Pioneer AI: Checking the Nordic AI Pulse.
Welcome to the first 2024 edition of The Nordic AI Pulse, the weekly newsletter from Pioneer AI, our Nordic-focused AI investment fund. Dive in for a roundup of AI news, deals, and insights covering the Nordic region.

📚 In This Issue:

1. Five Nordic AI trends that will shape 2024

2. Nordic News Roundup

3. Cool Tools and Companies

4. Please “Steal” This Start-up Idea

5. Nordic AI Funding News

6. Podcast Insights

7. Upcoming: Nordic AI Events You Shouldn't Miss

Pioneer Insights

Five Nordic AI trends that will shape 2024

Existing and budding AI entrepreneurs, start-ups, investors, and companies investing in AI solutions are entering a transformative year.

The Nordics are known for robust technological infrastructure and relatively high salaries. Companies are willing to try new solutions that help us work smarter instead of harder. Add AI’s whirlwind development speed, and you have the perfect recipe for rocket-like growth in AI-driven activity.

Here are some of the main trends we at Pioneer AI believe will be pivotal in shaping 2024 in the Nordic region.

1. Generative AI gains enterprise momentum

Generative AI had a breakout in 2023. Now, it’s becoming integral to business operations. Nordic companies of all sizes are moving from initial trials toward actively integrating these technologies across workflows to increase productivity and efficiency. This opens up vast market opportunities for existing and new AI solutions.

2. Top-down vs “Bring Your Own AI” (BYOAI)

Companies and individual users have two fundamental options: deploying one-size-fits-all AI packages or combining various AI services. Option two often provides the most significant work capability improvements but can raise data security risks. Finding the optimal way to navigate this top-down vs “BYOAI” approach will be a central issue in the year ahead. As a result, companies offering solution integration or tailoring AI packages for corporate clients may be in for a good year.

3. AI start-ups go vertical

We predict that 2024 will be the year of specialised AI start-ups. So far, Large Language Model (LLM) AI solutions like OpenAI’s ChatGPT can do many different things and have dominated media attention. Many AI start-ups have leveraged the models to launch “LLM + API” solutions. These often have few business moats and inhabit busy, hyper-competitive market space. In comparison, AI solutions combining focus and understanding of specific sectors with tailored solutions and AI models often inhabit less competitive spaces and have stronger business moats. We expect to see such companies have a strong 2024.

4: Ethical AI and legislation

The EU AI Act was launched at the end of 2023. It is the first legal framework for AI but will not be the last. As AI becomes increasingly embedded in our lives, ethical considerations and regulatory frameworks will continue to evolve. This may be especially important to AI companies in the Nordics, with our societal focus on welfare and ethical standards. Staying ahead of legislative changes will likely require AI companies to seek outside guidance, for example, via investors, to ensure compliance.

5: AI and sustainability

The Nordics have a history of focusing on sustainability. It has become a thriving industry space across the region, with world-leading producers in areas like renewable energy. 2024 will see a rise in AI applications that reduce carbon footprints, optimise energy use, and advance sustainable practices across industries. Thanks to a strong home market, Nordic companies with such solutions can be well-placed to grow internationally.

Let me know your thoughts about the list and if I missed anything.

🎙Nordic News Roundup

• AI influencers are on the rise, commanding thousands of dollars to promote products. [SE] (Omni)

• Few Danes feel threatened by AI. 40% believe AI will improve their job prospects. [DK] (TV2)

• ChatGPT suggests New Year’s resolutions for a Norwegian man. See how it went. [NO] (NRK)

• Can artificial intelligence predict how your life will go – and when we will likely die? [DK] (Illustreret Videnskab)

• According to a new analysis, generative AI investments will double in 2024. [SE] (ComputerSweden)

• Norway’s consumer authority (Forbrukertilsynet) wants to change the laws governing AI. [NO] (Digi)

• Danish pharma giant Novo Nordisk is looking to open an AI centre to develop new products. [DK] (WatchMedier)

• AI integration in ambulance services can help save lives. [SE] (diGITAL)

• Data equals gold to Ais. The question is, who gets to reap the benefits? [NO] (Computerworld)

• Countries across the world are looking to create national AI models and solutions. [SE] (Dagens PS)

🛠️ Cool Tools & Companies

• AgriDrone from Sweden offers autonomous agriculture drones as a service.

• Tailwind Biotech from Denmark’s AI-powered synthetic DNA design services increases the efficiency of genetic engineering processes.

• HeiTech from Finland has developed tools for AI Dubbing for events and video.

• Kin from Denmark has created personal AI avatars for your private life

Do you know cool tools or companies I should feature in the newsletter? Let me know!

💵Please “Steal” This Start-up Idea

We would love to see someone build the following (and if you do, we might invest in you).

Introducing"EduFlow AI"- the future of business training and support. It offers AI-generated step-by-step video documentation and documents for training, onboarding, and customer support. The platform's personalisation engine allows for tailored and dynamic content. The platform can learn and evolve with each user interaction, offering a uniquely tailored experience. Advanced analytics enables businesses to gain insights into the effectiveness of their training and support materials, fostering a cycle of continuous improvement.

🚀AI Funding News

Select Nordic AI companies that have raised funds in recent months:

• Magic Feedback from Denmark

• Meltwater from Norway

• Valkiv from Sweden

• BeCause from Denmark

• Skald AI from Sweden

• Teton from Denmark

• RiACT from Denmark

• Capalo AI from Finland

• Saidot from Finland

• QA.Tech from Sweden

Congratulations to all of the founders and teams!

Are there other Nordic companies that should be on this list? Let me know!

🎧 Listen To

• AI-podden [SE]- Looks back at what happened with AI in Sweden over the last year.

• AI Denmark [DK] - Takes a similar look at the year of AI in Denmark.

• Bouvet [NO] - Considers the speed of AI development and asks, “How close are we to developing General AI?”

📅 Training, Meetups & Conferences

Conferences

• February 1-2: Danish Digitalization, Data Science and AI: AI research and knowledge-sharing conference. [Nyborg, Denmark]

• 14 March: Applied AI Nordics: Make AI practical and understandable and inspire how to get value from AI in business. [Copenhagen, Denmark]

• 14 March: AI-Con 2024: AI in the context of content and marketing. [Oslo, Norway]

• 17-18 April: AI+: Get the latest updates from the world of artificial intelligence. [Halden, Norway]

• 24-25 April: Data Innovation Summit: One of the most influential Nordic events on data, analytics and AI. [Stockholm, Sweden]

Meetups

• AI Copenhagen

• Aarhus AI

• Stockholm AI

• AI Community of Sweden

• AI Engineering Sweden 

• Oslo AI

• Oslo Generative AI Meetup

• Oslo AI Product Lab

Got an AI story or insight from the Nordics? Share it with me!

Reply to this email or connect on LinkedIn.

Until next time,

Peter