The artificial intelligence industry in the Nordics is rapidly evolving, marked by innovative companies focusing on machine learning, data analytics, and natural language processing. Major players include tech startups, research institutions, and corporations developing AI solutions that address real-world challenges across multiple sectors, including healthcare, finance, and transportation. Countries like Finland, Sweden, Norway, and Denmark are fostering a collaborative ecosystem, with supportive government policies aiming to boost AI research and development. A significant shift towards sustainable and ethical uses of AI is also emerging, positioning the Nordics as key players in the global AI transformation.


The list of investors highlights a mix of corporate and venture capital firms that are concentrated mainly in Sweden and Finland. Ranging in size from small teams to over 10,000 employees, these investors have been significantly active in 2024, with many backing artificial intelligence projects. Founded from 1979 to 2018, the firms feature varied investment counts, positioning themselves as key players in driving innovation. Each investor brings unique strengths, targeting emerging technology companies with a clear ambition to scale in the AI field.


Top 19 Artificial Intelligence 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, aiming to enhance their growth and competitiveness through tailored financial solutions. Almi has been involved in several notable transactions, particularly in the artificial intelligence sector. For instance, they participated in the funding round for Embedl AB, a deep tech company that focuses on developing deep learning optimization tools for AI, showcasing their commitment to supporting innovative technologies. Additionally, Almi invested in Univrses, which raised funds in a seed round in 2016, further highlighting their engagement in the AI industry. Overall, Almi's investment activities reflect a strategic interest in fostering AI advancements among SMEs.


2. Business Finland

  • Website: businessfinland.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 501-1000
  • Number of deals in 2024: 26
  • LinkedIn: business-finland

Business Finland is a public entity that supports Finnish companies in their growth and internationalization efforts. Founded in 2018, it offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Notably, Business Finland has been involved in several transactions within the artificial intelligence sector, including a €10 million funding round for Silo.AI, an AI services provider, and a seed round investment in Aiforia, which focuses on AI solutions for image analysis. Additionally, it has participated in funding rounds for other tech companies like Nosto and Utopia Analytics, further emphasizing its role in promoting innovation in technology and AI. Through its Growth Engine program and other funding initiatives, Business Finland plays a crucial role in advancing AI capabilities in Finland and supporting startups in their international expansion efforts.


3. 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 both financial support and operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have made significant investments in the artificial intelligence sector, including a Series B funding round for 1X, a Norwegian AI and robotics company, which raised $100 million to accelerate the development of its humanoid robot. Additionally, they have invested in Standard Cognition, a company focused on AI-driven retail technology, participating in both Series B and Series C funding rounds. Their recent investments also include Pruna AI, further solidifying their active role in the AI landscape.


4. 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 in the artificial intelligence space, including investments in AImotive, which specializes in autonomous driving systems, and Hopsworks, a platform for data-intensive artificial intelligence. Inventure participated in multiple funding rounds for AImotive, including Series A, B, and C, demonstrating a sustained interest in the company's growth. Additionally, they participated in a recent funding round for Hopsworks, which aims to enhance its technological advancements and expand its presence in the US market. These transactions highlight Inventure's active role in supporting AI-focused companies.


5. 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 invested in companies like Hopsworks, a platform for data-intensive artificial intelligence, which secured $6.5 million in a Series B funding round in 2023, and $5.9 million in a Series A round in 2021. Additionally, they participated in a Series A round for Now Interact, a Swedish machine learning startup, which raised $5 million in 2016. These transactions highlight Industrifonden's active role in the artificial intelligence sector, reinforcing their focus on creating long-term value through partnerships with passionate founders in the tech industry.


6. Icebreaker.vc

  • Website: icebreaker.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: icebreaker-vc

Icebreaker.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm specializes in providing funding and support to idea-stage technology startups, focusing on helping founders develop their business concepts and secure the necessary resources to grow. Icebreaker.vc operates primarily in Finland, Estonia, and Sweden. Among their notable transactions, they led a seed round investment in Quantastica, a Serbian startup in the emerging quantum computing market, investing 200,000 euros ($222,400). This investment highlights their engagement with advanced technology sectors, which often overlap with artificial intelligence. Other transactions include pre-seed investments in startups like Neyra, Terramonitor, Oterlu, and RoadCloud, indicating a broad interest in technology-driven ventures.


7. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs that provide business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have been involved in several transactions relevant to artificial intelligence, including their investment in Evispot AB, a developer of an AI-based tool for credit assessments, which secured a SEK 6M ($620k) capital investment round in 2019. This highlights their engagement in the AI sector, alongside other investments in tech startups such as Irisity AB and Eneryield, further showcasing their commitment to fostering innovation in technology.


8. 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 providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT has invested in Vara, a Berlin-based AI breast cancer screening platform, which raised €4.5 million in funding to support its clinical study of AI technology in healthcare. Additionally, EQT led a $125 million Series D funding round for Ardoq, a company focused on digital transformation, which may involve AI-driven solutions. These transactions highlight EQT's active role in the artificial intelligence space, alongside their broader investment strategy.


9. Creandum

  • Website: creandum.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies by providing venture capital investment, strategic support, and networking opportunities. Creandum has a diverse investment portfolio across various sectors, including fintech and health tech. Notably, they have recently invested in Atla, a startup that aims to develop technology to enhance truthfulness, reduce harmfulness, and increase reliability for generative AI models, showcasing their engagement in the artificial intelligence space. This investment aligns with their mission to nurture innovative companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed in cutting-edge technology fields.


10. First Fellow Partners


First Fellow Partners is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm specializes in investing in startups and providing strategic guidance to entrepreneurs, particularly in technology and innovation sectors. They have made notable investments in the artificial intelligence space, including aito.ai, which raised significant funding in both pre-seed and seed rounds to enhance its go-to-market strategy and R&D efforts. Additionally, they invested in Vuo AI, which raised funds in a pre-seed round, further demonstrating their engagement in the AI industry. Their approach emphasizes long-term partnerships with founders, showcasing their commitment to nurturing innovative companies.


11. 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, particularly in sectors such as SaaS and Fintech. With a strong track record of successful investments, Seed Capital supports its portfolio companies from seed stage to exit. Notably, they have invested in several companies within the artificial intelligence sector, including Abzu, which raised €5 million to enhance its AI platform for pharmaceutical drug discovery, and Modl.ai, which secured $1.7 million to develop AI solutions that mimic human behavior. These investments reflect Seed Capital's commitment to fostering innovation in AI and supporting the growth of technology startups in Denmark.


12. 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. Among their notable transactions, they have invested in Arundo Analytics, which focuses on data analytics, and Boost AI, a prominent Norwegian AI company. In 2018, they participated in a Series A funding round for Boost AI, contributing to the company's international expansion and strengthening its technical and commercial teams. This involvement in AI-related ventures highlights their focus on fostering innovation within the tech sector, particularly in artificial intelligence.


13. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient entrepreneurs across various sectors. Notably, Lifeline Ventures has invested in companies like Flow AI, which raised $4.4 million in a seed round in November 2021, and Digital Workforce, a company focused on robotic process automation that has received significant funding to expand its operations. In 2024, Lifeline Ventures also participated in a seed round for Louhe, further demonstrating their active engagement in innovative startups. Their diverse portfolio, including investments in AI-driven companies, showcases their commitment to fostering growth in the technology sector, particularly in artificial intelligence.


14. 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. Among its notable transactions, the firm invested in Valossa, a Finnish company that is commercializing AI-powered video search technology, and Embedl AB, a Swedish deep tech company that focuses on deep learning optimization tools for AI. These investments highlight Butterfly Ventures' commitment to fostering innovation in the artificial intelligence space while supporting companies that aim to make a significant impact in their respective fields.


15. OpenOcean

  • Website: openocean.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: openocean-vc

OpenOcean is a venture capital firm based in Helsinki, Finland, founded in 2009. The firm specializes in investing in early-stage technology startups across Europe, with a strong emphasis on the data economy. OpenOcean provides not only capital but also expertise to help scale innovative solutions. Among their notable transactions, they have invested in Nosto, a Helsinki-based provider of ecommerce personalization and AI tools, which has raised significant funding to enhance its machine learning capabilities and expand internationally. This investment highlights OpenOcean's commitment to supporting companies that are at the forefront of artificial intelligence and data-driven technologies. Additionally, OpenOcean has a history of backing startups that utilize AI in their core offerings, further solidifying their position as an active player in the artificial intelligence investment landscape.


16. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson, founded in 1876 and based in Stockholm, Sweden, is a leading telecommunications company that provides advanced connectivity solutions, including 5G networks and IoT platforms. With a workforce of over 10,000 employees, Ericsson is committed to enhancing operational efficiency and improving user experiences through reliable and high-speed connectivity. As an investor, Ericsson Ventures has been involved in several significant transactions in the artificial intelligence space. For instance, they participated in the Series A funding round for Avaamo, a conversational AI company, which raised $14.2 million to expand its sales and marketing efforts. Additionally, Ericsson Ventures invested in Hadean, which is developing infrastructure solutions for the Metaverse, and in d-Matrix, a startup focused on AI compute technologies. These investments reflect Ericsson's strategic interest in leveraging AI to enhance its offerings and drive innovation in the telecommunications sector.


17. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies, providing both capital and guidance to entrepreneurs throughout their business journey. Heartcore has a global reach and emphasizes building long-term relationships with founders to help them achieve their goals. Notably, Heartcore has been involved in significant transactions with Neo4j, a leading graph database technology that has applications in artificial intelligence, having participated in multiple funding rounds from Seed to Series D, raising a total of over $60 million. This involvement in a technology that supports AI applications highlights Heartcore's potential relevance in the artificial intelligence sector.


18. 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 primarily invests in life science companies at various stages of development. The firm provides capital and strategic support to enhance healthcare solutions. In recent years, Novo Holdings has made notable investments in artificial intelligence-driven healthcare companies, such as Qure AI, which raised $65 million in Series D funding in June 2024, and previously secured $40 million in a Series C round in March 2022. Additionally, they invested in Tempus, a company that raised $200 million in Series G funding and $250 million in debt financing in December 2020. These transactions highlight Novo Holdings' commitment to supporting innovative technologies that utilize artificial intelligence to improve healthcare outcomes.


19. 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 been involved in significant transactions in the artificial intelligence sector, including multiple funding rounds for Intelecy, a company that offers a no-code AI platform and advanced data analysis solutions. Intelecy raised a total of USD 3.5 million in 2023 and USD 10 million in 2018, showcasing Investinor's commitment to supporting AI innovation. Additionally, Investinor participated in funding rounds for other tech companies, indicating a broader interest in technology investments.



Artificial Intelligence Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
EQT VenturesStockholm, Stockholm, Sweden11-50201528
InventureHelsinki, Uusimaa, Finland11-5020059
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Icebreaker.vcHelsinki, Uusimaa, Finland11-5020167
Chalmers VenturesSweden11-50201526
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
CreandumStockholm, Stockholm, Sweden11-50200317
First Fellow PartnersHelsinki, Uusimaa, Finland1-1020164
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Alliance VCOslo, Oslo, Norway1-1020015
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
OpenOceanHelsinki, Uusimaa, Finland11-5020097
EricssonStockholm, Stockholm, Sweden10001+18763
Heartcore CapitalCopenhagen, Denmark11-50200717
Novo HoldingsHellerup, Denmark51-200199945
InvestinorTrondheim, Trøndelag, Norway11-5020084


Want to find more investors focusing on the artificial intelligence industry?

If you want to find more investors that are active in the artificial intelligenceindustry, you can do that with Inven. We built this list and analysis throughInven's Investor Search, and there are a lot more private equity, venturecapital, and corporate investors like these globally.

With Inven, you'll also get to know:

  • Deal History: Number of deals and their sizes.
  • Portfolio: Companies they've invested in.
  • Contact data: Key dealmakers, including their emails and phonenumbers.
  • ...and much more!