Swedish Tech Weekly #379: Leasify, Violet AI, T-Unit, GreenVoltis, Juritas, Sortrace, RevvoMed, Proofbacked, Coverly, MagasinX, TIC, Joy, Nomi, Sweetspot, Vashly, FirstQFM, Paligo, Eqvor, 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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• Leasify (Stockholm, provider of lease accounting software) was acquired by Nordtech, Swedish acquirer of niche software companies (English). ➡️ Added to the Exits Database for PRO subscribers.

• Xalerate (Karlstad, governed AI fo the whole company) is acquiring Violet AI (Stockholm, platform for organisations where AI requires control) for up to SEK14.5M in a mix of cash and equity (Swedish, machine translation). ➡️ Added to the Exits Database for PRO subscribers.

• Lime Technologies, publicly traded Lund-based customer journey platform, has acquired 51% of the Norwegian startup behind Trale, which offers an AI meeting assistant for teams "that run on conversations" (English).

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

• T-Unit (Stockholm, AI-driven platform for national and regional resilience): €50M ($56M) in first large, outside funding from Lakestar. T-Unit was founded by the Spotify founders Daniel Ek and Martin Lorentzon (English).

• GreenVoltis (Stockholm, route-to-market optimiser that uses AI to operate and trade battery storage across European power markets): €13.5M ($15M) in a Series A funding round from Lochpine Capital (English).

• Juritas (Stockholm; contract intelligence solution that helps businesses find and act on the value in their contracts after signature): €1.4M ($1.6M) in a pre-seed funding round led by Passion Capital (English). ➡️ Startup first covered in PRO on May 29.

• Sortrace (Stockholm, AI-based waste detection solution that helps cities improve recycling rates): SEK8M (€730K, $800K) in a first funding round led by Almi Invest (English). ➡️ Fundraising for this round covered in PRO in May; startup first covered in PRO in January 2025

• RevvoMed (Stockholm; proprietary technology platform that unlocks previously inaccessible biology, creating the knowledge for new medicine development, founded 2025): SEK7M (€630K, $710K) in a pre-seed round led by Johan Staël von Holstein and Erik Wikström (English). ➡️ Funding first covered in PRO pre-announcement on October 1.

• Proofbacked (Malmö; compliance AI for teams and the companies that supply them): SEK2M+ (€180K+, $200K+) in an angel round from Skåne Ventures, Saminvest via Annexstruktur, Martin Rugfelt, Martin Althen, and others. In conjunction with this, Proofbacked emerged from stealth (English / STN PRO). ➡️ Startup first covered in PRO on February 4 (under the legal entity's name).

• Coverly (Stockholm; digital insurance for small and medium-sized businesses): undisclosed amount in a strategic investment from Swedish financial advisory firm Max Matthiessen. In conjunction with this announcement, Coverly launches (Swedish, machine translation). ➡️ Startup first covered in PRO in October 2025.

• [PRO last week] A startup soon to launch personalised health supplements, raised SEK5M in first, unannounced funding.

• [PRO last week] An investor from Norway provided first, yet-to-be-announced funding to a Swedish stealth startup that's buiding an AI car selling assistant.

• [PRO last week] An automotive diagnostics startup raised a new, yet-to-be-disclosed angel round at its highest valuation yet.

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.

• [PRO exclusive] Last month's 10 most notable new Swedish tech startups, out of a total of 123 selected new ones added to the Startup Database in October (English).

• MagasinX, a new Stockholm-based lab for hardware and physical AI startups founded by entrepreneurs and investors, has officially launched (English). ➡️ First covered in PRO on March 9.

• TIC – The Intelligence Company, the Swedish intelligence platform for compliance, credit and fraud, released an open-source AI model for credit and fraud risk, claiming it can identify 3 out of 4 bankruptcies a year ahead of time (English).

• Joy, a Malmö-based startup led by former Migränhjälpen CEO Charlotta Tönsgård, has emerged from stealth mode, offering a companion for individual mental health professionals, to help them handle admin and run the business (English). ➡️ Startup first covered in PRO in October 2023.

• Also out of stealth: Nomi, founded by a team of three including foodtech investor Carolin Janmark, is building "family AI", starting with meal planning (English). ➡️ Startup first covered in PRO in April 2026.

• Filip Tysander, the Swedish entrepreneur best known for founding the watch brand Daniel Wellington, quietly founded Sweetspot, a descending-price auction platform for premium brand accessories (Swedish / Breakit paywall).

• Vashly, a Stockholm-based AI talent search and outreach platform, has launched a feature which allows recruiters to name a product, a component or a system, to find "everyone who built it and contributed to it, then helps to hire them" (English). ➡️ Startup first covered in PRO on March 30

• FirstQFM, the Stockholm-based developer of foundation models for quantum computing, says its proprietary foundation-model-based quantum reservoir computing (QRC) system, "outperformed state-of-the-art classical benchmarks" in a pilot (English).

• Material Exchange, a VC-backed Stockholm-based sourcing hub for apparel and footwear materials, is bankrupt (English / STN PRO).

• Rahul Yadav, CEO of Stockholm-based technical documentation CMS scaleup Paligo, says he is "re-founding" the company for the AI age (English).

• Eqvor, the Umeå-founded, Stockholm-based platform for buying and selling shares in unlisted companies, is launching in Norway – the first market outside of Sweden (Swedish, machine translation).

• LiveDay, the Helsingborg-based ticketing system for sports clubs and organizers, is launching in Germany (Swedish).

• Publicly traded Nordnet, one of Sweden's two major online stock brokers, is launching in Germany – its first market outside of the Nordics (English).

• KTH Ventures is launching Sweden's first student-led investment initiative, to back the next generation of KTH founders, and is now seeking two Student Investment Leads (English).

• Creandum, the Stockholm-headquartered VC firm, announced its eighth fund, totalling $750M, to back founders globally at Seed and Series A (English).

• Intera Partners – a Finland-headquartered PE firm which also has an office in Stockholm – announced its fifth buyout fund at €450M, to invest in Finnish and Swedish entrepreneur-led services and technology companies with significant potential to scale and internationalize (English).

• [PRO last week] A startup from Stockholm with prominent backers is building autonomous systems and organizations that improve themselves.

• [PRO last week] A serial founder has launched a startup offering a creative, new take on data visualization, aimed at teams at software businesses.

• [PRO last week] A high-profile Lovable alumnus is one of the founders of a new startup building an autopilot for creating, launching and tuning ads.

• [PRO last week] A techbio startup in the AI protein engineering space has shut down, after raising $4M in VC funding.

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 almost 5000 active startups and scaleups from Sweden – new ones added daily.

Full MCP access available as add-on feature for PRO/PRO TEAM subscribers at no additional cost, once they bring on a new annual PRO subscriber.

• NextSpace – Nov 9 – Gothenburg
• Skåne Capital Day – Nov 11 – Malmö
• Slush – Nov 18-19 – Helsinki (FI)
• AI-dagen – Nov 19 – Jönköping

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

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

• Various incl. AI Engineer, Applied AI Engineer, Senor Knowledge Graph Engineer (Redpine)
• Founding AI Engineer, Founders Associate (Openroll)
• Founding Engineer (Solace Care)
• Founding Engineer (Fendra)
• Founder Associate (Renasens)
• AI Engineer #1 (Fairlo)
• Head of Legal (Auctionet)
• Hardware Engineer (Ionautics)
• Head of Growth (Digip)
• Commercial Representative (Perspetivo)
• Senior Account Manager (Eliq)
• Experienced Key Account Manager (Satcube)

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.

• Sequoia Capital, the renowned Silicon Valley VC firm, is shutting its London office, and scrapping its scout program (English). Seqouia scouts have invested in a few Swedish startups during the past years.

• The majority of US venture capital nowadays goes to companies founded or led by men who are already billionaires (English).

• OccupySaaS is a new protest movement comprising of laid-off engineers, who are building clean-room, open-source, drop-in replacements for major SaaS platforms (English).

• A new cyberattack hit shop refrigerators and freezers across Europe, including a few ICA and Coop stores in Sweden (English, Swedish).

• 54.8% of occupational work in Sweden is at least partly delegable to AI agents, according to the Agent Delegability Index. 3.5% of tasks are fully delegable (English).

• The Vietnamese electric taxi provider Green SM is preparing for a launch in Sweden, and the local taxi sector is worried (Swedish, machine translation).

• Swedish legal databases such as Lexbase and Krimfup may no longer allow users to search for individuals by name, personal identity number, or address (Swedish, machine translation).

• Sweden's central bank has raised its benchmark policy interest rate for the first time since 2023 (English).

• Almost half of container truck journeys in Sweden involve empty containers, according to research from Chalmers University of Technology (English).

• Arlanda Express, Stockholm's fast and convenient, but notoriously overpriced airport express train, is now permanently offering significantly cheaper "early bird" tickets at 199kr one-way (Swedish, machine translation).

• Sweden's elite police unit struggles to find the right calibre of recruits (English).

• For the first time in eight years, organic food is gaining market share in Sweden (Swedish, machine translation).

• The Dala Horse is set to become Sweden’s first product included in the EU’s system for the geographical protection of craft and industrial products (English, Swedish).

• The Swede Andreas Almgren won the New York Marathon, in his debut on this distance (English, Swedish).

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

Martin

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