Press releases

Crunchfish join pivotal mobile telecom partnership for Africa

Crunchfish join a new pivotal partnership with the objective to enable mobile operations and services in Africa with financing, telecom network infrastructure and disruptive technologies using an Anything-as-a-service mindset. Crunchfish AB have today signed a Memorandum of Understanding with Socio ApS, the Danish management and investment company behind the partnership, for potential financing of Crunchfish.

The objective of this partnership is to enable the digital infrastructure across Africa to fill critical gaps by enabling mobile services with telecom infrastructure and disruptive technologies, to provide significantly better cost structures, use cases and quality. The mindset is Anything-as-a-service to make it possible for companies and entrepreneurs to enter the mobile telecom industry with very little CAPEX.

The partnership includes mobile telco group Eferio Communications A/S, Telecom network provider Radiocloud AB, mobile antenna pioneer Radio Innovation AB and offline payments pioneer Crunchfish AB. The management and investment company behind this partnership is Socio ApS, which in turn partner with Revenue Share Capital, with the aim to provide financing, subject to due diligence, by equity investments and non-dilutive revenue sharing models, to enable mobile operations and services in Africa and other emerging markets.

Crunchfish have today signed a Memorandum of Understanding with Socio for a potential financing of Crunchfish. Socio intend, subject to due diligence, to make an initial direct equity investment into Crunchfish for three million shares on market-based terms and conditions. After the initial investment, additional financing can be made available in the form of further equity investments or based on non-dilutive revenue-sharing models. Socio have the financial instruments ready to bring this investment in place within three months from today.

Despite huge infrastructure developments, more than 70% of Africa’s 1.2 billion citizens are still not connected to the Internet, and a large portion of already connected are struggling with bad or slow online connections. Many barriers keep people and businesses from using mobile services and stops digital transformations to be implemented. This challenging situation is similar in many emerging markets in Africa, Asia and Latin America. In India, for instance, more than 50% of the 1.4 billion population lack internet connectivity.

”New entrants into high-growth telco markets traditionally need extensive infrastructure, technology, and financial resources. We enable mobile operations with disruptive technology and financing solutions. A game changer that creates inclusion into the digital society for millions of people and companies. We are extremely pleased to have Crunchfish to join as a partner as mobile payments services can be rolled out much faster with offline payments.”, says Jørgen Gransøe, CEO of Socio ApS.   

“This partnership is extremely important for Crunchfish for several reasons. It is an excellent entry ticket to Africa, where our offline payment solution can be made available to countries and communities where it is needed the most. We will also get a chance to develop Digital Cash for mobile telecom operators, which play a key role in delivering payment services for many emerging markets. Furthermore, Crunchfish may get access to financing as we accelerate our roll-out”, says Joachim Samuelsson, CEO of Crunchfish.

About Socio ApS, CEO Jørgen Gransøe
Socio is a business enabler and investment company focusing on telecommunications and fintech by building infrastructure and operations on the African continent and on other emerging markets. Socio invests in technologies and concepts that enhance the entire value-chain, from the mobile network to the consumer.

About Eferio Communications A/S, CEO Richard Murbeck
Eferios objective is to become a major player in the digital infrastructure sector across Africa. Our strategy is to build a group of network operators through roll-up mergers and a comprehensive application of revenue-based financing. We will then over time turn these assets into Multibrand-Operators where we use Connectivity-as-a-service, Spectrum-as-a-service and have the best Multibrand platform at hand. It’s our belief that our business and technology operations are most successfully served by sourcing from leading global technology partners with deployment of country-specific knowledge and experience via local high-skilled personnel. Eferio Communications has its HQ in Kenya with a geographical separated entity Socio ApS for legal and financial operations with HQ in Denmark.

About Radiocloud AB, CEO Anil Raj
Radiocloud AB is a digital infrastructure company focused on building and operating shared passive and active networking infrastructure in developing economies. Sharing infrastructure reduces financial risks and increases viability and profitability for network operators allowing them to focus on developing and providing new services to their customers. Radiocloud works in close cooperation with mobile network operators, regulators, financial institutions and technology providers to direct capital, resources, and technology to developing markets helping reduce barriers to entry and bridging access to the internet to underserved markets and communities. With its headquarters in Sweden, Radiocloud is led by a highly experienced management team tracing its roots back to the earliest days of the mobile industry.

About Radio Innovation AB, CEO Dusyant Patel
Radio Innovation is a unique and innovative communications infrastructure company, developing disruptive antenna solutions that help CSP’s (Communications service providers) or PN’s (Private Networks) cut CAPEX and OPEX up to 85%, making it profitable to cover even the most rural areas, with reliable and affordable mobile connectivity. The technology works by reducing the number of tower sites while using extremely efficient antenna technology. With less sites Radio Innovation dramatically reduces the environmental footprint while also enabling city areas to go higher in their capacity needs without the need  to build new infrastructure, but by just replacing the antennas on the existing tower sites. Radio Innovations mission is to give every individual an equal opportunity to be digitally included no matter where in the world they are.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 23 November 2022 at 16:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish publishes interim report Q3 2022

Today, Crunchfish AB (“Crunchfish”) publishes the company’s interim report for the third quarter and first nine months of 2022. Below is a brief summary of the report.

 

Group financials 2022-07-01

2022-09-30

  2021-07-01

2021-09-30

  2022-01-01

2022-09-30

  2021-01-01

2021-09-30

Net sales (SEK)   5 805 573   1 055 973   6 156 359   3 073 760
Profit or loss before tax (SEK)   -900 384   -7 293 098   -14 381 760   -23 688 767
Earnings per share (SEK)   -0.03   -0.26   -0.46   -0.84
Equity-assets-ratio (%)   87.8   25.1   87.8   25.1
Total cash and bank balances (SEK)   10 832 578   6 027 701   10 832 578   6 027 701

 

 

The report is available as an attached document to this press release as well as through the company’s website.

 

Comment from CEO Joachim Samuelsson

Crunchfish has signed some important agreements this quarter. The gesture contract with OPPO – one of the largest mobile device manufacturers in the world – is our largest contract to date. Commercial discussions with HDFC Bank have begun as the Digital Cash integration is ready and the pilot is about to begin. Deals with additional banks and payment services that require offline payments are expected to follow. The positive effects a 500 kUSD order has on our financials are notable. This indicates the scalability of our business as we anticipate much larger deals ahead.”

At 09:00 CET/13:30 IST, a live webinar about the report will be hosted on Zoom where Crunchfish CEO Joachim Samuelsson will be interviewed by analyst Joen Sundmark from Västra Hamnen Corporate Finance.

In order to participate at this webinar, registration is done via the following link:

https://us02web.zoom.us/webinar/register/WN_FQY5bjOuQDSNxnvKFkRIIA

 

A recording of this webinar will also be available afterwards on Crunchfish’s website as well as  Västra Hamnen Corporate Finance’s website.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com

 

This information is information that Crunchfish AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 16 November 2022 at 08:30 CET.

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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Crunchfish and HDFC Bank in project with Reserve Bank of India

Crunchfish in partnership with HDFC Bank have made a joint application to access Reserve Bank of India (RBI) Regulatory Sandbox to demonstrate and pilot offline retail payments. The application has been approved and the integration has begun. The project, if successful, will provide the basis for RBI’s guidance and regulatory support in providing offline retail payments based on Crunchfish Digital Cash platform to the payment ecosystem of India.

“HDFC Bank is excited to partner with Crunchfish Digital Cash for offline retail payments. This innovative solution will enable HDFC Bank to reach a wider audience and allow its customers and merchants to make and receive payments in complete offline mode. This will boost financial inclusion by increased adoption of digital payments as it enables transactions without the need of network connections.”, says Anjani Rathor, Chief Digital Officer at HDFC Bank.

HDFC Bank is India’s leading private bank and was among the first to receive approval from RBI to set up a private sector bank in 1994. Today, HDFC Bank has a banking network of 6,342 branches in 3,188 cities. HDFC Bank offers a diverse range of financial products and banking services to customers through a growing branch network and digital channels such as Netbanking and MobileBanking.

“India is the leading real-time payments market in the world and in focus for our sales and marketing efforts. Crunchfish Digital Cash is highly relevant for the Indian market as it drives financial inclusion and increased payment availability. It is a great milestone for Crunchfish to team up with HDFC Bank to showcase Digital Cash for RBI.”, says Joachim Samuelsson, Crunchfish’s CEO.

The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 5 September 2022 at 14:45 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

Appendix

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Crunchfish publishes half-year report for 2022

Today, Crunchfish AB (“Crunchfish”) publishes the company’s half-year report for the second quarter and first six months 2022. Below is a brief summary of the report.

 

Group financials 2022-04-01

2022-06-30   

2021-04-01

2021-06-30   

2022-01-01

2022-06-30   

2021-01-01

2021-06-30   

         
Net sales (SEK) 134,437    916,575    350,786    2,017,787   
Profit or loss before tax (SEK) -6,748,539    -8,629,724    -13,481,376    -16,395,669   
Earnings per share (SEK) -0.22    -0.30    -0.44    -0.58   
Equity-assets-ratio (%) 86.1%    48.4%    86.1%    48.4%   
Total cash and bank balances (SEK) 19,054,706    1,384,899    19,054,706    1,384,899   

 

 

The report is available as an attached document to this press release as well as through the company’s website.

 

Comment from CEO Joachim Samuelsson

India leads the world when it comes to real-time payments. The volumes are already huge and it will only accelerate further. Key drivers for the future are offline payments and central bank involvement via regulatory guidelines and innovation support. Crunchfish has the offline payment solution required and we are ready to deliver. Within Gesture Interaction our XR Skeleton Stereo is getting a lot of attention and is being delivered to leading computer vision players.”

 

At 09:00 CET/13:30 IST, a live webinar about the report will be hosted on Zoom where Crunchfish CEO Joachim Samuelsson will be interviewed by analyst Jens Jacob Aabel Nordkvist from Västra Hamnen Corporate Finance.

In order to participate at this webinar, registration is done via the following link:

https://us02web.zoom.us/webinar/register/WN_U2pd5sy5RvqTAX9anjeY1g

 

A recording of this webinar will also be available afterwards on Crunchfish’s website as well as Västra Hamnen Corporate Finance’s website.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

 

This information is information that Crunchfish AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 25 August 2022 at 08:30 CET.

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

 

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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Crunchfish signs agreement with Lenovo for XR Skeleton Stereo

Crunchfish Gesture Interaction AB (“Crunchfish”) signs a commercial license agreement with Lenovo, to provide Lenovo’s new AR-glasses with Crunchfish’s latest hand tracking technology – XR Skeleton Stereo. Lenovo has integrated the software in their AR glasses to enable touchless interaction. It is a 2-years agreement, with a business model that includes an upfront fee as well as a running royalty per produced unit that includes Crunchfish’s software.

The agreement gives Lenovo the right to use Crunchfish’s technology – XR Skeleton Stereo – in AR glasses and Smart glasses worldwide. Crunchfish XR Skeleton Stereo is the company’s latest and most advanced software to date and provides support for two-hand interaction and the use of two camera sensors simultaneously.

Lenovo is since last year using Crunchfish’s previous product generation, based on single point tracking of a hand, that has been shipped in Lenovo’s DaystAR products. Lenovo’s new generation AR glasses target higher production volumes and has a more powerful hardware with two camera sensors (stereo) that enables high precision hand tracking. With Crunchfish’s skeleton hand tracking technology, dual-hand interaction is made possible with high precision and accuracy.

Lenovo is focused on a vision to deliver smarter technology for all. By designing, engineering, and building the world’s most complete portfolio of smart devices and infrastructure, Lenovo is also leading an Intelligent transformation – to create better experiences and opportunities for millions of customers around the world.

“We strongly believe in the future of AR glasses and intuitive gesture interaction will be crucial to ensure a great user experience. We are very happy with Crunchfish’s technology and look forward to a long and rewarding collaboration”, says Karl Lu, Senior Manager at Lenovo Research.

“We are very pleased that Lenovo has chosen to integrate our XR Skeleton Stereo solution into its new AR glasses. With XR Skeleton Stereo, we have taken the Skeleton platform and our hand tracking technology even closer to perfection and enable, as one of the first companies in the world, two-hand tracking with millimeter precision and support for dual cameras. We have worked closely with Lenovo to integrate our solution and are very proud to add gesture interaction to the AR experience for their users”, says Joakim Nydemark, CEO at Crunchfish Gesture Interaction.

For more information, please contact:
Joakim Nydemark, CEO of Crunchfish Gesture Interaction AB
+46 706 35 16 09
Joakim.nydemark@crunchfish.com

This information is information that Crunchfish AB is obliged to publish in accordance to the EU Market Abuse Regulation. The information was provided by the contact person above for publication on May 31, 2022 at 14:00CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com/Gestures
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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Crunchfish finalist in Reserve Bank of India’s Global Hackathon for Digital Cash on non mobile devices

Crunchfish was a finalist for its innovation Digital Cash on non-mobile devices, in the global hackathon “HARBINGER 2021 – Innovation for Transformation”, organized by RBI, the Reserve Bank of India. The overall objective of the hackathon was to identify and enable innovations with the potential to transform the digital payments landscape. Crunchfish participated for the problem statement – Non Mobile Digital Payment Solutions.

 

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Reserve Bank of India (RBI) organized its first global hackathon – “HARBINGER 2021 – Innovation for

Transformation” with four problem statements to shape the future of the payment systems in India.

 

  • Non-mobile digital payment solutions
  • Alternate authentication mechanism for digital payments
  • Context based retail payments solution
  • Social Media Analysis tool

 

 

Crunchfish was invited as one of 25 finalists from 363 entries to present and demonstrate their submitted solutions for an RBI jury in Bengaluru on May 26th-27th. The objective of RBI’s maiden hackathon was to identify and enable solutions that have potential to make digital payments accessible to the under-privileged, enhancing the ease of payments, enriching the experience of the users, while strengthening the security of digital payments and protecting the consumers.

 

Crunchfish Digital Cash on non-mobile devices, such as smart cards and wearables, enables contactless payments for the mass-reach era of digital payments, even in offline mode. It will be beneficial for swift and easy-to-use payments, in a multitude of use case scenarios, for convenience stores, transit and toll. It will also enable financial inclusion of the non-privileged, children, and elderly that may not be able to use mobiles or live in an area without network connectivity. This is a natural extension of the Crunchfish Digital Cash platform, enabling P2P top-up of cards and wearables from mobile apps and contactless payments from non-mobile devices to mobile apps, even in offline mode.

 

“By allowing non-mobile devices, such as smart cards and wearables, to exchange value with mobile apps, Crunchfish Digital Cash enable financial inclusion by a swift and easy way to pay in many use cases, also without network connectivity. Our main take away was the positive and encouraging feedback we received from representatives at the central bank of India. We are looking forward to continuing the dialog and take it to the next level as Digital Cash is relevant for the Indian payments market”, says Joachim Samuelsson, Crunchfish’s CEO.

 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

 

This information was provided by the contact person above for publication on 30 May 2022 at 14:05 CET.

 

 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

 

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

 

 

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