On behalf of Innovation Norway, technology transfer office Bergen Teknologioverføring (BTO) has sold shares in Rock Physics Technology (RPT). The transaction is the first exit of investments made through the Norwegian governmental pre-seed funding since its beginning in 2016.
In March 2016 Innovation Norway invested 1 MNOK in pre-seed capital in Rock Physics Technology. The investment was matched by private investors. Innovation Norway’s shares have now been sold for 1,435MNOK to Norsk Innovasjonskapital IV, with a profit return of 43,5% in just 18 months. Rock Physics Technology is after the transaction valuated to 18MNOK.
“The pre-seed funding the made access to early stage private venture capital easier, and made us more confident in our own product and business model. For investors, the threshold for investments was lowered when their capital was supported up by such a reknowned institution. The completion of the transaction puts us in a position with better access to growth capital and important competence that will further strengthen the company,” says Åsmund Drottning, CEO in Rock Physics Technology AS