Swedish Tech Weekly #375: Abundry, Ertzy, Yazen, Ocius-X, Elvy, Grit, ELIRO, Atomic Reps, Vertury, Visually, Heart Aerospace, 20U20, Redpine, Zettascale, Milkywire, Feminvest Accelerator, Turbine 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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• Abundry, the new Swedish grid intelligence startup co-founded by the Einride founders Robert Falck and Filip Lilja, is merging with three-year-old energy storage and software startup Ertzy, which also was founded by Filip Lilja (English).

• Lars Wingefors is acquiring a minority stake in Arvika-based event ticketing and POS system Tickster (Swedish, machine translation).

• Audiowell, a highly profitable Swedish indie record label and music publisher, is going public through a reverse takeover of publicly traded Gothenburg-based sleep tracking company SleepCycle (Swedish, machine translation).

• Vitec Software Group, Umeå-based publicly listed provider and acquirer of standardized software and SaaS solutions for various niches, is buying Atermes, a Dutch software platform for maternity and post-natal care in the Netherlands (English).

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

• Yazen (Lund, digital healthcare provider helping people lose weight): €50M ($56M) in a funding round led by Verdane, for scaling up across Europe (English).

• Ocius-X (Stockholm; construction management software for fiber networks): SEK125M (€11M, $12.5M) in a first external investment from Viking Growth, for the continued US expansion (Swedish / Breakit paywall).

• Elvy, formerly Geofy (Stockholm, long-term power subscription provider): SEK16M (€1.4M, $1.6M) from Hollywood actor and prolific startup investor Leonardo DiCaprio, among others (English, Swedish).

• Grit (Jönköping, AI call center that generates appointments for home improvement companies): first funding from EWOR, as the startup was selected for the EWOR Fellowship (English / STN PRO). Grit was founded by 17-year old Edvin Andersson. More on him in the news section.

• ELIRO (Gothenburg, electric hybrid flux motor technology which can reduce the use of copper and rare earth metals by up to 50 percent): undisclosed amount in first funding from Chalmers Ventures (Swedish, machine translation). ➡️ Startup first covered in PRO on June 22.

• [PRO last week] A stealth startup building an AI-native services business tackling a $500B industry, has raised a seven-figure USD amount in a pre-seed round.

• [PRO last week] A new startup in the political intelligence space has raised yet-to-be-announced first funding from at least one Nordic VC firm.

• [PRO last week] An AI development platform for businesses has raised a first, yet-to-be-announced angel round.

I covered many more funding rounds, and more details for each, in Swedish Tech News PRO last week. PRO is ideal for early-stage startup investors. Sales professionals targeting Swedish startups also find it useful. Learn more.

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• 21 startups are joining Sting's fall 2026 batch (English). ➡️ I've covered the majority of those companies previously in PRO.

• Atomic Reps, a new Stockholm-based startup, has launched its solution helping software engineers maintain their skills in the era of AI coding (English). ➡️ Startup first covered in PRO on September 30.

• Vertury has exited stealth mode. The Stockholm-based startup is building a platform where engineering ideas meet the people who can build them: co-founders, engineers, mentors and investors (English). ➡️ Startup first covered in PRO (under its initial name) on February 5.

• Visually, based in Lidköping, launched its AI platform that lets anyone create studio-grade explainer and marketing videos from a single prompt (English). ➡️ Startup first covered in PRO on August 6.

• Heart Aerospace, the Gothenburg-founded hybrid-electric airplane maker, previously moved all operations to the US, but plans to eventually re-establish commercial and strategic actives in Sweden (English / STN PRO).

• Four Swedes made it onto the inaugural Slush 20U20 (20 under 20) list of teenagers building the next generation of tech startups: Edvin Andersson, Elliot Norrevik, Elliot Lindberg, and David K. (English).

• Redpine, the Stockholm-based platform connecting AI builders and agents to proprietary, licensed multimodal data, launched its first product vertical: Redpine Science (English). ➡️ Startup first covered in PRO in March 2025.

• Zettascale (formerly Exa Labs), the San Francisco-based AI chip startup co-founded and led by the Swede Elias Almqvist, is introducing an AI chip that was co-designed with AI (English). ➡️ Startup first covered in PRO in May 2024.

• Feminvest Accelerator announced its first batch, comprising four Swedish startups, including the two tech companies Sandtimer and Aercit (English). ➡️ I covered both startups previously in PRO.

• Nina Siemiatkowski, who in 2018 founded Milkywire, is stepping down as CEO of the Stockholm-based platform for environmental action. Anna Samuelsson is taking over at the helm (Swedish / Impact Loop paywall).

• Eight Swedish startups were selected for the finals of this year's Startup 4 Climate competition (English).

• The applications for the new edition of Vinnova's "Innovative Startups" program will open today (Monday). Eligible companies may apply for a grant of up to SEK500K (English).

• Spotify Technology is the new hub where the Swedish audio streaming company bundles all its publicly available developer tools (English). Spotify is also expanding access to its audiobook service to more than 180 markets, up from 22 currently (English).

• How could Wallenberg – Sweden’s most powerful industrial owner – miss the new problems at Stegra, wonders Björn Jeffery (English).

• Minc, the Malmö-based Startup House and incubator, has launched Minc Game, a new program for game development companies (English).

• Nvidia CEO Jensen Huang will visit Stockholm for two events on October 15 (Swedish).

• Swedish tech journalist Mimi Billing is leaving her role as European Reporter at Sifted, after almost eight years (English).

• Epidemic Sound co-founder Oscar Höglund has joined Swedish B2B software growth investor Monterro in a full-time role as Portfolio Chair (English).

• Turbine Capital, the new Stockholm-based early-stage deeptech VC fund, has closed its first fund at SEK608M (English).

• Navigare Ventures, one of Sweden's most active startup investors (per my leaderboard), is being integrated into Wallenberg Investments Ventures (English). ℹ️ Recent tracked investments (PLUS/PRO)

• Creandum, the Sweden-headquartered European VC firm, is hiring a Head of Data & Intelligence (English) and an "AI-pilled" Technical VP (English).

• [PRO last week] Three McKinsey alumni and one repeat founder – that's the founding team of a new Stockholm-based startup currently building in stealth.

•[PRO last week] Two entrepreneurs with operator and angel investor backgrounds have founded a startup to solve a pain point for investors in unlisted companies.

• [PRO last week] A VC-backed tech recruitment platform was declared bankrupt, citing "elongated recruiting processes and a change in tech hiring needs".

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.

Search curated data on 4690 active startups and scaleups from Sweden – new ones added daily.

• Data & AI Stockholm, Summit 2026 – October 14 – Stockholm
A practitioner-first summit bringing together data professionals, AI builders, researchers, engineers, founders, and leaders from across the Nordic ecosystem

• Grow Invest - October 22 – Helsingborg
The annual invite-only event gathering investors, founders and operators, arranged by Mindpark

• Nordic APIs Platform Summit – Oct 12-14 – Stockholm
• Gothenburg Tech Week – Oct 12-16 – Gothenburg
• Datacenter & AI 2026 – Oct 13 – Stockholm
• Nordic AI Factory Summit – Oct 13 – Stockholm
• Norrsken Impact Week – Oct 14-15 – Barcelona (ES)
• Data & AI Stockholm Summit – Oct 14 – Stockholm
• Orbit – Oct 14 – Gothenburg
• Good Tech Conference – Oct 15 – Sundsvall

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

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

• Various incl. Data Engineer, Software/ML Engineer, Deployment Strategist, Government Affairs (Nordan AI)
• Engineer, Product Marketer, Developer Advocate (Encore)
• Technical co-founder/CTO (Sallra)
• Senior Engineer (with CTO potential) (LucentWave)
• Sales, GTM (EQL Global)
• Customer Acquisition Lead (Shace)
• Quantum Measurement Engineer (ConScience)
• Client Manager (Podspace)
• Senior Engineering Manager (Tibber)
• Director of Sales (Sendify)

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.

• Denmark-based VC firm PSV Tech announced the final close of its second fund at €56M to back Nordic startups before product-market fit (English). ℹ️ Recent tracked PSV Tech investments in Sweden (PLUS/PRO)

• In Q3, Europe posted its strongest venture funding quarter in four years, with AI companies driving those gains, Crunchbase data shows (English).

• "Every SaaS business will become a harness around a model. Humans are part of the harness" (English).

• There are three paths for seed investors: 1) fighting over diamonds in plain sight, 2) mining for silver, and 3) searching for diamonds in the rough (English).

• If personal AI agents allow everybody to become ruthless optimizers and rule exploiters, the second order effect may be that a bunch of subsidies and deals will go away entirely (English).

• Hackers accessed data of basically all Danish residents in an "extremely serious" breach (English).

• Sweden’s young men have found their Wolf of Wall Street: convicted financier Alexander Ernstberger (English / Bloomberg paywall).

• Reduced appetite caused by weight-loss drugs could lead to SEK24B in lost revenue for the Swedish grocery retail sector between 2026-2035 (Swedish, machine translation).

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

Martin

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