A Unicorn Moment Worth Pausing

While sunburns and funding rounds keep heating up, some stories demand a second look — even the good ones.

This week, we zoom in on Lovable: the Stockholm-based “last piece of software” that just became Europe’s latest unicorn. It's a stunning win for Nordic tech, and a quiet warning for us in deeptech and hardtech. Because when software flies, hardware risks getting grounded.

So before you hit the archipelago or debug another prototype, take five for this week’s edition. It’s light, sharp, and still very much hardtech.

• Lightbringer: AI-powered patent platform helping tech companies protect their edge fast, with in-house legal expertise. Missed our recent IP webinar? Watch the replay!
• Recuro: Growth partner for hardtech and deeptech. Strategy, marketing, and scalable business models that drive real traction. Book an intro.
• SISP (Swedish Incubators & Science Parks): The network for 60+ incubators and science parks in Sweden, powering innovation and scaleups across the country. Find yours here.
• The Yard: Gothenburg’s industrial-chic hub for startups. Co-working, community, and serious hardware energy. Explore their memberships.

Lovable Just Went Unicorn – But Don’t Let Deeptech Starve

As the Stockholm-based “last piece of software” takes off, it’s tempting to treat their speed and scale as the new Nordic blueprint. But not everything should, or can, grow like that. Jonas Åström, asks the harder question: What gets left behind when software wins it all?

Lovable’s rise illustrates that it is absolutely possible to build and scale global software companies from Europe. With the right timing, talent and execution, you can attract world-class teams, plenty of capital and hockey-stick revenue graphs. But that logic doesn’t apply across the board — and definitely not in deeptech.

There is a real risk that success stories like this distort expectations. If investors and entrepreneurs come to see Lovable’s rapid journey as the gold standard, capital and attention could shift disproportionately towards fast-scaling AI and software ventures. This could inadvertently leave critical deeptech innovations — essential to our future prosperity and security — starved of resources and attention.

The concern is not about AI’s potential. It’s about balance.

Unlike software, physical deeptech innovation is inherently complex, costly and slow. Entrepreneurs face extended periods of R&D, patenting, supply chain development and production scaling — challenges rarely found in digital ventures. Yet the atom-based world still depends heavily on tangible, physical technologies.

The concern is not about AI’s potential. It’s about balance. AI alone cannot transition us away from fossil fuels, and uncontrolled AI growth might even increase our carbon footprint. Europe has historically led global sustainability efforts and must continue developing the physical technologies needed for ecological and geopolitical resilience.

And while deeptech is essential, it also has lessons to learn. Rapid iteration, customer-centricity and market relevance must become standard, even in longer product cycles. Too often, deeptech innovations fail because they ignore market signals or lack strong entrepreneurial execution.

So yes, celebrate Lovable. It’s an inspiring success story. But don’t let it become the only story. Europe’s future needs both speed and depth — and the patience to build what truly matters.

        <div class="kg-cta-content">
            
            
                <div class="kg-cta-content-inner">
                
                    <div class="kg-cta-text">
                        <p dir="ltr"><span>🎧</span><b><strong> PS. There’s a sibling thread here:</strong></b><span> In an earlier podcast, we spoke with </span><b><strong>Alexander Osika</strong></b><span> — brother of Anton Osika (co-founder of Lovable). Alexander’s startup SNRGY </span><b><strong>raised 4.5M SEK on Kickstarter with Glorb</strong></b><span>, proving that hardware can be both beautiful and scalable.</span></p>
                    </div>
                
                
                    <a href="https://open.spotify.com/episode/3lk5zRTBLgqWiCONglCn9t?si=5ed1cd9a95044ffd" class="kg-cta-button ">
                        Listen to the episode (in Swedish) →
                    </a>
                    
                </div>
            
        </div>
    </div><hr>

Lately ⏮️

Selected news from the hardtech ecosystem

• Norway’s deeptech scene is scaling under the radar. Strong AI infra, public trust and climate focus, here’s what the rest of Europe can learn.
• Climate-tech VC is down 19%, but debt is rising. For Nordic hardware founders used to blending public and private capital, that shift could be an advantage. Full story.
• The EU just named ocean energy a key climate tech — a win for wave and tidal startups. And to prove the point, Sweden’s CorPower just hit a major milestone with its fourth-gen system.
• Speaking of big frontiers — space and ocean tech have more in common than you think. If you missed it, our episode with Rymdkapital’s Ted Elvhage dives into why deeptech matters in orbit and on Earth. Catch up here.

---

Up next ⏭️

What's brewing in the community?

• ESA Kick-Starts offer six months of feasibility funding for space-enabled or space-adjacent tech. A rolling opportunity worth keeping in mind if you’re in the sector. Next deadline: August 29
• LEGO is hiring an Innovation Ways-of-Working Manager to reshape how physical and digital play experiences come to life. If you’ve coached teams through complexity, and want to influence a 3000-person product org, this could be your next hardtech-adjacent playground.
• Science Week and Sweden’s National Innovation Summit join forces in 2025 — a national pulse check on innovation, industry and future skills. Nordic Hardtech will be part of the conversation, so mark your calendar! (it’s a while off, but autumn calendars fill up fast).
• And while you’re marking calendars for fall: Nordic Innovation Summit hits Seattle October 21–22, spotlighting Nordic–US tech, policy and scale-up collisions. A strong stage if you're eyeing transatlantic expansion.

---

Funding your build? This list gets you closer.

Few investors actually understand hardtech. We’ve listed the ones who do.

Explore the full Nordic Hardtech Funding List

---

Nordic Hardtech is a platform for the hardtech ecosystem — sharing knowledge, bringing inspiration, and building community through podcasts, newsletters, events, and more.

💸 Fuel up. Scaling takes capital — The Nordic Hardtech Funding List shows you where to find it.

💥Get involved. Pitch a topic. Join the podcast. Get on the investor list–if you're hardtech.

→ Spotify | LinkedIn | nordichardtech.com (beta!)
📩 hello@nordichardtech.com

    <picture><img class="kg-signup-card-image" src="/images/content/f227326276-Nordic-Hardtech---Digital-assets--square---5-.png" alt=""></picture>

        <div class="kg-signup-card-content">
            
            <div class="kg-signup-card-text ">
                <h2 class="kg-signup-card-heading"><span>Sign up for Nordic Hardtech</span></h2>
                <p class="kg-signup-card-subheading"><span>The platform for leaders of hardtech</span></p>
                
    <form class="kg-signup-card-form" method="post" action="https://nordichardtechnvotf6lc-forms.functions.fnc.fr-par.scw.cloud/">
        <div class="kg-signup-card-fields">
            <input class="kg-signup-card-input" name="email" type="email" required placeholder="Your email">
            <input type="text" name="website2" tabindex="-1" autocomplete="off" style="position:absolute;left:-9999px" aria-hidden="true">
            <button class="kg-signup-card-button kg-style-accent" type="submit">Subscribe</button>
        </div>
    </form>
    
                <p class="kg-signup-card-disclaimer"><span>Don't worry it's free. No spam. Unsubscribe anytime. </span></p>
            </div>
        </div>
    </div>