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

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.

"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.