Oslo-based Nornir, an IoT operator company that provides open end-to-end software infrastructure and wireless coverage for smart cities, announced that it has raised €30M in a fresh round of funding.
Nornir was awarded the Seal Of Excellence from EU’s Horizon 2020 program and is part-financed with a loan from Innovation Norway.
The investment came from the Luxembourg-based GEM Global Yield Fund. It is a $3.4B alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world. The firm has completed over 480 transactions in 70 countries spread over five continents.
Aims to enable an open ecosystem for the Real Time Web
Founded in 2012 by Paal Kristian Levang and Henrik Silverkant, Nornir offers software tools for the development of AI networks. The deep tech company’s goal is to help new and established businesses so they can quickly adapt to the fast-growing AI market.
The Hive Collective – a new decentralised AI networking invention by Nornir – gives lifelong mobility and dynamical value chain management. Nornir’s “Hive Mind” network technology operates in the AI-driven smart city and smart asset management industry, which is one of the fastest-growing markets in the world and is expected to reach $100T in 2021.
One of the advantages of using Nornir’s ML infrastructure is that the device itself tells the system when it needs to be replaced, who can replace it and when. Autonomous systems will drastically reduce cost and simplify administration.
Funding agreement
Under the terms of the funding agreement, GEM will provide Nornir with a share subscription facility of up to €30M for a 36-month term following the public listing of the Nornir common stock. Nornir will control the timing and maximum amount of each drawdown under the facility and has no minimum subscription obligation.
Nornir CEO Paal Kristian Levang says, “With GEM’s investment, we will scale and implement our international go-to-market strategy. I’m very happy to see that our hard work is being materialised and I’m looking forward to further developing our services.”
