Nornir secures €30 Million capital commitment from Global Emerging Markets (GEM)
The Norwegian deep tech company Nornir, today announced a $30 Million investment commitment from GEM Global Yield LLC SCS (“GEM”), the $3.4 Billion, Luxembourg based, private alternative investment group that focuses on emerging markets with offices in Paris, Nassau (Bahamas) and New York.
Under the agreement, GEM will provide Nornir with a Share Subscription Facility of up to €30 Million for a 36 month term following the public listing of the Nornir common stock. Nornir will control the timing and maximum amount of each drawdown under the facility and has no minimum subscription obligation.
Nornir's unique “Hive Mind” network technology operates in the AI driven Smart City and smart asset management industry; which is one of the fastest growing markets in the world expected to reach $100 trillion in 2021. The industry is morphing into the Internet of Things (IoT) era which opens up new markets and opportunities where digital assets become intelligent and embedded into various additional representations like 3D models (BIM) and Digital Twins. One of the main benefits using Nornir’s machine learning infrastructure is that the device itself becomes “alive” and tells the system when it needs to be replaced, who can replace it and when. Autonomous systems will drastically reduce cost and simplify administration.
“With GEM’s investment, we will scale and implement our international go-to-market strategy. I’m very happy to see that our hard work is being materialized and I'm looking forward to further developing our services.” - says Paal Kristian Levang CEO, Nornir
Global Emerging Markets (“GEM”) is a $3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets and has completed over 480 transactions in 70 countries from 5 continents.
GEM’s investment vehicles provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum.
Each investment vehicle has a different degree of operational control, risk-adjusted return and liquidity profile. Our family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs) and select venture investments.
More company info at gemny.com.
Nornir is a technology provider offering state-of-the-art software tools for development of AI networks. The Hive Collective is a new decentralized AI networking invention by Nornir that gives lifelong mobility and dynamical value chain management.
Nornir’s main goal is to help new and well established businesses so they can quickly adapt to the fast growing AI market. Nornir has been awarded with the Seal Of Excellence from EU's Horizon 2020 program and is part-financed with a loan from Innovation Norway.
More company info at nornir.io.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
'True Stories of Investing' - flatexDEGIRO drives financial education with high-quality documentation28.1.2022 12:48:00 EET | Press release
With "True Stories of Investing", flatexDEGIRO AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR), Europe's largest and fastest-growing retail online broker collaborates with award-winning documentary maker, New Amsterdam, and Discovery, to demystify investing. The documentary premieres on Discovery's channels across Europe starting this weekend and showcases important lessons every retail investor needs to know. In four episodes, renowned journalists, professors, behavioral scientists and investors challenge some of the biggest misconceptions about investing by examining historical events and the mechanisms at work. Frank Niehage, CEO of flatexDEGIRO: "It is our mission to retailise capital markets and empower private individuals to invest in a self-determined and sustainable way. As Europe's leading online broker, we feel responsible for making trading more simple, more informed, and more secure for our customers. With this innovative documentary, we take financial education one st
SoftBank Group Announces Management Transition28.1.2022 07:08:00 EET | Press release
SoftBank Group Corp. (“SoftBank”) today announced that the company and Marcelo Claure have mutually agreed to part ways after a successful nine-year partnership. In conjunction with Mr. Claure’s departure, Michel Combes has been appointed as CEO of SoftBank Group International (“SBGI”). In this position, he will oversee SoftBank Group International’s operating and investment portfolio*. Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said, “Marcelo has made many contributions to SoftBank during his time here and we thank him for his dedication and wish him continued success in his future endeavors. I have great confidence in Michel Combes and the talented SoftBank team to continue with the great work we have underway at SBGI.” Mr. Claure said, “I will forever be grateful for my experience at SoftBank over the last nine years. I have had the opportunity to collaborate with some of the world’s great executives and entrepreneurs, and tack
JETRO Osaka (Japan External Trade Organization): Making an Innovation Movement From Osaka28.1.2022 05:00:00 EET | Press release
The Kansai region, which includes unique cities of Osaka, Kobe and Kyoto, is a massive market with a population of 24.65 million people and a GDP of approximately 100.05 trillion yen. It equals the metropolitan area centered on Tokyo as a site for business and plays the central role in the economy of Western Japan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220124005319/en/ Succeed Together in Japan and Beyond (Graphic: Business Wire) In this region, particularly on the Osaka Gulf Coast, there is a cluster of companies and research institutes related to the environmental and new energy industries. Also, throughout Osaka City, bio-related pharmaceutical companies and food manufacturers gather as well as the chemical and medical equipment companies. [Source] JETRO Investing in Japan “Osaka City” https://www.jetro.go.jp/en/invest/region/data/osaka-city.html O-BIC “Industry of Osaka” https://o-bic.net/e/attractive/ As the ho
KILL Seoul Semiconductor Proves the Effect of SunLike Lighting on Myopia Improvement28.1.2022 03:29:00 EET | Press release
KILL Seoul Semiconductor requests that their press release NewsItemId: 20220116005060, issued 17-Jan-2022 12:16 AM, “Seoul Semiconductor Proves the Effect of SunLike Lighting on Myopia Improvement” be killed. The release was issued in error by Seoul Semiconductor Co., Ltd. A replacement release will not be issued. Contact information Seoul Semiconductor Co., Ltd. Jinseop Jeong +82-70-4391-8555 email@example.com
GIANT Protocol Publishes Litepaper for Decentralized Internet Connectivity Economy27.1.2022 18:23:00 EET | Press release
GIANT Protocol, a leading-edge web3 protocol building a decentralized connectivity economy, today announced the release of its Litepaper, laying out the various components of GIANT Protocol’s ambitious proposal to decentralize and democratize access to the internet and financial services through a web3 telecommunications layer. GIANT plans to roll out the first iteration of its mainnet in the first half of 2022, so the publication of the Litepaper marks a critical step in ensuring GIANT Protocol’s commitment to being an open-source, public protocol built to support a globally connected world. GIANT Protocol made its debut in November 2021, announcing its intention to build a tokenized bandwidth platform that will allow anyone with a mobile phone to access the internet and earn rewards based on their connectivity. With a founding team well-established in the telecom sector, GIANT Protocol intends to leverage existing network providers, allowing it to rapidly scale its network. In Decemb
Lunaphore appoints Alice Feng as Chief Financial Officer27.1.2022 18:00:00 EET | Press release
Lunaphore, a Swiss life sciences company developing technology to enable spatial biology in every laboratory, today announced that Alice T. Feng will join the Lunaphore leadership team as Chief Financial Officer, effective January 31, 2022. Ms. Feng brings over two decades of finance and corporate development leadership experience as well as investment banking expertise, participating in over 30 merger and acquisition and financing transactions with aggregate transaction value of $45 billion. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220127005433/en/ Alice Feng (Photo: Lunaphore) “Alice brings deep expertise in corporate development and the capital markets and will play an instrumental role in our fundraising activities and leading the development of new partnerships as the company continues to expand globally,” said Ata Tuna Ciftlik, Ph.D., Chief Executive Officer of Lunaphore. “We are excited to work with Alice to ach
Croma-Pharma Completed the Decentralized Procedure for Its Botulinum Toxin to Treat Glabellar (frown) Lines27.1.2022 17:26:00 EET | Press release
Croma-Pharma (Croma), today announced that the decentralized procedure for its botulinum toxin to gain market authorization in Europe has been accomplished. This important step is the basis to complete Croma’s already comprehensive portfolio. Croma’s botulinum toxin submission in Europe is based on the data of 3 completed randomized, placebo-controlled phase III trials that enrolled a total of >1000 subjects in Europe and the US. National phases to grant the market authorization across Europe are following now. A game changer for Croma-Pharma and the aesthetic industry By adding its own botulinum toxin to the already broad portfolio Croma catapults itself to a new level within the aesthetic industry. Offering already a wide selection of HA fillers, PDO threads, PRP and scientific skincare products, the botulinum toxin was the missing piece to compete with world leaders in this sector. “We are pleased to announce that our toxin has now accomplished the decentralized procedure in Europe
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom