Swedish Tech Weekly #351: Telness Tech, Multi4, Cellevate, Gårdskapital, Blodtrycksdoktorn, Traktorarvid, Imvi Labs, Proteinish, Payer, Auxy, Cardinal, 2ndShoot, Neurawave, Y Combinator, MASSIV+, Baseload Capital, and more

Welcome to the latest from Sweden's startup & tech sector.

I'm Martin Weigert. Every Monday morning, Swedish Tech Weekly brings you a selection of some of the news I previously covered in my PRO newsletters, which are available as daily and weekly version.

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• The parent company of Swedish provider of next-generation cloud-based telecom solutions Telness Tech, is divesting its mobile virtual network operator (MVNO) Telness to mobile operator Telia in Sweden (English, Swedish / Breakit paywall).

• Boozt, Sweden-founded online fashion retailer, acquired a strategic 20% stake in Dialoge, a Denmark-based startup offering tailor-made AI shopping assistants for e-commerce (Swedish, machine translation).

Send press releases about funding rounds, and other potentially relevant news, to news@swedishtechnews.com.

• Multi4 (Jönköping, technology for endoscopic cancer diagnosis and treatment): SEK29M (€2.6M, $3M) from existing investors, and new angel investors (funding details page).

• Cellevate (Lund, developing proprietary nanofiber technology for building cell culture solutions for cell and gene therapy and novel vaccines biomanufacturing): SEK21.3M (€2M, $2.3M) from Almi Invest, angel investors, and existing investors such as Industrifonden and EIC Fund (funding details page).

• Gårdskapital (Stockholm, financing platform for Swedish farm businesses): SEK7M (€640K, €730K) from angel/private investors (funding details page).

• Blodtrycksdoktorn (Lund, digital healthcare provider focusing on hypertension management and weight loss): SEK7M from existing investors (Swedish / Breakit paywall, funding details page).

• Traktorarvid (Uppsala, develops an electric autonomous agricultural machine for heavy hauling work): SEK7M mostly from existing investors (funding details page).

• Imvi Labs (Malmö, VR- and app-based healthtech solution for improved eye coordination and reading speed): SEK6M (€560K, $650K) from Granitor Growth Management, among others (Swedish / Rapidus paywall, funding details page).

• Proteinish (Stockholm, developer of textured plant protein): SEK5M (€450K, $520K) grant from Vinnova (English). ➡️ Startup first covered in PRO in December 2024.

• Payer (Stockholm, solution for automated B2B invoicing): SEK3.7M (€340K, $400K) from Almi Invest and others (funding details page).

• [PRO last week] A stealth startup in the enterprise/fintech space raised a yet-to-be-announced nine-digit SEK amount in first funding led by a top VC firm.

• [PRO last week] A multinational company from southern Europe made a so far unannounced strategic investment of over SEK50M in a mobility/AI startup from Stockholm.

I covered many more funding rounds, and more details for each, in Swedish Tech News PRO last week.

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• Auxy, Stockholm-based company offering a studio app for music makers, is going to release its first ever hardware for music making. The goal: to "make an instrument that doesn’t require a manual" (English).

• Cardinal, a new Stockholm-based startup, launched a feature named Masspredict, which allows users "to predict anything with prediction markets, but without the gamble". Users can ask any question, and see "AI super forecasters" debate in a live market (English). ➡️ Startup first covered in PRO on January 26.

• 2ndShoot has launched, a Stockholm-based startup offering a product photo management app for businesses selling second hand items. ➡️ Startup first covered in PRO in May 2025.

• Neurawave, Kalmar-based developer of hardware/software solutions for migraine relief, is launching its product Relivia in the first market outside Sweden: Chile (Swedish, machine translation). ➡️ Startup first covered in PRO in June 2024.

• Candela, Stockholm-based manufacturer of hydrofoiling electric boats and ferries, received an order for 20 of its P-12 electric hydrofoil ferries from Norway (English). Also: Candela founder Gustav Hasselskog is stepping down as CEO after more than eleven years. Sofia Graflund will take over at the helm (English).

• The applications for the next batch of KTH Innovation Launch are open (English).

• Y Combinator will host an event on April 29 in Stockholm. Among the speakers are the YC founders Paul Graham and Jessica Livingston (English). ➡️ Added to the Swedish tech event calendar

• Lund AI Society and Florent Venture Partners are hosting a 12-hour AI hackathon on April 18 in Lund (English).

• Peter Carlsson, former co-founder and CEO of Northvolt, has written a book, giving his perspective on the rise and fall of the Swedish battery maker (Swedish, machine translation).

• MASSIV+, a Swedish consortium backed by many Sweden-based global corporations, aims to build an ecosystem and digital infrastructure for sustainable action to net zero. It has now received SEK19.6M in grant funding from Vinnova, and co-financing from its partners (English).

• Baseload Capital, Stockholm-based investment entity that funds the deployment of heat power worldwide, has published a children’s book on how renewable energy can save the planet – but faces criticism for painting a sympathetic portrait of coal, oil, and gas (English).

• Spintop Ventures has hired Moa Belaieff Kronborg as Investment Manager based in Stockholm (English).

• Norrsken Launcher has hired Noemi Philine Comberg as Investment Analyst in Stockholm (English).

• [PRO last week] A new Swedish defense tech startup was accepted into Y Combinator.

• [PRO last week] A new startup building AI tools for helping individuals with privacy and control of their digital footprint, touts ARR of SEK3M and 35K users after only three weeks – and is now raising first funding.

• [PRO last week] Also raising first funding: a local-first agentic workspace for collaborative and data-driven research, and a startup for developing safer software, faster.

• [PRO last week] A Swedish cybersecurity expert and entrepreneur, and a founder who sold their previous company, are now building an AI-powered cyber resilience platform for European organisations.

• [PRO last week] Bankruptcies: a machinery trade platform for farmers, a podcast app for corporate content and employer branding, a matching platform for healthcare professionals and assignments, and a provider of personalized health analysis.

I covered many more news – many of which have not been reported elsewhere – and more details for each, in Swedish Tech News PRO last week.

• Mashup – April 15-16 – Malmö
• DanAds | Summit – April 15 – Stockholm
• Feminvest Fearless – April 17 – Stockholm
• GAIA – April 20 – Gothenburg

For more major and flagship events, check the Swedish tech event calendar.

A non-exhaustive selection of open positions at Swedish tech startups:

• VP Commercial (Nørdsnipe)
• Research engineer (Intui)
• Lead Content Strategist (LingoLooper)
• GTM (Openroll)
• Business & Operations Coordinator (Trafiko)
• Office Manager (Argus Eye)

To the listings

Special shout-out to my partner Eivora for providing me with access to their awesome AI-powered ownership database of Swedish companies.

• EIT Manufacturing (EITM), an EU-backed body tasked with digitizing the bloc’s industrial base, has collapsed, leaving startups and SMEs without promised funds (English).

• Global VC funding to fintech companies is up year over year so far, but concentrated into significantly fewer companies (English).

• After several years of decline, VC investment in agtech is enjoying a modest comeback driven by renewed appetite for dual-use tech and advances in robotics (English).

• Carta report on how AI is changing the compensation game for VC-backed startups in the US (English).

• The IPOs of SpaceX, OpenAI and Anthropic will dwarf everything else since 2000, combined (English).

• Currently AI is less about "superintelligence", and more about intelligence scaled in a way that humanity cannot (English).

• The neo industrial age, and what comes after deeptech (English).

• Why Swedish schools are bringing back books (English).

• Sundsvall Municipality is establishing "Sweden's first local AI commission" (Swedish, machine translation).

• Swedish UX desiger Mateusz Pożar launched BanRay.eu, a campaign urging the public to resist the adoption of camera glasses, such as those from Meta (English).

• Since mid-February, the police in Sweden seized almost 200 hand grenades (English).

• Sweden plans to double the number of IVF attempts available on the national health service for the first child, from three up to six tries (English).

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That's it for this week. Thank you for being a subscriber!

Martin