PSV Tech, a venture capital outfit with deep ties to DTU, has secured €56 million for its second investment vehicle. The round attracted fresh commitments from Chr. Augustinus Fabrikker and Nordea-fonden, while existing backers ATP, EIFO and IDA returned alongside founder-investors including Christian Lund and Henrik Printzlau of Templafy, Sebastian Knutsson of King, and Morten and Niels Ebbesen of Siteimprove. The firm focuses on Nordic technology startups at the pre-seed stage—often before they achieve product-market fit—with particular interest in AI, software and digital infrastructure ventures.

Established in 2020 as part of PSV Venture House, PSV Tech operates from a foundation stretching back 25 years at the Technical University of Denmark, when the institution first began channelling capital to early-stage technology companies and university spinouts. The organisation has since deployed nearly 500 early-stage investments and evolved into the broader venture house structure.

Fund II has already deployed capital across 19 companies spanning Denmark, Sweden and Norway. The pace accelerated in 2026, when the firm made 11 investments—details yet to be disclosed—underscoring its expanded geographic reach across the Nordic region.

Building a Nordic Flywheel

Helle Uth, Co-founder and General Partner, frames the fund's mission around sustained early-stage backing: "The technologies change, the companies change and the market changes. But there is still a need for investors willing to take the first risk alongside founders. Fund II gives us the capital to keep doing exactly that – now across the Nordics."

Uth points to Stockholm's emergence as a model for what concentrated talent, capital, universities, successful founders and recycled experience can achieve. "The opportunity now is to make that flywheel Nordic," she says. "Europe is rightly focused on the lack of later-stage capital. We need it. But we should not forget to keep feeding the beginning of that flywheel. There are no later-stage companies to invest in if we don't back enough of them early."

The four General Partners—Uth, Alexander Viterbo-Horten, Richard Breiter and Christel Piron—view the Nordic opportunity as a chance to amplify existing regional strengths. "We are not trying to be the biggest fund. We want to be the best at being early," Uth explains. "Across the hundreds of pre-seed investments our team have made, we have seen just how messy the journey from an idea to product/market fit can be. That experience matters when you invest at a point where a lot is still unproven. Our job is to understand the people, the technology and the problem well enough to build conviction before the numbers can do it for us."

Track Record and New Backers

PSV Tech's inaugural fund deployed 47 investments, including early backing for Teton and Spektr—both of which later closed $20 million Series A rounds. The new fund's investor base reflects confidence in this early-stage approach.

Claus Gregersen, CEO of Chr. Augustinus Fabrikker, views the commitment as part of a broader strategy: "The commitment to PSV Tech forms part of our strategy to strengthen the local ecosystem by investing in fund managers that play a key role in the development of emerging Danish growth companies. PSV Tech is precisely such a manager, and the investment supports our long-term commitment to Danish innovation and business development."

Nordea-fonden, which previously backed PSV Hafnium, sees similar value in the venture house's established position. "PSV Tech builds on a long-established, strong position in the Nordic startup ecosystem, and we see potential for our investment to deliver an attractive return, while also helping to support tomorrow's growth companies and create tangible value for society," says Lars Ingemann Nielsen, CFO of Nordea-Fonden.

A Quarter-Century of University-Backed Venture Capital

For DTU, the fund's final close represents a milestone in a 25-year investment journey rooted in the institution's founding principles. Anders Bjarklev, President of DTU, connects the current effort to the university's 1829 origins: "Since H.C. Ørsted founded DTU in 1829, the university has understood deeply that knowledge must be turned into real value for society. Innovation is fundamental to DTU. But innovation also requires risk capital — and courage. That is why we took the lead in creating an investment company on campus that could turn research into companies, jobs and technological progress for Denmark and the world."

Source: ArcticStartup