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.

175
Investors mapped
1190
Ecosystem companies
37
Podcast episodes
8,000+
Newsletter readers

The funding map

ALL 175 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.

Chalmers Ventures

University Venture EntitySE

The startup incubator and investment arm of Chalmers University, supporting deep tech ventures from research to market.

Backed:Atlantic Quantum, Modvion, Parakey

Nea Partners

Investment CompanySE

Growth equity investor supporting mature tech companies in the Nordics with active ownership.

Backed:Qvantum, Hammerglass, VisionSense

Nordic Foodtech VC

Venture CapitalFIDK

Early-stage venture capital firm investing in deep foodtech across the Nordics and Baltics, backing startups building new technologies for food and agriculture.

Backed:NPHarvest, Kuva Space

LiU Invest

University Venture EntitySE

LiU Invest is the investment company within LiU Holding, owned by Linköping University. It backs early-stage companies commercializing research and student projects from the university, typically investing up to 500,000 SEK per round, and works alongside sister companies LEAD (incubator) and Unitalent.

Backed:Agricam AB, ArgusEye, Cellfion, Dazoq, Epishine, Fluolink, HPViCo, Ligna Energy AB, LunaMicro, MIMSI Materials, Nano Textile Solutions, Polar Light Technologies, Quantum Beam Optics, Radar Reticence, Sindri Labs, Sonicflora, SweGaN, VOC Diagnostics, Westra Materials, SeaPattern

Allan Junge Hyldal

Business AngelDK

Allan Junge Hyldal is a Danish business angel and Lead Angel with DanBAN, focused on medtech and deeptech startups. He has personally invested in and sits on the boards of hardware and device companies including Exo360 and PERFI Technologies.

Backed:Exo360, PERFI Technologies

Expansion Ventures

Venture CapitalINTL

Expansion Ventures is a pan-European VC firm (Paris and Stockholm) launched in 2022, targeting a €300M fund dedicated to Aerospace & Defence startups from pre-seed to Series B, with a Stockholm-based General Partner (Ulf Palmnäs) giving it genuine Nordic roots alongside its French base.

Backed:Aldoria, Alta Ares, Arkadia, Ascendance Flight Technologies, Atmos, Dcubed, EOS Technologies, ExoBiosphere, HyPrSpace, Ion-X, Latitude, Look Up, Miratlas, Osmos-X, Reorbit, Space Cargo, Univity, U-Space, Zephalto, The Exploration Company

Innovation Norway

Public FundingNO

Norway's state-owned instrument for grants, loans and guarantees to innovative companies, spanning early oppstartstilskudd startup grants through billion-kroner risk loans for battery gigafactories under the green industrial push. In 2025 it deployed 9.4 billion NOK across grants, loans and guarantees, with rolling applications year round.

Backed:Evyon, Beyonder, Morrow Batteries, Vianode, Cenate, Freyr Battery, BipBop Robots, Kitemill, Hyme, Appsens

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

Naika Invest

Investment CompanySE

Private equity firm investing in small and mid-sized businesses with long-term growth potential across the Nordics.

Backed:Cibes, Open Air

Pale Blue Dot VC

Venture CapitalSE

Pale Blue Dot is a Malmö based seed stage venture capital firm founded in 2020 by Hampus Jakobsson, Heidi Lindvall and Joel Larsson. It backs pre-seed and seed climate tech startups across Europe and the US, having closed its debut fund at 87 million euros in 2021 and a second fund at 100 million dollars in 2023.

Backed:Pionix, Brineworks, Solarock, TANGIBLE, Staer, Pollen

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

Kinnevik

Investment CompanySE

Kinnevik is a Swedish listed growth investment company, founded in Stockholm in 1936 by the Stenbeck, Klingspor and von Horn families. It backs technology-enabled companies from early to growth stage across healthcare, software and climate tech, holding a portfolio of 20+ larger companies including recent bets on green steel, heat pumps and battery technology.

Backed:Aira, Solugen, Stegra, Vay, Charm Industrial, Breathe Battery Technologies

The ecosystem

ALL 1190 COMPANIES →

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

Kongsberg Target Systems (Acquired by W5 Solutions)

ProductDefence & SecuritySensors & InstrumentationNO

Kongsberg Target Systems (KTS) develops, manufactures, and sells electronic target systems, monitors, and control systems for military and civilian shooting ranges and competitions.

WithIntent

ProductRobotics & AutomationSE

Develops AI-driven solutions to enhance user experiences and operational efficiency across various industries.

Mouser Electronics

SupplierDistribution & SupplyINTL

Distributes electronic components and semiconductors globally, serving engineers and procurement professionals with a vast inventory.

Stirlingversal

ProductEnergy & GridSE

Stirlingversal develops, tests and commercializes a proprietary Stirling engine module that converts high-temperature unclean gases into clean electricity and thermal heat, built on licensed Kockums submarine Stirling engine technology.

Science Park Skövde

EnablerScience ParkSE

Science Park Skövde focuses on innovation within IT, gaming, and smart industry sectors, providing a collaborative ecosystem and support services.

Effee Group

SupplierManufacturing & Industrial TechEnergy & GridNO

Effee Group delivers innovative services and solutions in the induction heating space for onshore and offshore markets, including induction machine manufacturing and robotic welding for on-site repairs.

Univrses

ProductRobotics & AutomationSE

Specializes in 3D computer vision and machine learning for autonomous systems and smart city applications.

Luleå Science Park

EnablerScience ParkSE

Hosts and supports innovative companies in technology and research sectors.

Clean Motion

ProductMobility & TransportSE

Manufactures energy-efficient electric vehicles for urban transportation.

TECO 2030

ProductHydrogen & FuelsNO

TECO 2030 is a Norwegian based clean tech company developing zero-emission technology for the maritime and heavy industry. We are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, that enable ships and other heavy-duty applications to become emissions-free.

Hybird Energy

ProductEnergy & GridDK

Copenhagen-based startup developing intelligent electrical panels powered by an AI energy cloud, enabling businesses to monitor and remotely control electricity, water, and heating consumption at the circuit-breaker level.

MEQU

ProductHealth & MedtechDK

MEQU produces portable blood warming devices for trauma patients, making it possible to warm up blood from cold to body temperature within seconds.

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 list is open for the first entries.

The podcast

ALL 37 EPISODES →

Conversations with the founders and funders of Nordic hardtech.

EP 23

Linda Krondahl från Things: Från hype till handling – hur deeptech blir business [SWE]

Avsnitt 23. Från hype till handling – hur deeptech blir business Linda Krondahl , vd på Things och medgrundare till Ignite Sweden , gästar podden och berättar om sin resa från solenergiprojekt i Indien till att bygga ett nav för deeptech i Sverige. Det här är ett avsnitt om hur affärer slår visioner – och varför svenska storbolag måste vakna. Vi pratar om hur Things blev en katalysator för hardtec

LISTEN →
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 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 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 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 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 35

Tomas Becklin – Teaching Infrastructure to Speak Animal with Flox

#35. Teaching Infrastructure to Speak Animal with Flox Tomas Becklin , CTO and co-founder of Flox , joins our podcast to explain how AI, acoustics and edge computing can reduce conflicts between wildlife and critical infrastructure. Flox builds systems that identify animals in real time and play sounds they instinctively understand, guiding behavior without fences, barriers or harm. In this conver

LISTEN →
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 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 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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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 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

LISTEN →

Insights

ALL INSIGHTS →

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

INSIGHT

Matter Over Code: The Nordic Path to Resilient Technology

Nordic hardtech founders are pioneering a material renaissance, shifting innovation from silicon and code to advanced physical materials.

READ →
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.

READ →
INSIGHT

Congrats Lovable – A Cautionary Tale for Deeptech?

Lovable just became Europe’s latest unicorn – and it’s a win for Swedish innovation. But deeptech founders, take note: speed isn’t everything. If capital keeps chasing AI hype, critical climate and resilience tech may get left behind.

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

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

When infrastructure thinks like nature

Flox's CTO explains how edge hardware, acoustics and AI guide wildlife away from roads, railways and airports.

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.

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

Beta-perioden är över - vad nu?

Under våren har vi spelat in fem avsnitt av Hårdvarupodden för att testa konceptet.

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

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?

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 →

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.