Turbine Capital closes €54 million DeepTech fund to connect Nordic startups with industrial leaders

Turbine Capital, a Stockholm-based venture firm, has closed a €54 million DeepTech fund designed to connect Nordic startups with large industrial companies. The fund's backers include the European Investment Fund and Saminvest, alongside industrial names such as Saab, Scania, Stena, Volvo Cars and Mycronic. Other names tied to the story are Anders Ösund, Climentum Capital, PSV Tech, The Footprint Firm and Norrsken Evolve.

The available text of the piece is fragmentary, so only a few details can be confirmed. Mycronic is described as a company in a strong growth phase, driven by AI-related infrastructure investments. It has also strengthened its presence in defence-related electronics manufacturing. According to the source, Mycronic brings deep expertise in semiconductor technology, photonics and advanced manufacturing, which are key areas within Turbine Capital's investment thesis.

That fit explains the fund's model: pairing early-stage deep-tech startups with established industrial players that have the manufacturing know-how, customers and technical depth to help them scale. The focus areas named, semiconductors, photonics and advanced manufacturing, are the ones where an industrial partner like Mycronic can contribute directly.

The wider context comes from related headlines on the same page. Danish AI infrastructure startup Velatir raised €5 million six months after its pre-seed round and launch, Norrsken Evolve formalised a Dutch presence after closing a €62 million fund, and Ireland was urged to unlock €1 billion for startup funding with a Denmark-style capital push. Together they point to continued fund formation and startup financing across the Nordics and Europe.

The text provided does not include details such as the fund's full investor list, its investment stage, ticket sizes or the number of startups it plans to back.