Serial entrepreneurs taking documentation platform global. Ardoq closes $1.3 million Seed Round
Oslo, Norway. Jan. 05, 2016 – Ardoq, the documentation platform provider, announced today the closing of their seed round with an investment of USD 1.3 million led by serial entrepreneurs Geir Førre and Gunnar Evensen. Ardoq has democratized the way organizations document and visualize requirements, business processes and their dependencies to IT-systems. The need for overview and control is huge as many organizations are moving to the cloud. The combined global market size is 7.8 billion USD and Ardoq bridges the gap between product segments in the market.
“As an early-stage investor I am engaging with Norway based technology companies with ambitions and capabilities to become global leaders within their fields. Ardoq has those ingredients on top of a strong founder team.” says Geir Førre.
The Seed round will secure the short-term growth as Ardoq is gearing up for an international launch of the new documentation platform.
“I’m extremely pleased with the result of this round. We received a lot of interest. In the end we chose investors that have been in the trenches and succeeded in building international companies before. Their experience is invaluable to a startup like us” says Magnulf Pilskog, CEO & Co-Founder. “This investment allows us to grow into larger, international markets, and continue to improve our scalability.”
Founded in late 2013 in Oslo, Ardoq is on a mission to bridge the gap between business and IT, reducing cost and risk. The SaaS (Software as a Service) solution accomplishes this by capturing and visualizing how both sides of the organization’s processes and systems depend on one another. The unique, low cost and intuitive approach empowers the entire organization to collaborate, reducing complexity, risk and cost.
In the last year Ardoq has secured some of Norway’s largest companies including, Statoil, Gjensidige, TeliaSonera, and Fjordkraft as reference customers. To meet the demand, the team has grown from 3 to 8 employees in the last 6 months.
“I find Ardoq’s philosophy to be unique. They have created an interesting concept for making complex it-dependencies visual to organizations. Combined with a strong team, I find it very exciting to participate in the further development of the company.” says Gunnar Evensen.
Ardoq is located in Norway’s most promising angel-backed accelerator, StartupLab and has received investment from the Norwegian Founders Fund,The Norwegian Research Council and Innovation Norway.
“Ardoq is a very promising company in StartupLab and we are very proud to have followed and supported the Ardoq team since 2013, says Tor Bækkelund, Partner in StartupLab and responsible for Founders Fund.”
Ardoq’s earlier investors and employees are also contributing to the round, in addition to angel investor Magnus Nordseth. Both Geir Førre and Magnus are joining Ardoq’s Board of Directors.
About Geir Førre:
Geir Førre has more than 20 years of experience from the global semiconductor industry as a serial-entrepreneur, executive & CEO.
In 1996 he founded Chipcon, a company that became market leader in low power RF solutions and served as the President and CEO until its 1.3 billion NOK acquisition by Texas Instruments Inc in 2006.
In 2007 Geir founded Energy Micro, a company that established itself as a market leader in low power 32-bit microcontroller solutions. He served as the President and CEO until July 2013 when the company was acquired by Silicon Laboratories Inc. for 1.0 billion NOK.
About Gunnar Evensen:
Gunnar has 25 years of experience in the computer-, broadband- and TV-industries.
Current position as CEO of GET and TDC Norway. Get is Norway’s second largest broadband and television distribution provider. Under Gunnar’s lead, the turnover has grown from 400 million NOK to 3 billion NOK, with an equivalent growth in earnings. TDC Norway is a Telco solution provider with a turnover of 1 billion Nok.
In 2014 TDC acquired Get for 13.8 billion NOK.
Gunnar has a genuine interest in innovation, and has founded several companies himself.
For more information contact:
Phone: +47 975 97 975