Verdande Technology, a Norway-based provider of real-time case-based reasoning (CBR) technology, has raised NKr45m ($8m) from a consortium including local oil major Statoil’s corporate venturing unit.
Alongside Statoil Technology Invest in the round are venture capital firms Investinor and ProVenture Management. Statoil first invested in Verdande in 2006, while Baker Hughes, a New York-listed oil services company, took a minority equity stake in Verdande Energy, a subsidiary of Verdande Technology, in September last year.
Separately, Verdande has just gained a $1.75m grant from state-backed Innovation Norway.
Lars Elias Olrik, chief executive of Verdande, said: “For industries that spend billions on IT [information technology], it is hard to believe that they still do not have a way to accurately predict business-impacting events – whether that be a trading systems crash at an investment bank, a common surgical error at a hospital or a product malfunction at a medical device manufacturer.
“Verdande Technology’s CBR-driven platform acts as an early warning system to identify and reduce these events, transforming data into actionable intelligence that mitigates exposure and risk. The investors’ efforts and the grant from Innovation Norway will help us continue our aggressive push into these industries [from its oil and gas operations].”
Founded in 2004, Verdande is a spin-off from the Norwegian University of Science and Technology (NTNU).