Danish early-stage investor PSV Tech has launched its second fund—Tech Fund II, targeting €70 million—to back the next wave of Nordic tech startups. With a strong focus on AI, digital infrastructure, and software, the fund aims to help the Nordics strengthen their position as a European tech powerhouse. Backing for this new fund includes heavyweight institutional investors like ATP (Denmark’s largest pension fund), EIFO, and the Danish Society of Engineers (IDA), alongside seasoned tech founders such as Templafy’s Christian Lund and King’s Sebastian Knutsson.
PSV Tech is building on its momentum from its first fund, which secured the same anchor investors. With over 65% of Tech Fund II’s target already raised and two investments already made, the fund is off to a strong start. The mission is bold yet focused: scale homegrown talent and innovation in a way that supports Europe’s technological sovereignty in an increasingly competitive global market.
Deep Tech Roots and Academic Integration Set PSV Apart
Founded in 2020 by Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron, PSV Tech is anchored at DTU, the Technical University of Denmark. This proximity to research and engineering talent gives the fund a front-row seat to breakthrough innovations—and a first-mover advantage when spotting promising startups. The fund’s roots stretch back over two decades to a government-led pre-seed initiative, but PSV now operates independently with the speed and agility of a modern venture capital firm.
This hybrid background has made PSV a trusted bridge between academic research and commercial execution. It supports founders long before product-market fit, helping them develop scalable solutions in sectors like solar energy, cybersecurity, edtech, and VR. Portfolio highlights include startups like Heliac, Heyhack, CanopyLAB, and Gleechi—each operating in spaces with high impact and global potential. The fund’s broad reach spans climate tech, enterprise SaaS, and digital health, ensuring both commercial opportunity and societal relevance.
Building Global Companies from the Nordics, Not the U.S.
Despite the Nordics being one of the most educated and secure regions in the world, many founders have historically left for the U.S. to find capital. PSV Tech wants to change that. By injecting early capital into startups with big ambitions, it’s offering local founders a solid launchpad to build global companies—without needing to relocate.
“We believe that investing in early-stage tech is no longer just about growth—it’s about European self-reliance,” says Helle Uth, General Partner at PSV Tech. She emphasizes that pre-seed investment in AI and software is essential to making Europe more resilient and future-ready.
ATP, one of the key backers, shares this vision. Sabine Calmer Braad, Head of Global Direct Investments, notes that supporting PSV helps drive job creation and innovation in Denmark while offering returns to ATP’s members. IDA Chairwoman Laura Klitgaard echoed this sentiment, highlighting PSV’s ability to connect STEM talent with capital and mission-driven leadership.
Entrepreneurs like King co-founder Sebastian Knutsson also believe PSV is creating the conditions needed to keep top-tier founders in the region. “The Nordic safety net and education system make it an ideal place to build companies—we just need to ensure the capital stays too,” he said.
With Tech Fund II, PSV Tech is doubling down on its unique model: blending research, venture capital, and deep-tech know-how to empower the next generation of Nordic tech startups. The goal isn’t just building companies—it’s helping shape Europe’s future on its own terms.
