Q: NIL Technology has been a pioneer in nanoimprint lithography and meta-optics since 2006. Looking back, what were the most pivotal moments in your journey from a two-person startup to a globally recognized leader in this field?

Q: How have Tech Tour and the EIC ScalingUp communities supported your entrepreneurial journey?

A: We started working with Tech Tour and EIC ScalingUp the year before we launched our fundraising. We got a lot of valuable input to our pitch, had very valuable training sessions with the Tech Tour advisors, and joined several pitching events organized by Tech Tour and EIC ScalingUp.

This helped us to be prepared and comfortable with our pitch and storyline at the point in time when we started the fundraising, which led to our C-round investment and eventually to the acquisition of NILT by Radiant Opto-Electronics Corporation.

Q: Radiant Opto-Electronics has acquired NIL Technology to scale meta-optics manufacturing. What made this acquisition the right move for NILT?

A: The match between NILT and Radiant (as we like to say) is great. We were looking for strategic investors who understand the manufacturing of optics in consumer electronics volumes and with a desire to invest in the next new thing.

Radiant is exactly this. They serve many leading consumer electronics and automotive customers today, and they understand optics. As a matter of fact, they also acquired Nanocomp in Finland in 2023, and all three companies are making optics components by some sort of replication technology that requires a mold/master, so our use of nanoimprint lithography is not that unfamiliar to Radiant.

A: I have only done one exit to date, so let me share what I consider key in our case:

1. A truly unique technology, which is validated by data and customer feedback,
2. A deep understanding of the market, value chain, and competitive landscape. In short, talk to everyone, and know everyone,
3. The team. We are spending tons of energy at NILT to have the right team. We have experts across many disciplines, and my task, with the rest of the management team, is to wrap this up into a clear single strategy where all wheels turn in harmony. It is a complex gearbox in daily life that requires energy and oil to keep turning.
4. Think big, be bold, be persistent, be honest, and most importantly — be yourself.

Q: Scaling a deep tech startup is vastly different from a typical SaaS or consumer tech business. What unique challenges did you face in growing NIL Technology, and how did you overcome them?

A: In our case, we have invested a lot in equipment and facilities (cleanrooms). The biggest challenge is to find suitable investors who understand and appreciate the disruptive nature of what we are doing.

I think many VCs have been successful in investing in SaaS, but despite their interest in deep tech, they are not ready to change their mindsets (there are different KPIs in deep tech).

We were looking for investors who appreciated what we were doing and how we did it. Of course, the right investor is out there, so you just have to keep looking. We talked to many VCs and corporate investors, and we had great support from our existing investors.

It is always a fine balance when to take input from potential investors and act on it and when to stick to your game plan. I think the best way to put it is that I spoke with enough investors to recognize the fit between NILT and Radiant when the dialogue materialized.

Q: Meta-optics is at the cutting edge of next-generation consumer electronics, AR/VR, and automotive applications. How do you see this technology evolving in the next five years, and what role will NIL Technology play under ROE’s leadership?

A: I think that meta-optics will be everywhere, and it will happen sooner than many might think.

Meta-optics is basically a digitalization of optics. Our pitch deck said “disrupting optics” on the front page, and that is exactly what we are doing.

Under ROE’s ownership, we now have the means to execute our plans. I see no limits to where we can take this. But our exact game plan I am keeping to myself for now.

Q: Having successfully built and exited a deep tech startup, what advice would you give to young entrepreneurs looking to commercialize advanced research and take it to market? What are the best ways for entrepreneurs to attract and build nurturing relationships with deep tech investors?

A: Build a plan that is ambitious, realistic and attractive! Show where you can take your venture and how you will get there. Adjust and update the plan frequently. Admit when you were wrong or off — and adjust! Talk about your tech with everyone. This includes investors. No one invests in someone they don’t know. So, make sure your future target investors know you and keep them updated.

Q: You’ve dedicated nearly two decades to building NIL Technology. With this successful exit, what’s next for Theodor Nielsen? Are you planning to stay deeply involved in the field, explore new ventures, or take some time to reflect before your next move?

A: As a tech entrepreneur, I have a very clear goal about seeing my tech in products — and “money” comes after that. I defined both these goals with Brian Bilenberg, whom I founded NILT with many years ago. And the tech goal is not yet achieved.

The future for me is leading NILT to commercial success. I have an amazing team, our goals are clear, and we have new owners who support our mission and vision.

When that is said, I love to work with other entrepreneurs if they can use my help, and I think my future life will have some parts of all the things you list.