Sweden’s Norrsken Foundation announced on Wednesday a €300 million ($348 million) investment commitment to support European startups leveraging artificial intelligence for social impact across sectors such as climate, healthcare, food, education, and societal development.

Founded in 2016 by Klarna co-founder Niklas Adalberth, the Norrsken Foundation operates a portfolio of venture capital and investment funds that collectively manage more than $1 billion in assets. Its latest funding initiative aims to steer AI innovation toward addressing pressing global challenges rather than solely serving commercial interests.

“AI is not just another productivity boost — it’s a real chance to fix what truly matters,” said Agate Freimane, General Partner at Norrsken VC, the foundation’s venture capital division.

She emphasized that while many AI companies, aside from giants like Google DeepMind, are focused on business-to-business applications, there remains vast untapped potential for AI to drive meaningful change.

“Artificial intelligence is the most powerful tool humanity has ever created,” Freimane added. “Yet, so far, we are mainly using it to optimise clicks and automate emails.”

The pledge comes amid a resurgence in venture capital activity. Startups raised more than \$80 billion globally in the first quarter of 2025, marking a nearly 30% increase from the previous quarter, according to professional services firm EY.

Norrsken’s move positions it as a leading advocate for ethical AI investment, highlighting a growing shift within the tech and finance sectors toward socially responsible innovation.