We released our first product, LYYN T38, in November last year. This has been well received by the market, especially within the offshore and submarine technology areas. Since then we have recruited over 20 resellers throughout the world, and several more are in the queue. This means that LYYN needs to grow quickly which in turn requires a stronger capital base.

In addition to increased marketing investments we are also initiating the development of our next generation products, which will be adapted to the requirements of the surveillance industry, thereby opening up new, interesting markets for us.” Says LYYN’s CEO Andreas Ekengren.

”Augmenta Venture Partners has followed LYYN on its exciting journey from an early stage to today’s breakthrough. Now the company is growing from ”seed stage” and needs to increase its activities. We therefore welcome Östersjöstiftelsen as a new long-term shareholder in LYYN.” Concludes Mats Cremon, Chairman of the Board of LYYN.

”LYYN™ is an exciting innovation company that is at a stage that fits in well with our investment strategies. As in every other project there is a high risk but the market potential is very great. This adds up to an extremely interesting investment.” Says Per-Olof Edin at Östersjöstiftelsen.

Press release in PDF format in Swedish and English

”Our business model is based on technology licensing and our revenues increase in line with our customers’ market success. Since we are now in the beginning of a market expansion we need to increase our marketing and sales activities, both regionally and internationally. This additional financing will enable us to invest in technology development and LYYN V.E.T. based product development.” says Andreas Ekengren, Managing Director, LYYN AB.

“LYYN has a very strong product that generates a big interest within the organizations we are in contact with. Indications from these companies point to extremely great potential. The company needs to increase its activity levels to respond to the great market interest being generated. This requires additional financing.” By issuing new shares, Augmenta Venture Partners, has become the company’s majority owner. This demonstrates their confidence in LYYN. “In 2006 we will start reaping the rewards of our marketing efforts from this year.” ends Mats Cremon, Chairman of the Board and the Augmenta representative on the Board of Directors of LYYN AB.

Pressrelease in English and Swedish.

The software has many application areas where good visibility through video and camera based systems are important. Prioritized business areas are surveillance systems, underwater technology, the automobile industry, and medical technology, but many other industries have shown an interest LYYN V.E.T.

LYYN does not currently develop any products of its own. It licenses LYYN V.E.T. to other companies who develop products. ”The company is involved in advanced discussions with several potential customers and is at the edge of a major breakthrough”. Says Mats Cremon at Augmenta Venture Partners, newly appointed chairman of the LYYN board.

Even though the invested sum is not large Mats Cremon calculates that it is enough to build a robust company”. It always takes a large investment to break through with a new technology, but if LYYN succeeds the potential is enormous. I can confidently look forward to several exciting years with LYYN” concludes Mats Cremon.

Read the press release in Swedish or in English.

Link to the Augmenta web page [link]

The article reports from a Business Angel meeting arranged by Connect Skåne, where LYYN™ is one of four start-up companies looking for financing. Our technology must have interested the reporter since he completely focused on LYYN.