For everyone building hard things in the Nordics.

Stockholm-based angel investment vehicle run by founding partners Stefan Lindeberg and Per Björklund, backing Nordic pre-seed and seed startups. The portfolio is mostly software and AI, with a few hardware holdings such as Motorica and TERASi.

Starbright Invest is a Jönköping-based venture capital firm founded in 2015 that invests primarily in Swedish seed and Series A rounds, typically SEK 5-15 million per company, with a focus on technology and sustainability. Its hardtech-relevant bets include Einride, the autonomous electric truck maker, and Zigrid, which turns industrial waste heat into power.

North Ventures is a Copenhagen-based venture capital firm investing in technology-driven companies from seed to Series A in Denmark and across the Nordics. Founded in 2019 as an evolution of North Finance, it has backed dozens of Danish growth companies and raised a dedicated venture fund targeting DKK 300 million to keep scaling that activity.

Nordic Angels is an invite-only network and digital platform connecting over 2,500 Nordic angel investors with founders, offering deal flow, syndication tools, and events like the annual Angel Prize rather than making investments as a fund itself.

imec.xpand is an independent venture capital fund founded in 2017 and closely tied to the imec research hub. It has offices in Leuven, Belgium and Amsterdam. It invests globally in early-stage semiconductor, nanotechnology and deep-tech hardware companies, plus health tech built on chips and sensors. Its second fund closed at EUR 300 million in 2024. The portfolio covers photonics, quantum, AI chips, robotics, space and medtech. It has no dedicated Nordic office, and the portfolio list shows no Nordic companies, so the Nordic presence criterion needs a review flag.

Finland's government innovation funding agency, formerly Tekes. It gives grants and loans for company and research R&D, from the Sprint grant for small companies (up to EUR 100,000) to large leading company projects and ecosystem consortia. Tempo is closed and will not reopen. Sprint and R&D project funding are open on a continuous basis.

Seven District is a Swedish evergreen investment company that backs entrepreneurs from early stage up to roughly SEK 500 million in turnover, combining capital with hands-on operational support. Its portfolio spans industrial hardware, sensors, connectivity and aerospace alongside software, e-commerce and consumer platforms.

Accelerace is a Copenhagen-based pre-seed investor and startup accelerator, founded in 2008, that backs Nordic and Baltic startups through its fund Accelerace Invest II. It invests up to DKK 1 million per company in convertible loans and has no thematic focus. Its portfolio is mostly software, with a minority of hardware and medtech companies such as Reapplix, REDO Neurosystems, Elby and Weedbot. In October 2025 it merged with BioInnovation Institute.

Stockholm-based early-stage investor founded in 2022 and backed by the family office Harmar. It invests from angel to seed in Nordic consumer-centric and software companies, with a focus on brand building. None of the 12 portfolio companies found is hardtech, so it likely fails the documented hardtech investment criterion and should be flagged for review.

Formica Capital is a Gothenburg-based family office founded in 2018 by the Olsson Eriksson family. It takes long-term, active ownership positions, often majority stakes, in mid-sized Nordic companies in cleantech, energy, cyber security, education and digitalization. Its hardtech holdings include ChargeNode, Rototec, CR Group, Polarium, Orbital Systems and Sierra Energy. Its latest deal is the September 2026 acquisition of CodeIT Group.

Butterfly Ventures is a seed-entry deep tech VC founded in 2012 in Oulu, Finland, with offices in Oulu, Helsinki, Stockholm, Tallinn and Copenhagen. It invests in Nordic and Baltic science-based startups across hardware and hardware-interfacing software, from Butterfly Venture Fund IV, and has backed around 100 companies.

Ericsson Ventures is the corporate venture capital arm of Ericsson. It invests directly from Ericsson's balance sheet at all stages, is based in Kista, Stockholm, and has its main office in Santa Clara, California. The portfolio mixes hardtech with AI, cloud and edge software. The hardtech names include Fabric8Labs, d-Matrix, Einride, Everactive and ChipAgents. Recent deals include Fabric8Labs (November 2025), ChipAgents (February 2026) and Standard Kernel (March 2026).

Holtra develops the DAISY instrument, a holographic and interferometric-scattering microscopy system that tracks and characterizes individual sub-visible and nano-scale particles in liquids, and offers related analytical services primarily for life science R&D.

Micropower Group develops, manufactures and markets industrial lithium-ion batteries, battery chargers, power supplies and DC-DC converters for forklift trucks, AGVs, construction equipment and other electrified industrial applications.

SisuSemi builds atomic-level surface cleaning equipment for semiconductor wafers, correcting misplaced atoms and protecting surfaces with a thin silicon dioxide layer to reduce defects and leakage current in chip manufacturing.

Trackpaw Scientific is a tech company that digitizes animal monitoring in preclinical drug research, where key endpoints are often inferred from manual intermittent observations.

Baseload Power Iceland builds geothermal heat and power plants for Icelandic communities, pioneering small-scale projects that tap into low- and medium-temperature resources previously underutilized or ignored.

Offers incubation services focusing on food, environment, and health innovation.

Kvaser supplies advanced CAN solutions to engineers designing and deploying systems in areas as wide ranging as trucks and buses, petrol-driven and electric cars, industrial automation, avionics, construction equipment, building automation, domestic appliances, marine, medical, military, railway, telecoms, textiles and more.

BeammWave AB provides single-chip RFIC solutions with digital beamforming capabilities for mmWave spectrum, enabling 5G and beyond applications in various connected devices.

Wireless and self-powered vibration sensors for monitoring of vibrating screens, delivering actionable insights through energy harvesting to optimize operations.

HyCom Core is revolutionizing the connectivity between AI clusters by developing broadband optical links based on proprietary thin-film lithium niobate platform.

Develops software solutions for quantitative MRI, enhancing diagnostic capabilities in medical imaging.

Provides motion control solutions including motors, drives, and automation systems.