Swedish Tech Companies Attract Significant Investment in June and July

Swedish tech companies, particularly those focused on artificial intelligence (AI), continue to attract substantial investment. During June and July, nearly 3.7 billion SEK was invested in both new and established companies. This figure represents an increase of almost 2 billion SEK compared to the same period last year.

Lovable, a rapidly growing AI company, led the way. In July, Lovable secured nearly 1.9 billion SEK in funding, boosting the company’s valuation to 17 billion SEK. This was the largest single investment round during the period.

Other notable investments in AI companies included Tandem Health, which develops AI-based medical records for healthcare, raising 475 million SEK in late June. Tzafon, an AI company less than a year old, secured 94 million SEK in a seed round in July, reportedly the largest seed round in Swedish history.

Major Investments Announced in July:

Lovable – 1.9 billion SEK
In just eight months, Lovable, which enables users to build digital products through chat instead of coding, has grown from zero to nearly 1 billion SEK in revenue. The recent investment of 1.9 billion SEK has propelled its valuation to 17 billion SEK.
Single Technologies – 170 million SEK
Biotech company Single Technologies aims to train AI to understand biology using data from human cells. The company recently raised 170 million SEK in two separate rounds, including funding from the European Innovation Council fund and existing shareholders.
Quartr – 100 million SEK
SaaS company Quartr secured 100 million SEK, valuing the company at 1.25 billion SEK. The funding came from existing owners, including Altos Ventures and Anna and Niclas Storåkers.
Tzafon – 94 million SEK
The AI company Tzafon raised 94 million SEK in a seed round.
Waltero – 40 million SEK
Edge AI company Waltero raised 40 million SEK from existing owners.
Qurrent – 34 million SEK
Qurrent, backed by Axel Johnson, secured 34 million SEK to scale its AI-driven energy platform in the Nordics and beyond.
Nordic Air Defence – 30 million SEK
Defense technology company Nordic Air Defence (NAD) raised 30 million SEK to recruit engineers.
Certan – 25 million SEK
Health company Certan received investment from Martin Lorentzon’s investment company, Rosello.
Understatement – 12 million SEK
Underwear brand Understatement secured 12 million SEK, with Kristina Lindhe, founder of Lexington, joining as a new shareholder.
Pulse Mindfulness – 10 million SEK
Pulse Mindfulness raised 10 million SEK for the launch of its smart ring.

Major Investments Announced in June:

Tandem Health – 475 million SEK
AI company Tandem Health raised 475 million SEK.
Dentme – 150 million SEK
Dental care company Dentme raised 150 million SEK.
Enchandia – 100 million SEK
Enchandia, specializing in marine battery systems, secured 100 million SEK.
Polar – 100 million SEK
Polar raised nearly 100 million SEK to expand its platform for AI-based software companies.
Einride – 93 million SEK
Einride, which electrifies truck transports, raised 93.3 million SEK.
Impulso – 65 million SEK
Technology company Impulso raised 65 million SEK.
Embedl – 60 million SEK
Deeptech company Embedl raised 60 million SEK.
Xshore – 50 million SEK
Electric boat builder Xshore raised 50 million SEK.
Studio 555 – 44 million SEK
Swedish-Finnish game developer Studio 555 raised 44 million SEK.
Zymego – 33 million SEK
Healthtech company Zymego raised 33 million SEK.
Red Blue Gold – 30 million SEK
Red Blue Gold, aiming to build a scalable indoor saffron farm using AI and robotics, raised 30 million SEK.
Scape – 30 million SEK
Scape, offering an AI-driven CRM system, raised up to 30 million SEK.
Engrate – 27 million SEK
Energy startup Engrate raised 27 million SEK.
Cold River Games – 20 million SEK
Game developer Cold River Games received 20 million SEK.
Safety by Cecilia – 18 million SEK
Safety company Safety by Cecilia received an investment.
Techarenan – 12 million SEK
Techarenan received 12 million SEK.
Perspetivo – 10 million SEK
Survey company Perspetivo raised 10 million SEK.