Report: Why AI Will Lead to Start-up Boom

How AI changes the possibilities and priorities for start-ups in Scandinavia.

Author

Peter Juel Jensen
December 10, 2024

Pioneer AI: Checking the Nordic AI Pulse

Welcome to Pioneer AI’s newsletter, The Nordic AI Pulse. We are a Nordics-focused AI investment fund.

We track, share, and analyse information and insights on Nordic-related AI news, deals, and trends.

📚 In This Issue:

  1. Report: Why AI Will Lead to Start-up Boom

  2. Nordic AI News

  3. Nordic AI Funding News

  4. Podcast Insights

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

Report: Why AI Will Lead to Start-up Boom

What happened: A recent report by Index Ventures and Slush, unveiled at the Slush startup event in Helsinki, shines a light on AI’s importance for European startups.

The study surveyed over 600 founders and operators, including many in Scandinavia. Almost half the participants think AI will increase start-up employment over the next five years. Optimism is particularly strong in areas with high demand for large-scale language model (LLM) expertise - including, of course, the AI startup space.

The report also highlights that employees with AI skills earn, on average, 10% more than their peers, underscoring the growing value of AI proficiency in the job market.

Media report [SE] on the new report. The English-language version of the report.

Why it matters: AI is, in a nutshell, reshaping operational and growth dynamics and opportunities for startups across industries.

AI solutions’ ability to automate tasks enables startups to operate more efficiently with smaller teams and employees to focus more on innovation and strategic initiatives.

The shift also leads to changes in what you should probably prioritise as a startup founder when putting together your team. For example, as discussed in a previous edition of the newsletter, full-stack engineers who can develop and iterate solutions rapidly will be worth their weight in gold.

Moreover, startups stand to gain competitive advantages through hiring staff with AI understanding across departments, including marketing, sales, and HR.

For AI companies, this may lead to new opportunities for developing and marketing solutions for their startup peers.

What do you think? Any comments or thoughts? Let us know via email or contact us on the Pioneer AI LinkedIn page here. 

❄️Nordic News Roundup❄️

  • The number of Swedish companies using AI solutions has more than doubled in 12 months. [SE] (Arbetverlden)

  • Only 50% of Norwegians trust AI-generated news articles. [NO] (Kode24)

  • AI is helping fix potholes in Danish roads. [DK] (TV2 Øst)

  • Swedish public transport systems are using AI to improve safety. [SE] (Region Stockholm)

  • Is a slow start going to impede Norwegian AI development? [NO] (Computerworld)

  • Danish SMVs share how they use AI across all industries and job functions. [DK] (Dansk Industri)

  • An AI agent is streamlining adult education in Sundsvall, Sweden. [SE] (SVT)

  • Nordic companies worry more about AI problems and ethical challenges than companies in other countries. [NO] (Computerworld)

  • About 50% of Danish parents do not want their children to use artificial intelligence. [DK] (Kristeligt Dagblad)

  • Swedish AI ​​Commission's chairman calls on the state to take a clear leadership role in pushing AI forward. [SE] (Dagens Industri)

  • Girlfriend uses ChatGPT to win arguments with her boyfriend. [DK] (Nyheder24)

🚀AI Funding News🚀

Select Nordic AI-related deals, investments, acquisitions and insights. 

Congratulations to all of the founders and teams!

Pioneer AI’s top Nordic AI funding insights and highlights:

1: Healthcare + AI holds huge potential
Augere Medical, an Oslo-based medical device company, has secured NOK 23 million (€1.9 million) in its initial funding round to advance its AI-driven PolypAID™ system. The system enhances polyp detection during colorectal cancer screenings. Colorectal cancer is the second leading cause of cancer-related deaths worldwide, and improving early detection is crucial for reducing mortality rates.

The investment underscores the potential of AI image recognition systems in areas like cancer diagnostics, delivering innovative solutions that significantly improve patient outcomes. The Nordics' strong focus on technological advancement and healthcare excellence helps position the company for future success in the fight against cancer.

2: Sustainable supply chains get an AI boost
Stockholm-based Kodiak Hub has raised €6 million in funding to advance its AI-powered Supplier Relationship Management (SRM) platform. This investment will be used to further expansion into the U.S. market and enhance AI-driven data analytics tools.

In recent years, supply chains have evolved significantly, with a heightened emphasis on sustainability driven by regulatory requirements and shifting consumer expectations. Kodiak Hub's platform addresses those changes and offers procurement teams a comprehensive view of supply chain risks and performance and the ability to proactively manage supplier quality, risk, and compliance. by transforming complex data into actionable insights.

This approach aligns with the Nordic region's strong commitment to sustainability and reflects a global trend toward responsible procurement practices, positioning Kodiak Hub for substantial growth as more countries adopt similar standards.

🎧Listen To🎧

Nordic AI news and analysis for your ears.

  • Prompt [DK]- Looks at the effect of AI Daisy, an AI granny designed to take fraudster calls and wastes the fraudsters' time by talking about everything from knitting to Medova tea.

  • In Good Company - The Norwegian Wealth Fund’s podcast talks to the CEO of healthcare company Roche, Thomas Schinecker, about the impact of AI in healthcare and drug discovery. 

  • Teknologi og mennesker [NO] - Minister of Digitalisation and Public Administration Karianne Tung, and Atea CEO, Ole Petter Saxrud, join the podcast to discuss Norway’s new digitalisation strategy and how the country can become a world leader in public digitalisation.

📅Training, Meetups & Conferences📅

Conferences

2025

  • January 7-9: Northern Lights Deep Learning 2025: Gathers researchers both on a national and international level to exchange ideas, encourage collaborations and present cutting-edge deep learning research. [Tromsø, Norway]

  • February 3-7: AI Week 2025: Massive conference with broad line-up and programme exploring AI’s impact and potential across industries, functions, and society. [Oslo, Norway]

  • February 25: Cybersecurity and AI: Cybersecurity conference focused on the impact of AI on cyber threats and defences. [Copenhagen, Denmark]

  • March 12: AI Marketing Conference: A conference filled with concrete strategies and implementable tips from leading experts in AI-driven marketing. [Copenhagen, Denmark]

  • March 17-20: IEEE Symposium on Computational Intelligence: Research conference focused on sharing research concepts and results and fostering an environment for future collaborations. [Tromsø, Norway]

  • March 19-20: OffDig 2025: A conference focused on digitisation, including the use of AI, in public organisations. [Aarhus, Denmark]

  • April 3: Applied AI Nordics 2025: Explore real-world case studies, results and learnings from the business implementation of AI across industries. [Copenhagen, Denmark]

  • April 11: Gothenburg AI Alliance Conference: One-day conference exploring various aspects of AI implementation. [Gothenburg, Sweden]

  • May 7-8: Data Innovation Summit: Large conference for exploring ways to accelerate AI-driven transformation throughout companies, industries and public organisations. [Stockholm, Sweden]

  • May 12-14: AI and Machine Learning for Healthcare: Research conference exploring advances in deep learning and neural networks for the development of intelligent healthcare systems. [Copenhagen, Denmark]

  • May 13-15: International Congress on Industrial AI and eMaintenance: Congress focused on industrial artificial intelligence, or IAI. [Luleå, Sweden]

  • May 14-15: Stockholm Tech Show: One of the Nordic region’s largest events and meeting places for professionals involved in new technologies, including AI. [Stockholm, Sweden]

  • May 15: Data Centres Denmark: Industry conference that includes looks at how AI is driving the exponential growth in the data centre industry. [Copenhagen, Denmark]

  • May 15-16: International Conference on AI and Soft Computing: Scientists, researchers, and research scholars come together to exchange and share experiences and research results regarding AI and soft computing. [Copenhagen, Denmark]

  • May 22: AI Compute Summit: Examines the future of AI computing, addressing the challenges of building scalable, sustainable systems. [Copenhagen, Denmark]

  • June 2-3: NORA Annual Conference: An annual event for the Norwegian AI research community where participants can interact and share research, ideas, and new perspectives. [Oslo, Norway]

  • June 11: Scandinavian Creative AI Summit: Newest in an event series designed to showcase how professionals in the creative industries embrace the power of generative AI. [Copenhagen, Denmark]

  • June 12-13: DevSum 2025: One of Sweden’s most prominent tech conferences, including many workshops and speakers focused on AI. [Stockhold, Sweden]

Meetups

Do you know of an event, meetup, or similar event that you think should be on the list? Let us know!

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

Reply to this email or connect on LinkedIn.

Until next time,

Pioneer Venture AI,