Wirescan secures NKr25m financing
Norwegian based Wirescan AS, a provider of products and services for diagnosis and condition monitoring of cables, has secured NKr25m (E3.1m) in a financing round led by Siemens Venture Capital GmbH and SaakorninVest II AS, a company managed by Norway’s…
Norwegian based Wirescan AS, a provider of products and services for diagnosis and condition monitoring of cables, has secured NKr25m (E3.1m) in a financing round led by Siemens Venture Capital GmbH and SaakorninVest II AS, a company managed by Norway’s Procom Venture.
Wirescan states that the funds will enable it to accelerate market entry of its patent-pending Line Resonance Analysis (LIRA) technology, a product targeting major players in the electric power and oil and gas industries.
Siemens Venture Capital’s investment partner Gerd Goette will join the Wirescan board of directors, as will Joern Bergeland, a partner at Procom Venture, which represents SaakorninVest II AS.
Wirescan MD Per Nossen said, “Along with the unique LIRA technology and our dedicated staff, securing this financing will enable us to increase market penetration and further develop our portfolio. As a result, we will be able to address specific applications in power transmission and distribution, subsea cables and offshore wind, oil and gas as well as in nuclear power generation.”
Siemens Venture Capital CEO Ralf Schnell added, “Power generated from renewable energy sources puts tremendous strain on the electrical grid because of its distributed, intermittent nature. Wirescan has developed a unique technology that allows assessing and monitoring the condition of power cables. This enables power utilities to further increase reliability while optimizing maintenance efforts.”
Established in 2005, Wirescan develops a unique technology developed by the Institute for Energy Technology (IFE) in Norway. The founders were IFE and Procom Ventures, with present shareholders also including Siemens Venture Capital and SaakorninVest.
