PSV Tech Closes €56M Fund II to Back Nordic AI Startups

The big picture: PSV Tech announced the final close of Fund II at €56 million, building on its mission to back Nordic founders before product-market fit. The fund expands its focus across the Nordics in AI, software, and digital infrastructure, continuing a 25-year legacy of early-stage technology investment originating from the Technical University of Denmark (DTU).

What it will back:

• Early-stage focus: Fund II targets companies before product-market fit, where evaluation relies heavily on team quality and adaptability rather than market traction.
• Sector focus: Investments will concentrate on AI, software, and digital infrastructure, particularly companies emerging from research environments with deep technology and IP.
• Geographic scope: The fund will invest across the Nordics, aiming to foster a regional “flywheel” effect similar to Stockholm’s ecosystem, with a particular emphasis on Denmark, Sweden, and Norway.

Who is behind it:

Fund II is led by General Partners Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron. PSV Tech’s first fund made 47 investments, with six exits including Heyflow and Heyhack. Anchor LPs for Fund II include new investors Chr. Augustinus Fabrikker and Nordea-fonden, alongside existing LPs such as ATP, EIFO, IDA, and founders Christian Lund and Henrik Printzlau of Templafy, King co-founder Sebastian Knutsson, and Siteimprove founders Morten and Niels Ebbesen.

The catch: PSV Tech’s strategy of investing pre-product-market fit positions it in a high-risk, high-reward segment. While the fund’s roots at DTU provide access to technical talent, the challenge lies in identifying adaptable teams in a rapidly evolving AI landscape where technology alone may not guarantee competitive advantage. The fund’s success hinges on its ability to prepare companies for subsequent growth capital, addressing Europe’s acknowledged shortage of later-stage funding by ensuring a robust pipeline of early-stage ventures.

Key Facts

• Firm: PSV Tech
• Fund: Fund II
• Size: €56M
• Status: Final close
• Stage: pre-product-market fit
• Focus: AI, software, and digital infrastructure
• Geography: Nordics
• Anchor LPs: Chr. Augustinus Fabrikker, Nordea-fonden, ATP, EIFO, IDA, Christian Lund, Henrik Printzlau, Sebastian Knutsson, Morten Ebbesen, Niels Ebbesen
• Partners: Helle Uth, Richard Breiter, Alexander Viterbo-Horten, Christel Piron
• Announced: 2026-10-08