Amadeus Capital Partners and Northzone Ventures have led a €16 million (SEK 170m) B round investment in Tobii Technology AB, a global leader in eye tracking systems, based in Stockholm with offices in the USA, Germany, Norway, China and Japan. Existing investor, Investor Growth Capital, has also participated in this financing round.
Tobii was founded in 2001 by three successful serial entrepreneurs, Henrik Eskilsson, Mårten Skogö and John Elvesjö. In 2007, after the launch of its first product series, the company attracted institutional investment of €10 million in 2007 from Investor Growth Capital, a wholly owned subsidiary of Investor AB. This enabled Tobii to broaden its product range and to establish its first international offices. Today, the company employs some 200 people and is profitable on turnover of €19 million.
Tobii’s eye tracking devices and software are sold for scientific and market research and as assistive computer interaction for people with communication disabilities. Devices thus far developed are portable, but Tobii will shortly launch a device that can be clipped on to a standard screen, for patients with injuries or in rehabilitation, or for panels in commercial display areas. Software is also sold to third party content providers.
For research, Tobii’s eye tracking can evaluate how consumers react to marketing stimuli, from product packaging and display to media advertising and online interaction. In addition, the company provides analysis and testing systems for its customers.
Tobii’s assistive communications systems enable people to activate their device, to type or speak, simply with their eye movements. The range of software includes a package based on symbols rather than language, for children in need of computerised communication aids. Other applications being developed by Tobii include driver safety systems (for example, detecting fatigue), medical diagnostics, general-purpose computing and gaming. The new funding will be used to expand into these markets and applications.
Tobii’s market position has been achieved through the technological breakthrough of embedding eye tracking systems onto chips. This innovation has allowed Tobii to develop the only generic end-to-end plug and play system currently on the market.
John Elvesjö, Vice President, added: “Tobii is growing rapidly and profitably, but we need to harness our ambition to the experience of international investors with track records in building successful global technology companies, which this funding round enables us to do”.
“Tobii has demonstrated that it has what it takes to succeed as a product company in a global arena,” says Jeppe Zink of Amadeus.
“Excellent technology and proven ability to grow rapidly puts Tobii in a unique position to capitalise on the huge opportunities of eye tracking. We look forward to working with this company in their continued growth and success”, says Hans Otterling of Northzone Ventures.
“We are very happy with how Tobii has developed through the hard work of all the people behind it and we are delighted to be joined by Amadeus and Northzone to give Tobii means to seize the opportunities ahead,” says Anders Ösund of Investor Growth Capital.
Hans Otterling of Northzone Ventures and Jeppe Zink of Amadeus will both join Anders Ösund from Investor on Tobii’s Board.
Legal advisers on the transaction were Torngren Magnell (investors) and Lindskog Malmstrom (Tobii).
For further information, please contact:
Chantal Ligertwood, PR for Amadeus, +44 (0)7976 229 210 firstname.lastname@example.org