Participated · Equity · Apr 2019

Crosser Technologies, based in Stockholm, has built a real-time analytics platform for enterprise IoT that tracks industrial machine performance and enables integration of third-party AI solutions. The platform focuses on real-time monitoring and allows customers to plug in external AI tools. The company raised €3 million in a funding round to support growth. Investors in the round include Germany's 42CAP and Sweden's Industrifonden, with participation from existing backers Spintop Ventures, Almi Invest, and Norrlandsfonden. Crosser plans to use the funds to expand internationally, build out its partner ecosystem, and invest further in platform development, with Germany cited as the first expansion target. Founders mentioned in the article include CEO and co-founder Martin Thunman, CMO Johan Jonzon, and Head of R&D Ulf Björklund. Crosser Technologies provides Intelligent Edge Computing software that sits on-site between sensors and cloud services, collecting and analyzing streaming operational data in milliseconds to enable real-time local actions and cost savings for time-sensitive applications. Its solution includes a cloud-based management platform with a drag-and-drop Flow Studio for easy set-up, over-the-air configuration and software updates, and a library of pre-built adapters and connectors for sensor data, industrial protocols, enterprise data sources and cloud services. The software is typically installed on factory-floor servers or IoT gateways and can also be embedded in equipment, machines or vehicles. The product targets enterprise customers across Industrial IoT, supply chain, healthcare, smart buildings and smart cities. Led by CEO Martin Thunman, the company raised €1.4M in seed funding. The funding will allow the company to expand the team and to invest in sales and marketing.

Participated · Equity · Oct 2017

Umecrine Cognition is a portfolio company of Karolinska Development advancing golexanolone, its lead drug candidate. The company is financing the ongoing Phase 2 clinical trial of golexanolone in primary biliary cholangitis and covering working capital needs. It recently presented strong preclinical data supporting the candidate. The latest funding was implemented as a convertible loan with attached share options and totals SEK 30.4 million. Karolinska Development participates in the investor consortium and currently holds a 73% stake in Umecrine Cognition. Upon full exercise of the new and two earlier convertible loans with similar terms, Karolinska Development's holding would decrease to 62%. Umecrine Cognition is a portfolio company of Karolinska Development focused on developing the drug candidate golexanolone. The company has secured additional financing to advance a clinical Phase 2 trial of golexanolone in primary biliary cholangitis (PBC) and to fund preclinical studies in Parkinson’s disease. The financing was implemented as a convertible loan with attached share options totaling SEK 31.6 million. An investor consortium comprising Karolinska Development, AB Ility and Ribbskottet AB provided the funding, and Karolinska Development participated in the round. Karolinska Development currently owns 73% of Umecrine Cognition; upon full exercise of the attached share options its holding would decrease to 63%. Karolinska Development expects the dilutive effect of the transaction to produce a negative earnings effect of SEK 19.7 million in Q1 2023. Company management highlights the treatment’s potential in both PBC and Parkinson’s disease, areas described as lacking adequate treatments. Umecrine Cognition is developing a new class of drugs to alleviate cognitive symptoms caused by liver disease. Its most advanced candidate, golexanolone, is being evaluated in patients with primary biliary cholangitis (PBC) and hepatic encephalopathy (HE). Previous clinical and preclinical studies indicate golexanolone can counteract inappropriate suppression of brain activity that produces fatigue, difficulty concentrating and impaired motor function. The company has secured SEK 41 million in funding implemented as a convertible loan with attached share options to enable the start of a Phase 2 study of golexanolone in PBC. Karolinska Development is investing SEK 15 million as part of an investor consortium that includes AB Ility. Karolinska Development currently owns 73% of Umecrine Cognition; upon full exercise of the share options its holding would decrease to 65%. Karolinska Development expects a negative earnings effect of SEK 49 million (7.7%) in Q3 2022 due to the dilutive transaction. Umecrine Cognition is developing golexanolone, a drug candidate with a novel mechanism of action that attenuates incorrect activation of the GABAA receptor in the brain. Positive phase 2 results in hepatic encephalopathy were published in the Journal of Hepatology, supporting initiation of late clinical‑phase studies and expansion into other disease areas. The company carried out a directed new share issue of SEK 35.1 million to broaden its ownership base and finance continued clinical development and IPO preparatory activities. Concurrently, Karolinska Development converted SEK 66.9 million of loans into shares at the same subscription price as the new issue. Following the transactions Karolinska Development’s ownership in Umecrine Cognition increased to 72.59 percent. Vator Securities acted as financial advisor in connection with the share issue, and the company planned an IPO on Nasdaq First Growth Market in Q4 2021. Umecrine Cognition is developing GR3027, a GABAA-receptor modulating steroid antagonist intended to treat sleep disorders. The company plans an explorative phase 2a study of GR3027 for idiopathic hypersomnia funded by the recent financing. GR3027 is also being developed as a potential treatment for hepatic encephalopathy and recently showed good results in a phase 1b trial. The phase 1b study reported that GR3027 was well tolerated, had no dose-limiting side effects, and exhibited a favorable pharmacokinetic profile. Idiopathic hypersomnia currently has no effective treatment, making the new indication potentially significant. To support the expanded clinical development, Umecrine Cognition closed a financing round raising SEK 20 million.

Participated · Equity · Aug 2012

InCoax Network Europe AB is a Gävle, Sweden-based company that develops, markets and sells solutions for broadband access over existing coax infrastructure in MDUs, blocks of flats, hotels and holiday villages across Sweden and Europe. Its core product enables operators and property owners to deliver broadband over the coax cabling already present in multi-dwelling units and similar buildings. The company maintains research and development in Gävle in close cooperation with the university and operates sales offices in Stockholm, Sweden, and Jyväskylä, Finland. Founded by Getitsafe Security Partner in Nordic AB, Helge Tiainen and Karl Björk, InCoax focuses on deploying its solutions across the Nordic region and wider Europe. The company recently raised SEK7m in funding from institutional backers. It intends to use the proceeds to expand in the Nordic countries and in the rest of Europe.

Participated · Equity · May 2011

BehavioSec provides a behavioral biometrics-driven continuous authentication platform designed to prevent fraud and account takeover while preserving user experience. The platform creates digital fingerprints of users by combining attributes such as keystroke cadence and finger pressure, and it works across mobile devices and traditional computers and web browsers. Led by CEO Neil Costigan, the company says its patented technology has secured billions of transactions for over 40 million users. BehavioSec plans to launch new solutions for market introduction in early 2018, including enterprise authentication offerings and integrated decision intelligence for partners. The company has partnerships or integrations with Gemalto, Vasco, Crossmatch, Nuance and others. BehavioSec intends to expand global operations and relocate its corporate headquarters to the United States. BehavioSec was spun out of research at Sweden’s Luleå Technical University and was founded in 2007. It provides behavior-based identity theft prevention solutions that create a unique digital fingerprint of each end-user’s behavior to verify identities and prevent fraud in real time. The company’s technology targets online fraud and identity theft that impede e-commerce adoption. The new €1 million funding will be used to accelerate expansion into international markets and to service existing customers. Sami Ahvenniemi of Conor Venture Partners will join BehavioSec’s board following the investment. The round includes participation from both new and previous investors.

Participated · Equity · Jan 2011

UmBio AB is a Umeå, Sweden-based provider of consulting services and software solutions for data analysis to biotech companies. Its technology offers a Q&A solution designed to improve quality control of food products by directly detecting chemical content, substandard raw materials, contaminants such as pieces of plastic, and product defects in the manufacturing process. The company combines consulting and software to address analytical needs in biotech and food quality control. Customers include Arla Foods, Danisco, University of Oxford, Merck SeQuant, VTT, Stellenbosch University, Pfizer, Creative Antibiotics and NeuroSearch. The company is led by CEO Stefan Nordin. In January 2011 UmBio raised SEK6.8m in venture capital funding.