McDermott Advises Leading Olfactory Sensor Firm Aryballe Technologies On Its Third Round Of Financing To Meet Growing Demand
McDermott Will & Emery advised Aryballe Technologies on its third round of financing from Samsung Venture Investment Corporation and SEB Alliance (the SEB Group’s corporate venture capital structure) along with certain historical investors including Innovacom, Cemag Invest, Asahi Kasei and HCVC for an amount of approximately €7 million. The total amount raised since 2016 from all its American, Asian and European investors amounts to approximately €17 million.
Founded in 2014 and based in Grenoble, France, Aryballe Technologies, is a leader in the design of olfactory sensors, combining the use of biosensors, signal processing and databases to develop universal electronic noses for both professional and consumer applications, particularly in the food, cosmetics and automotive sectors.
This new round of financing will enable Aryballe Technologies to accelerate its development, allowing it to double its R&D and product teams and increase production of its universal olfactory sensor for the general public to respond to growing market demand.
McDermott has been counsel to Aryballe Technologies since 2018, advising on multiple rounds of financings for IFF and Hyundai.
Gide Loyrette Nouel represented Samsung Venture Capital Corporation.
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