Oslo, Norway: Energy Micro has secured an investment of $13 million from Northzone Ventures and Investinor in its first external funding round. The investment will be used to continue the development of Energy Micro's microcontroller product portfolio.
Energy Micro launched its first product, the 32-bit EFM32 Gecko microcontroller family, in October 2009 and the product is claimed by the company to consume only a quarter of the energy of existing 8, 16 or 32-bit microcontrollers.
Torleif Ahlsand, General Partner of Northzone Ventures, who joins Energy Micro's board of directors as Chairman, said: "Northzone has followed Energy Micro's progress for more than a year now, and I am very excited about the company's prospects. Energy Micro is the first investment in our recently announced Northzone VI fund, and it gives us a tremendous start."
He continued: "Energy Micro has all the ingredients in place to make it a real success; with differentiated products and technology promising quantum leap performance improvements and an outstanding management and engineering team. We are proud to be associated with such a dream team."
Steinar Fossen, Investment Director of Investinor, who becomes an Energy Micro board member, said: "Investinor are excited to have this opportunity to join Energy Micro's strong team. Energy Micro is a great match with Investinor, which invests in early stage Norwegian companies aiming for high growth on a global scale. We look forward to participating in Energy Micro's future success."