Menu

Five Norwegian entrepreneurs today launched the Norwegian.AI investment fund to establish the country as a global leader in artificial intelligence (AI). The $116 million (NOK 1 billion) fund has already pooled $11.6 million.

Norwegian.AI will pursue impact investments in companies that will solve global challenges through AI and exponential technology.

“Norwegian.AI will focus on creating financial rewards while contributing to solving big environmental and social problems. With exponential technology, we can exponentially make our world a better place,” says Anders H. Lier, co-founder of Norwegian.AI.

The United Kingdom is the current AI leader in Europe, with early phase investment of over $800 million. Norwegian.AI aims to ensure that Norway can compete, and eventually take a leading international position in artificial intelligence.

“The world is changing quicker than we have ever experienced, and Norway can’t afford to be left behind. We have a highly educated population, we are early adopters of new technology, and as a nation we have access to an incredible capital base. We have to seize the opportunities we can and transition from a great but slumbering oil nation to an exponential technology nation,” says Alexander Hagerup, another co-founder of Norwegian.AI.

In addition to capital, Norwegian.AI has a global network, experts, advisory services, offices and production facilities. The co-founders of this initiative already boast an AI accelerator, educational programme in artificial intelligence, and investments in companies including Iris – an independent research institute focused on applied research –
and Vic.ai.

Norwegian.AI is simultaneously launching a competition with $117,000 prize money for three best AI companies in Norway.