eLichens Raises EUR 7 Million to Boost its Growth in France and Internationally

PARIS–(BUSINESS WIRE)–#ELICHENS–Designer of patented gas sensors and the first comprehensive air quality
analysis and prediction platform, eLichens today announced a new EUR 7
million capital increase with its historical investors and two new
entrants. This operation, which follows the success of the first raising
of capital of over 4 million euros in July 2016, aims to market large
volumes of its micro gas sensors to serve the needs of its industrial
customers as well as the large-scale deployment of its platform that
performs intelligent indoor and outdoor air quality analysis for the
smart city, smart home and smart building markets.

The eLichens team relies on patented technologies developed jointly with
renowned laboratories such as CEA-Leti and MIT.

In addition to the renewed and strengthened support from current
shareholders, including DEMETER, SOFIMAC Innovation, Business Angels
networks (members of France Angels) and Aereco, eLichens is delighted to
welcome the Fonds Ville de Demain managed by Bpifrance as part of the
Future Investment Program and BNP Paribas D├®veloppement.

The success of the fundraising reflects the interest and confidence of
investors in the company, reinforced by the recent signing of production
contracts with major international industrial groups. They wish to
capitalize on eLichens' solutions to develop products in the field of
worker safety as well as the implementation of urban scenarios to
improve air quality in the city of tomorrow. With its unique and
proprietary technology platform of indoor/outdoor stations incorporating
artificial intelligence, eLichens addresses the markets for urban gas
leak detection and analysis and residential and building energy
efficiency.

"I am both delighted and proud of the significant progress made
within eLichens, which is reflected in the growing attractiveness of our
complete range of products, from patented gas sensors to integrated
systems, to major industrial groups. The new fundraising initiative
demonstrates the confidence shown in the strong potential of our company
by historical shareholders and new entrants", says Wahid Issa,
CEO of eLichens.

"Since 2016, the eLichens team has demonstrated its strong ability to
develop highly innovative air quality analysis and prediction products
and solutions. The contracts signed with major customers, in France and
internationally, in a wide variety of business sectors confirm the
relevance of the solution developed by the company. We are therefore
delighted to continue supporting eLichens in this new phase of growth", explains
Olivier Bordelanne, Investment Director at DEMETER.

"We are pleased to reiterate our confidence and strengthen our
investment in eLichens. The founders brought together some
world-renowned advisors and a very talented team. They have kept their
promises and eLichens is well equipped to push the benefits of their
disruptive sensor technologies and software solutions into the markets
for air quality analysis and gas detection. By contributing to more than
a third in this new round of funding, Sofimac Innovation is showing its
resolve to significantly support companies that started 12 to 18 months
earlier, so as to facilitate their international development ambitions", says
Nicolas Boulay, Associate Director at SOFIMAC Innovation.

"Air quality, inside and outside our living spaces, is a major health
issue. eLichens has developed unique sensor technologies and software to
address the air quality market and make their deployment possible. The
company has a strong team that has demonstrated its ability to convince
several global players of the value of its products. The Fonds Ville de
Demain is very happy to support eLichens in its development ambitions",
states Laure Michel, Investment Director at Bpifrance.

"Business Angels, members of the France Angels network, have
accompanied eLichens since its creation and have mobilized to support
its development. This new phase, which Business Angels are supporting,
aims to give concrete expression to the worldwide success of an
innovative technology with an experienced team in a rapidly developing
and vital market, namely that of air quality," says Pascal
P├®ru, Business Angels representative for the eLichens project.

***

About eLichens (www.elichens.com)

Created in December 2014, eLichens is a start-up with a mission to help
individuals digitize their environment. The company relies on a
portfolio of patents, know-how and skills, which enable it to develop
and market complete sensor/data/services solutions to address the
industrial, smart city and consumer markets. eLichens has its
headquarters in Grenoble and offices in California.

About Demeter (www.demeter-im.com):

Demeter is a major European private equity player in the field of energy
and ecological transition. Its funds invest amounts from EUR 500,000 to
EUR 30 million to support companies in the sector at all stages of their
development: innovative start-ups, SMEs, fast-growing ETIs and
infrastructure projects. Demeter's team comprises 33 staff based in
Paris, Grenoble, Metz, Madrid. The company manages EUR 1,000 million and
has made 120 investments over the past 12 years.

The EMERTEC 5 fund, an investor in eLichens, is dedicated to providing
seed financing to innovative technology companies. The fund, endowed
with a little more than EUR 50 million, was raised with the support of
the Fonds National dÔÇÖAmor├ºage (FNA). The latter is managed by Bpifrance
Investissement within the framework of the Future Investment Program and
the European Investment Fund (EIF) through the European Union Framework
Program for Competitiveness and Innovation (CIP).

About Sofimac Innovation (www.sofimacpartners.fr/innovation/)

Sofimac Innovation is an independent management company certified by the
financial markets regulator (AMF) and dedicated to technological and
innovative investment. We are present in Paris, Lyon, Rennes and
Aix-en-Provence, as close as possible to the major innovation centers in
France. We support innovative start-ups in their growth projects with a
wide range of investment vehicles. Working in a wide variety of
technological sectors, particularly in the health and digital sectors,
our team comprises 10 experienced investor-entrepreneurs specialized in
their field. The funds managed by Sofimac Innovation are subscribed by
some of the most prestigious public and private institutional investors.
Sofimac Innovation currently manages eight funds comprising around 80
active companies.

Sofimac Innovation, together with Sofimac R├®gions, forms part of the
Sofimac Investment Managers group, which has been investing in
innovation and growth capital for nearly 40 years. Sofimac IM teams are
spread over eight national and regional locations.

About the Future Investment Program

With a budget of EUR 57 billion, the Future Investment Program
(Programme d'Investissements d'Avenir ÔÇô PIA), led by the General
Secretariat for Investment, was set up by the French state to finance
innovative and promising investments in the country. Six national
priorities have thus been identified to enable France to increase its
growth and employment potential:

• higher education, research and training,
• the commercialization of research and its transfer to the economic
  world,
• sustainable development,
• industry and SMEs,
• the digital economy,
• health and biotechnology.

Find out more about future investments: http://www.gouvernement.fr/secretariat-general-pour-l-investissement-sgpi
ÔÇô Twitter : @SGPI_avenir

Endowed with EUR 50 million, the VDD fund, managed by Bpifrance within
the framework of the Future Investment Program, provides seed and
venture capital to companies that develop technologies and services in
the field of the smart city. The VDD fund may invest in start-up
companies. The investments are made at the time of the first capital
openings and can reach EUR 2 million. The companies targeted develop
technological or commercial innovations or provide innovative services.

About Bpifrance

Bpifrance Investissement invests its equity capital through Bpifrance
Investissement. Bpifrance finances companies ÔÇô at every stage of their
development ÔÇô with loans, guarantees and equity. Bpifrance supports them
in their innovation projects and internationally. Bpifrance also ensures
their export activity through a wide range of products. Consulting,
university, networking and acceleration programs for startups, SMEs and
ETIs are also part of the offer for entrepreneurs.

Thanks to Bpifrance and its 48 regional offices, entrepreneurs enjoy the
services of a close-by, single and efficient point of contact to help
them face their challenges.

More information at: www.bpifrance.fr
ÔÇô www.presse.bpifrance.fr
ÔÇô Follow us on Twitter: @Bpifrance
– @BpifrancePresse

About BNP Paribas D├®veloppement

BNP Paribas D├®veloppement, a subsidiary of the BNP Paribas Group, is a
public limited company created in 1988 and which invests its own funds
directly to support the development of high-performing SMEs and ETIs and
to ensure their sustainability by facilitating their transfer as
minority shareholders. In addition to the financial resources made
available to the company to ensure stable resources, the mission of BNP
Paribas D├®veloppement is to support the management team in carrying out
its medium-term strategic project. Our minority position ensures our
partners appropriate governance without interference in day-to-day
management, while benefiting from the strength of a recognized group and
the experience of a partner with a portfolio of over 300 investments.
The investment from our own funds guarantees our partners the option of
long-term support, adapted to the project and enabling intermediate
operations to be carried out: reorganization of capital, external
growth, etc. In 2016, BNP Paribas D├®veloppement created a structure
dedicated to innovation capital which invests in seed capital and in
subsequent rounds to support the growth of start-ups with potential.

Find out more at www.bnpparibasdeveloppement.com/

About the Business Angels networks

The Business Angels networks, members of France Angels, are made up of
natural persons. The Business Angel invests part of its assets in
innovative companies, which also makes its skills, experience,
relational networks and part of its time freely available to the
company. The Business Angels networks that have participated in
supporting eLichens are:

• AngelsÔÇÖ Bay Invest (ABI): network of Business Angels for the C├┤te
  dÔÇÖAzur and Monaco (www.angelsbay.net)
• Business Angels des Grandes Ecoles (BADGE): network of Business Angels
  for the Grandes Ecoles (https://accueil.business-angels.info/).
• Femmes Business Angels (FBA): women's network of Business Angels (www.femmesbusinessangels.org).
• Grenoble Angels (GA): Association of Business Angels, Grenoble (www.grenoble-angels.com).
• Paris Business Angels (PBA): Paris network of Business Angels which
  invests throughout France (www.parisbusinessangels.com).

The original source-language text of this announcement is the official,
authoritative version. Translations are provided as an accommodation
only, and should be cross-referenced with the source-language text,
which is the only version of the text intended to have legal effect.

Contacts

eLichens
Wahid Issa, +33 (0)6 47 71 01 30
CEO
[email protected]
or
Demeter
Olivier
Bordelanne, +33 (0)6 84 31 71 68
Investment Director
[email protected]
or
Press
contact
[email protected]
or
Sofimac
Innovation
Nicolas Boulay, +33 (0)1 45 01 46 46
Associate
Director
[email protected]
or
Press
contact
Ulysse Communication
Bruno Arabian, +33 (0)6 87 88 47
26
[email protected]
or
Press
contacts:
Bpifrance
Nicolas Jehly, +33 (0)1 41 79 95 12
[email protected]
or
SGPI
Vincent
Deshayes, +33 (0)6 98 60 55 61
[email protected]
or
BNP
Paribas D├®veloppement
Anne Toup├®, +33 (0)1 40 14 22 70
Director
of Investments
[email protected]
or
Press
contact
Olivier Durbize, +33 (0)1 40 14 66 28
[email protected]