DTU spinout Lightnovo, has secured convertible loans from Vækstfonden and other investors ahead of a larger capital round of up to 20 million DKK. The company, which was founded in 2019 and is a spinout from the Technical University of Denmark (DTU), has developed a patented technology for a laser spectrometer that can accurately analyze and identify the chemical properties of different molecules. They have raised funding of 3.75 million DKK, comes from a convertible loan from Vækstfonden and business angels connected to the British investment company Westhill Capital.
According to the CEO of Lightnovo, Oleksii Ilchenko, the company’s solution is significantly smaller and cheaper than available competitors in the market. This is in part due to the company’s success in assembling the spectrometer from standard components, which has a significant positive effect on production time and costs.
“It’s a competitive market, and every year new solutions come out, but our model is protected against copying.”
The funds from the convertible loan will be used to hire more employees, build a larger laboratory and purchase components. The company’s technology has a wide range of applications, from academia to industrial sectors and the investors are excited about the potential of this technology and the company’s future growth. With the funds raised Lightnovo will be able to expand its operations and bring its technology to a wider range of customers.
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