Norway’s RunwayVC reaches €40 million first close for Fund II to back industrial technology startups

RunwayVC, a Norwegian early-stage venture firm, has reached a €40 million first close for Fund II, targeting early-stage companies across industrial AI and software, robotics, automation and autonomous systems.

Aker was the sole LP in Fund I and continues as a cornerstone investor in Fund II. New LPs in Fund II include Halliburton, Aker BP and Aker Solutions, alongside KLP, Norway’s largest pension company, and state-owned Investinor. The fund also brings in Norwegian industrial families and a group of notable technology and finance investors. The VC firm notes that several of RunwayVC’s LPs are themselves industrial operators and potential buyers of the technologies the fund backs.

“We are in the middle of a technology shift in industry that will create the next generation of global technology companies. Over the past five years, we have built a strong position close to where that shift is happening. With Fund II, we can back even more strongly the companies that will define it,” said Tor Bækkelund, Founder and Managing Partner at RunwayVC.

RunwayVC is an early-stage venture capital firm that claims to back founders building the next generation of industry. It invests from pre-Seed to Series A across industrial AI and software, robotics, automation and autonomous systems. Its investment model combines venture capital with industrial expertise, customers and real operating environments.

According to the VC firm, since 2022, its team has invested in 24 companies through Fund I, completed 23 follow-on investments and achieved two exits. Fund I portfolio companies have collectively raised more than NOK 2 billion in external capital. Notable Fund I portfolio companies include OTee, AirHub, WSense, and Sonair.

The same investment team that built Fund I is now taking the model forward in Fund II. The new fund plans approximately 20 investments over the next three to five years. Typical initial investments are NOK 5–10 million, with significant follow-on capital. The fund will invest primarily in Norway and the Nordics, with selected investments elsewhere in Europe and the US.

The fund has already made its first two investments. The first one being Minerva Humanoids, which is developing rugged humanoid robots for dangerous and demanding industrial operations. And the second one is HIVE Autonomy, a Norwegian Physical AI company that makes existing industrial machines autonomous. Its technology is already in use at industrial sites across Scandinavia.

The company recently announced a €13.1 million ($15 million) pre-Series A round led by SuperSeed.

Øyvind Eriksen, President and CEO of Aker, said, “AI, robotics and software are changing how industry operates. Through companies such as Cognite and Nscale, we have seen how new technology creates opportunities and value when combined with deep industrial expertise. RunwayVC connects venture capital with Norwegian industry. The experience from Fund I demonstrates the value of this model, and we look forward to continuing the strategy through Fund II alongside a broader group of industrial and financial investors.”

RunwayVC is based at Aker Tech House outside Oslo and sits within a wider ecosystem: RunwayFBU, with 60+ industrial tech companies, an industrial AI and robotics Lab, an incubator, and industrial partnerships.