Norway dominated the Nordic tech cycle this week. A Bergen physicist raised $40 million to challenge ASML's lithography monopoly with helium atoms, the world's largest sovereign wealth fund revealed that half its staff now code their own AI tools, and KONGSBERG shipped the first AI sonar operator for commercial fishing. Meanwhile, Sweden's biometrics industry is consolidating, a Danish SaaS exit is reshaping Nordic HR tech, and Altor is building another services platform through PE. Seven stories across four countries, spanning atoms to algorithms.

Lace Lithography closed a $40 million Series A led by Atomico and M12 (Microsoft's venture arm) for its Beyond-EUV atom lithography technology. The Bergen startup fires helium atom beams 135 times finer than ASML's EUV light, targeting chip features ten times smaller than today's state of the art. Over $60 million raised to date, with a pilot fab tool expected by 2029.

Everdrone raised EUR 3.3 million (SEK 36 million) led by Sciety to commercialize its autonomous drone service for emergency healthcare. The Gothenburg company operates the world's first drone system integrated into cardiac arrest response, delivering defibrillators alongside ambulances in Sweden's Vastra Gotaland Region. Expansion planned across Europe.

Precise Biometrics and Fingerprint Cards approved a joint merger plan to create a global biometrics and identity leader. The share-swap deal values FPC at SEK 135.7 million, with FPC shareholders receiving approximately 47% of the combined company. A SEK 110 million rights issue will fund growth and integration. Expected closing in early Q3 2026.

Altor Fund VI agreed to acquire a majority stake in Eltera Gruppen from Valedo Partners. Eltera is Norway's largest electrical installation services provider with 30-plus operating entities and over 1,000 employees. Management reinvests under new ownership. Altor has raised EUR 12 billion in total commitments across its fund family.

Viking Growth exited Tamigo, a Danish workforce management SaaS platform, to Accel-KKR. Tamigo serves 400,000-plus users across 1,500 companies in 20-plus countries. It joins Accel-KKR's Nordic HR software group alongside Norway's 4Human and Sweden's Eletive, forming a cross-border HR tech platform.

KONGSBERG launched Sonar AI, the world's first AI sonar operator for omnidirectional fish-finding sonars, built on Viam's robotics platform. The system watches sonar continuously, detects fish in real time, and alerts captains with visual markers and directional audio. Launched alongside the new Simrad SY60 at the Palm Beach International Boat Show.

Norges Bank Investment Management revealed that roughly half of its 700 employees now build their own AI tools using Anthropic's Claude. The $2.1 trillion sovereign wealth fund uses AI for ESG risk monitoring across 7,000 companies, trading cost analysis, and contract negotiation simulation. CEO Nicolai Tangen says the fund has invested "millions" and returned "billions" in benefits. Eventually, some AI agents will make limited decisions autonomously, but not yet.