Elliptic Labs Admitted to Trading on Merkur Market

Elliptic Lab's CEO Laila Danielsen rings the bell at the Oslo Stock Exchange Merkur Market.

OSLO, Norway--(BUSINESS WIRE)--Oct 16, 2020--

The global AI software company, Elliptic Labs, has been admitted to trading on Merkur Market (ticker code: ELABS-ME).

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Elliptic Lab's CEO Laila Danielsen rings the bell at the Oslo Stock Exchange Merkur Market. (Photo: Business Wire)

Elliptic Labs is on a mission to make every device smarter and more environmentally friendly. It develops super-smart software sensors that sense people and their surroundings, using ultrasound and Artificial Intelligence.

Elliptic Labs has raised NOK 125 million through a private placement, which attracted strong interest from long-term Nordic investors, reported Elliptic Labs.

“We are pleased with our first reception in the public markets. The offering clearly demonstrates the capital market’s interest in our scalable software platform for the consumer mass market. Our private placement was substantially oversubscribed by a group of quality investors. The company now enters a new phase in its development. We will strengthen the organization, continue to scale up our engineering and sales capacities, and refine our close relationships with our key partners,” says Laila Danielsen, CEO of Elliptic Labs.

About Elliptic Labs

Elliptic Labs is headquartered in Norway with presence in China, South Korea, USA, and Japan. Founded in 2006 as a research spin-off from Norway’s Oslo University, it is now a global enterprise targeting the smartphone, laptop, IoT, and automotive markets. The company’s patented AI software combines ultrasound and sensor-fusion algorithms to deliver intuitive 3D gesture and presence sensing experiences. Its scalable AI Virtual Smart Sensor Platform creates software-only sensors that are sustainable, eco-friendly, and already deployed in over 100 million devices. Elliptic Labs is the only software company to have deployed an ultrasound and sensor-fusion solution using AI software, at scale. Elliptic Labs’ technology and IP are developed in Norway and solely owned by the company.

CONTACT: Investor Relations:

Thor A. Talhaug

Patrick Tsui

KEYWORD: NORWAY EUROPE

INDUSTRY KEYWORD: CONSUMER ELECTRONICS TECHNOLOGY MOBILE/WIRELESS TELECOMMUNICATIONS SOFTWARE HARDWARE

SOURCE: Elliptic Labs

Copyright Business Wire 2020.

PUB: 10/16/2020 04:37 AM/DISC: 10/16/2020 04:37 AM

Copyright Business Wire 2020.