Up and coming companies in Validé Invest II

The Validé Invest II fund invests in companies we consider to be «up and coming». We believe that their solutions have value for society and for the planet. We believe that their products and services are scalable and that the teams are working hard to achieve their ambitious goals.

Let us present our stars in fund II

Factiverse AS: 2016 was the year when the democratic world really got to know the power, speed and consequences of the term «fake news». Brexit was characterized by a technology-driven information battle, and in the US Donald Trump made the established news media his enemies by calling them «fake news media».

At the same time, the machine learning expert and associate professor, Vinay Setty, started a research project on fake news at the University of Stavanger.

Factiverse's solution prevents one of the biggest democratic problems of our time. The fact checks are carried out by powerful, deep neural networks (software) that process large amounts of content from news media and social media to validate facts or claims. The solution flags potential news that is not true or that lacks credibility.

Factiverse AS was established in 2019. Journalist and tech founder Marie Amelie is the company's general manager and co-founder, researcher Vinay Setty is CTO and co-founder, and in total there is a team of ten people. Investor Espen Egil Hansen (former editor-in-chief of Aftenposten) is chairman of the company's board.

NTB was the first Norwegian media partner, and they have contributed to the development of the prototype. Since then, there have been several pilots in collaboration with the media and journalists nationally and internationally. Schibsted, Tenk and Nysnø are all development customers of Factiverse

Sky of Norway AS: The team behind Sky of Norway uses its knowledge from the interior industry to create a business that contributes to growth for interior designers all over the world. The concept is based on a completely new business model with great international potential.

Founder Vibeke Vestre believes that interior designers are a neglected professional group when it comes to IT solutions. By analyzing all her own work processes, she has developed the SkyHome solution. It is a digital platform between interior designers/architects and high-profile brands within furniture and interiors. The software makes it possible to display projects with photorealistic 3D images, film and VR technology, and the program is seamlessly integrated with the company's own online store, which houses a large number of suppliers from well-known, international brands.

The Haugesund-based company was established in 2019 by Vibeke Vestre and her daughter Alexander Germyn. They quickly got in touch with the Validé Haugesundregionen, which has both invested in the company, but also contributed, via the investor network Connect BAN, to more investors getting to know and investing in Sky of Norway. Bømmelfjord AS, Tej Investment AS, Vanadis AS and Karmøy Næringsfond AS have, among others.

December 2022, Sky of Norway launched its own furniture collection: Diamo

NablaFlow AS: The technology behind the wind simulation tool the company is developing has its origins in research from the University of Stavanger and NTNU.

NablaFlow is a new way of understanding air flow; not only for top sports and speed sports, but also for city planners and architects who will build good societies in a more climate-exposed world.

The company supplies wind simulation for speed sports at such a level that a cyclist wins the Tour de France, that ultra athlete Kristian Blummenfelt sets a world record and that alpinists squeeze hundredths.

Norkyst AS: Only 31 percent of the coast line in Norway has been mapped using modern methods. The sea is in trouble, and we need to know more about the coast and seabed, collect data, digitize maps. Monitoring will also highlight changes that are essential for the seabed, ports and the biology in the seas, fjords and in our ports.

Norkyst carries out seabed mapping close to land and inland reefs. The company uses multi-beam sonar, sediment sonar and side-searching sonar, and delivers hydrographic mapping to the Norwegian Mapping Authority's (Kartverket) and IHO's standard. Norkyst also contributes with services for cable and pipe route measurement, landfall and area mapping, lakes and ponds, port calls and quay facilities, depth control during dredging, volume calculation and more.

Kartverket has approved Norkyst to carry out sea surveying and deliver hydrographic data to them.

Keelspot AS: is a digital marketplace for the coastal fleet. The digital solution enables cargo owners to trade directly with ship operators and vice versa. It gives greater visibility to the market, while at the same time giving both parties the opportunity to adapt their operations to supply and demand in the daily market.

Today, the utilization rate for the coastal fleets serving Europe is somewhere between 60-70 percent. Old-fashioned port routines mean that ships do not sail at optimal speeds and that they waste fuel. One of the central reasons why the industry struggles with inefficiency is that there are many actors involved in the transport chain.

Polybo Circular AS: has patented a revolutionary new type of technology for the development of sustainable building materials. They make «concrete element» where you replace sand, gravel and stone in the concrete with styrofoam waste. This makes the building elements light, yet strong. They can be dismantled and reused. Polybo Circular provides enormous environmental benefits. It fits in well with the increased focus on reuse, sustainability and a circular economy. The technology also provides significant cost advantages for the housing industry.
The company has a vision to change housing construction globally, and already has a housing construction commitment in Asia.

SifoTEK AS: The company offers a new way of producing food and healthier ingredients without compromising on taste or nutrients. Validation of SifoTEK's technology shows that they reduces greenhouse gas emissions by up to 90% compared to conventional Food Tech. SifoTEK uses Precision Fermentation Technology. They make animal-like, pure proteins, which have a production time of a few days, instead of the 1-2 years it takes to raise cows, cattle, sheep or salmon.

SifoTEK wants to contribute to the green shift, and the company has solutions for a more sustainable society. No animals are slaughtered or mistreated and the production has no negative impact on our planet.

The company was founded by founders and PhD researchers based in Stavanger, Norway. The team has experience in biotechnology, microbiology, chemical engineering and the food and health sector.

Open Horizon AS: All companies and enterprises are today exposed to threats that can have serious financial and reputational consequences. The geopolitical situation is uncertain, and requires more security awareness now than ever before. It is time-consuming and expensive to acquire this insight yourself, and therefore many companies overlook such threats. The consequences can be serious, and possibly decisive.

OpenHorizon develops a software «AIR» which provides risk assessments, and which indicates which threats and threat actors the business in question needs to protect against. AIR is based on OpenHorizons' intelligence database and many other sources of information, which are continuously updated with the latest in threat assessments.

The team of three consists of highly trained intelligence personnel. Rein-Owe Flister (day manager), Rune Bøe and Magnus Fjetland.

Kakadu Ignite AS: Kakadu is a digital learning resource, with the aim of reducing digital exclusion. The company offers step-by-step recipes for those who need help using online services. Kakadu is free for users.

Kakadu is also a digital platform developed both for companies that want to include all customers, regardless of digital skill level. Kakadu's tool makes it easy to get started with creating online guides.

The founding team is: Ingvild Erøy Prestårhus and Hege Fiskå.

Investments from Validé Invest I

We regard these 11 companies as «up and coming». We believe that their solutions have value for society and for the planet. We believe that their products and services are scalable and that the teams are working hard to achieve their ambitious goals.

The 11 solve a wide range of challenges, and have in common that they have received investment from Validé Invest I; a pre-see fund that was established in 2016 with 30 million in the pot.

The fund invests in the companies' earliest phase. It goes without saying that the risk is high when several are just in the test phase or newbies in a tough market. The happy news after six years of fund operation is that 1 NOK from the fund has contributed to another 25 NOK from other public or private capital. It shows a growth potential that we first-time investors only can applaud.

Only follow-up investments remain in fund I. That is why we have established a Validé Invest II with solid and competent partners such as Lyse, DSD, TDVeen, Adiungo, Nysnø klimainvesteringer and Stavanger municipality's growth fund. We want to repeat the success; 31,5 mill NOK, 10 new investments with solutions of the future.

Let us present our 11 stars

Foodback AS: The company's digital innovation ensures that restaurants, canteens and hotels receive feedback on service and food while the experiences and taste are fresh, and still very valuable. Guests and customers answer a few, but different, questions, and the sum of these turns into an invaluable large and important base of viewpoints which in turn is used to improve the customer experience.

Qwave AS: Develops downhole technology for the oil industry. It is trendy to use knowledge and technology from the oil industry into health innovations. Founder Hans Petter Eng has found his unique solution by going the opposite way! The reservoir engineer uses sound waves, like shock waves, that travel through fluid. The pulse hits the wall of the tunnel and the formations break gradually and within a controlled area. The same principle is applied to kidney stones. To avoid intervention, sound waves are used to break the stone.

Terp AS: Develops e-book technology that reveals, literally, where you slept during class. AI finds the students' knowledge gaps, and retrieves the right teaching material to fill the gaps. The market is universal, and Terp has so far found a commercial market for its solution in the Philippines, among maritime university students.

PaleBlue AS: Simulates large, industrial operations to train employees or test operations. They rig the industrial environment digitally in VR, AR technology and/or 3D simulation, so that expensive and demanding work operations can be practiced in a safe environment.

Exedra AS: If you are going to plug an oil well - make sure you do it right the first time, is the requirement from authorities and industry. Over the next few years, more than 3,000 wells will be plugged on the Norwegian continental shelf, and Exedra has developed a method to verify that the wells are not leaking.

Ecofiber Recycling AS: The Norwegian deposit scheme for bottles is completely unique, and it´s making it´s way to victory in the world. In order for return schemes to be successful, both the legislation, the producers and the consumers must be on the same team. The schemes are most successful when all parties have something left to recycle.
In 2017, Ecofiber Recycling AS received approval for a Norwegian pledge scheme for leisure boats. Shipwrecks are a large-scale environmental problem if they are left on land, in a harbor or at the bottom of the sea. Ecofiber Recycling is today a waste reception for fiberglass and compost materials from leisure boats, construction, offshore, aquaculture, agriculture and industry.

SmartCrowding AS: No hospital can fully adapt to critical peaks of work, but much can be planned so that high occupancy does not reach such heights that they threaten life and health. Smart Crowding is a digital decision support system for hospital management. It helps managers with the daily flow of patients into, through and out of the hospital. It increases patient safety, it prevents overcrowding, it is perceived as effective for the patients and has proven to be very resource-saving for Stavanger University Hospital, which uses the tool today.

Centraflow AS: Supplies downhole tools for the oil industry. Upside channeling is a well-known problem for those involved in drilling wells and cementing casing and casing strings. Due to gravity, any pipe (drill pipe, casing etc.) in a deviated or horizontal well hole will tend to «lay» on the low side of the drilling hole. The use of conventional casing centralizers has limited effectiveness, especially in coarse boreholes.

Centraflow has developed CE-BOND, a new casing accessory that improves cement bond quality in deviated and horizontal wells. The company's patented and award-winning technology is based on the simple concept of redirecting downhole fluid flow by placing self-orienting flow deflector elements in the annular space between the casing and the well.

Aniport AS: The pet market in our little Norway is NOK 5 billion. Aniport is developing a platform that brings together services aimed at pet owners; such as kennel, training, animal experiences and services of all kinds. The Nordics, and then the European market is the stated market target.

Alginor ASA: No Norwegian startup has ever entered into such a large financial agreement with the EU's Green Deal as Alginor. In the summer of 2020, Alginor received NOK 185 million because Europe firmly believes that sustainable harvesting and the use of large grains is an important resource and ingredient in the food industry of the future.

In August 2022, the company bought a factory building and area to expend at Husøy, near Avaldsnes. Here they want to establish Europe's first large-scale biorefinery to produce food and pharmaceutical ingredients based on the North Atlantic sturgeon. The expansion and installations of new and modern processing equipment are expected to be completed during 2024. The site has it´s own quay, and Alginor has an agreement with Karmsund Havnevesen to exclusive use to ensure the flow of raw materials between the harvesting operations and the land-based production.

Saferock AS: Concrete is the world's most used building material. On every continent. But cement production is a climate disaster due to large CO2 emissions. The company Saferock is founded on UiS research into replacing cement with geopolymer in the concrete. This is how the concrete industry can become a climate winner.

The board of Validé Invest I

Validé Invest I is a pre-seed fund with a total of NOK 30 million, established in 2016. The fund has the opportunity to annually invest in two to four selected incubator companies from Validé AS's investment portfolio. Eleven companies have received investment, and only follow-up investments remain.

Johannes Løyning, Director of Investment at Validé AS, is general manager of the company Validé Invest I AS.

Chairman:
Anne Cathrin Østebø, CEO Valide AS

Board members:
Marianne Bakke, SR-bank
Eirik Gundegjerde, Lyse
Oddvar Skjæveland, Norce

Investors in Validé Invest I AS

Investinor (Innovation Norway), Rogaland Kunnskapsinvest (owned by: SIVA, Rogaland county municipality, Validé, Jakob Hatteland Group Management AS, Smedvig Capital AS), Sparebank 1 SR-bank, Validé Haugesundregionen, Validé AS and Stavanger kommune.

The board of Validé Invest II

Validé Invest II is a pre-seed fund, established on 1 July 2020 with an initial investment capital of 26.5 million. (June 2021: 31.5 million) The fund has the opportunity to annually invest in two to four selected incubator companies from Validé AS's investment portfolio.

Elleven companies have received investment Q1 2023:
• Sky of Norway AS • Factiverse AS • Nabla Flow AS • Norkyst AS • Keelspot AS • Polybo Circular AS • NLE (to be launched in 2023) • Sifotek AS • Open Horizon AS • Kakadu Ignite

Chairman:
Anne Cathrin Østebø, CEO Valide AS

Board members:
Synnøve Stubø Engeskaug, Nordic Energy Transition Lead, Shell
Ane Christophersen, investment director at Lyse Vekst
Kjartan Melberg, CIO DSD investment
Trygve Nilssen, partner in law firm Schjødt
Guro Skjæveland, Nysnø climate investments

Investors in Validé Invest II AS:
Validé AS, TDVeen AS, Lyse Vekst AS, DSD AS, Adiungo AS (Espen Fjogstad, Aril Resen, Hans Skorpen, Per Gausland, Olav Bryn, Kristian F K Stensrud, Oddvar A Fosse with more), Investinor, Nysnø Klimainvesteringer AS, Stavanger kommune.

FUND MANAGER: Eirik Sønneland is Director of Funds and Commercialization at Validé. He is the fund manager of the pre-seed funds Validé Invest I and II. (Photo: Hilde Garlid)

Are you a student or researcher at UiS? Explore your idea with money from Plogen

TEAM VALIDE TTO: Applications for money from Plogen are assessed by the Validé TTO team in collaboration with the UiS innovation team. From left: Anne Cathrin Østebø, Kari Birgitte Melvær Wiig, Ole Jørgen Engelsvoll, Izaskun Muruzabal-Lecumberri, Lars Petter Eliassen and Ivan Pinerez Torrijos. (Photo: Hilde Garlid)

Plogen - Supports new and innovative ideas
The Plogen program is a regional initiative in Rogaland to support research-based innovation projects that lead to the development of new products and services or otherwise affect society. The program has a key function to raise technologies from the basic technological level (TRL) 1 - Research to technology optimization (TRL 2-4) and Proof of Concept (TRL 4-6).

Who can apply for support from Plogen?
• Employees at UiS can apply for up to NOK 100,000.
• The applicant must be employed at one of the respective research institutes throughout the entire project period.
• The concept or idea must be related to the applicant's area of research and interest.
• If your application does not qualify for support from the Plogen program, TTO will still provide an idea assessment and possibly redirect you to the correct program.
• We welcome projects that cross research institutes or other interdisciplinary projects. This also applies to applications submitted by teams.
• We encourage student involvement during the project.

Please download the documents for more information and application form:

NORWEGIAN AND ENGLISH: Plogen info 2024
NORWEGIAN: Plogen søknadsskjema 2024
ENGLISH: Plogen Application Form 2024

Questions? Contact plogen@valide.no

Funding programs for research-based innovation

Plogen - Supporting new and innovative ideas
The Plogen Program is a regional initiative in Rogaland to support research-based innovation projects leading to the development of new products and services or in other ways making an impact on society. The Program is a key mechanism to elevate technologies from the basic Technology Readiness Level (TRL) 1 – Research, to Technology Optimization (TRL 2-4) and to Proof-of-Concept (TRL 4-6).

INFORMATION norwegian and english: Plogen info 2024
• NORWEGIAN: Plogen søknadsskjema 2024
• ENGLISH: Plogen Application Form 2024

Commercialization funding from The Research Council (Forny2020)
Innovation projects and companies from the research institutions associated with Validé can apply for commercialization funds. This is a grant from NOK 0.5 million, which can be used to verify technology and business opportunities.
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Research Council
The Research Council has funds for innovation and commercialization in most subject areas.
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EU Horizon - SME Instruments
Small and medium-sized enterprises that are EU-based or established in a country affiliated with Horizon 2020 can receive EU funding and support for innovation projects that will help them grow and expand their business to other countries - in Europe and beyond. Horizon 2020 finances innovations with high potential through a dedicated SME instrument that offers seamless business innovation support.
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Innovation Norway
Start-up support from Innovation Norway offers help to entrepreneurs and promising start-ups who have growth ambitions and who have an innovative business concept that represents something new and significant in the market. One of the main goals of Innovation Norway is to remove obstacles and assist Norwegian startups to international success.
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How does the state support new businesses?

DIFFERENT SUPPORT: There are government funding opportunities for early-stage companies. If you are a skilled entrepreneur who has a solid business plan and a promising product, you may be eligible for government funding.

Validé has dedicated staff who guide and help obtain government funding. Our employees have extensive knowledge of the available programmes, the rigging of innovation projects and provide guidance when writing applications. We also have VRI competence brokers who assist with application work to connect research projects to established businesses.

A general overview of public programs that offer funding: