PSV Tech has closed Fund II at €55 million to back Nordic startups before product-market fit. The fund focuses on AI, software and digital infrastructure across the Nordics. Its approach centres on assessing founding teams when market evidence is still limited.
How does Fund II choose companies?
Fund II continues PSV Tech’s early-stage approach, investing before a company has established product-market fit. At that point, a startup may have little traction or a finished product for investors to assess. PSV Tech General Partner Helle Uth says the team therefore pays particular attention to the founders. This means evaluating how the team thinks and responds while the business is still taking shape.
The fund’s investment focus spans AI, software and digital infrastructure across the Nordics. Those areas describe the kinds of businesses PSV Tech plans to support, rather than a later growth-stage threshold. The fund’s mission is to back founders before product-market fit. The announcement does not specify how many investments Fund II will make or the amounts allocated to individual companies.
What does PSV Tech do after investing?
PSV Tech says preparing companies to raise growth capital is an important part of its work. That preparation involves understanding what a business may need to demonstrate before a larger or international fund invests. The team considers which value inflection points could make progress visible to a future investor. A value inflection point is a milestone that indicates a meaningful change in a company’s development.
This work links an early investment to the next financing stage, while leaving each company’s route dependent on its own progress. The source does not set out particular milestones or promise that portfolio companies will secure later funding. It describes PSV Tech’s role as helping founders understand what potential growth investors may want to see. Fund II’s disclosed size is €55 million, while individual investment terms remain unspecified in the material provided.
How is AI changing early-stage companies?
Uth describes AI as enabling some companies to accomplish more without quickly building large teams. She also points to companies emerging from research settings and building on deeper technology and intellectual property. IP is shorthand for intellectual property: creations and technical work that can be protected or owned. These observations form part of PSV Tech’s view of the types of opportunities appearing in the market.
Access to powerful AI models can also mean that a strong product alone does not guarantee an enduring advantage, Uth argues. She emphasises distribution, customer reach and becoming part of customers’ everyday workflows. In this account, distribution means getting a product in front of customers and making it useful in their regular work. The source offers this as Uth’s assessment, rather than a formal selection rule for Fund II.
Who leads the fund and what remains unknown?
Fund II is led by General Partners Helle Uth, Richard Breiter, Alexander Viterbo-Horten and Christel Piron. PSV Tech began in 2020 as part of PSV Venture House, whose investment roots go back to an organisation formed at Technical University of Denmark. The source says that organisation has made close to 500 early-stage investments over 25 years. That history provides context for the team’s experience, but the material does not identify those investments individually.
The announcement establishes the fund’s final close and its broad investment focus, while leaving portfolio construction details open. It does not name specific investments, disclose individual cheque sizes or state a timetable for deployments. Further information about which companies receive backing would show how the stated focus is applied. The next useful details for founders and investors will be the fund’s investments and the milestones PSV Tech supports.