The Stockholm-based foundation has set aside nearly $350 million for European AI startups working to solve global climate, health, food and education challenges. The capital will be drawn from the three of Norrsken’s five funds: Norrsken VC, Norrsken Accelerator and Norrsken Launcher. (Norrken’s other two funds, Norrsken22 and Norrsken Africa Seed Fund, are focused on African tech startups).
“Artificial intelligence is the most powerful tool humanity has ever created,” the foundation’s partners wrote in an open letter. “AI is not just another productivity boost; it’s a real chance to fix what truly matters.” Norrsken VC, through its €320 million impact venture fund that closed last May, has backed half a dozen early stage AI startups in Europe.
Munich-based Predium makes ESG management software for real estate and finance firms. Quadrivia, in the UK, has built an AI-powered clinical assistant for overworked medical professionals. And Sweden’s Flower helps optimize energy usage and enhance grid resilience.
Impact philanthropy
Niklas Adalberth, one of the founders of Swedish “buy now, pay later” pioneer Klarna, launched Norrsken Foundation in 2016 to invest in global entrepreneurs using technology as a force for good.
Adalberth sold most of his shares in the fintech unicorn to seed the Norrsken foundation with $125 million, almost half of his personal wealth. Privately held Klarna was valued at $45.6 billion in 2021.
In the US, the Kapor and San Francisco foundations and Omidyar Network have committed $25 million for developing tools for the responsible use of AI in education, workforce, innovation and infrastructure (see, “Omidyar Network, Kapor and SF foundations commit $25 million for equitable and ethical AI”).
