Swedish Tech Weekly #355: Ongoing, link22, Valu9, Midday, SWEBAL, Pit, PlayReplay, Matsmart, Enairon, Hexagem, Deep Forestry, Renasens, Cordicity, Detecht, DUIU, Kabloie, Omaia, T-Unit, Polhem, BEV_R, Treatly, Wingbits, 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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• Ongoing (Gothenburg, provider of cloud-native Warehouse Management System solutions): The PE firm Cinven is acquiring a majority stake (English, Swedish / Breakit paywall). ➡️ Added to the Exits Database for PRO subscribers

• link22 (Linköping; develops, deploys and maintains cybersecurity solutions for military and government sectors as well as larger organizations): The Swedish defense and industrial group MW Group acquires a 60% stake (Swedish / Di Digital paywall).

• Valu8 (Stockholm, platform for analyzing European private companies) has been acquired by Datasite, a British-US provider of software solutions for managing financial transactions (English).

• Midday (Stockholm, business stack for modern founders) is being acquired by US-based financial operations platform Ramp and will shut down (English).

• Legora (Stockholm, collaborative AI platform for lawyers) acquires Australia-based startup Graceview, which offers a regulatory horizon scanning platform and was founded three years ago (English).

PRO subscribers learned more details about these deals. Learn how to get access to PRO.

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

• SWEBAL (Stockholm, explosives for defense & security): SEK300M (€28M, $33M) from existing and new investors, mostly individuals and family offices. The funding will be used to complete the Swedish TNT factory, and unlock European supply chains at scale (funding details page). ➡️ Startup first covered in PRO in November 2024.

• Pit (Stockholm, AI that learns a business' workflows and builds them): $16M in first funding led by Andreessen Horowitz. In conjunction with this announcement, Pit launches (funding details page). The company was founded and is led by Voi co-founder Adam Jafer. His former Voi founder colleagues Fredrik Hjelm and Filip Lindvall also join the founding team. ➡️ Details about Pit first covered in PRO on September 15 (though Breakit was first to spot the incorporation).

• PlayReplay (Stockholm, all-in-one smart court system for tennis): SEK110M (€10M, $12M) led by Alfvén & Didrikson (Swedish / Di Digital paywall, funding details page).

• Matsmart (Stockholm, online seller of surplus production and overstocks): SEK100M (€9M, $11M) from existing investors (Swedish / Di Digital paywall, funding details page).

• Enairon (Gothenburg, developer of the "world’s most efficient compressor", reducing energy consumption for compressed air production by 30 to 50%): SEK45M (€4.15M, $4.9M) led by Almi Invest GreenTech and Turbine Capital (funding details page).

• Hexagem (Lund, developing solutions that improve microLED performance and scalability): SEK35M (€3.2M, $3.8M) from Almi Invest GreenTech, LMK Forward, S-E Bankens Utvecklingsstiftelse, EIC Fund, and existing investor Almi Invest (funding details page).

• Deep Forestry (Uppsala, autonomous drone technology for data gathering in forests): €3M ($3.6M) led by Fairpoint Capital (funding details page). ➡️ Funding first covered in PRO on March 24.

• Renasens (Norrköping, waterless technology reinventing how textiles are recycled): €1.8M ($2.1M) grant from the Swedish Environmental Protection Agency's Klimatklivet program (English).

• Cordicity (Linköping, software supporting stroke risk assessment in patients with cardiovascular disease): SEK7M (€650K, $760K) seed funding round led by Almi Invest and East Sweden Capital (funding details page).

• Detecht (Gothenburg, motorcycle app with automatic crash detection): SEK4.5M (€410K, $480K) from existing investors including Chalmers Ventures, for the continued expansion across both North America and Europe (funding details page).

• DUIU (Stockholm, social video platform designed to replace passive scrolling with participation-driven content systems): SEK3M (€280K, $330K) from Alster Ventures and angel investor Greg Paul. DUIU will first launch in Brazil, before expanding globally (funding details page). ➡️ Funding first covered in PRO on May 4.

• Kabloie (Lund, short-form audio app): €200K ($230K) in first funding from Antler (funding details page). ➡️ Startup first covered in PRO in April 2025.

• Omaia, formerly Glimmer (Gothenburg, digital solution designed specifically to help women manage childbirth anxiety): undisclosed amount in a pre-seed funding round from angel investors (funding details page). ➡️ Startup first covered in PRO in February 2025.

• [PRO last week] A startup building AI for creating manufacturable 3D geometry, based at Stockholm's Founder House, raised first funding.

• [PRO last week] A startup that's developing hearing protection with built-in communication for professionals, raised a SEK10M strategic investment.

• [PRO last week] A medical search engine in stealth mode raised over SEK5M in first, yet-to-be-announced funding

I covered many more funding rounds, and more details for each, in Swedish Tech News PRO last week. Learn how to get access to PRO.

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• I published the monthly update to the Leaderboards featuring Sweden's most active startup investors (English / Leaderboards, English / LinkedIn post).

• T-Unit, the so far stealthy new startup founded by the Spotify founders Daniel Ek and Martin Lorentzon, has quietly launched its website. T-Unit is building an AI-driven platform for "making democracy resilient". ➡️ Launch first covered in PRO on May 6.

• Polhem, based in Stockholm and Gnosjö, has emerged from stealth mode. The company is building "production-aware AI for contract manufacturers" (English). ➡️ Startup first covered in PRO on March 16.

• Brief profile of BEV_R and interview with co-founder Tony Edmundsson. The Lidköping-based startup offers a platform that orchestrates battery-powered heavy vehicles with charging infrastructure and freight flows (Swedish, machine translation). ➡️ Startup first covered in PRO in October 2024.

• Treatly, based in Gothenburg, has launched its solution for organizations that takes care of fika and celebrations automatically. ➡️ Startup first covered in PRO in April 27.

• Brief profile of Viltförvaltning, a startup from the greater Linköping area founded and run by a married couple, whose solution uses thermal cameras installed on drones, as well as AI analysis, for wildlife inventory in forests (Swedish, machine translation).

• Wingbits has launched "the world's first AI chatbot on a live flight tracking map", to ask questions about real-time and historical flight data in plain English (English).

• PeakPath (formerly Nudge Labs), a Stockholm-based Y Combinator alumnus which offers a coaching platform for Big-3 and Big-4 partners and professionals, is bankrupt. ➡️ Bankruptcity first covered in PRO on April 24.

• Zipforce, Stockholm-based maker of rechargeable electric motors to turn any bike into an electric bike, is restarting operations following bankruptcy (English).

• Multi4, Jönköping-based startup that develops patented technology for automated urinary bladder cancer treatment, has received CE mark approval, meaning the system can now be deployed throughout Europe (English).

• Nordic Angels, Stockholm-based high trust social network for angel investors, is now allowing founders to submit their pitch, to reach "2500 + active angel investors across the Nordics" (English).

• Andon Labs, the Swedish startup which stress-tests AI agents in the real world to find safety gaps, published a recap of the first two weeks of operations of its AI-managed cafe in Stockholm (English). 💭 A fun, insightful read. But I am strongly against the anthropomorphism. AI is not a "she" or "he", but an "it".

• Lovable is said to voluntarily promise annual 10% salary raises for all employees on their work anniversaries (English).

• Einride is co-leading the development of a dual-use autonomous all-terrain vehicle for a Swedish resilience initiative (English).

• Sweden Startup Next (SSN) has launched its anticipated data platform mapping Sweden's startup and scaleup ecosystem with insights, benchmarks, and growth data.

• The applications for Venture Cup's annual national startup competition STARTUP are open (English).

• For this year's Norrsken/100 list highlighting "the world's 100 most promising early-stage impact startups", the foundation is for the first time accepting nominations (English).

• Gothenburg Tech Week 2026 will take place October 12-16 (English). ➡️ Added to the Swedish tech event calendar

• [PRO last week] A startup which wants to help people achieve high neural performance through invisible AI, is slowing emerging from stealth mode.

• [PRO last week] A former foodtech founder is now building a financial operating system for modern SME.

• [PRO last week] A startup pivoted, now developing AI for construction bidding. Another one changed direction (and its name), and is now working on facilitating secure and compliant AI-Ops.

• [PRO last week] Two startups that received initial Antler backing, have recently shut down.

• [PRO last week] A startup founded by a repeat entrepreneur (with an exit under their belt), is developing technology to enhance live sports video with AI. PRO subscribers have access to the pitchdeck.

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. Learn how to get access to PRO.

• Startup Investment Night – May 21 – Trollhättan
• Streaming Tech Sweden – May 21 – Stockholm
• Impact Loop BUILD – May 21 – Stockholm
• Nordic Blockchain Conference – May 26-27 – Stockholm
• Breakit Resilience Summit – May 27 – Stockholm
• MobilityXlab Reconnect Day – May 27 – Gothenburg
• Nordic Scaleup Awards – May 28 – Stockholm

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

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

• CEO (Richter Life Science)
• Founding Engineer (Real Talk)
• Software / AI Engineer (Interpreto)
• Communications & Public Affairs Lead (Intric)
• Various incl. Automation & Ops Associate, Solutions Engineer, Platform Engineer (Pit)
• Various incl. Security Engineer, Enterprise Customer Success Manager (Velory)
• Sales Development Representative (DigiProc)
• Technical Project Manager (Eliq)
• Fullstack Developer, Data Engineer (Gradr)
• Head of Customer Success (Bubbi)
• Full Stack Builder (Stegra)
• Head of Production (Zero Parallax)
• COO / Factory & Production Manager (BlueRedGold)

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.

• A playbook on how to enable startups and corporates to build together and power Europe's new economy, published by Rise Europe (English / PDF).

• Gergely Orosz of Pragmatic Engineer spoke with developers at 15 businesses of all sizes about their token spend and potential budget challenges (English).

• A study found that for vibe-coding, writing skill and computer science achievements are significant predictors of good performance (English).

• AI's big messaging pivot: Top AI leaders now say their technology will create jobs (English) ... but Cloudflare did not get that memo (English).

• At the recent AWS Summit in Stockholm, babies were banned (English).

• The Swedish Armed Forces sent their first every military reconnaissance and surveillance satellite into space (English, Swedish).

• Sweden will launch a new spy agency targeting overseas threats (English).

• Bars in Sweden are soon allowed to serve alcohol even if they don't have any food on offer (English).

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

Martin