CMR spin-off raised NOK 25 million in venture capital

Just before Christmas 2016 Xsens AS raised NOK 25 million in venture capital from ProVenture and Investinor. Xsens invents new cost-reducing ultrasound technology to monitor oil flow.

04.01.2017 by Gunn Janne Myrseth

CMR spin-off raised NOK 25 million in venture capital

Photo: The inventions from Xsens is a teamwork. (From left) Marie Bueie Holstad (CMR), Christopher Giertsen (Chairman of Xsens) and Magne Husebø (CEO Xsens) follows Remi André Kippersund (Technology Manager Xsens) as he explains the technology. Photo: CMR ©.

Now Technology Manager Remi André Kippersund and CEO Magne Husebø in Xsens can start looking for new colleagues.
- In five years we will have gained a significant growth with several more employees. The capital will allow for industrialization of products, including customer support, sales and marketing, CEO Husebø tells.

Measurement of flow in pipelines constitute a market of several tens of billion annually. Oil related measurement is a significant part of this market. Xsens AS, - a spin-off company from Christian Michelsen Research AS – intend to secure a part of this market.

- New venture capital makes it possible for the company to realize an ambitious product launch and grow nationally and internationally, says Christopher Giertsen, Vice President Business Development in CMR and Chairman of Xsens.

A teamwork
Until now, instruments providing acceptable performance for the oil and gas industry, must either be inserted into the flow, or penetrate the pipe wall. The new Xsens technology makes it possible to use known techniques to obtain desired performance, while mounted on the outside of the pipe for significant cost reduction, improved technical integrity and long term stability.

Christian Michelsen Research AS started development of new technology for flow measurement in 2003 when Per Lunde (now professor at University of Bergen) initiated the work as part of a strategic institute programme. The work was continued in particular by Remi André Kippersund as parts of a competence building project headed by Kjell-Eivind Frøysa (now professor at Bergen University College), both projects funded by the Research Council of Norway (RCN) and the last project partially by industrial partners.

Marie Bueie Holstad (Department Manager Process Monitoring at CMR Science &Technology) explains that during the last three years 15-20 persons at the research institute and 10 persons at CMR’s daughter company Prototech have contributed to development of new and improved prototypes during Xsens’ Innovation Project for Businesses (IPN) (supported by Petromaks II, RCN).

- The project team has worked hard and been very enthusiastic. It is very inspiring for us to follow technologies from CMR towards industrialization, Holstad adds.

Xsens’ next step is to develop the company's first commercial products through a 3-year industrialization process, starting 2017.

Links:
Proventure

Investinor

Facts:

2003: Research activities on guided wave ultrasonic flow metering was initiated at CMR.

2009: Patent application entitled "Flow Measuring Apparatus" was filed by inventors Kippersund, Frøysa and Lunde with Tecom AS (CMR investment company) listed as owner.

2012: Patent approved in Norway, UK, USA and Australia.

2013: Xsens AS was founded in 2013 with capital from Tecom AS. Magne Husebø was appointed General Manager, becoming a shareholder of the company in 2014. Over the past three years the company has developed new improved prototypes through an Petromaks II “IPN project” (Innovation Project for Businesses) funded by the Norwegian Research Council. CMR Science & Technology and CMR Prototech have been important suppliers of expertise and services to Xsens in this project. 

2016: Remi André Kippersund joined Xsens as Technology Manager.

2016: Capital investment agreement signed with ProVenture and Investinor.