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.

179
Investors mapped
1295
Ecosystem companies
37
Podcast episodes
8,000+
Newsletter readers

The funding map

ALL 179 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.

Kost Capital

Investment CompanySE

Kost Capital is a Copenhagen-based venture capital fund investing in early-stage European companies across the food and bioeconomy sector, backed by Denmark's export and investment fund EIFO as sole limited partner. It writes pre-seed and seed checks of 250k to 1M euros into ingredients, nutrition platforms and enabling process technologies, working alongside its sister venture studio Kost Studio.

Backed:Orbisk

Eyrir Invest

Investment CompanyEU

Eyrir Invest is an international investment company that focuses on investments in industrial companies that have the potential to become true global leaders.

Backed:Marel (JBT Marel), Össur, Carbon Recycling International

Bure Equity

Investment CompanySE

Bure Equity is a Stockholm-based investment company, formed in 1992 and listed on Nasdaq Stockholm since 1993. It is a long-term principal owner of listed and unlisted companies. Its hardtech holdings include Mycronic, Cavotec, Yubico, Silex Microsystems, Xvivo Perfusion, Vitrolife and Allgon.

Backed:Mycronic, Cavotec, Vitrolife Group, Xvivo Perfusion, Yubico, Silex Microsystems, Allgon

Heartcore

Venture CapitalDK

Heartcore Capital (formerly Sunstone Capital, founded 2007) is an early-stage venture firm headquartered in Copenhagen, with offices in Stockholm, Berlin and Paris. It invests from pre-seed to Series A across Europe, and its portfolio holds 100+ companies. Since 2025 it has added hardtech positions such as EGIDE (air defence), Isentroniq (quantum processors), Skynopy (space), Qualia (robotics) and IXI (eyewear), alongside a larger AI, travel and consumer software portfolio.

Backed:EGIDE, Isentroniq, Skynopy, Qualia, IXI, Cula Technologies, Ionlace, Numi, Pixieray, Gourmey, Neoplants, Orbex, Kontakt.io

Concejo

Investment CompanySE

Concejo AB (publ) is a Nasdaq Stockholm-listed Swedish investment company based in Nacka. It has two business areas: Concejo Industrier, which owns industrial fire safety companies including Firenor International and ACAF Systems, and SBF Fonder, a manager of Swedish residential real estate funds. It also holds minority stakes in Nordic technology and growth companies, such as BeammWave, Xenergic, SAL Navigation and Envigas. In 2025 and 2026 it sold Optronics Technology to Det-Tronics and kept a minority stake in the buyer.

Backed:Firenor International, Matre Maskin, ACAF Systems, Optronics Technology, Det-Tronics, SAL Navigation, Envigas, BeammWave, Xenergic, Charge Amps, Trifilon, Occlutech, C-Green

Kick Kapital

Angel networkSE

Kick Capital is a Swedish business angel investment vehicle backed by 35 regional business angels and the state venture capital firm Saminvest, run jointly by Blekinge Business Incubator, Kalmar Science Park and Företagsfabriken i Kronoberg. It invests 300,000 to 500,000 SEK via convertible loans exclusively in startups admitted to these three incubator programs in southeastern Sweden.

Backed:Carbo Gaia, Neurawave, Upmanure, Fernandi Innovation, TXG ECOBogie, Guldhov EquiTech

Northzone

Venture CapitalSE

Northzone is a multi-stage venture capital firm founded in 1996 in Oslo, now headquartered in London with offices across the Nordics, Amsterdam and New York, investing from seed through growth stage across Europe and the US. Its portfolio includes Spotify, Klarna, Einride and Black Forest Labs, and it has backed companies through more than 250 investments to date.

Backed:AirForestry, Asetek, Einride, Silex Microsystems, MicroAGI, Monumental

E14 Invest

Investment CompanySE

E14 Invest is a Swedish co-investment company based in Åre, founded in 2017 and owned by about 30 private shareholders. It invests in scalable growth companies across Sweden, with a focus on Norrland and the E14 corridor from Sundsvall to Trondheim, typically at pre-seed to Series A alongside co-investors such as Almi Invest, Chalmers Ventures, First Gate Invest and Industrifonden.

Backed:Granode Materials, 2D fab, Standard Bio, Aplex Bio, Tapster, Flox Robotics, Holyvolt

Sune Alstrup

Business AngelDK

Sune Alstrup is a Copenhagen based tech investor and DanBAN Lead Angel with a background in eye tracking and deeptech, having founded and exited The Eye Tribe to Facebook/Oculus. He invests personally as an angel in early stage deeptech and hardware startups, with tickets typically in the tens of thousands of euros.

Backed:Hybird Energy, Doublepoint, Nextmind, Sonarworks, Obital

STOAF

Venture CapitalSE

STOAF is an angel network from Stockholm of almost 50 business angels acting as an early stage investment company backing deep technology ventures focused on B2B and deep technology companies in Life Science, Industrial Technology and Software. Originally known as Stockholms Affärsänglar, it was founded in mid-2008 and now manages its third fund, STOAF III SciTech, registered as an Alternative Investment Fund under the EuVECA framework, investing in early-stage research-based spinouts across the Nordics, often alongside co-investors such as Almi Invest.

Backed:EmbeDL, VOC Diagnostics, Developeration, Uman Sense, Aligned Bio, Stockholm Water Technology, Resitu Medical, Nanolyze, Polar Light Technologies, SweGaN, Cascade Drives, NordAmps, Halo Genomics, Percepio

Christian Klibo

Business AngelDK

Christian Klibo is a Danish business angel and Lead Angel with DanBAN, the Danish Business Angels network, focused on HealthTech, MedTech, PropTech, data and governance. He and Berit Klibo have taken lead investor roles in several medtech deals, including Cystotech, a Danish medtech company developing an AI based diagnostic support tool that integrates with cystoscopy equipment for bladder cancer detection.

Backed:Cystotech

Nefco

Public FundingINTL

Nefco, the Nordic Green Bank, is a Nordic-owned international finance institution founded in 1990 by the five Nordic governments and headquartered in Helsinki. It provides loan financing, EIF-backed guarantees and Nopef feasibility funding to Nordic SMEs scaling green, climate and environmental solutions internationally, alongside financing for municipal and public projects in Eastern Europe and beyond.

Backed:Bawat, MASH Makes, SolarLab, Racell, Aeromon, Coolbrook, Merus Power, Norsepower, Sulapac, Carbon Recycling International, DTE, Thor Ice Chilling Solutions, Automasjon og Data, Kube Energy, Kyoto Group, Norwegian Hydrogen, Elonroad, Sensative, TM Systems, Sterner, Emerald Geomodelling, Cycled Technologies

The ecosystem

ALL 1295 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.

Ampliconyx

ProductManufacturing & Industrial TechFI

Ampliconyx develops and manufactures fiber optic gain modules, standard and customized, based on their proprietary tapered double clad fiber (T-DCF) technology.

NFO Drives

ProductEnergy & GridSE

Develops frequency converters for electric motors, aiming to improve energy efficiency and reduce electromagnetic interference.

Enduce

ProductEnergy & GridSE

Develops energy optimization solutions for buildings using AI and IoT technologies.

Science Park Gotland

EnablerScience ParkSE

Science Park Gotland facilitates innovation and entrepreneurship, providing support for startups and businesses in various sectors.

Optronic AB

SupplierManufacturing & Industrial TechSEFI

Optronic develops and manufactures products based on optical measurement technology for industrial applications. The company supports customers throughout the entire product lifecycle, from development and design to industrialisation and serial production. Based in Skellefteå, Sweden.

Hacarus

ProductRobotics & AutomationINTL

Develops AI solutions for visual inspection in manufacturing, including collaborations in Sweden.

Epishine AB

ProductEnergy & GridSE

Develops printed organic solar cells for indoor applications, aiming for sustainable energy solutions.

Danish Graphene

SupplierSpaceAdvanced MaterialsDK

Danish Graphene develops and produces functionalized graphene and green graphene oxide for industrial applications, including graphene-enhanced thermal adhesives for space hardware thermal management.

TioTech AS

SupplierEnergy Storage & BatteriesNO

TioTech AS is a Norwegian manufacturer of titania (titanium dioxide) nanomaterials and a developer of titania-based technologies, producing the TitanB anode material for Li-ion batteries.

Ferroamp

ProductEnergy & GridSE

Provides energy and power optimization solutions for homeowners and property owners.

ScoutDI

ProductManufacturing & Industrial TechNO

ScoutDI develops drone-based systems for fully digitized inspections of confined spaces in maritime, oil & gas, aquaculture, agriculture, infrastructure and power generation industries.

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 3

Ulrika Tornerefelt och Stella Futura: Från grön vision till laddad expansion [SWE]

#3. Från grön vision till laddad expansion Ulrika Tornerefelt , grundare av Stella Futura , gästar podden och berättar om resan från hållbarhetsrådgivning till att bygga ett snabbväxande energibolag. Från Västafrika till svenska stödtjänstmarknaden, och från idé till skalbar affärsmodell inom “battery as a service”. Vi pratar om lönsam expansion, affärsmodellering, finansieringsstrategier och hur

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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 34

Max Villman – From Cockpit to Cap Table: Inside Nordic Defense Tech

#34. From Cockpit to Cap Table: Inside Nordic Defense Tech Max Villman , former Swedish fighter pilot and now defense tech investor at Gungnir , joins the Nordic Hardtech Podcast for a grounded conversation on what really matters in modern defense innovation. With first-hand experience from the cockpit and deep exposure to today’s European and Ukrainian defense tech ecosystems, Max shares what fou

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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 32

Daniel Wentz – Greenely & the Rise of the Virtual Power Plant

#32. The Rise of the Virtual Power Plant Daniel Wentz , Chief Product Officer at Greenely , joins the podcast to unpack one of the most interesting shifts in consumer energy: the rise of home batteries, intelligent orchestration, and virtual power plants. With a background leading global connected-device software at Electrolux, he shares why trust and control are the foundation of any energy produ

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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 5

Rickard Bröms och Vässla: Full gas till fritt fall [SWE]

#5. Full gas till fritt fall Rickard Bröms , grundare av Vässla , gästar podden och berättar hur bolaget gick från Blockets enda elmoppe till internationell elfordonssatsning – och till slut in i rekonstruktion. Vi pratar om produktstrategi, supply chain, kapitaljakt och vad som händer när verkligheten kör över visionen. Men också om hur en idé kan leva vidare, även efter en konkurs. I det här avs

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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 10

Kurt Högnelid och Waybler: Laddlogik för nästa elbilsvåg [SWE]

#10. Laddlogik för nästa elbilsvåg Kurt Högnelid , VD och medgrundare av Waybler , gästar podden och berättar hur bolaget bygger ett laddsystem för lägenheter och kontor – med smart styrning, lokal produktion och ett eget moln i ryggen. Kurt har grundat sju bolag inom medtech, IT och energi, och varit entreprenör i över 20 år. Med Waybler bygger han nu för tillväxt på en marknad som både boomat oc

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EP 7

Claes Kjölhede och Airolit: Svensk hardtech ur ett drönarperspektiv

#7 Svensk hardtech ur ett drönarperspektiv Claes Kjölhede , vd på drönarbolaget Airolit , intervjuas live på Evertiq Expo i Göteborg. Vi pratar om hur man bygger avancerade drönarsystem i Sverige – och vad som krävs för att leverera till både totalförsvar och forskningsvärld. Airolit grundades 2017 för att utveckla UAV/UAS-lösningar för krävande industriella användare. Med fabrik i Mölndal, partne

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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 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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Insights

ALL INSIGHTS →

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

INSIGHT

Gillar du podden? Betygsätt den!

Hårdvarupodden har funnits sedan juni 2024. Vi kommer fortsätta expandera under 2025 och fler nyheter kommer inom kort. Podden finns för lyssnarna – inget annat. Så, hur kan vi bli ännu bättre?

READ →
INSIGHT

Print, Charge, Scale: Then Go Again

How Exeger's Giovanni Fili built a flexible solar cell platform and factory from scratch against the odds.

READ →
INSIGHT

Snart nytt år – vem ska jag prata med?

Hårdvarupodden ångar vidare in i 2025 och stora nyheter utlovas i Q1. Samtidigt söker vi fler som vill intervjuas i podden. Vem ska jag prata med i 2025?

READ →
INSIGHT

Less is More: How Flic Pushed the Button on Scalable Hardware

How Flic turned a simple Bluetooth button into a profitable, VC-free global hardware business.

READ →
INSIGHT

Vi är live!

På rekordtid (?) har vi gått från idé till handling och skapat Hårdvarupodden.

READ →
INSIGHT

The game beneath the game

Elite football's technology stack, from smart balls to computer vision, shows how Nordic hardtech is proving itself on the pitch.

READ →
INSIGHT

Building Before You Ask for Permission

Atonemo's founder explains how reduction, timing and restraint shape consumer hardware development.

READ →
INSIGHT

Livepodd i Göteborg på Evertiq-mässan

Torsdag den 19 september besöker podden Evertiq-mässan i Göteborg för att intervjua två intressanta bolag live på scenen: Airolit och Frontside. Jag (Jonas) står även på mässgolvet för samtal.

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INSIGHT

Vi är tillbaka – snart!

Efter en framgångsrik beta-period under våren, med massor av positiv feedback, så kommer Hårdvarupodden att återlanseras under hösten. Nya avsnitt inom kort! Vill du hjälpa till?

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INSIGHT

Built in Sweden? Only if you survive the manufacturing gap first

Monica Bellgran explains why Swedish hardware startups bring in industrialization too late and what that risks.

READ →
INSIGHT

Karoly Szipka on Making Machines Talk: and Building a Business Around It

IPercept's founder explains how CNC diagnostics and machine data could save Europe's aging industrial expertise.

READ →
INSIGHT

Robotics That Count: 10 Bold Builders to Watch in the Nordics

A curated field guide to ten Nordic robotics companies showing where autonomy meets industry today.

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.

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

RECURO.COM ↗
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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.