High Density Devices AS, Kristiansand, Norway secures new financing:
(Thomson Reuters ONE) - Experienced entrepreneurs back in action, this time joining forceswith a leading Norwegian venture capitalist - High Density DevicesAS issues shares and converts debt at a total of 27 MNOK.High Density Devices AS (HDD) has undergone a process with newexternal investors securing the Company 24 MNOK in new fresh capital.The investment includes 14 MNOK from Incitia Ventures II AS, 3 MNOKfrom HDD's Management Team and 7 MNOK from existing owners; of whichTønnevold Venture & Invest AS is one. In addition, a previous debt of3 MNOK is converted into shares, and the participants in thiscapitalization of the Company have furthermore secured an option(subscription right / warranties) to raise an additional 10 MNOK infuture equity. Following this capitalization, the company is valuedat 45 MNOK.Incitia Ventures II AS is now the largest single shareholder, withmore than 34 % of HDD's overall shares. Olav Stokke and two of hisco-entrepreneurs from NextGenTel have become part of the HDDManagement Team.HDD has developed and patented (US Patent granted) a uniquetechnology for encryption and protection of storage media (e.g. harddrives). The technology is applied for full-disk encryption oflaptops, desktops, for external storage media, and the technology isalso applied for efficient, simple, and secure protection ofUSB-based memory sticks.In the rapidly growing global market for data protection, and withthe heightened media awareness of cases of stolen and lost computersstoring sensitive data, HDD has positioned itself with solutions fordata security, protecting users against such unnecessary concerns.HDD's encryption technology has been approved by the NorwegianNational Security Agency (NSM), NATO, and certified in accordancewith international certification schemes (e.g. Common Criteria andFIPS).A total of over 100 MNOK has been invested around HDD, and theCompany has cooperated on verification and certification of itstechnology with, amongst others, the US Department of Defense, whereUS authorities granted the cooperative project support of 60 MNOKover a five-year period."We are very impressed with the encryption technology HDD hasdeveloped over the years, and we, and the Company, are convinced thatthe timing is right for a more aggressive approach to introducingthis type of products to the marketplace", states Partner in IncitiaVentures and the new Chairman of HDD, Erik Sandersen, adding: "Thecombination of the new and commercially sound Management Team, whohas a proven track record from NextGenTel, with the far more marketoriented product and growth planning at HDD, add significant force toour positive expectations for this investment".The HDD product portfolio adapts to a wide spectrum of users' needs,from defense, public authorities, institutions and organizations,corporations, and smaller companies, to individuals who areinterested in protecting their data from unauthorized disclosure. Theneed to protect sensitive data applies to all, whether it is e.g.customer records, sensitive financial data, or employee records, thatrequire protection. In addition to its existing technology andproducts, HDD has implemented processes to adapt its product line tomass markets, and the Company anticipates facing both large andnumerous sales and delivery activities and significantly increasedrevenues in the years to come."Together with my co-entrepreneurs from NextGenTel, now colleagues inthe HDD Management Team, I was introduced to HDD about one year ago,and the technology and products immediately got our enthusiasm. Wetherefore decided to pursue this new and exciting opportunity, wherewe could take advantage of our experience and competence whenimplementing large-scale industrialization and commercialization ofHDD", states Chief Executive Officer of HDD, Olav Stokke, and addsfurthermore: "Incitia Ventures has, during the past six months,performed a thorough due diligence and investment evaluation of HDD.At HDD, we are very pleased with having an investor with the insightand professionalism coming in as an active owner of the company, andare very excited with working with them in the future. Our experiencefrom NextGenTel proves that having competent and active Venturecapitalists on the owner side is of great importance in order tosucceed. Our expectations this time around are also very high!"HDD estimates the total global market for encryption to be worthseveral billion US $ in the years to come, and with the addition offresh capital to the Company, it is now realistic for HDD Managementand employees to compete for parts of this market, both nationallyand internationally.Contacts:Olav Stokke, CEO HDD, cell +47 922 69 515, email: ost(at)hdd.noErik Sandersen, Partner Incitia Ventures, cell +47 934 00 305, email:es(at)incitia.com.Facts Incitia Ventures:Incitia Ventures has invested in Norwegian technology companies since2001 and focuses widely, across industries. As of today, Incitiamanages two funds: * Selvaag Venture Capital: 13 investments, where 8 have been sold or available for public trade, and where capital invested already has been returned, with profits, to fund-investors. * Incitia Ventures II: 3 investments so far, and the fund is open to investments. Largest fund investors are Selvaag, KLP and DnB NOR.Portfolio examples: Algeta, Sense EDM, Falanx, T-VIPS, Easypark,Vensafe and Phonect.Facts High Density Devices:High Density Devices AS (HDD) has developed and patented a uniquetechnology for highly creative, efficient, and secure encryption ofdata on storage media for laptops, desktops, and mobile storageunits. The solutions are easily operated, independent of OperatingSystem, do not require maintenance, and require no configurationprior to use. It has been patented in a number of countries, and thetechnology and product line is trademarked as [hiddn](TM) (formerly"SecureD"). The company has also developed its proprietary "KeyManagement System" enabling larger organizations, or usercommunities, to administer and manage its own encryption keys.[hiddn](TM) has been developed in multiple form factors; as anencryption module for implementation in other manufacturers' endproducts, as its own product line, as a component (ASIC) forimplementation in other manufacturers' products, and as a licensingsolution for implementation in other manufacturers' components and/ordesigns.High Density Devices AS is owned by Incitia Ventures II AS, TønnevoldVenture & Invest AS, the Management Team, and a number of otherfinancial and private investors.The Company has 10 employees, and are currently looking to recruitfor strategic positions within sales, marketing, development, andproject planning and management.HDD has its head office in Kristiansand and offices in Oslo andBergen.For a more detailed description of the company, its products andtechnology, investors, or any other information, see the HDD web pagewww.hiddn.no.http://hugin.info/136594/R/1350010/325574.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.10.2009 - 10:47 Uhr
Sprache: Deutsch
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