2012, Lysaker)
Fonn
(2016, Fonnes)
Bygr (2018, Bergen)
$3.5M - Series A - Apr 2021

Supercomputers - Norway
13
21
Back to index
High Performance Computing (Fabriscale)
(# Cos: 2 | $3.4M)
Supercomputers (Iagon)
(# Cos: 1 | $3.4M)
Taxonomy
Tech
Key Stats
Norway Tech
$3.4M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.4M
1
-
1
1
Iagon
(2017, Hamar, $3.4M)
Iagon (2017, Hamar)
$3.4M - Seed - Jun 2021

Vectron Biosoluti.. (2008, Trondheim)
$2.7M - Series A - Jun 2021
Life Sciences Research Services - Norway
14
22
Back to index
Life Sciences Platforms and Tools (ClexBio)
(# Cos: 31 | $11.5M)
Research Services (Biosergen)
(# Cos: 20 | $3.6M)
Diversified (Age Labs)
(# Cos: 16 | $3.6M)
Taxonomy
Tech
Key Stats
Norway Tech
$2.7M (▲208%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.6M
7
-
16
0
Age Labs
(2017, Oslo, $876K)
Biosergen
(2004, Trondheim)
Vectron Biosolutions
(2008, Trondheim, $2.7M)

Enode (2020, Oslo)
$2.2M - Seed - Jul 2021
Energy Demand Response Management
Solutions - Norway
15
23
Back to index
Smart Grid (eSmart Systems)
(# Cos: 18 | $105M)
Utility Management (Greenbird)
(# Cos: 8 | $13.1M)
Demand Response Management
(Enode)
(# Cos: 2 | $2.3M)
Taxonomy
Tech
Key Stats
Norway Tech
$2.2M (▲1635%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$2.3M
1
-
2
0
Enode
(2020, Oslo, $2.3M)
Exarge

BIM Authoring Software - Norway
16
24
Back to index
Taxonomy
Tech
Key Stats
Norway Tech
$1.9M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$2.2M
3
-
7
0
Construction Tech (Volue)
(# Cos: 61 | $99.2M)
Design Tools (CoBuilder)
(# Cos: 18 | $27.2M)
BIM and 3D Modelling (Spacemaker)
(# Cos: 17 | $27.2M)
Authoring (Novapoint)
(# Cos: 7 | $2.2M)
Novapoint
(1988, Sandvika)
Parallelo
(2019, Oslo, $1.0M)
laiout
(2021, Oslo, $1.2M)
laiout (2021, Oslo)
$1.2M - Seed - Jan 2022
Parallelo (2019, Oslo)
$650K - Seed - Oct 2021

ClexBio (2020, Oslo)
$1.2M - Seed - Jul 2021
Protein Microfluidics Instruments -
Norway
17
25
Back to index
Life Sciences Platforms and Tools (Age Labs)
(# Cos: 31 | $11.5M)
Instruments (Genovision)
(# Cos: 6 | $8.0M)
Protein Microfluidics (ClexBio)
(# Cos: 1 | $1.2M)
Taxonomy
Tech
Key Stats
Norway Tech
$1.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.2M
1
-
1
0
ClexBio
(2020, Oslo, $1.2M)

Bio-Me (2016, Oslo)
$1.2M - Seed - Jul 2021
Microbial Genomics - Norway
18
26
Back to index
Genomics (Age Labs)
(# Cos: 20 | $2.0M)
Applied Genomics (Genetic Analysis)
(# Cos: 14 | $2.0M)
Microbial Genomics (Bio-Me)
(# Cos: 1 | $1.2M)
Taxonomy
Tech
Key Stats
Norway Tech
$1.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.2M
1
-
1
0
Bio-Me
(2016, Oslo, $1.2M)

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Tracxn - Top Business Models - Norway Tech - Apr 2022

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