The FINANCIAL — The smart sensor company Elliptic Labs has today been admitted to trading on Merkur Market (ticker code: ELABS-ME). Elliptic Labs creates software-only sensors that are sustainable, eco-friendly, and already deployed in over 100 million devices.
Recently, the company raised NOK 125 million through a private placement. The placement attracted very strong interest from Norwegian and international investors, and was significantly oversubscribed, reported the company.
Elliptic Labs will use the proceeds from the placement to develop its technology and products, in addition to other purposes.
“Our primary technology focus is ultrasound, which doesn’t require any additional hardware. Instead, our software modules reuse a device’s existing speakers and microphones in order to detect motion, proximity, presence, and to provide touch-free gestures”, explains the company on their homepage.