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.

177
Investors mapped
1233
Ecosystem companies
37
Podcast episodes
8,000+
Newsletter readers

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.

Hede Capital Partners

Investment CompanySE

Direct investment firm based in Kungsbacka, Sweden, taking active co-ownership stakes in growth companies including recent participation in a defense-tech funding round.

Backed:Monava (AI-powered passive acoustic drone detection sensors)

Curitas Ventures

Venture CapitalSE

Curitas Ventures is a Stockholm-based venture capital firm founded in 2020 by Mikael Ahlström and Gerda Larsson that invests in early-stage Nordic entrepreneurs across Disruptive Technology, Life Science and Sustainability; in 2025 its venture portfolio was acquired by Nordic Asia Investment Group 1987 AB, which now operates under the name Collaxio for its unlisted-investments strategy.

Backed:Qoitech, Volta Trucks (Truck HoldCo), C-Green Technology

Snö Ventures

Venture CapitalNO

SNÖ Ventures is an Oslo-based early-stage VC investing in Nordic founders across software, gaming and consumer tech, with Peter Thiel as a strategic partner in its USD 100 million fund. Its one hardtech position is Nordic Air Defence, a drone interceptor maker it backed in 2024.

Backed:Nordic Air Defence

EQT (Scaleup Europe Fund)

Investment CompanyPublic FundingSEEU

EQT is a Stockholm-founded global investment organization managing the Scaleup Europe Fund, a €5bn public-private growth vehicle backed by the European Commission and institutions including Novo Holdings, EIFO and Wallenberg Investments, aimed at scaling Europe's most promising deep-tech companies from Series B to pre-IPO.

Backed:ICEYE (Espoo-based SAR satellite constellation operator); EQT Ventures portfolio also includes The Exploration Company (aerospace/space)

Saab Ventures

Corporate VentureSE

Saab Ventures is Saab's corporate venture arm, set up in 2001 to spin out technology from Saab's engineering base into independent companies and to spin in outside startups that complement Saab's core business. It runs from Sweden with a portfolio that currently spans ten active holdings, including Applied Actuators, ReVibe Energy, MicroDri and Wheelscanning, alongside spin-outs such as Minesto and Cold Cut Systems, and its parent Saab has also made direct strategic bets like the USD 10 million lead investment in rocket company Pythom Space.

Backed:Applied Actuators, C-Leanship, Cind, ReVibe Energy, Cold Cut Systems, MicroDri, RoboWaste, Real Time Metrology, Wheelscanning, Minesto, A2 Acoustics, Heart Aerospace, Pythom Space

Backing Minds

Investment CompanySE

A VC firm investing in overlooked markets and underrepresented founders, aiming to expand access to capital.

Backed:Cemvision, NitroVolt

SEB Greentech VC

Venture CapitalSE

SEB Greentech Venture Capital is the Swedish bank's corporate VC unit investing directly from SEB's balance sheet into green technology companies, mainly in the Nordic and Baltic region with a broader European reach. It writes initial tickets of SEK 10-40 million from a SEK 1 billion mandate, taking active minority stakes with board seats in hardware, software and platform companies working on renewable energy, energy storage, water and agricultural technology, circular business models and waste management.

Backed:AirForestry, C-Green Technology, Embedl, Echandia, CorPower Ocean, Qvantum, Rocsys, EnginZyme

GU Ventures

University Venture EntitySE

University of Gothenburg’s venture firm supporting research-based startups in life science, tech, and impact.

Backed:Mimbly, Enarion, Luxbright

Vargas

Investment CompanySE

Vargas is a Stockholm-based impact company builder that identifies, validates, finances and scales industrial companies in hard-to-abate sectors. Founded in 2014, it has built or co-founded Northvolt, Polarium, Stegra (formerly H2 Green Steel), Aira, Syre and the Arctial aluminium project, spanning batteries, energy storage, green steel and hydrogen, heat pumps and textile recycling.

Backed:Polarium, Northvolt, Stegra, Aira, Syre, Arctial

Lagercrantz Group

Investment CompanySE

Technology group investing in and developing B2B companies in electronics and communication.

Investo Capital

Venture CapitalDK

Investo Capital is a Danish venture capital firm based in Aalborg, founded in 2018 and backed by NOVI Innovation and Heartland. It invests in early growth Danish tech companies across medtech, industry 4.0 and water tech, and takes an active board role in each company it backs.

Backed:TracInnovations, Tentoma, Create it REAL, VentriJect, Dryp, Nilroy

Almi

Public FundingSE

Almi is Sweden's state-owned organization that provides loans, business development advice, and equity financing to Swedish SMEs, with its venture-capital arm Almi Invest (including the national Almi Invest GreenTech fund) making direct investments in early-stage tech, life-science, industrial and sustainability startups.

Backed:Caplyzer AB, Radar Reticence, Digiclean Solutions AB

The ecosystem

ALL 1233 COMPANIES →

Who builds, supplies and enables hardtech across the Nordics, from garage startups to industrial giants. Browse by role, phase and vertical.

Luleå Science Park

EnablerScience ParkSE

Hosts and supports innovative companies in technology and research sectors.

Westermo Network Technologies AB

ProductComputing & ConnectivitySE

Provides industrial data communication solutions for mission-critical systems in harsh environments.

Össur

ProductRobotics & AutomationHealth & MedtechIS

Össur is a global leader in non-invasive orthopaedics, developing innovative technologies within braces, supports, prosthetic limbs and compression therapy, including bionic prosthetic legs and mind-controlled limbs.

AB Volvo

ProductMobility & TransportSE

The Volvo Group is headquartered in Gothenburg, Sweden and develops trucks, buses, construction equipment, and drive systems for marine and industrial applications.

Calmon Stegmotorteknik AB

SupplierServices & EngineeringSE

Calmon specializes in motor control solutions, offering development and consulting services for BLDC, DC, and stepper motor systems.

Mendi

ProductHealth & MedtechSE

Mendi is an at-home Neurofeedback Brain Training headband and app.

Incap

SupplierManufacturing & Industrial TechDefence & SecurityFI

Global EMS partner for complex electronics manufacturing, offering PCB assembly, box-build integration and full product lifecycle support to industrial, defense, medical and energy customers.

Hefring Marine

ProductMaritime & OceanRobotics & AutomationIS

Hefring Marine builds IMAS, an AI-powered marine guidance system that turns real-time onboard sensor data into safety, fuel-efficiency and operational guidance for vessel operators and fleet managers.

GEG Power (GEG Geoneer / GEG ehf.)

ProductEnergy & GridIS

GEG Power is an Iceland-headquartered geothermal developer that designs, engineers, manufactures and delivers turn-key modular geothermal wellhead power plants, from well to transmission-line connection.

Vanadis Energy

ProductEnergy Storage & BatteriesSE

Vanadis Energy delivers advanced vanadium solid-state batteries offering superior safety, long life, and scalable performance for next-generation energy storage.

Stockholm Water Technology

ProductManufacturing & Industrial TechSE

Stockholm Water Technology (SWT) is a Swedish company specialising in the development of low pressure, low cost and low energy electrochemical water desalination/purification systems based on Capacitive Deionization.

MINC

EnablerIncubator & AcceleratorSE

Startup incubator in Malmö offering support, mentorship, and resources for early-stage companies across various sectors.

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.

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 16

Anders Hässel och Nenda: Streamingrevolutionen för företag [SWE]

#16. Streamingrevolutionen för företag Anders Hässel , vd och grundare av Nenda , gästar podden och berättar hur bolaget utvecklar en modern streamingplattform för företag – med hårdvara, molntjänster och affärsmodeller anpassade för B2B-marknaden. Målet: att ersätta föråldrade TV‑lösningar med smart, skalbar teknik. Nenda grundades med en tydlig idé: att förändra hur företag inom hotell, vård och

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EP 1

Stefan Ytterborn och Cake: Från hype till haveri

#1. Från hype till haveri Stefan Ytterborn , grundare av elfordonsbolaget Cake , gästar premiäravsnittet av Hårdvarupodden (numer Nordic Hardtech Podcast). Vi pratar om hela bolagsresan – från vision och hype till konkurs – och om vad andra kan lära sig av en resa som gick snabbt, snyggt och slutade tvärt. Cake satte en ny standard för elfordon. Men att bygga hårdvara, skala globalt och finansiera

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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 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 6

Karin Ebbinghaus – Från bilbana till elväg: så elektrifierar Elonroad transportsektorn [SWE]

#6. Från bilbana till elväg: så elektrifierar Elonroad transportsektorn Karin Ebbinghaus , vd på Elonroad , gästar podden och berättar om hur bolaget transformerar sättet vi laddar elfordon – från stationär laddning till dynamiska elskenor som ger energi medan fordonet rullar. Det är en berättelse om hur ett experiment i Lego blev ett bolag med CE-märkta produkter, internationella kunder och ambit

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EP 12

Dora Palfi and imagi: From Neuroscience to Neon Pixels

Episode #12: From Neuroscience to Neon Pixels with imagi Dora Palfi , co-founder and CEO of edtech company imagi , joins the podcast to talk about building tools that make tech education more accessible, playful — and empowering, especially for girls. With a background in both neuroscience and computer science, Dora shares her journey from research to entrepreneurship, and how imagi is redefining

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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 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 24

Henrik Jonsson och agood company: Cirkulärt varvet runt – mobilskalet som vill rädda planeten [SWE]

#24.Cirkulärt varvet runt – mobilskalet som vill rädda planeten Henrik Jonsson , vd på agood Company , gästar podden och berättar hur bolaget bygger cirkulära konsumentprodukter i stor skala – med lokal produktion som vapen mot klimatkrisen. Från en idé om att sälja direkt till konsument till att i dag samarbeta med jättar som Deutsche Telekom – här är berättelsen om hur hållbarhet blev affär. Ago

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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 15

Ola Wassvik & Flatfrog: Att äga vägen till skalbarhet [SWE]

Ola Wassvik , medgrundare av Flatfrog , gästar podden och berättar hur bolaget tog en optisk multitouch-teknik från ett labb i Lund till en global marknad. I dag används Flatfrogs lösningar i allt från klassrum till styrelserum – men bakom framgången finns en annan avgörande faktor: patenten. Med över 300 patent i ryggen använde Flatfrog IP som ett strategiskt verktyg för att skydda sin teknik, sä

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EP 30

Per Brickstad – Transparent & the Quest for Timeless Tech

#30. The Quest for Timeless Tech Per Brickstad , founder and chief designer at Transparent , joins us in our 30th episode – a milestone worth noting. Transparent is on a mission to become the world’s first circular tech brand, building modular and upgradable audio gear that challenges consumer electronics’ throwaway logic. From a Stockholm design studio to a global hardware company, this is the st

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Insights

ALL INSIGHTS →

What we have learned about building, scaling and funding hard things in the Nordics.

INSIGHT

Quantum That Counts: 10 Nordic Quantum Pioneers to Watch

A curated look at ten Nordic companies turning quantum research into commercial hardware and software.

READ →
INSIGHT

Under the Surface: How the Nordic Blue Hardtech Wave Is Rising

Nordic hardtech founders are turning to the ocean, building autonomous dredging robots, tidal kites and subsea sensors to drive a new blue economy.

READ →
INSIGHT

When Hardware Meets Awesome

Johan Ronnestam argues hardtech brands need archetypes and cultural resonance, not just working tech, to survive AI-driven disruption.

READ →
INSIGHT

Gothenburg Rising: where legacy meets innovation

An analysis of how Gothenburg's industrial legacy and collaborative culture are fueling its rise as a Nordic hardtech hub.

READ →
INSIGHT

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.

READ →
INSIGHT

The New Industrial Stack

Nine Nordic startups are building the software layer that lets factories be programmed like computers.

READ →
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.

READ →
INSIGHT

Vi ses snart!

Hårdvarupodden är under utveckling och de första avsnitten släpps våren 2024.

READ →
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 Validation Economy

Donut Lab's battery claims show how independent validation itself becomes strategic currency in deep hardware.

READ →
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.

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INSIGHT

The Deeptech Funnel: Why European Legacy Industry Must Stop Being a Spectator

Argues European legacy industry must engage deeptech startups earlier, during the demonstration phase, instead of waiting for finished technology.

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.

LIGHTBRINGER

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 ↗
SISP

Swedish Incubators and Science Parks, the national infrastructure for innovation environments.

SISP.SE ↗
RECURO

Growth partner for tech and media companies, from strategy to execution.

RECURO.COM ↗
PARTNER WITH US

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.