Sweden-based nonprofit organization Norrsken Foundation announced on Wednesday that it will invest €300 million (approximately $348 million) into European startups that use artificial intelligence to address pressing global issues. The initiative specifically supports ventures applying ‘AI for good’ across key sectors including climate change, healthcare, food security, education, and societal advancement.
The foundation, known for promoting entrepreneurship with a social impact, is allocating the funds to stimulate innovation that contributes positively to society while ensuring responsible development and deployment of AI technologies. The new capital commitment aims to foster a sustainable and equitable innovation ecosystem in Europe by supporting early-stage and growth-stage startups that focus on purpose-driven AI applications.
Norrsken Foundation’s announcement comes amid growing global discourse around the ethical use of artificial intelligence and its potential benefits in solving complex challenges. By emphasizing social good, Norrsken intends to set a benchmark for responsible AI investment, encouraging the technology to be used for constructive and inclusive progress.
The foundation has a history of contributing to socially impactful ventures and this latest move reinforces its mission to build a better world through entrepreneurship. With AI technologies rapidly evolving and reshaping economies, health systems, and environmental practices, Norrsken’s strategic investment hopes to empower innovators dedicated to making meaningful, long-term contributions to society.
Details of specific startups set to receive support were not disclosed, but the foundation noted that the funding would support a range of projects from AI solutions for disease detection to platforms addressing educational access and sustainable food systems. The foundation plans to roll out the funding over the coming years, with targeted support mechanisms and mentorship programs in place to ensure both technological and ethical alignment.
Source: https:// – Courtesy of the original publisher.
