Pioneer AI: Checking the Nordic AI Pulse.
Welcome to 2024’s 15th edition of The Nordic AI Pulse, the weekly newsletter from Pioneer AI, a Nordic-focused AI investment fund. Dive in for a roundup of AI news, deals, and insights covering the Nordic region.

📚 In This Issue:

1. Why This Startup Builds ChatGPTs Just for You

2. Nordic News Roundup

3. Cool Tools and Companies

4. Please “Steal” This Startup Idea

5. Nordic AI Funding News

6. Podcast Insights

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

Pioneer Insights

Why This Startup Builds ChatGPTs Just for You

PrivateGPT is founded by a group of Danish AI entrepreneurs with many years of experience in IT.

The company offers clients the opportunity to train and develop in-house ChatGPT-like solutions for different purposes while ensuring that standards for data security, GDPR compliance and privacy are upheld.

We spoke to co-founders Jonas Christensen and Anders Hjarnaa about their company, the underlying technology, and how to develop business moats for startups that use ChatGPT or similar models as the base of their offerings.

What is your background, and how did you end up founding PrivateGPT?

Anders: I have worked with IT for about 25 years, focusing on designing and implementing advanced technology solutions. This includes technical architecture and management of AI solutions based on large language models (LLMs). Before PrivateGPT, I worked on different AI projects, including BRchat, which assists architects and constructors in complying with Danish building regulations.

Jonas: I’m an AI enthusiast and have advised companies and organisations on business development and optimisation through AI tools. My past experience includes leading around 50 employees in a large governmental organisation and driving digital transformation initiatives. Together with my brother, I built Jobbutler to learn more about how to develop and deploy solutions based on AI-APIs.

What made you launch PrivatGPT?

Jonas: Holding AI and ChatGPT workshops for Danish companies and organisations, I realised that many of them faced similar challenges. They want to roll out AI, but many core use cases, like those which involve sensitive data or personal information, are practically impossible to implement through the likes of ChatGPT and Google Gemini. These services don’t meet the companies’ requirements for data security, GDPR compliance, and privacy.

Anders: I had come to a similar conclusion and we both saw huge potential in a private and secure GPT solution via Microsoft’s Azure setup and their version of the GPT LLM.

I started building a prototype and we quickly realised that we should pursue this project and develop a full solution. Shortly after, we founded PrivateGPT ApS.

Jonas:  PrivateGPT gives companies easy, secure, and cheap access to their own private GPT. This allows companies to take advantage of AI's superpowers without sharing their data. They can build workflows, train models on their own data, and get easier and cheaper access to GPT 3.5 and GPT 4.0 for all employees (compared to ChatGPT for Teams).

How do you think that the new AI tools, such as the version of ChatGPT you have used in this context, ease the road for entrepreneurs to launch a startup?

Anders: It definitely makes launching a startup much easier.

In our case, ChatGPT has inspired our product and helped mature the market for our type of service.

In addition, we use ChatGPT (now in the form of our own PrivateGPT, based on the GPT 4.0 model) daily for tasks like code assistance, producing written material, video, images and generating content for demo cases, etc.

However, there are also areas where the new tools create new challenges, right? For example, in relation to building and maintaining business moats.

Jonas: We are very aware of being in a market characterised by rapid development and many large and small competitors. The democratisation of skills through the likes of low code tools, APIs, etc., makes it easier and cheaper than ever before to start a business.

We are trying to create a unique position in the market by offering a solution that is quick and easy to implement, that is based on known MS technology and environments, and that delivers the well-known ChatGPT experience. What helps set us apart is how our solution allows for easy adjustments in system prompts and building customised but secure GPTs with access to the company's own data.

In addition, we get unique experience and know-how by building a large number of industry and domain specific GPTs/workflows specially adapted to Danish companies in various industries (e.g. an accountant GPT who knows Danish rules and laws, a Law GPT who can support the work of Danish lawyers or a Health GPT that can support the work of general practitioners).

What do you think of the approach that PrivateGPT uses? Let us know via email or contact us on the Pioneer AI LinkedIn page here. 

🎙Nordic News Roundup

• Several AI models went head to head in the Street Fighter computer game - with a surprising winner. [SE] (SweClockers)

• Norwegian AI company lands massive contract in The Netherlands. [NO] (Finansavisen) (Paywall)

• AI can free up resources in public organisations - if they avoid these dangers. [DK] (Danmarks Radio)

• Very few Norwegians have received training in how to use AI, a new study shows. [NO] (Digi)

• Will AI replace 300,000 jobs in Sweden? [SE] (NewsOresund)

• The Agency for Digital Government will be in charge of implementing the EU AI Act in Denmark. [DK] (DigMin)

• Norwegian companies increasingly use AI in job interviews and hiring processes. [NO] (NRK)

• Sweden should look to Finland for inspiration on how to improve and support the potential for AI solutions. [SE] (Omni)

• Spotify is launching AI-generated playlists. [NO] (Lyd og Billede)

• Are small languages at risk of “being crushed” on an AI-powered internet? [SE] (Omni)

🛠️ Cool Tools & Companies

• Hedia from Denmark is a personal diabetes assistant, based on artificial intelligence.

• Valohai from Finland has developed an MLOps platform designed for ML pioneers.

• Ocean.io from Denmark harnesses AI to help sales and marketing teams.

• Intoto from Norway uses AI, IoT, and big data to improve the understanding and management of water in a sustainable way.

Do you know cool tools or companies we should feature in the newsletter? Let us know!

💵Please “Steal” This Startup Idea

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

Introducing AnimaLens, an AI-powered way to breathe new life into your still photos. The solution can realistically animate photos, transforming them into captivating short videos. This service is perfect for anyone looking to preserve and share cherished memories across generations. AnimaLens’ business moats include continual improvement of the underlying deep learning algorithms. Over time, the services can be expanded to include virtual reality, offering immersive historical and personal experiences.

🚀AI Funding News

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

• Leya from Sweden

• Plaace from Norway

• Völur from Norway

• Neuwo from Finland

• Dema from Sweden

• Buddywise from Sweden

• SiB Solutions Group from Sweden

• Signal from Denmark

• Orbis Medicines from Denmark

• eComID from Sweden

Congratulations to all of the founders and teams!

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

This week, we have three learnings from Nordic AI funding data for the first quarter of 2024. 

• There were 15 new funding rounds for Nordic AI companies in the first quarter of 2024. It is slightly lower than the funding rounds in Q1 of 2023, which saw 22, and 2022 Q1’s 19, but still in the top three for all time.

• The average funding round size of US$9.5 million points to the growing maturity of Nordic AI companies. Many companies are now closing Series A or Series B rounds. Funding was led by Norwegian 1X’s US$100 million round and Swedish Myrspoven’s US$58 million round.

• Copenhagen-based AI startups and companies led the way, closing six funding rounds. However, the quarter saw AI funding for companies across the region, including Lund, Stockholm, Gothenburg, Espoo, Vesterås, Moss, Oslo and Vantaa. While the region’s capital cities have drawn in the most funding, the results indicate that AI activity – and investor interest – is strong across the entire region.

🎧 Listen To

• EDB 5.0 [DK] - interviews the Head of Data Science at Corti about the company’s solutions for the healthcare space.

• Digitaliseringspodden [NO] - Norwegian podcast examines the latest developments in AI.

• AI-podden [SE] - explores how major AI companies are suing and counter-suing each other.

📅 Training, Meetups & Conferences

Conferences

• 24-25 April (2024): Data Innovation Summit: One of the most influential Nordic events on data, analytics and AI. [Stockholm, Sweden]

• April 25: Applied AI Nordics: Leading Nordic AI conference. This year’s focus is on how to move from opportunistic to strategic AI. [Copenhagen, Denmark]

• April 27-28: SAIM 2024: Conference for sharing knowledge and results in theory, methodology and applications of Artificial Intelligence, Soft Computing, and Machine Learning. [Copenhagen, Denmark]

• May 6-8: Quantum Computing and AI 2024: International quantum computing and AI applications workshop. [Copenhagen, Denmark]

• May 14-16: Vitalis: Conference on e-health, welfare technology, and innovation, including within AI. [Gothenberg, Sweden]

• May 15-17: DevSum 20: International conference exploring the latest trends and technologies within development. [Stockholm, Sweden]

• May 24-26: ICMLT 9: The Ninth International Conference on Machine Learning Technologies is a forum for exchanges on current challenges in the machine learning field. [Oslo, Norway]

• June 10-11: SCAI Symposium 2024: The 14th Scandinavian conference on AI (SCAI) that brings together AI researchers and practitioners to present and discuss ongoing AI work and future trends. [Jonkøping, Sweden]

• June 10-14: HHAI 2024: The third international Hybrid Human Artificial Intelligence conference exploring AI systems that cooperate synergistically, proactively, and purposefully with humans. [Malmø, Sweden]

• June 14: Symposium on AI Opportunities and Challenges: An online symposium bringing together AI thought leaders to explore the current state of AI applications across society [Sweden - Online].

• July 18-19: ICAIAE 2024: Scientific conference for exchanging and sharing experiences and results of using AI for education. [Copenhagen, Denmark]

• August 20-23: Robophilosophy Conference 2024: Social robots with AI: prospects, risks, and responsible methods. [Aarhus, Denmark]

• October 14-18: Process Mining Conference 2024: Industry and scientific conference on process mining. [Copenhagen, Denmark]

• October 18: IMA AI Conference: The 50th International Management Assistants Conference will examine the state of the industry and potential disruptions by AI. [Stockholm, Sweden]

• October 21-22: Nordic AI Meet: Symposium early-career AI researchers to network, collaborate, exchange ideas, and form a Nordic approach to building AI solutions for the societal good. [Helsinki, Finland]

• October 21-23: D3A: The Danish Digitalization, Data Science and AI brings together a diverse audience to explore the latest trends and research in AI. [Nyborg, Denmark]

Meetups

• AI Copenhagen

• Aarhus AI

• Stockholm AI

• AI Community of Sweden

• AI Engineering Sweden 

• Oslo AI

• Oslo Generative AI Meetup

• Oslo AI Product Lab

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

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

Reply to this email or connect on LinkedIn.

Until next time,

Pioneer Venture AI,