2025年北欧国防技术报告

November 2025 Key Figures Introduction Heightened geopolitical tensions and rapid technological shifts continueto shape Europeʼs and the Nordicsʼ defence priorities. The regionʼsproximity to strategic flashpoints has reinforced the need for stronger $5.4BEnterprise Value ofDefence & Dual-use $1.7BVC investment inDefence & Dual-useTech since 2019 The EU and Nordic countries are sharpening their defence and dual-usetechnology strategies, aligning industrial policy, innovation funding, andsecurity goals. While the focus here is firmly on Defence and dual-use This narrower scope means a smaller sample of companies, yet theinsights remain valuable in tracking emerging trends, capabilities, and 150+Defence & Dual-usestartupsin the Nordics Special thanks to Niels Vejrup Carlsen and Christian Winther (FinalFrontier), Magnus Bergman (Luminar Ventures), Thomas Falck (Polarion),Jesper Hart-Hansen (T|Y|R.vc), Jan-Erik Saarinen (Double Tap), MagnusHambleton (byFounders/DataCrunch), and Claus Thorup Albjerg (EIFO) fortheir valuable input. The Nordic Implementation Overview 1The state of defence and dual use tech 2Ecosystem update The defence anddual-use techecosystem in theNordics is nowworth $5.4B, up VC investment in the Nordic defence and dual-use tech ecosystem has increased 2.3x since2024, driven by Finnish IQM The number ofDefence andDual-use techrounds has been Despite consistent growthover time, performance in thelast two years has reverted topre-peak levels. Quantumcomputing is thefastest growing Defence tech VC investmentvolume fell 49% YoY, despitethe global rise in focus on VC investments have largely favoured manufacturing & hardware, with 64% of Nordic startupsremaining in deep tech, indicating a focus on long-term innovation over short-term deployment Most VC investment in the Nordics has gone towards space and quantum, while the Nordics lagbehind European average when it comes to core defence tech The Nordicsare among theleading Europeanecosystems fordual-use VCfunding, yet Nordics lead Europe in per capita defence and dual-use VC investment.Finland leads the Nordics per capita 150+ Nordics Defence Tech & Dual-use startups 1The state of defence and dual use tech2Ecosystem update Leading dual-use tech sectorsin the Nordics Finland has emerged as a Space Techforerunner in the Nordics and Europe Select top rounds by Space Techstartups in the Nordics since 2024 Finland and Denmark are leaders forQuantum investment in Europe with a largeincrease in funding since 2024 Where are Nordic defencestartups based? Helsinki, Stockholm, Copenhagen, Aalborg, Trondheimand Oslo host most defence tech, space and quantum Finlandshows a very strong centralization in Helsinki,while Denmark, Sweden and Norway have multiple hubs. InDenmark, Aalborg and Copenhagen emerge as keyhubs. Aalborg hosts notable activity thanks to theAalborg University (AAU), and the presence of maturedefence industry players and army outposts. Odense also InSweden, Stockholm is the main hub, followed byUppsala, Gothenburg, Luleå and Malmö & Lund. InNorway, Trondheim follows Oslo to host notableactivity in maritime technologies coming from offshore Icelandis concentrated in Reykjavík. Nordic defence partnerships driving sector innovation In 2025, Nordic Air Defence partnered with Volvo Defense to integrateadvanced anti-drone systems into Volvoʼs VIPRO vehicle-protectionplatform. The collaboration combines Volvoʼs heavy-vehicle engineeringwith Nordic Air Defenceʼs AI-guided Kreuger 100XR interceptor, creating In 2025, Swedish cybersecurity firm Clavister partnered with Saab toenhance cyber resilience in Saabʼs defense platforms. The collaborationintegrates Clavisterʼs AI-driven security technology to strengthen securecommunications and mission-critical systems, advancing Swedenʼs In 2024, Finnish radar-imaging startup ICEYE joined forces withLockheed Martin as part of Finlandʼs F-35 industrial-participationprogramme. The partnership leverages ICEYEʼs spacebornesynthetic-aperture radar constellation to enhance ISR and battle-space In 2025, Danish drone maker Sky-Watch partnered with PalantirTechnologies to integrate real-time data from its RQ-35 Heidrunreconnaissance UAVs into Palantirʼs analytics platforms. Thecollaboration aims to fuse front-line sensor feeds with tactical data Nordic investors provide over 60% of early-stage VC funding, but their share dropsto a third at late stage as Europe and US investors expand The Nordics defence and dual-use investor landscape. Top investors inDefence andDual-use tech inthe Nordics arenamely localinvestors, state More and moreinvestors arebecoming The number of uniqueinvestors in Nordic defencetech has steadily increased,projecting 3.9x growth since Dedicated Nordic defence VCs are emerging DENMARK NORWAY FINLAND SWEDEN Founded: 2025Fund Size:Raising €100M Founded: 2024 Founded:2025 Founded: 2023 Founded: 2025 Fund Size: Co-investing with UKfamily foundation;