The AI for healthcare industry in the Nordics is rapidly evolving, blending cutting-edge technology with medical solutions. A wide range of companies, from startups to established firms, are developing innovative AI applications aimed at enhancing diagnostics, patient care, and healthcare management. These solutions include AI-driven analysis of medical images, predictive healthcare models, and telemedicine platforms. With governments and investors increasingly supporting health tech advancements, the region is becoming a fertile ground for breakthroughs. Notably, the focus on patient data security and privacy regulations is shaping how AI solutions are constructed and implemented, fostering trust and adoption.

The list of investors in the AI for healthcare space features a mix of venture capital and private equity firms, most headquartered in Stockholm and Helsinki. Spanning from Seed Capital Denmark to HealthCap, these investors range in size from small teams to large institutions, reflecting a strong commitment to supporting tech innovation. Founded mostly in the 1990s and 2000s, they collectively conducted over 100 funding rounds in 2024. Their focus on companies harnessing AI for medical solutions indicates a growing belief in this industry's potential to revolutionize healthcare delivery and create lasting impact.

Top 12 AI for Healthcare Investors in the Nordics

1. Novo Holdings

• Website: novoholdings.dk
• Type: Venture Capital
• Headquarters: Hellerup, Denmark
• Founded year: 1999
• Headcount: 51-200
• Number of deals in 2024: 45
• LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, founded in 1999. It manages the assets of the Novo Nordisk Foundation and invests in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in significant funding rounds for companies like Tempus, which raised substantial amounts in Series G and debt financing, focusing on AI applications in precision medicine. Additionally, they invested in Qure AI, which raised $65 million in Series D funding in 2024, specializing in AI for radiology. These transactions highlight Novo Holdings' commitment to advancing healthcare through innovative technologies, particularly in the AI domain.

2. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Almi has been involved in several notable transactions in the healthcare sector, including investments in Gnosco, which raised $453,489 in 2018, Nordic Health Innovation, which secured $2,000,000 in 2015, and MedUniverse, which raised an undisclosed amount in 2014. These investments highlight Almi's commitment to supporting innovative healthcare solutions, including those that may leverage AI technologies. Additionally, Almi's recent investment in Phenaros Pharmaceuticals in 2025 further emphasizes its ongoing interest in the healthcare industry.

3. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. In the healthcare sector, EQT has made significant investments, including the acquisition of Press Ganey, a healthcare performance improvement company, and GeBBS Healthcare Solutions, which focuses on healthcare technology solutions. Notably, EQT participated in the funding round for Vara, a Berlin-based AI breast cancer screening platform, which raised €4.5 million to support its clinical study of AI in breast cancer screening. This involvement in AI-driven healthcare initiatives underscores EQT's commitment to enhancing healthcare through innovative technologies.

4. Seed Capital Denmark

• Website: seedcapital.dk
• Type: Venture Capital
• Headquarters: Frederiksberg, Frederiksberg, Denmark
• Founded year: 2004
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, with a strong emphasis on sectors such as SaaS and Fintech. However, they have also made significant investments in the healthcare sector, particularly in companies utilizing AI technology. Notable transactions include their lead investment in Abzu, which raised €5 million to accelerate commercialization within pharmaceutical drug discovery and enhance its AI platform for healthcare applications. Additionally, they invested in Mesh Bio, which raised $3.5 million in Series A funding, indicating their commitment to supporting innovative healthcare solutions. Other investments, such as Cercare Medical and OpenTeleHealth, further illustrate their engagement in the healthcare domain, showcasing their ability to support startups from seed stage to exit while navigating the complexities of the healthcare industry.

5. HealthCap

• Website: healthcap.eu
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1996
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn: healthcap

HealthCap is a venture capital firm based in Stockholm, Sweden, founded in 1996. The firm specializes in the life sciences sector, focusing on innovative companies that are developing breakthrough therapies for diseases with high unmet medical needs. HealthCap has been involved in several significant transactions in the healthcare space, particularly with companies that are integrating artificial intelligence into their solutions. Notably, HealthCap has invested in Doctrin, a medtech startup that has raised multiple rounds of funding, including a Series A round where the investment was explicitly aimed at further developing and implementing AI in its products. This commitment to supporting AI-driven healthcare solutions positions HealthCap as a relevant player in the AI for healthcare investment landscape.

6. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, they have invested in several companies within the healthcare sector, including Combinostics, which raised €3.9 million to enhance its platform for early-stage Alzheimer’s diagnosis, and TrialBee, which focuses on patient matching and engagement in clinical trials, raising a total of €25 million across multiple funding rounds. Additionally, they participated in funding for Amra, a digital health company, indicating their commitment to supporting healthcare innovations. Their focus on creating long-term value through partnerships with passionate founders aligns well with the goals of AI for healthcare initiatives.

7. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, with a notable focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, emphasizing sustainable investment opportunities. Among its significant transactions, Nordic Capital led the acquisition of Inovalon Holdings, Inc., a company that utilizes data analytics to enhance healthcare outcomes, for approximately $7.3 billion. Additionally, they acquired ERT Clinical, a provider of patient data collection solutions for clinical drug development, further demonstrating their commitment to healthcare technology. Their investment in Clario, which also operates in the healthcare data space, reinforces their strategy of investing in companies that integrate technology and data to improve healthcare delivery and outcomes.

8. EQT Ventures

• Website: eqtventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, they have invested in Siilo, a secure collaboration app for healthcare professionals, which raised approximately €9.5 million in a Series A funding round, showcasing their commitment to healthcare technology. Additionally, they supported Siilo in its earlier Seed Round, further emphasizing their interest in the healthcare sector. While EQT Ventures also invests in various other tech domains, their active participation in healthcare-related ventures positions them as a relevant player in the AI for healthcare landscape.

9. Inventure

• Website: inventure.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been actively involved in the AI for healthcare sector, with notable investments including Noona Healthcare, a digital health startup that raised €1.5 million to enhance its platform with AI and predictive analytics. They also led a €5 million seed funding round for Abzu, a company working on AI applications in pharmaceutical drug discovery. Furthermore, Inventure participated in a Series A round for Algorithmiq, which is developing quantum algorithms for life sciences, indicating their commitment to supporting innovative solutions in healthcare through AI technologies.

10. Innovestor

• Website: innovestorgroup.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2014
• Headcount: 11-50
• Number of deals in 2024: 12
• LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor provides funding and support to early-stage startups and corporations, with a strong emphasis on technology and life sciences. They participate in accelerator programs and offer investment advice. Notably, Innovestor has made significant investments in the healthcare sector, including a €3.4M investment in the medtech company Ward 24/7, a €1 million investment in the Finnish medtech startup Monidor Oy, and participation in funding rounds for Alex Therapeutics and Sooma. These transactions demonstrate Innovestor's active role in supporting innovative healthcare solutions, particularly in the medtech field.

11. Investinor

• Website: investinor.no
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2008
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. The firm specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Notably, Investinor has been involved in several transactions within the healthcare sector, including a significant investment in Dignio, a Norwegian health technology company, where they contributed NOK 20 million in a Series A funding round. Additionally, they participated in the seed round for Dele Health Tech, further demonstrating their active role in the healthcare technology landscape. These investments highlight Investinor's commitment to fostering innovation in healthcare, including potential applications of AI.

12. Novo Nordisk

• Website: novonordisk.com
• Type: Corporate
• Headquarters: Denmark
• Founded year: 1923
• Headcount: 10001+
• Number of deals in 2024: 4
• LinkedIn: novo-nordisk

Novo Nordisk A/S is a leading multinational pharmaceutical company based in Denmark, founded in 1923. The company specializes in diabetes care and treatments for other chronic diseases, developing a range of medications including semaglutide and various insulin products. Novo Nordisk has been actively investing in digital health solutions that align with their mission to improve patient health. Notably, they participated in a Series A funding round for Amalgam Rx, which raised $17.4 million to commercialize a digital insulin app aimed at type 2 diabetes patients. Additionally, they were involved in a Series D financing round for Glooko, a remote patient monitoring company, which secured $30 million to enhance its digital health solutions. These transactions highlight Novo Nordisk's commitment to integrating innovative technologies into healthcare, making them a significant player in the AI for healthcare investment landscape.

AI for Healthcare Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Novo Holdings	Hellerup, Denmark	51-200	1999	45
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Seed Capital Denmark	Frederiksberg, Frederiksberg, Denmark	1-10	2004	5
HealthCap	Stockholm, Stockholm, Sweden	11-50	1996	5
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Innovestor	Helsinki, Uusimaa, Finland	11-50	2014	12
Investinor	Trondheim, Trøndelag, Norway	11-50	2008	4
Novo Nordisk	Denmark	10001+	1923	4

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