STOCKHOLM (Reuters) -Sweden’s Norrsken Foundation has committed 300 million euros ($348 million) to investing in European startups that are using “AI for good” for solving challenges in climate, health, food, education and society, it said on Wednesday. The foundation, established in 2016 by Klarna founder Niklas Adalberth, manages several venture capital and investment funds, which […]
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Swedish investor Norrsken earmarks $348 million for ‘AI for good’
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STOCKHOLM (Reuters) -Sweden’s Norrsken Foundation has committed 300 million euros ($348 million) to investing in European startups that are using “AI for good” for solving challenges in climate, health, food, education and society, it said on Wednesday.
The foundation, established in 2016 by Klarna founder Niklas Adalberth, manages several venture capital and investment funds, which have a combined assets of over $1 billion.
“AI is not just another productivity boost, it’s a real chance to fix what truly matters,” said Agate Freimane, general partner at the foundation’s venture capital arm Norrsken VC.
Barring companies such as Google Deepmind, most AI firms are working on systems that are focused on business customers.
“Artificial intelligence is the most powerful tool humanity has ever created,” Freimane said “Yet, so far we are mainly using it to optimise clicks and automate emails.”
Venture capital-backed start-ups in the first quarter raised over $80 billion, a nearly 30% increase over the fourth quarter last year, according to professional services group EY.
($1 = 0.8631 euros)
(Reporting by Supantha Mukherjee based in Stockholm, editing by Anna Ringstrom)