Intel Capital portfolio company Tobii has raised SKr400m ($46m) in a flotation of mostly new shares on the Nasdaq Stockholm Exchange.
Tobii, a Sweden-based eye-tracking components maker, had a market capitalisation of SKr2.1bn at its initial public offering (IPO), floating at SKr25 per share, the top of its price range.
The company had revenues of SKr620m in 2014, the same year as it acquired US peer DynaVox Systems. US-listed chipmaker Intel’s corporate venturing unit invested $21m to take a 10% stake in Tobii in 2012.
Intel Capital joined venture firms Amadeus Capital Partners, Northzone Ventures and Investor Growth Capital, a venture unit of the Sweden listed investment trust, as a backer of the company.
Tobii raised €16m ($21m) in 2009 from Amadeus Capital, Northzone and Investor Growth. In 2007 the company raised $14m from Investor Growth.
Hermann Hauser, who sits on the Tobii board of directors, said: “The success of Tobii’s IPO is testament to the strength of the company’s management and its products. We congratulate the team wholeheartedly and look forward to the next stage of the company’s growth with this new capital.”
The idea behind Tobii’s technology came from a research project at the Royal Institute of Technology in Stockholm, and Tobii was founded in 2001.