nHack and Norway sovereign VC fund Investinor lead round in SCOUT
Investinor and nHack lead investment in Scout Drone Inspection
(Trondheim, June 29, 2018) Norway’s sovereign venture capital firm Investinor and nHack jointly lead an investment in the drone company Scout Drone Inspection. Both Investinor and nHack invest 1,5 million Norwegian kroner in a 4,5 million kroner seed-round, with the balance filled by angel investors.
– Scout Drone Inspection is a Norwegian technology company with founders that have an impressive track record in building successful companies. The maritime and ocean technology sector experience rapid growth in Asia, especially in China, where we will concentrate our efforts together with Scout. nHack is also very excited about having made yet another investment in a company originating from NTNU University and the NTNU Technology Transfer arm, say nHack founder Chris Rynning.
– Scout Drone Inspection is a unique company changing ship inspection in a far more cost effective and safe direction. Together with the new owners we hope to add both capital and competence to grow the company further, says Haakon H. Jensen, CEO of Investinor.
Scout Drone Inspection make specialized drones and linked cloud based data analytic services for indoor ship inspection or other indoor inspection and surveillance. Today ship owners use scaffolding and laborious climbing teams to access enormous surfaces that must be inspected regularly. Currently such inspections are time consuming, expensive and very exposed from a Health, Environment and Safety (HES) perspective. Scout’s drones disrupt this practice and make inspections fast and cost effective without using expert drone pilots. Scout drones are equipped with advanced sensors and artificial intelligence for detecting corrosion and cracks. Scout is also developing autonomous functionalities removing the need for human involvement or descent into tanks.
Investinor, the Norway state venture capital company, always co-invest with private investors, acting as a bridge between state and private capital. Scout’s seed round is 4,5 million kroner, of which Investinor is subscribing for 33% of the total amount. nHack also invest 1,5 million kroner, while the remaining 1,5 million kroner is filled by renowned and highly experienced angel investors.
– Scout Drone Inspection is proud to have Investinor and nHack as new owners of the company. Investinor provide competence in the sector combined with an international outlook going forward. nHack provide us a unique opportunity for rapid expansion to Asia where we both see a market and a location to manufacture the Scout drones. Asia and China will be an important market for us and with the help from nHack we expect to secure future growth in the region. We are also excited to have six experienced business angels joining this round, a sign that our company has an attractive offering, says Nicolai Husteli, CEO of Scout Drone Inspection.
Nicolai Husteli, CEO, Scout Drone Inspection, email: email@example.com
Chris Rynning, founder of www.nHack.io, email: chris@nHack.io
Scout Drone Inspection design and develop specialized drones and linked cloud based data analytic tools for indoor ship inspection and other indoor inspections. The company was established in 2017 and originates from the Department of Engineering Cybernetics at Norwegian University of Science and Technology, NTNU. NTNU is among the world’s leading research and development institutions in Cybernetics.
Investinor is the Norwegian state investment company contributing to value creation by offering venture capital to internationally oriented competitive companies. Investinor always subscribe for minority positions in its portfolio (less than 50 percent) and always co-invest with private investors. Investinor manages 4,2 billion Norwegian kroner and holds 55 companies in its investment portfolio.
nHack is an investment company established by Asia expert Chris Rynning, specializing in helping Nordic businesses expand to Asia and China. nHack is in close cooperation with Danske Bank and New York based WeWork. nHack is a flexible partner for Nordic companies, both as a direct investor or as a China joint venture partner for companies looking to scale rapidly in the region. nHack has offices in Beijing, Shanghai, Shenzhen and is expanding to Singapore and Hangzhou later in 2018.