Sweden-based SEB Venture Capital, the venture capital division of the eponymous bank, has invested SEK15m ($2.3m) in Actiwave, a local start-up making loudspeaker technology, by way of a rights issue.
SEB Ventures led the rights issue and in doing so, acquired the stake previously held by seed financier Innovationsbron, bringing its overall holding to 39%.
Actiwave was founded in 2007, as a research spin off from Linkӧping University.
This round of financing will be used to launch Actiwave’s new commercial speaker brand, Opalum, in addition to the licensing of its loudspeaker technology to consumer electronics manufacturers.
Pär Gunnars Risberg, chief executive of Actiwave, said: "The capital investment not only allows for faster development, [giving] the company a stronger market standing, but is a good example of one of Sweden’s most renowned venture capitalists developing a strong international business with a foundation in innovative Swedish technology."