The photonics industry in the Nordics is at the forefront of harnessing light technology for various applications. Companies here are engaged in sectors like telecommunications, healthcare, and manufacturing, developing everything from advanced sensors to innovative imaging systems. The region’s strong research institutions and collaborative networks foster innovation, while increasing demand for energy-efficient solutions pushes growth. Notably, sustainability and digital transformation drive developments in photonics, leveraging technological advances in smart sensors, imaging, and communication. As technologies evolve, Nordic firms are poised to create impactful solutions for global challenges, with particular attention to environmental sustainability and health applications.

The investor landscape for photonics in the Nordics includes mainly venture capital firms, highlighting the region's support for startup innovation. Concentrated primarily in Sweden, Norway, and Finland, many investors range from small teams to larger management groups with various investments dating back several years. In 2024, these 16 investors collectively engaged in 70 deals, indicating an active year for financing within the industry. Established from 1855 to 2019, their profiles include both public entities and private equity firms, showcasing commitment across different funding mechanisms while facilitating growth in photonic technologies.

Top 16 Photonics Investors in the Nordics

1. 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. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. In recent years, Almi has made several investments in innovative startups, including those in the photonics sector. Notable transactions include Adamant Quanta, which raised SEK 9.2 million to develop diamond-based chip-scale atomic clocks, and Peafowl Plasmonics, which raised $519,165 in a seed round. Other relevant investments include Profundus Imaging, which raised over $1 million, and Acconeer, both of which are involved in advanced imaging and sensing technologies that align with photonics applications. These investments highlight Almi's commitment to supporting cutting-edge technology companies, including those in the photonics field.

2. 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 manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor has been involved in significant transactions within the photonics sector, including investments in poLight AS, which develops autofocus lens technology for mobile phone cameras, and Novelda, a company that raised funds to commercialize smart sensors. These transactions highlight Investinor's active role in supporting innovative technologies that align with the photonics industry.

3. Sintef

• Website: sintef.no
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 1950
• Headcount: 1001-5000
• Number of deals in 2024: 5
• LinkedIn: sintef

Sintef is a not-for-profit research organization based in Trondheim, Norway, founded in 1950. It specializes in applied research across various fields, including technology, medicine, and social sciences. Sintef collaborates with businesses and government entities to provide innovative solutions and consulting services, enhancing their capabilities in research and development. Notably, Sintef has been involved in several transactions relevant to the photonics industry, such as poLight, which raised $3,430,000 in a venture round in 2009, focusing on optical technologies. Additionally, Zivid AS, which raised an undisclosed amount in a seed round in 2016, is known for its work in 3D vision and imaging, further emphasizing Sintef's engagement in the photonics sector. Other investments include Sonoclear AS and Nisonic, both of which have potential applications in optical and imaging technologies, showcasing Sintef's commitment to supporting innovation in photonics-related fields.

4. 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 and create long-term value through partnerships with passionate founders. Notably, Industrifonden has invested in poLight AS, a company that provides autofocus lens technology for mobile phone cameras, highlighting their engagement in the photonics industry. They also invested in Adamant Quanta, a startup focused on developing diamond-based chip-scale atomic clocks, which further emphasizes their involvement in advanced technology sectors that intersect with photonics. Additionally, their investment in Peafowl Plasmonics, which aims to commercialize transparent solar power technology, showcases their commitment to innovative solutions that may have photonics applications.

5. 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, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing capital and expertise to help startups scale their solutions for global challenges. Voima Ventures operates primarily in the Nordic and Baltic regions and has a diverse portfolio that includes investments in various sectors, including life sciences and advanced manufacturing. Notably, Voima Ventures has been involved in several funding rounds for companies in the photonics industry, such as ElFys, which raised multiple seed rounds to enhance production of photodetectors for wearable devices. Their recent investment in ArgusEye, which focuses on sensor systems that could have applications in biotherapeutics, further illustrates their engagement with advanced technology sectors that intersect with photonics. This combination of investments highlights Voima Ventures' active role in supporting innovations that are relevant to the photonics field.

6. Alliance VC

• Website: alliance.vc
• Type: Venture Capital
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2001
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: alliance-venture

Alliance Venture Capital is a venture capital firm based in Oslo, Norway, founded in 2001. The firm specializes in investing in early-stage technology companies founded by Nordic entrepreneurs with global ambitions. Alliance VC provides not only financial support but also strategic guidance to help startups scale their operations and navigate funding challenges. Notably, they have invested in poLight, a company that has developed an innovative optical polymer lens, participating in multiple funding rounds including a $18.5 million Series B round in 2011 and a $19 million round in 2015. Additionally, they invested in Novelda, which raised $12 million in a Series A round in 2014, and TouchNetix, a fabless touch controller IC company, showcasing their interest in technology sectors that include photonics. Their focus on fostering innovation within the tech sector aligns with their investments in these photonics-related companies.

7. SEB Kort

• Website: seb.se
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1855
• Headcount: 501-1000
• Number of deals in 2024: 1
• LinkedIn: seb-kort

SEB Kort, part of Skandinaviska Enskilda Banken AB (SEB), is a corporate investor based in Solna, Stockholm, Sweden. Founded in 1855, SEB is a prominent financial institution that provides a comprehensive range of banking and financial services, including personal and corporate loans, investment management, and insurance products. SEB Kort has been involved in various investment transactions, including notable investments in the photonics sector. For instance, they participated in the Series A funding of Signal Processing Devices Sweden, which raised $3,890,000 in February 2007, and the Series B funding of Direct Conversion, which raised $20,963,075 in July 2002. Additionally, they invested in Capres A/S, which raised $2,904,607 in April 2011. These transactions highlight SEB Kort's engagement with companies that are relevant to the photonics industry, showcasing their interest in supporting technological advancements in this field.

8. Viking Venture

• Website: vikingventure.com
• Type: Venture Capital
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2001
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: viking-venture

Viking Venture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2001. The firm specializes in the software sector, focusing on fast-growing Nordic B2B software companies. They provide capital and strategic support to enhance growth and operational efficiency, offering services such as mentoring, recruitment assistance, and guidance on financing and successful exits. Notably, Viking Venture has been involved in several transactions in the photonics context, particularly with poLight AS, which develops autofocus lens technology for mobile phone cameras. They participated in multiple funding rounds for poLight, including a NOK160 million equity funding round in 2016, a $19 million venture round in 2015, and a $18.5 million Series B funding round in 2011. These investments highlight their engagement in the photonics industry, despite their broader focus on software.

9. Navigare Ventures

• Website: navigareventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2021
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: navigare-ventures

Navigare Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2021. The firm specializes in early-stage science-driven companies, providing capital, expertise, and networking opportunities to startups in advanced computing, synthetic biology, and data-driven life sciences. Notably, Navigare Ventures has invested in companies like Peafowl Plasmonics, which raised 40 MSEK in a seed round to commercialize transparent solar power technology, showcasing their interest in photonics applications. Additionally, their investment in Adamant Quanta, a startup developing diamond-based chip-scale atomic clocks, further highlights their engagement in the photonics field. Through these investments, Navigare Ventures aims to transform promising scientific innovations into successful businesses, addressing the financial and resource challenges faced by entrepreneurs in the photonics and related sectors.

10. Finnvera

• Website: finnvera.fi
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2000
• Headcount: 201-500
• Number of deals in 2024: 3
• LinkedIn: finnvera

Finnvera Oyj is a public entity based in Helsinki, Uusimaa, Finland, established in 2000. It provides a range of financial services aimed at supporting the growth and internationalization of Finnish businesses, particularly small and medium-sized enterprises. Finnvera offers loans, guarantees, equity investments, and export guarantees to enhance the competitiveness of its clients. Notably, Finnvera has been involved in significant transactions within the photonics sector, including investments in Spectral Engines, which raised funds in both Seed and Series A rounds, indicating their active role in supporting innovative companies in this field. Additionally, they participated in a funding round for Nanocomp, further showcasing their engagement in technology-driven sectors, including photonics.

11. 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 provides funding and support to early-stage startups and corporations, with a strong focus on technology and life sciences. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has been involved in several transactions relevant to the photonics industry, including their investment in Spectral Engines, a company that raised funds in 2017 and is known for its work in photonics technology. Additionally, they have supported other startups like Clair Scientific and AISPECO, indicating a diverse investment portfolio that includes companies with potential applications in photonics.

12. 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 significant transactions in the photonics context, including investments in Canatu, a nanotechnology company that specializes in conductive films and touch sensors, and Spectral Engines, which develops advanced spectral sensing technology. Notably, Inventure participated in multiple funding rounds for Canatu, including a Series C round in 2016, a Series B round in 2013, and a Series A round in 2010. They also invested in Spectral Engines during its Seed and Series A rounds in 2014 and 2016, respectively. These transactions highlight Inventure's engagement in the photonics industry and their support for innovative technologies in this field.

13. NordicNinja VC

• Website: nordicninja.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2019
• Headcount: 1-10
• Number of deals in 2024: 6
• LinkedIn: nordicninja-vc

NordicNinja VC is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in investing in technology startups that emphasize sustainability and digital innovation. With a portfolio that spans various sectors, including mobility, deep tech, and climate technology, NordicNinja VC is particularly active in Northern Europe. Notably, they have participated in significant transactions such as the Series A funding of VSPARTICLE, which raised $7,094,753 in August 2024, indicating their engagement in the photonics industry. Additionally, they invested in SeeQC, which raised $30,000,000 in January 2025, further showcasing their commitment to innovative technology sectors.

14. Cellink

• Website: cellink.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 2016
• Headcount: 201-500
• LinkedIn: cellink-bioprinting

CELLINK is a biotechnology company founded in 2016, specializing in 3D bioprinting and biomaterials. They provide innovative bioprinters and bioinks to researchers and organizations in the life sciences sector, facilitating advancements in drug discovery, personalized medicine, and regenerative medicine. In recent years, Cellink has made significant acquisitions to enhance its technology portfolio. Notably, in June 2021, Cellink acquired Discover Echo for USD 110 million, a company based in San Diego that specializes in hybrid microscopes, which are integral to photonics applications. Additionally, Cellink acquired Scienion in August 2020 for approximately $94.8 million and cytena GmbH in August 2019 for 30.25 million euros, further expanding its presence in the life sciences and pharmaceutical industries. These transactions highlight Cellink's commitment to advancing technologies that intersect with photonics, particularly in imaging and analysis.

15. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments in deep tech startups, providing both capital and strategic support to help early-stage companies navigate growth and market entry challenges. Butterfly Ventures emphasizes social and environmental impact in its investment strategy, actively engaging with portfolio companies to foster innovation and success. Notably, they have invested in Xfold Imaging, a company that raised funds in a Pre-Seed round in June 2019, which is relevant to the photonics industry due to its focus on imaging technologies. Additionally, they invested in Sapotech in July 2014, which, while not directly related to photonics, showcases their commitment to supporting innovative technology companies. Their portfolio reflects a dedication to advancing deep tech solutions, including those in the photonics sector.

16. Maki.vc

• Website: maki.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. They specialize in seed-stage investments in deep tech and brand-driven companies, providing funding and support to early-stage startups to help them navigate growth and innovation challenges. Maki.vc operates primarily in the Nordic region but maintains a global investment mandate. Notably, they have participated in funding rounds for companies like QDI Systems, which raised €5M in a Series A round to develop innovative science-based projects, and Disior, which focuses on medical imaging technologies. These transactions highlight Maki.vc's engagement with advanced technology sectors that may include photonics applications.

Photonics Insights: Key Investors in the Nordics

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