PSV Tech, a female-led early-stage investor based in Denmark, has unveiled its second fund—Tech Fund II—with a target size of €70 million. This new fund aims to fuel the rise of the next generation of Nordic tech startups, focusing on artificial intelligence, software innovation, and digital infrastructure. The firm’s ambition is clear: strengthen Europe’s position as a global technology leader by scaling homegrown talent into globally competitive companies.
Backed by heavyweight institutions including ATP (Denmark’s largest pension provider), EIFO (Export and Investment Fund of Denmark), and IDA (the Danish Society of Engineers), PSV Tech’s momentum is already strong. These same backers supported Fund I, and their renewed commitment signals deep confidence in the firm’s vision. Alongside institutional capital, notable founders have joined in—Christian Lund and Henrik Printzlau from Templafy, King’s Sebastian Knutsson, and Morten and Niels Ebbesen of Siteimprove—all bringing startup experience and belief in the region’s potential.
PSV Tech isn’t new to building early-stage winners. The firm was co-founded in 2020 by Helle Uth, Richard Breiter, Alexander Viterbo-Horten, and Christel Piron. But its roots go deeper—stretching back 25 years to a government-backed pre-seed initiative that helped shape today’s Nordic startup landscape. Now operating as an independent fund manager, PSV combines public sector depth with the agility and speed of private venture capital, giving it a unique edge in Europe’s startup ecosystem.
What sets PSV Tech apart is its embedded position within DTU, the Technical University of Denmark. This gives the team direct access to cutting-edge research and engineering talent—creating a rare feedback loop between academia, innovation, and investment. It’s this proximity to technical excellence that enables PSV to identify game-changing ideas early and back founders before they even reach product-market fit.
The firm’s first fund built a strong portfolio across emerging themes like solar energy, cybersecurity, edtech, and VR-based training. Startups such as Heliac, Heyhack, CanopyLAB, and Gleechi reflect PSV’s focus on scalable, socially relevant tech. With Fund II, the firm is doubling down on sectors like climate tech, digital health, enterprise software, and infrastructure—fields where early support can make the difference between a good idea and a global category leader.
So far, PSV Tech has already deployed capital into two new companies from Fund II, with 65% of the total fund size already committed. The firm continues to seek mission-aligned partners as it accelerates toward a full close. Every euro raised is designed to serve a bigger purpose: helping Europe become more self-reliant, innovative, and technologically sovereign at a time when global competition is intensifying.
Helle Uth, co-founder and general partner at PSV Tech, emphasized that this moment calls for bold investment in local innovation. She noted that Europe’s independence increasingly depends on its ability to build and control critical technologies. That’s why PSV is placing early bets on startups working at the frontiers of AI, software, and infrastructure—areas that not only drive growth but also ensure resilience.
That belief is echoed by ATP’s Sabine Calmer Braad, who views the fund as both a financial and strategic investment. She highlighted that backing new Danish tech companies aligns with ATP’s mission to generate strong, long-term returns for pensioners while helping the country build industrial champions.
IDA Chairwoman Laura Klitgaard also underscored the importance of supporting ventures rooted in STEM, where PSV’s integration of research, capital, and talent stands out. She sees this fund as a clear step toward solving global challenges from a Nordic base.
Entrepreneur Sebastian Knutsson, co-founder of gaming giant King, added that while the Nordics offer a privileged launchpad for founders, capital often forces them abroad. PSV’s presence changes that equation, giving ambitious teams the option to stay and scale from Europe.
EIFO’s Ida Dahl Hoem summed up the investor sentiment well: after PSV’s strong performance in its first fund, backing Fund II felt like the natural next move. Expectations are high—and so is the belief that this team can deliver.
As PSV Tech continues its mission, it’s not just writing checks. It’s helping build the foundation for a more innovative, competitive, and sovereign European tech ecosystem—one startup at a time.
