Startups ranked by AI-estimated valuation
Norway’s 20 most valuable startups
A quarterly ranking of non-listed Norwegian startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; AI models estimate it.
Listed benchmarks
AutoStore · Warehouse robotics (cube storage) · Oslo Børs · AUTONordic Semiconductor · Low-power wireless chips · Oslo Børs · NODOpera · Web browsers (Norwegian-founded, Chinese-controlled) · Nasdaq · OPRAPexip · Video conferencing software · Oslo Børs · PEXIPLINK Mobility · Mobile messaging (CPaaS) · Oslo Børs · LINKZaptec · EV charging hardware · Oslo Børs · ZAPOtovo · Residential solar marketplace · Euronext Growth Oslo · OTOVOHuddly · AI video cameras for meeting rooms · Euronext Growth Oslo · HDLYElliptic Labs · Ultrasound/AI virtual sensors for devices · Oslo Børs · ELABS
Not ranked: no intention is possible on a listed company.
The market at a glance
20companies ranked
39companies on the radar
About USD 0.9bn (NOK 9.6bn)raised in 2025
163rounds in 2025
Norwegian startups raised NOK 9.6bn across 163 deals in 2025, down from NOK 12.8bn in 2024; the largest rounds went to Corvus Energy, Nofence and Tana. In 2026, investors have turned to defence technology, robotics and industrial AI, with about NOK 4bn raised in the first half. Sources: Shifter, the startup capital market in 2025, Shifter, capital market in 2026: defence technology, tech.eu funding tracker — Norway 2025. Intention counters will be shown above a threshold of amount and number of Backers.
National ranking · all sectors
Snapshot24 Oct 2026A snapshot taken on 24 Oct 2026
This ranking shows the startups as they stood on 24 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 25 Nov 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 24 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 25 Nov 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
By sector25% Energy & climate15% Deeptech & space10% Business software5% AI5% Commerce5% Edtech5% Fintech5% Food & agriculture5% Healthtech20% Other
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets, to validated members only. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a partner desk. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|---|
| 1 | GelatoOslo · founded 2007 | E-commerce › print on demand | USD 500M+ raised Series E · USD 250M · Aug 2021 (Durable Capital Partners, Tiger Global), at USD 1.05bn |
Last known equity round: Series E · USD 250M · Aug 2021 (Durable Capital Partners, Tiger Global)Method | Be the first | Back |
| 2 | ArdoqOslo · founded 2013 Offices in Oslo, London, New York |
B2B software › enterprise architecture | USD 160M+ raised Series D · USD 120M · Mar 2022 (EQT Growth; One Peak, Bertel O. Steen Kapital, Idékapital, Norselab) |
Last known equity round: Series D · USD 125M · Mar 2022 (EQT Growth; One Peak, Bertel O. Steen Kapital, Idékapital, Norselab)Method | Be the first | Back |
| 3 | Calluna PharmaOslo · founded 2024 Formed by merger of Oxitope Pharma and Arxx Therapeutics |
Biotech › immunology antibodies | raised Series A · USD 82M · Jan 2024 (Forbion; Sarsia, p53, Investinor) |
Last known equity round: Series A · USD 81.6M · Jan 2024 (Forbion; Sarsia, p53, Investinor)Method | Be the first | Back |
| 4 | XenetaOslo · founded 2012 Customers include Electrolux, Unilever, Nestlé, Volvo, P&G |
B2B software › freight rate intelligence | USD 130M+ raised Series D · USD 80M · Sep 2022 (Apax Digital; Lugard Road Capital) |
Last known equity round: Series D · USD 80M · Sep 2022 (Apax Digital; Lugard Road Capital)Method | Be the first | Back |
| 5 | DuneOslo · founded 2018 | Crypto › blockchain data analytics | USD 79M+ raised Series B · USD 69M · Feb 2022 (Coatue; Multicoin Capital, Dragonfly Capital) |
Last known equity round: Series B · USD 69.4M · Feb 2022 (Coatue; Multicoin Capital, Dragonfly Capital)Method | Be the first | Back |
| 6 | Corvus EnergyBergen · founded 2009 Battery systems installed on hundreds of vessels worldwide. |
Climate › maritime batteries | raised Series E · USD 60M · Oct 2025 (Morgan Stanley Investment Management; Just Climate, J. Lauritzen) |
Last known equity round: Series E · USD 60M · Oct 2025 (Morgan Stanley Investment Management; Just Climate, J. Lauritzen)Method | Be the first | Back |
| 7 | Lace LithographyBergen Office in Eindhoven in addition to Norway. |
Deeptech › semiconductor lithography | raised Series A · USD 46M · Mar 2026 (Atomico; M12, Linse Capital, SETT, Nysnø) |
Last known equity round: Series A · USD 46M · Mar 2026 (Atomico; M12, Linse Capital, SETT, Nysnø)Method | Be the first | Back |
| 8 | reMarkableOslo · founded 2013 Sold more than 1 million devices by 2022; majority employee-owned. |
Consumer hardware › e-paper tablets | raised Series A · USD 15M · 2019; undisclosed minority deal in 2021 valuing it at over USD 1bn |
Last known equity round: Series A · USD 15M · 2019Method | Be the first | Back |
| 9 | WastefrontOslo · founded 2019 First plant planned in Sunderland, UK. |
Recycling › tyre pyrolysis | raised Strategic round · USD 43M · Jul 2023 (VTTI) |
Last known equity round: Strategic round · USD 43M · Jul 2023 (VTTI)Method | Be the first | Back |
| 10 | HystarHøvik · founded 2020 Builds electrolysers in Norway for industrial hydrogen projects. |
Climate › hydrogen electrolysers | raised Series C · USD 36M · May 2025 (Nysnø, Orlen VC, MOL Switch, Stenshagen Invest) |
Last known equity round: Series C · USD 36M · May 2025 (Nysnø, Orlen VC, MOL Switch, Stenshagen Invest)Method | Be the first | Back |
| 11 | NofenceBatnfjordsøra · founded 2011 More than 150,000 collars sold across Europe; expanding in the US. |
Agritech › virtual fencing | raised Series B · USD 35M · Jul 2025 (European Circular Bioeconomy Fund; Capagro, Nysnø, Climate Innovation Capital, Speedinvest) |
Last known equity round: Series B · USD 35M · Jul 2025 (European Circular Bioeconomy Fund; Capagro, Nysnø, Climate Innovation Capital, Speedinvest)Method | Be the first | Back |
| 12 | Maritime RoboticsTrondheim · founded 2005 Largest Norwegian startup round of Q2 2026 per Shifter. |
Ocean tech › sea drones | raised Growth round · USD 32M · Jun 2026 (Mustard Seed + Partners; EnvisionTech, Nysnø, Umoe) |
Last known equity round: Growth round · USD 32.5M · Jun 2026 (Mustard Seed + Partners; EnvisionTech, Nysnø, Umoe)Method | Be the first | Back |
| 13 | Trener RoboticsTrondheim · founded 2024 Compatible with ABB, Universal Robots and FANUC arms; more than 15 partners in Europe and the US. |
Robotics › industrial robot software | USD 38M+ raised Series A · USD 32M · Feb 2026 (Engine Ventures, IAG Capital Partners; Cadence, Geodesic Capital, Nikon NFocus Fund) |
Last known equity round: Series A · USD 32M · Feb 2026 (Engine Ventures, IAG Capital Partners; Cadence, Geodesic Capital, Nikon NFocus Fund)Method | Be the first | Back |
| 14 | NeatOslo · founded 2019 Devices certified for Zoom Rooms and Microsoft Teams |
Hardware › video meeting devices | raised Strategic round · USD 30M · Sep 2021 (Zoom Video Communications) |
Last known equity round: Strategic round · USD 30M · Sep 2021 (Zoom Video Communications)Method | Be the first | Back |
| 15 | AttensiOslo · founded 2010 ARR up 40% in 2024 |
Edtech › corporate simulation training | raised Growth round · USD 26M · Apr 2021 (Lugard Road Capital; DX Ventures, Viking Venture) |
Last known equity round: Growth round · USD 26M · Apr 2021 (Lugard Road Capital; DX Ventures, Viking Venture)Method | Be the first | Back |
| 16 | Heimdall PowerOslo · founded 2016 Offices in Oslo and Charlotte (USA); customers are utilities and transmission system operators. |
Climate › grid optimisation | raised Series B · USD 25M · Jul 2024 (Orlen, NRP Zero, Steinsvik Family Office; Investinor, Eviny, Hafslund, Lyse) |
Last known equity round: Series B · USD 25M · Jul 2024 (Orlen, NRP Zero, Steinsvik Family Office; Investinor, Eviny, Hafslund, Lyse)Method | Be the first | Back |
| 17 | TibberFørde · founded 2016 Over one million users reported; operates in Norway, Sweden, Germany and the Netherlands. |
Climate › smart energy retail | USD 200M+ raised Growth round · at least SEK 250M of equity · Mar 2024, alongside debt |
Last known equity round: Growth round · USD 24M · Mar 2024Method | Be the first | Back |
| 18 | FloceanOslo · founded 2024 Test site at Mongstad industrial park. |
Climate › subsea desalination | raised Series A with extension · USD 22M · Nov 2025 (Xylem, Ari Emanuel, Orion, Rypples; Burnt Island Ventures, Freebird Capital, Katapult Ocean, Nysnø) |
Last known equity round: Series A with extension · USD 22.5M · Nov 2025 (Xylem, Ari Emanuel, Orion, Rypples; Burnt Island Ventures, Freebird Capital, Katapult Ocean, Nysnø)Method | Be the first | Back |
| 19 | TanaOslo · founded 2020 Waitlist of over 160,000 users at launch |
AI › knowledge workspace | USD 25M raised Series A · USD 14M · Feb 2025 |
Last known equity round: Series A · USD 14M · Feb 2025 Published valuation: USD 100M (Feb 2025)Method |
Be the first | Back |
| 20 | Alva IndustriesTrondheim Reports hundreds of active customer projects in commercial and defence markets. |
Deeptech › electric motors | raised Growth round · USD 18M · Jul 2026 (Nysnø, Sandwater, Emerald Technology Ventures; Statkraft Ventures, EnvisionTech) |
Last known equity round: Growth round · USD 18.5M · Jul 2026 (Nysnø, Sandwater, Emerald Technology Ventures; Statkraft Ventures, EnvisionTech)Method | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in Norway. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; AI models estimate it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
- Unicorn
- Decacorn
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Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Software & AI
Print-on-demand platform, enterprise architecture, freight analytics, crypto data and training software.
Coming soon · Top 10
Climate & energy
Maritime batteries, hydrogen, power-grid sensors, smart energy and tyre recycling.
Coming soon · Top 10
Deeptech & ocean
Lithography, marine robotics, industrial robots and wave-powered desalination.
Coming soon · Top 10
Health & agriculture
Inflammation drugs, virtual fencing for livestock and digital paper tablets.
FintechHealthtechMobilityEdtechProptech
The Uback Fundraising Desk in Norway
Introductions made by a Fundraising Desk partner, currently being selected
An adviser licensed by Finanstilsynet (Financial Supervisory Authority of Norway), the only party entitled to present Backers’ demand to companies for their funding rounds. Sales of existing shares are handled by Secondary Sales Desks, assigned company by company. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
—deals worked on
—deals closed
—average response time
Capital raising advisers
Become Uback’s Fundraising Desk partner in Norway
- Foreign investors you would not find on your own
- Your name on every ranking of the country
- Backers’ demand on each company, before its round opens
- The “Uback Fundraising Partner in Norway” title on your profiles
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- Neonomics · Fintech › open bankingFunding round · USD 4M · Oct 2026Back
- Oda · E-commerce › online groceryGrowth round · about USD 95M planned · Jun 2024; a shareholder sold its stake in Jul 2026 at a much lower priceBack
- Six Robotics · Robotics › drone autonomy (defence)Seed · USD 14M · Jun 2026 (DTCP Defence Fund; EIFO, Scale Capital)Back
- Muybridge · Media tech › software-defined camerasSeries A · USD 16M · May 2026 (Investinor, Fairpoint Capital, Idékapital, RunwayFBU)Back
- Roboxi · Robotics › airport automationFunding round · USD 15M · May 2026Back
- Photoncycle · Climate › seasonal energy storageSeries A · USD 17M · Mar 2026 (NordicNinja, Voima Ventures; Lifeline Ventures, Eviny Ventures, Luminar Ventures, Momentum)Back
- Biosort · Aquaculture tech › sea lice controlGrowth round · USD 10M · Mar 2026 (Grieg Kapital, Hatch Blue, IVC, Farvatn; existing owners)Back
- Ava Ocean · Ocean tech › sustainable harvestingFunding round · USD 15M · Jan 2026 (Wilstar Innovate, Birkeland family; Norselab, Hofseth International, Cinus)Back
- Spoor · AI › wildlife monitoring for windSeries A · USD 9.4M · Dec 2025 (SET Ventures; EnBW New Ventures, Ørsted Ventures, Superorganism, Futurum Ventures)Back
- Noteless · Healthtech › AI medical scribeSeed · USD 4.1M · Nov 2025Back
- SportAI · AI › sports video analysisSeed · USD 3M · Nov 2025Back
- Riff · AI › app builderSeries A · USD 16M · Oct 2025 (Northzone; Illusian, Skyfall Ventures, Maki.vc, Sondo Capital)Back
- Sonair · Deeptech › robot sensorsSeries A · USD 6M · Sep 2025 (Scale Capital, Investinor; RunwayFBU, SINTEF, ProVenture)Back
- Saga Robotics · Agritech › farm roboticsGrowth round · USD 11M · Aug 2025 (Praesidium Agri-FoodTech; Aker, Nysnø, Blystad, Hatteland)Back
- Two · Fintech › B2B buy now pay laterSeries A with extension · USD 15M · Jul 2025 (Idékapital, Shine Capital; LocalGlobe, Arkwright X, Investinor, Sequoia Capital)Back
- Pistachio · Cybersecurity › security awarenessSeries A · USD 7M · Apr 2025Back
- Avisomo · Agritech › vertical farmingGrowth round · USD 3.7M · Jan 2025 (existing investors)Back
- Strise · AI › AML complianceGrowth round · USD 6.1M · Dec 2024 (Investinor), after a USD 10.8M Series A in 2023Back
- Deckmatch · AI › investor deal sourcingSeed · USD 3M · Nov 2024Back
- Nomono · Podcast tech › recording hardware and softwareSeed · USD 5.1M · Oct 2024 (Tvenge og Adolfsen; Spintop Ventures, Schibsted, Investinor)Back
- Findable · AI › building documentationSeries A · USD 10M · Sep 2024 (Point Nine; KOMPAS VC, Construct Venture, Lake Eight)Back
- Sloyd · AI › 3D asset generationSeed · USD 3.3M · Jun 2024Back
- Factiverse · AI › fact-checkingSeed · USD 1.1M · Jun 2024Back
- Iris.ai · AI › research document analysisSeries A · USD 8.3M · May 2024 (Silverline Capital; EIC Fund)Back
- Völur · AI › food production planningSeed · USD 2.9M · Apr 2024Back
- CardioMech · Medtech › structural heart devicesFunding round · USD 13M · Jan 2024 (Investinor)Back
- Intelecy · AI › industrial analyticsFunding round · USD 3.5M · Jun 2023Back
- Eyr · Healthtech › telemedicineFunding round · USD 2M · May 2023 (Investinor; Aventi, TV2 Invest)Back
- Appfarm · B2B software › no-codeGrowth round · USD 6M · Jan 2023 (Idékapital; Eviny Ventures, Arkwright X)Back
- Evoy · Ocean tech › electric boat propulsionBridge round · USD 7.4M · 2023 (Axopar; EIC Fund)Back
- Ignite Procurement · B2B software › procurement analyticsSeries A · USD 7.1M · Jun 2022 (Arkwright X, Skagerak Venture Capital, Investinor)Back
- PortalOne · Gaming › interactive live gamesSeries A · USD 60M · Jan 2022 (Tiger Global; TQ Ventures, Temasek, Avenir Growth, Founders Fund)Back
- Promon · Cybersecurity › mobile app securityMajority investment · amount undisclosed · Jan 2022 (GRO Capital, Kirk Kapital; Trifork)Back
- Ryde · Mobility › shared e-scootersGrowth round · USD 8.5M · 2022Back
- Spond · Consumer › sports team management appGrowth round · USD 11M · Sep 2021 (Verdane)Back
- Inspera · Edtech › e-assessmentGrowth investment · amount undisclosed · Sep 2021 (CGE Partners)Back
- Whereby · B2B software › video meetings APISeries A · USD 12M · Mar 2021 (Point Nine; SaaStr Fund)Back
- Dintero · Fintech › payments and checkoutSeed · USD 1.2M · Mar 2021Back
- Signicat · Cybersecurity › digital identityMajority investment · amount undisclosed · Apr 2019 (Nordic Capital)Back
Born in Norway, based elsewhere
Companies of Norwegian origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- 1X Technologies · Robotics › humanoid robots
Founded in Moss in 2014 as Halodi Robotics; headquarters moved to Palo Alto in 2025Series B · USD 100M · Jan 2024 (EQT Ventures; Samsung NEXT, OpenAI Startup Fund)Back - Sanity · Software › content platform for developers
Founded in Oslo in 2017; corporate headquarters in San Francisco, with offices in Oslo and LondonSeries C · USD 85M · May 2025 (Bullhound Capital; ICONIQ Growth, Threshold, Heavybit)Back - ARTBIO · Biotech › radiopharmaceuticals
Built on science from the University of Oslo; run from Cambridge, Massachusetts and OsloSeries B · USD 132M · Jul 2025 (Sofinnova Investments, B Capital; F-Prime, Omega)Back - Unacast · Software › location data
Founded in Oslo in 2014; merged with Gravy Analytics in 2023 and run from the United StatesFollow-on round · NOK 14.9M · late 2024Back
Not ranked
- Kahoot! · Taken private in 2024 by a consortium led by Goldman Sachs Asset Management
- Tise · Bought by eBay (agreement signed in Sep 2025)
- Kron · Bought by Storebrand in 2022
- Easee · Bought by Brødrene Jensen in 2026
- Morrow Batteries · Filed for bankruptcy in 2026
- Cognite · Created by the Aker group
- Boost.ai · Sale to Automation Anywhere agreed in Oct 2026
- Vipps MobilePay · Created and owned by banks
- Nettbil · Owned by Vend (Schibsted)
- Airthings · Delisted from Oslo Børs in 2026 after a rescue; controlled by Firda
The method in Norway
Calendar. Quarterly ranking, published on the 25th of February, May, August and November. Next edition: November 25, 2026.
Eligibility: at least $1M raised in equity, non-listed company, main operations in Norway.
Fundraising Desk sought. An adviser licensed by Finanstilsynet (Financial Supervisory Authority of Norway).
Sources. Norwegian and international business and technology press (E24, Dagens Næringsliv, Finansavisen, Shifter, Sifted, TechCrunch, Bloomberg, Reuters), Norwegian venture data, company and investor announcements.