Deeptech in Norway (Jolt Capital)

Summary

• Over the past 10 years, more than €7,9b of equity capital across sectors has been invested in Norwegian companies across approximately +2k deals, with deeptech accounting for roughly 46% of deals.p.6
• In 2024, Computing & AI related companies attracted 36% of deeptech deals and accounted for 41% of the capital invested across VC and growth deals.p.7
• Oslo, Stavanger, and Trondheim form Norway's top three deeptech hubs, representing 54% of companies, 61% of filed patents, and 66% of deals.p.8
• The Norwegian 'Hidden Universe' contains 1,543 companies with 10 or more FTEs that have not disclosed equity funding from VC or PE investors since 2010.p.10
• Over 2,300 equity deals involving more than 1,000 investors were recorded in Norway from 2004 to 2025, led by Investinor with 122 deals and StartupLab with 77 deals.p.12
• Norwegian companies have filed roughly +13k active patents, with small and medium-sized enterprises (11-250 FTEs) generating +40% of active patents.p.14

Key insights

1. Growth rounds increased from less than 4% of Norwegian deeptech deals in 2013 to approximately 12,5% in 2024.p.7
2. Oslo is the primary hub in Norway, hosting 41% of deeptech companies and 13'946 patents filed.p.8
3. Untapped potential is substantial in Norwegian deeptech, as 54% of identified companies have not received disclosed equity funding since 2010.p.10
4. Computing & AI has the highest rate of VC/PE backing in Norway, with 57% of sector companies receiving private equity or venture funding.p.10
5. Companies in Semiconductors, Computing & AI, and Energy account for 45% of patent applications in Norway.p.15
6. Between 2010 and 2023, Norwegian patent applications slowed in sectors including semiconductors, biotechnology, and environmental technology.p.16
7. More than 770 Norwegian SMEs own active patents and maintain a consistent presence across patent quality quartiles.p.19
8. Strong intellectual property based on the Jolt Patent Score is broadly present within the unfunded Hidden Universe across multiple CPC codes.p.21