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Tunable raises NOK 65m from leading international industry investors

Tunable, the Norwegian deep tech company and leadingglobal provider of plug-and-play, multi-gas analysers, safeguards itsinternational growth journey. The company has successfully raised NOK 65million from new and existing investors.

Tunable is delighted to present Gaz transport & Technigaz (GTT) and TRUMPF Venture as lead investors in the funding round. These strong and reputable investors will support the international expansion for gas analyser solutions and the effort to reduce gas emissions worldwide through cutting-edge technology. The existing shareholders ,led by Skagerak Capital and Skeie, participated in the round and continues to support Tunable.

“When growing a company with large international ambitions, supportive owners with global reach are very helpful. GTT is the global technology leader within transportation and distribution of LNG. while TRUMPF will provide valuable insight with respect to scaling up our advanced MEMS technology and entry into new markets. Tunable will use the funds to invest in further development of functionality, as well as sales and marketing to reach our international growth targets” says Kristian Hovet, CEO of Tunable. “Further, the investment agreement also allows for inviting additional investors this autumn, extending the total capital raise to NOK 80m”

Established industry disruptor with ambitious plan

Tunable delivers real-time multi-gas analysers combining micro and nanotechnology with infrared spectroscopy giving fast, reliable and accurate measurements. Currently, Tunable delivers natural gas analysers and emission analysers to the international marine market and has recently expanded to on-land industrial applications. By monitoring gas emissions, Tunable’s emission analysers help reduce multiple greenhouse gasses and toxic gasses from ships and power stations. The gas analyser solutions make the transition to less pollutive energy solutions possible.

“The secured funding will enable Tunable to further strengthen our core technology, finalise the second-generation products, and ramp up sales to capture new markets” says founder and CTO Thor Bakke.

GTT is a French multinational company with headquarters close to Paris, listed on Euronext Paris. GTT is the technological expert in containment systems with cryogenic membranes used to transport and store liquefied gases. For over 50 years, GTT has been designing and providing cutting-edge technology for better energy performance, which combine operational efficiency and safety, to equip LNG carriers, floating terminals, land storage, and multi-gas carriers. GTT also develops systems dedicated to the use of LNG as fuel, including a full range of digital services. Its digital focus provides strong evidence for the many benefits of real-time gas analytics. Through its investment in Ascenz and Marorka, GTT continues to demonstrate its ability to develop smart solutions for maritime transportation.

Philippe Berterottière, Chairman and CEO of GTT, declared: “We are pleased to accompany Tunable and the development of its proprietary technology in the shipping industry and beyond. This minority investment is part of the implementation of our Group’s strategy to design technologies for a sustainable world and is consistent with our positioning in digital solutions. In the future, we intend to continue to seek new investments in innovative technology companies that can contribute to enriching GTT’s portfolio of solutions and technologies.”

TRUMPF is a high-tech company with global presence offering manufacturing solutions in the fields of machine tools and laser technology. The Company drives digital connectivity in manufacturing through consulting, platform products and software. TRUMPF is a technology and market leader in highly versatile machine tools for sheet metal processing and in the field of industrial lasers.

TRUMPF has deep tech expertise and a solid track record in building industrial microtechnology business. TRUMPF will support Tunable with entering new markets and verticals.

"Tunable enables the electronic nose – one of the last sensory organs to be digitized. We are pleased to accompany the Tunable team and to implement the functionality of laboratory devices in a compact design with the innovative MEMS technology," says Dieter Kraft, Managing Director at TRUMPF Venture.

Skagerak Capital is an early-stage venture firm with focus on companies with a positive environmental impact. Skagerak invests in companies building technological innovations to address global challenges such as climate change and resource scarcity. It is a long-term investor bringing competence, network, and capital to help ambitious companies achieve their goals. Skagerak partners with deep tech and SaaS companies that seek to change the world for the better.

“We are pleased to have TRUMPF and GTT joining us as active investors in Tunable. They both represent deep industrial knowledge, which is a great recognition of the Tunable nosetechnology. They will be important contributors in the further development of the company, and with the recent funding, Tunable is now ready to scale the commercialization and production of the new and ground-breaking #digital nose”, says Terje Berg-Utby Partner at Skagerak Capital.

 

Tunable raises NOK 65m from leading international industry investors
Tunable raises NOK 65m from leading international industry investors

Replicating nature´s sense of smell

All human senses, except the Sense of Smell, have been artificially improved, digitalised and miniaturised. Tunable has a groundbreaking solution for a miniaturised analyser replicating nature´s sense of smell.