The investment fund “Norwegian.AI” launched today at Katapult Future Fest and aims to establish Norway as a global leader within artificial intelligence (AI). The initial fund will be NOK 1 billion, and co-founders and a network have already committed NOK 100 million (11.81 million USD).
OSLO, NORWAY (PRWEB UK) 15 MAY 2017
Norwegian.AI will pursue impact investments in companies that will solve global challenges through AI and exponential technology.
"Norwegian.AI will focus on creating financial rewards while contributing to solving big environmental and social problems. With exponential technology we can exponentially make our world a better place. NOK 100 million (11.81 million USD) are already committed and we invite more people to join the fund,” says Anders H. Lier, co-founder of Norwegian.AI.
The initiators and founding partners behind Norwegian.AI is are successful Norwegian entrepreneurs Tharald Nustad, Edvard Engeseth, Kristoffer Roil, Alexander Hagerup and Anders H. Lier.
Norway can take a leading international position
England is the current AI leader in Europe with early phase investment of over NOK 7 billion (826.51 million USD). Norwegian.AI aims to ensure that Norway can compete, and eventually take a leading international position on AI.
”We will proactively ensure that Norway becomes a global knowledge center on impact investments, AI and exponential technology. This is an incredible opportunity for Norway that will also create jobs in Norway. This is more effective than leaning back and passively waiting for the AI revolution,” says Kristoffer Roil, co-founder of Norwegian.AI.
”The world is changing quicker than we have ever experienced, and Norway can’t afford to be left behind. We have a highly educated population, we are early adopters of new technology, and as a nation we have access to an incredible capital base. We have to seize the opportunities we can and transition from a great but slumbering oil nation to an exponential technology nation,” says Alexander Hagerup.
The fund provides capital, mentoring and facilities
In addition to capital, Norwegian.AI has a global network, experts, advisory services, offices and production facilities.
”Already today we have an AI accelerator and we educate people in AI. We invest in companies like Iris and we build companies like Vic.ai. We have over several years built competence, a wide network and an ecosystem,” says Roil.
Prize for the best AI company
Norwegian.AI is simultaneously launching a competition with a prize of NOK 10 million (1.18 million USD) for the best AI company in Norway. The winner receives NOK 8 million (944,590 USD). The second and third prize will get NOK 1.5 million (177,110 USD) and NOK 0.5 million (59,036 USD), respectively.
”This is an open competition where the teams are given the freedom to find solutions for some of the biggest challenges in the world,” says Roil.
Illustration Photo: Artificial Intelligence (Public Domain from Pixabay.com)