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Swedish Norrsken Foundation commits €300 million to back the future of ‘AI for good’ in climate, health, food, education and society
- The Norrsken Foundation based in Stockholm will invest €300 million in European startups using 'AI for good' to address challenges in climate, health, food, education, and society.
- The funds will be sourced from Norrsken VC, Accelerator, and Launcher, with criteria aligned with UN Sustainable Development Goals.
- Norrsken VC, part of the Norrsken Foundation, was founded in 2017 by Klarna Co-founder Niklas Adalberth to support purpose-driven entrepreneurs in tech sectors.
- The initiative aims to fund startups using AI to tackle societal issues and deliver measurable positive impacts.
- Norrsken emphasizes the need to address urgent problems like environmental issues and sees AI startups as significant drivers of change.
- They believe that the next successful companies will not just be technologically advanced but also focus on solving pressing global challenges.
- AI startups attracted €94.8 billion in funding in 2024, with Norrsken emphasizing the need to invest in solutions for urgent challenges.
- The Norrsken team warns that many AI startups may face challenges due to short-term hype and failure to address real-world problems.
- Norrsken highlights the potential of AI in optimizing energy grids, drug development, early illness detection, and more.
- Startups in Norrsken's portfolio like Juna.ai, Quadrivia, Submer, and Evroc are pioneering in areas such as industrial efficiency and healthcare transformation.
- These ventures are seen as part of a broader movement that could revolutionize various industries.
- Norrsken Foundation's commitment aims to drive AI innovation that positively impacts climate, health, food, education, and society.
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