Defense tech and big-ticket M&A dominated the past 48 hours in the Nordics. NATO's innovation fund made its first Finnish investment, backing autonomous airship maker Kelluu with EUR 15 million to build a persistent surveillance layer over Europe's borders. Meanwhile, Sweden's Hexagon agreed to pay $1.45 billion for Baker Hughes' inspection technology division, its biggest acquisition play of the year. Novo Nordisk rattled healthcare markets by handing OpenAI access to its entire drug discovery pipeline, from molecular analysis to manufacturing. Volvo Trucks dropped a 700-kilometer electric long-haul truck that finally eliminates the range argument against electric freight. Two defense-oriented fundraises, a fintech Series A, and a military AI launch round out a week that feels like the Nordics are gearing up for something bigger.

Kelluu, the Finnish company operating the world's largest autonomous airship fleet, closed a EUR 15 million Series A led by NATO Innovation Fund, with Keen Venture Partners, Gungnir Capital, and Tesi participating. The hydrogen-powered airships can stay aloft for 12+ hours and five units can monitor 30,000 square kilometers from a single base. It's NATO's first investment into a Finnish company.

Wamo, the Finnish SME fintech platform, raised EUR 10 million in a Series A led by 3TS Capital Partners with participation from Oleka. The company has 15,000 customers across Europe and plans to push into Italy next, targeting the country's 4.4 million small businesses.

Sapient Perception, a Copenhagen-based defense tech startup, secured EUR 2 million in pre-seed funding co-led by Balnord and FORWARD.one. The company builds 10K resolution drone sensors that cover 100x more area than conventional cameras. Already deployed in Ukraine through a partnership with Dropla Tech.

Hexagon, the Stockholm-based precision measurement giant, agreed to acquire Waygate Technologies from Baker Hughes for approximately $1.45 billion. Waygate generates $630 million in revenue with about 1,500 employees across 25 locations, specializing in non-destructive testing for aerospace, automotive, and energy. Hexagon plans to integrate Waygate's hardware with its existing software ecosystem.

Novo Nordisk announced a strategic partnership with OpenAI to embed AI across drug discovery, manufacturing, supply chain, and commercial operations. The Danish pharma giant will use AI to analyze complex datasets, identify drug candidates faster, and upskill its global workforce. Pilot programs launch immediately, with full integration expected by year-end. Stock rallied on the announcement.

Volvo Trucks launched the FH Aero Electric with extended range, an electric long-haul truck capable of 700 kilometers on a single charge. It supports Megawatt Charging System (MCS) and can charge from 20% to 80% in about 50 minutes, fitting within EU-mandated driver rest breaks. Also announced: next-gen FH, FM, and FMX Electric trucks with ranges up to 470 km.

The Finnish Defence Forces launched a new AI Centre of Excellence with Digia as technology partner. The centre will drive data-driven knowledge management across all military branches, with Digia providing vendor-neutral AI implementation support. The partnership builds on eight years of collaboration since 2018 and forms part of Finland's national defence AI strategy.