Swedish investor Norrsken has announced a commitment of 300 million euros ($348 million) to support European startups that are using artificial intelligence (AI) for global good. The funds will be invested in companies that are tackling challenges in areas such as climate change, healthcare, food systems, education, and societal infrastructure. The investment comes from the collective liquidity pool of Norrsken’s venture capital, accelerator, and launcher programs.
The foundation believes that AI has the potential to be a transformative force in solving the world’s most pressing problems, rather than just driving productivity growth and convenience. “The investors at Norrsken’s funds have lived through multiple waves of technological revolutions. From the internet boom to the app era, the rise of SaaS, climate tech, and now AI.
And one pattern always holds: we overestimate the short-term hype but underestimate the long-term impact,” the company stated in an open letter.
Norrsken’s AI commitment for global good
Norrsken’s investment criteria will be linked to the United Nations Sustainable Development Goals (SDGs) to ensure that impact and sustainability are considered throughout the investment process.
This includes deal screening, due diligence, deal structuring, and exit strategies. Founded in 2016 by Niklas Adalberth, co-founder of Klarna, Norrsken aims to create a global impact ecosystem where founders can access the knowledge, capital, and networks needed to make saving the world their business. The foundation runs Norrsken House in Sweden and Norrsken House in Kigali, East Africa’s largest hub for startups.
The investment in AI for good comes at a time when venture capital-backed startups raised over $80 billion in the first quarter of this year, a nearly 30% increase compared to the fourth quarter of last year, according to professional services group EY. Agate Freimane, general partner at Norrsken VC, said, “Artificial intelligence is the most powerful tool humanity has ever created. Yet, so far we are mainly using it to optimize clicks and automate emails.”
Norrsken’s commitment to investing in AI for good underscores a growing recognition within the investment community of the importance of supporting technologies that not only advance economically but also socially.