Already announced last week, IVISYS has been listed at the Nasdaq First North in Sweden. The startup, founded in 2013 at Scion-DTU, works with hardware as well as software for optical instruments. It’s products is mainly used in manufacturing, to minimise defects and errors.
The startup was founded by Jakob Kesje and Moatasem Chehaiber. Moatasem has a background at Nokia, and was one of the key people behind the famous Nokia 3310. The startup also got early investment from SEED Capital.
“IVISYS originated from Concurrent Vision, which was founded in 2011 but is no longer active. After two years of research and development IVISYS was formed in 2013 together with DTU Scion and SEED Capital. The focus was to deliver a scalable, user-friendly and flexible vision systems for manufacturing processes.” says Jakob Kesje, CEO.
“Our system is based on patented algorithms that are independent of the objects rotation and positioning, which allows the system to carry out checks with greater reliability than most of our competitors’ similar products.”
Still majority owned by the founders
Before the startup was listed the co-founders Jakob and Moatasem owned over 72 percent of the shares, with the remaining being held by other key partners and the investors. The listing came with a ‘lock-up’, where the founders cannot sell more the 15 percent of their shares during the first 12 month of trading.
The shares started trading on the 13th of april. On the first day they opened at 7.15 SEK, and rose during the day of trading to 9.45 SEK. Since then it has stabilised at around 8.50 SEK.
With the money raised the company aims to reach break-even during 2016, with a revenue target of € 5 M. From this it aims to double the revenue to over € 10 M in 2017. The plan has been called ambitious, but the share price indicates that investors believe in it.