The Nordic hardtech community
For everyone building hard things in the Nordics.
Hardtech is innovative, complex and physical. Nordic Hardtech exists so the people who build it, fund it and enable it can find each other.
The funding map
ALL 177 INVESTORS →Every Nordic investor with documented hardtech investments, plus the grants and public instruments that fund the other half of the road from lab to factory, with their deadlines.
EIFO
EIFO (Danmarks Eksport- og Investeringsfond) is Denmark's national promotional bank and official export credit agency, formed by merging the Danish Growth Fund (Vækstfonden), the Export Credit Agency (EKF) and the Danish Green Investment Fund. It is Denmark's largest venture investor, deploying direct equity, loans, guarantees and fund commitments across sectors from deep tech and defence to green transition and life sciences, both by co-investing directly in companies and as an LP in venture funds.
Revalence Ventures
Revalence Ventures is a Stockholm based venture firm investing in founder operated technology companies from seed to Series A. Its confirmed backing spans fintech, retail tech and defence tech, including Klarna, Apprl and the Norwegian defence simulation and training startup Levato.
GOKAP Invest
GOKAP Invest is a Gothenburg-based investment company, co-founded in 2018 by GU Ventures' CEO Klementina Österberg, that invests in innovative unlisted growth companies primarily in Västra Götaland/Western Sweden, having built a portfolio of around 19-22 holdings spanning life science, digital services and a small number of physical hardtech companies.
Energimyndigheten
The Swedish Energy Agency (Energimyndigheten) is Sweden's public authority for energy research, innovation and preparedness, providing grants and R&D funding to companies, academia and public bodies working on the transition to a fossil-free energy system.
Heartcore
Heartcore Capital (formerly Sunstone Capital, founded 2007) is an early-stage venture capital firm headquartered in Copenhagen with additional offices in Stockholm, Berlin and Paris, investing from pre-seed to Series A across Europe. While historically known as a consumer-tech investor, it has recently expanded into deep tech, defence, quantum computing, space and synthetic biology alongside its core AI, fintech, travel and web3 bets.
Norrsken
A non-profit foundation and impact VC investing in startups that address global challenges through entrepreneurship and technology.
Eviny Ventures
Eviny Ventures is the ~50 MEUR corporate venture capital arm of Norwegian energy utility Eviny, based in Bergen, investing from Seed to Series A in startups accelerating the electrification and energy transition across the Nordics and northern Europe, with roughly 20 portfolio companies and 3 exits to date.
SINTEF Venture
Technology transfer office and venture arm of SINTEF, based in Trondheim, Norway. It manages seed and early-stage funds (SINTEF Venture IV, V and VI) that invest in spin-offs from SINTEF and NTNU research. SINTEF Venture VI was established in 2022 with NOK 517 million and has backers including the European Investment Fund, KLP and Investinor. Recent hardtech investments include Sonair, Cartesian, Hystar and sensiBel.
Voima Ventures
Voima Ventures is a venture capital firm founded in 2019 with offices in Helsinki and Stockholm. It invests in science-based deep tech startups across the Nordics and Baltics, from pre-seed to Series A and B, and closed a EUR 100 million Fund III backed by the European Investment Fund, Tesi, VTT and Saminvest.
Sandwater
Sandwater is an Oslo based venture capital firm investing in early stage companies developing novel solutions in climate, energy and healthcare.
Formica Capital
Formica Capital is a Gothenburg-based Swedish family office and investment company founded in 2018 by the Olsson Eriksson family, investing with a long-term, active-ownership approach in mid-sized Nordic companies across health, environment, education, cyber security and cleantech that combine commercial performance with positive societal impact.
Nordic Alpha Partners
Nordic Alpha Partners is a Copenhagen based industrial greentech growth fund investing across two funds worth roughly 400 million EUR since 2017. It uses an operational value creation toolkit to scale portfolio companies in energy transition, agriculture, building and construction, industrial process innovation, circular economy and waste, and water and wastewater.
The ecosystem
ALL 1232 COMPANIES →Who builds, supplies and enables hardtech across the Nordics, from garage startups to industrial giants. Browse by role, phase and vertical.
KiteX
A Danish startup that has reinvented the household wind turbine with an ultralight, tension-based design, promising 15,000 kWh a year.
Heimdall Power
Heimdall Power has developed unique, drone-installable IoT sensors and software for power lines to improve management of the electrical grid and meet the rapidly changing demands of power distribution.
Respinor
Respinor is a medical technology company in Oslo that develops RESPINOR DXT, a non-invasive ultrasound-based device for continuous diaphragm monitoring in critically ill patients.
Radinn
Radinn develops electric-powered wakeboards designed for performing water skiing and other forms of water sports, focusing on e-mobility and watersports industries.
KNL Networks
KNL provides advanced beyond-line-of-sight communication solutions for demanding defence and security environments, built on its proprietary Cognitive Networked HF (CNHF) technology.
Modvion
Constructs modular wind turbine towers using laminated wood, offering sustainable and cost-effective alternatives to steel structures.
Vidde Mobility
Develops electric snowmobiles designed for sustainable and silent operation in Arctic conditions.
Beamonics
Beamonics develops and manufactures high-performance gas analyzers based on Tunable Diode Laser Absorption Spectroscopy (TDLAS) for industrial gas and emissions measurement.
Sundström Safety AB
Manufactures respiratory protective equipment for professional use in demanding environments.
Hubject
Offers eMobility services, including intercharge network for electric vehicle charging.
Cartesian
Compact thermal energy storage for commercial buildings, district heating and cooling — turning every building into a flexible energy asset.
Synopsys Sweden AB
Provides electronic design automation software and semiconductor IP for chip design and verification.
One sharp email, every two weeks.
Hardtech news from the Nordics and beyond, new raises, events worth travelling for, and the deadlines you should not miss.
Open raises
SEE WHO IS RAISING →Raising for something innovative, complex and physical? Apply in five minutes. We curate, and your round reaches the readers of the newsletter, including the investors on the map.
The podcast
ALL 37 EPISODES →Conversations with the founders and funders of Nordic hardtech.
EP 29 Johan Outinen – Elvy & the Energy Subscription Play: 15 Years of Heat, Trust and Risk [ENG]
#29. Elvy & the Energy Subscription Play: 15 Years of Heat, Trust and Risk Johan Outinen , CEO and co-founder of Elvy Energy , joins the pod to explain why households should lock in their energy for the next 15 years, and how simplicity can unlock the transition. Elvy Energy is rewriting the rules of home energy with flat-rate subscriptions that cover installation, insurance, maintenance, and even
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EP 14 Ramtin Massoumzadeh och Quandify: IoT som rinner rakt in [SWE]
#14. IoT som rinner rakt in Ramtin Massoumzadeh , vd och medgrundare av Quandify , gästar podden och berättar hur de byggt en patentskyddad, icke-invasiv vattenmätare – och tagit sig från KTH-labb till lönsam IoT-skala. Quandify utvecklar smart vattenmonitorering utan att riva rör. På några år har de växt till ett team på 20 personer, över 40 MSEK i omsättning och en teknik redo för internationell
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EP 31 Mala Valroy – Industrifonden & the State of Deep Tech 2025
#31. Industrifonden & the State of Deep Tech 2025 Mala Valroy , Investment Manager at Industrifonden , joins the podcast to share her journey from biochemistry and startups to leading investments in deep tech. With Industrifonden’s unique evergreen model, she breaks down what it really takes to earn a term sheet in 2025, why relationships matter more than pitch decks, and how resilience and sustai
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EP 21 Madelene Näslund: Business Region Gothenburg – Live from The Yard [ENG]
🤝 This episode is produced in collaboration with The Yard — a combined coworking space and machine hall for startups in Gothenburg. A unique workspace with industrial feeling. Check out their memberships or take a tour . Episode 21 – Gothenburg Rising: Where Legacy Meets Innovation Madelene Näslund from Business Region Gothenburg joins us to explore why the city is emerging as a leading Nordic har
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EP 36 Monica Bellgran – Produktionsänglar & Sveriges bortglömda konkurrensfördel [SWE]
36. Produktionsänglar & Sveriges bortglömda konkurrensfördel Monica Bellgran , vicerektor för innovation vid Mälardalen Universitet och medgrundare av Produktionsänglar , gästar podden för att prata om en av hardtech-världens mest underskattade utmaningar: att gå från prototyp till produktion. Från industrialisering och leverantörskedjor till automation, AI och geopolitik förklarar hon varför så m
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EP 27 Karoly Szipka – IPercept & the CNC Whisperers: From PhD to Predictive Power [ENG]
Episode #27 – IPercept & the CNC Whisperers: From PhD to Predictive Power Karoly Szipka , founder and CEO of IPercept , joins the podcast to share how a research project on machine efficiency became a fast-scaling deeptech company with some of Europe’s largest industrial players as customers. With AI, patented hardware, and a “fitness tracker” for CNC machines, IPercept is redefining predictive ma
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EP 25 Joacim Westlund Prändel – Less is More: How Flic Pushed the Button on Scalable Hardware [ENG]
🤝 This episode is produced in collaboration with Lightbringer – the patent service helping founders move faster. With AI at its core and senior attorneys in-house, they streamline the patent process and set a new standard for how growth-stage teams secure what’s theirs. Episode #25 Less is More: How Flic Pushed the Button on Scalable Hardware What if turning off a light or flipping a music sheet c
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EP 11 Staffan Stymne och T.Loop: Spillvirke för AI-eran
#11. Spillvirke för för AI-eran Staffan Stymne , vd och medgrundare av T.Loop gästar podden och berättar hur de bygger datacenter som både driver AI och balanserar elnätet – med återbruk, överskottsenergi och smart lokalisering som kärna. Med 30 års erfarenhet från energisektorn tog Staffan steget in i tech för att visa att datakraft inte behöver kosta klimatet. I dag bygger T.Loop för den nya era
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EP 28 Dominic Davies – Lightbringer & the Patent Reboot: From Legal Grind to Founder Speed [ENG]
Episode 28: From Legal Grind to Founder Speed Dominic Davies , co-founder of Lightbringer , joins the pod to talk patents, automation and founder-first IP. With a background in both software and patent law, he’s now building a system that aims to replace the traditional patent firm entirely — starting with the needs of deeptech startups. From knowledge graphs to GPT-3, Lightbringer was born out of
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EP 37 Lisa Eriksson (KTH Innovation) – Building Europe’s Deeptech Pipeline
37. Building Europe’s Deeptech Pipeline Lisa Eriksson , Head of KTH Innovation and CEO of KTH Ventures , joins the Nordic Hardtech Podcast to discuss what it takes to turn world-class research into venture-backed companies. KTH Innovation supports hundreds of founders, researchers and students every year, helping transform ideas into startups across fields such as AI, energy, semiconductors, life
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EP 20 Ted Elvhage: Rymdkapital & Expansion Ventures – The Nordic Case for Space [ENG]
Episode 20 – The Nordic Case for Space Ted Elvhage , founder of Rymdkapital and Expansion Ventures , joins us to talk spacetech, hardtech investing, and why Europe needs to catch up. From early bets like Pythom Space to advice for angel investors—this is a fast, sharp dive into one of hardtech’s most complex frontiers. Rymdkapital is a Sweden-based investment firm focused on early-stage spacetech
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EP 26 Alexander Engl – Build, Share, Repeat: How Makerspace and ihopa Enable Hardware for the Masses [ENG]
Episode #26 Build, Share, Repeat: How Makerspace and ihopa Enable Hardware for the Masses Alexander Engl joins the pod to talk about Stockholm Makerspace – a member-run 24/7 creative hub that empowers hardware builders, tinkerers and early-stage founders to bring physical ideas to life, without public funding or gatekeepers. We explore how the space grew to 1000+ members, how it's staying independ
LISTEN →Insights
ALL INSIGHTS →What we have learned about building, scaling and funding hard things in the Nordics.
INSIGHT Human-in-the-Loop: The Economics of Staying in Control
Argues Nordic automation succeeds by keeping humans in the loop, turning oversight into a strategic economic advantage over full autonomy.
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INSIGHT Höstens åtta avsnitt – här är lärdomarna och råden
Under hösten det släppts åtta avsnitt där jag intervjuat ledare för hårdvarubolag. Det har varit åtta unika samtal, med gemensamma nämnare. Vad kan andra (hårdvaru)bolagsbyggare lära sig?
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INSIGHT The EU–US Trade Deal has Landed – Why the Nordic Hardtech Ecosystem Must Act Now
A 15% tariff just hit Nordic exports to the US. Here’s why it’s a wake-up call for hardtech — and what we must do next.
READ →From stubbornness to breakthroughs: the case for difficult founders
Industrifonden's Mala Valroy explains why she backs stubborn, bold deep tech founders over comfortable, consensus-seeking ones.
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INSIGHT The Hardtech Christmas List: What Nordic Founders Really Want
A December reflection on the unglamorous but essential conditions Nordic hardtech founders actually need to keep building.
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INSIGHT Deep Tech Needs to Go Deeper (Except Here)
A guest column argues Europe should focus on defensible niches like physical AI, quantum applications and precision biomanufacturing instead of chasing China everywhere.
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INSIGHT The Nordic Heat List: Ten Nordic Companies Turning Heat into Hardtech
Profiles ten Nordic companies turning industrial and household heat into hardtech-driven climate solutions.
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INSIGHT Betting the House on 15-Year Subscriptions
Elvy Energy's CEO explains why flat-rate 15-year energy subscriptions could become the future default for households.
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INSIGHT TALES FROM THE TECH HUB: HARDWARE EDITION på The Yard i Göteborg (2 april)
Välkommen till Göteborgs techarena "The Yard" på ett exklusivt event om hur man bygger hårdvarubolag.
READ →Vi ses snart!
Hårdvarupodden är under utveckling och de första avsnitten släpps våren 2024.
READ →Why IP Is Your First Investor: And Your Strongest Advantage
Dominic Davies argues founders must treat IP as an early strategic asset, not a legal afterthought, to win investor trust.
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INSIGHT Building Before You Ask for Permission
Atonemo's founder explains how reduction, timing and restraint shape consumer hardware development.
READ →Partners keep this open
The funding map, the podcast, the events and the newsletter are free for the whole ecosystem, made possible by partners who build Nordic hardtech with us.
AI-driven patent filing for tech companies. Protect what you invent, at software speed.
OFFER: Free intro call with Lightbringer's patent team → LIGHTBRINGER.COM ↗Swedish Incubators and Science Parks, the national infrastructure for innovation environments.
SISP.SE ↗Kept accurate by the community
Anyone can suggest an investor, flag an error, or submit an event, a job or a raise. Every suggestion is checked and prepared before it goes live. Nothing publishes unreviewed.
One sharp email, every two weeks.
Hardtech news from the Nordics and beyond, new raises, events worth travelling for, and the deadlines you should not miss.