Norrsken Foundation Commits $348 Million to AI for Good Startups in Europe: A Game-Changer for Climate, Health, and Society

STOCKHOLM (Reuters) - The Norrsken Foundation, a Swedish organization founded in 2016 by Klarna founder Niklas Adalberth, has pledged 300 million euros ($348 million) to invest in European startups that are using "AI for good" to address challenges in climate, health, food, education, and society. The foundation manages several venture capital and investment funds with combined assets exceeding $1 billion. Agate Freimane, general partner at the foundation's venture capital arm Norrsken VC, said, "AI is not just another productivity boost, it's a real chance to fix what truly matters." While most AI firms are focused on business customers, excluding companies like Google Deepmind, Freimane noted that "Artificial intelligence is the most powerful tool humanity has ever created." However, so far, it has been primarily used to optimize clicks and automate emails. According to professional services group EY, venture capital-backed start-ups in the first quarter raised over $80 billion, a nearly 30% increase from the fourth quarter last year.

(Reporting by Supantha Mukherjee based in Stockholm, editing by Anna Ringstrom)