The semiconductor equipment manufacturing industry in the Nordics focuses on producing specialized tools required for making semiconductor devices. Companies range from those involved in traditional PCB manufacturing to high-tech firms concentrating on advanced chip fabrication technologies. As demands for efficient computing and internet-connected devices grow, the industry is shifting towards innovative solutions, emphasizing automation and miniaturization. Notably, the region benefits from strong research institutions driving advancements in materials science. It’s home to notable players like Mycronic and NCAB Group, reflecting a robust capacity for industry growth and adaptation amidst global technological shifts.


The list primarily features corporate and venture capital investors with roots in Stockholm and Helsinki, partners in fostering semiconductor innovation. Among them, some like Indutrade Life Science and Industrifonden span decades, having been founded in the late 1970s. The sizes of these investors vary widely, from small firms to large enterprises with thousands of employees. Notably, they reported a total of 81 investments in 2024, pointing to a flourishing investment climate that encourages the growth of semiconductor-related businesses.


Top 14 Semiconductor Equipment Manufacturing Investors in the Nordics


1. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company operates as part of an industrial group that emphasizes the development and acquisition of companies with high technical expertise across various technology and industrial sectors. Indutrade maintains a decentralized structure, allowing its subsidiaries to operate independently while benefiting from the group's resources. In 2023, Indutrade made a significant acquisition of I-tronik, an Italian company specializing in machinery and services for the assembly and manufacturing of Printed Circuit Boards (PCBs), which is directly relevant to the semiconductor equipment manufacturing industry. This acquisition, along with others in the technology sector, highlights Indutrade's strategy to enhance its portfolio with companies that provide innovative industrial solutions. Other acquisitions, such as X-RAY WorX and TSE Troller, further demonstrate Indutrade's commitment to expanding its technical capabilities, although they are less directly related to semiconductor equipment. Overall, Indutrade Life Science is positioned as a versatile investor with a growing interest in sectors that support semiconductor manufacturing.


2. 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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant acquisitions in various industries, including BBS Automation, which focuses on automation solutions for complex manufacturing and testing processes, relevant to semiconductor equipment manufacturing. Additionally, their acquisition of Murata Electronics (Finland) and Carl Zeiss Vision showcases their broad investment strategy, although these companies are not directly in the semiconductor equipment sector. Overall, EQT's diverse portfolio and strategic investments position them as a relevant player in the broader manufacturing landscape, including semiconductor equipment.


3. 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 firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has been involved in several transactions relevant to the semiconductor industry, including a recent investment in AlixLabs, a semiconductor company that raised SEK 40M to expand its operations. Additionally, they invested in Adamant Quanta, which is developing diamond-based chip-scale atomic clocks, showcasing their commitment to advancing semiconductor technology. Other investments include Mycronic, a company that has been part of the semiconductor equipment landscape since 1995, and ZeroPoint Technologies, which is also involved in technology that could intersect with semiconductor applications. These transactions highlight Industrifonden's active role in the semiconductor sector while maintaining a broader investment strategy.


4. NCAB Group

  • Website: ncabgroup.com
  • Type: Corporate
  • Headquarters: Sundbyberg, Stockholm, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • Number of deals in 2024: 4
  • LinkedIn: ncab-group

NCAB Group is a corporate investor based in Sundbyberg, Stockholm, Sweden, specializing in the manufacturing of printed circuit boards (PCBs) since its founding in 1993. With a workforce of 501-1000 employees, NCAB Group has established itself as a key player in delivering high-quality PCBs through stringent quality controls and efficient production processes. Their customer base includes OEMs and EMS providers who rely on NCAB for reliable and timely PCB solutions. In 2024, NCAB Group has been active in expanding its market presence through several strategic acquisitions, including the PCB division of EPI Components Trade in Austria, ICOM, and the PCB division of DVS Global in Italy, which enhances their footprint in the European PCB market. Additionally, their acquisition of Phase 3 Technologies, a US-based PCB manufacturer, for $23.5 million, is expected to bolster their growth in the US market. These transactions highlight NCAB Group's commitment to strengthening its position in the PCB manufacturing sector, which is crucial for the semiconductor equipment industry.


5. 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, Uusimaa, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor focuses on providing funding and support to early-stage startups and corporations, particularly in technology and life sciences. Among their notable transactions, Innovestor participated in a €2.4 million seed funding round for Chipmetrics, a company that aims to enhance product development and production capabilities in the semiconductor sector. This involvement highlights Innovestor's engagement in the semiconductor equipment manufacturing context, alongside their other investments in various sectors.


6. Navigare Ventures


Navigare Ventures is a Stockholm-based venture capital firm founded in 2021, specializing in early-stage science-driven companies. They provide capital, expertise, and networking opportunities to startups in advanced computing, synthetic biology, and data-driven life sciences. Notably, Navigare Ventures has made significant investments in the semiconductor sector, including leading a funding round for AlixLabs, a semiconductor company based in Lund, Sweden, which raised SEK 40M to expand its operations. Additionally, they participated in funding rounds for other technology startups like TeraSi, which is developing system-in-package technology, and Adamant Quanta, which is working on diamond-based chip-scale atomic clocks. These transactions highlight Navigare Ventures' commitment to supporting innovations that are crucial to the semiconductor equipment manufacturing landscape.


7. 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 involved in several notable transactions, particularly with Canatu, a nanotechnology company that specializes in manufacturing conductive films and touch sensors. Inventure participated in multiple funding rounds for Canatu, including a Series A round in 2010, a Series B round in 2013, and a Series C round in 2016, demonstrating their commitment to supporting companies in the semiconductor equipment manufacturing sector. This involvement highlights Inventure's capability and interest in the semiconductor industry, particularly in innovative technologies that contribute to semiconductor manufacturing processes.


8. Voima Ventures

  • Website: voimaventures.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures across various sectors, including life sciences and advanced manufacturing. Voima Ventures supports startups by providing capital and expertise to help them scale their solutions for global challenges, primarily operating in the Nordic and Baltic regions. Notably, Voima Ventures has participated in funding rounds for ElFys, a company focused on photodetectors for wearable devices, raising significant amounts in seed funding to ramp up production. They also invested in Quantrol Ox, an Oxford University spinout that is scaling quantum computing technologies, which may have implications for semiconductor applications. These transactions highlight Voima Ventures' engagement with technologies that are relevant to the semiconductor equipment manufacturing industry.


9. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan has been involved in several transactions within the semiconductor sector, including investments in Silex Microsystems, which raised $25 million in a venture round in 2008 and received additional venture funding in 2006. These investments highlight CapMan's engagement in the semiconductor equipment manufacturing context, particularly in microfabrication technologies. However, their portfolio also includes investments in various other sectors, indicating a broader investment approach beyond just semiconductor equipment manufacturing.


10. 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. It 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 participated in funding rounds for companies like poLight, which develops autofocus lenses for mobile phone cameras, and sensiBel, known for its next-generation MEMS microphones. These investments highlight Investinor's engagement in technology sectors that are closely related to semiconductor manufacturing, particularly in optics and MEMS technology, which are integral to modern electronic devices.


11. Mycronic

  • Website: mycronic.com
  • Type: Corporate
  • Headquarters: Handen, Stockholms Län, Sweden
  • Founded year: 1989
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: mycronic

Mycronic is a corporate investor based in Handen, Stockholms Län, Sweden, founded in 1989. The company specializes in developing, manufacturing, and marketing high-precision production equipment for the electronics industry, with a significant focus on semiconductor and display manufacturing. Mycronic's recent acquisitions highlight its strategic direction: in 2016, it acquired Shenzhen Axxon Automation to strengthen its position in the global dispensing equipment market. In 2024, Mycronic's Global Technologies division announced the acquisition of Vanguard Automation, a company specializing in 3D microfabrication technology, to enhance its offerings in die bonding and optical packaging solutions. Additionally, the acquisition of Automation Engineering in 2016 further diversified Mycronic's product portfolio, particularly in camera assembly systems for automotive applications. These transactions underscore Mycronic's commitment to innovation and sustainability within the semiconductor equipment manufacturing sector.


12. Stoaf


Stoaf is a venture capital firm based in Stockholm, Sweden, founded in 2008. The firm specializes in providing funding and expertise to startups in technology-driven sectors, focusing on B2B companies with strong growth potential. Stoaf offers venture capital investment and consulting services to help entrepreneurs navigate their business challenges and achieve successful exits. Notably, Stoaf participated in a Series A investment round for SweGaN AB, a company that manufactures GaN-on-SiC epitaxial wafers, raising approximately €12 million to enhance production capacity. This involvement highlights Stoaf's engagement in the semiconductor sector, alongside other technology ventures such as Aligned Bio and Polar Light Technologies, which, while not directly related to semiconductor equipment, showcase Stoaf's broader investment strategy in innovative technology companies.


13. Trelleborg Group

  • Website: trelleborg.com
  • Type: Corporate
  • Headquarters: Trelleborg, Skåne, Sweden
  • Founded year: 1905
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: trelleborggroup

Trelleborg Group, founded in 1905 and based in Trelleborg, Skåne, Sweden, is a leading manufacturing company specializing in engineered polymer solutions. With a workforce of over 10,000 employees, Trelleborg provides a diverse range of products, including seals, damping solutions, and fluid handling systems, catering to industries such as aerospace, automotive, healthcare, and marine. In 2024, Trelleborg made significant strides in the semiconductor equipment manufacturing sector by acquiring MNE Group, which includes Materials Nano Engineering and Materials Nano Solution. This acquisition, announced on May 16, 2024, aims to enhance Trelleborg's capabilities in the semiconductor market, particularly in Asia, where MNE Group is a key player in manufacturing high-performance specialty seals. This strategic investment highlights Trelleborg's focus on delivering innovative solutions that meet the demanding needs of the semiconductor industry.


14. VIA equity

  • Website: viaequity.com
  • Type: Private Equity
  • Headquarters: Hellerup, Denmark
  • Founded year: 2006
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: via-equity

VIA equity is a private equity firm based in Hellerup, Denmark, founded in 2006. The firm specializes in investments in the technology sector, particularly focusing on software and IT companies. VIA equity aims to partner with ambitious businesses, providing them with capital and strategic guidance to help them grow and become industry leaders. Notably, VIA equity has been involved in transactions related to semiconductor equipment, such as their investments in Beneq, a nanotechnology equipment supplier. In 2011, VIA equity participated in a €9M equity investment in Beneq, and in 2007, they were part of a funding round that raised €3 million for the same company. These transactions highlight VIA equity's engagement in the semiconductor equipment manufacturing context, showcasing their capability to invest in relevant sectors.



Semiconductor Equipment Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
IndustrifondenStockholm, Stockholm, Sweden11-5019799
NCAB GroupSundbyberg, Stockholm, Sweden501-100019934
InnovestorHelsinki, Uusimaa, Finland11-50201412
Navigare VenturesStockholm, Stockholm, Sweden1-1020213
InventureHelsinki, Uusimaa, Finland11-5020059
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
CapManHelsinki, Uusimaa, Finland51-20019894
InvestinorTrondheim, Trøndelag, Norway11-5020084
MycronicHanden, Stockholms Län, Sweden1001-500019892
StoafStockholm, Stockholm, Sweden11-5020080
Trelleborg GroupTrelleborg, Skåne, Sweden10001+19057
VIA equityHellerup, Denmark11-5020063


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