Streaming video and presentations from Itovation - October 27 2009

Hans Olav Torsen and other researchers from NTNU and SINTEF founded Seatex in 1984. The challenge back then was that they got little help from venture capital. Seatex covered a great part of the need for capital through “developing contracts” with oil companies like Shell, Elf, Total and Statoil because these companies were eager to get access to important licenses to oil exploration fields in the North Sea.

Towards the end of 1980 Seatex invested in seismology and at the same time the organization had a large growth which demanded large capital investments and resources. This almost led to a crisis but because of a healty and profitable strong company base it all turned out well.

In 1993 they got listed on the Oslo stock exchange and also merged with Normarc – world leading supplier of instrument based landing systems for airports. GPS technology is one of the reasons for the success of Seatex and is used both in navigation and oil activity. The Kongsberg Group Acquired Seatex in 2000.

Today Kongsberg Seatex is situated in Trondheim with 120 emplyees and NOK 400 mill in turnover. Torsen has a new role at the investment company ProVenture as a mentor and investor in new technology based companies.

Torsen has a masters degree in cybernetics from NTNU (NTH).

Photo: Glen Musk

Jon Sletthaug, senior advisor at Leiv Eirikssons Nyskaping AS, was the director of the first seed capital company ASEV AS (AS Etablerings- og Virksomhetsutvikling) in Norway, 1984. The company invested in technology based business ideas and established 27 companies based on unique and new technology, mainly from NTNU/SINTEF. In 1989 he established a new venture capital company, Norsk nyetablering AS with a capital base of 40 mill NOK, which invested in companies based on new technology and technology companies in general.

1993: Trøndelag vekst AS: 100 mill NOK, focus on venture business.

1999: Leiv Eiriksson Nyskaping AS and Såkorninvest Midt Norge AS, focus on new companies and business development in owned companies.

Sletthaug was the first person in Scandinavia to start with organised seed capital venture activities, and is still heavily involved in this at Leiv Eiriksson Nyskaping AS in Trondheim.

Education and experience: Sletthaug has a master of science and PhD in electrical engineering at NTNU. He has been director at SINTEF anda also has 17 years of experience from the industry.

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