With a DKK 25 million investment in PSV Hafnium, IDA is now strategically supporting investments in technology and science-based startups that create groundbreaking innovation and solutions with global impact. This brings the fund to a total of DKK 410 million.
According to IDA President Laura Klitgaard, investing millions in the Nordic-focused venture fund will help strengthen the development of the STEM field's innovative power, which is crucial to the fund's success and Denmark securing its position of strength in deep tech. This is precisely why Laura Klitgaard believes it is natural for IDA to financially support unique and often patented research to create better growth conditions in technological start-up companies.
“Technical and scientific research and development is the primary source of the new solutions desperately needed in virtually all areas and can make a difference in the wider world. This can be related to climate change, health technology, and safety, and the new foundation collaboration can help the development. That's why we want to actively contribute to the growth of startups in Denmark, resulting in growth and highly productive jobs,” she says.
Laura Klitgaard also emphasizes that from a geopolitical perspective, it is more important than ever that Denmark and Europe prioritize technical research and innovation.
“Europe spends less of our GDP on research and development than the US and China. At the same time, Europe is losing innovation power. Therefore, we must take it more seriously politically to strengthen the food chain by prioritizing public research and supporting business incentives for research and development,” she says.
As PSV Hafnium was born out of the venture house PSV, which is and has been based at DTU for the past 20 years, the foundation is uniquely positioned to bridge the gap between research and the commercial journey, which is why DTU’s President Anders Bjarklev is in favor of IDA moving closer.
“We have great innovative power in Denmark, but we must ensure a well-functioning market for risk capital from private investors, venture and private equity funds and public actors. Therefore, it is great that IDA invests in PSV Hafnium and recognizes the need to strengthen innovation ecosystems. DTU's vision is that through research and innovation, we solve global challenges for the benefit of society. This requires, among other things, that we convert research into businesses,” he says.
Founder and managing partner of PSV Hafnium, Marianne Hyltoft, is also excited that IDA is actively involved in the fund.
“IDA's support is important to us because of the investment and because it brings the entire ecosystem of startups based in the research and STEM fields closer together. To succeed as a foundation, we rely on the whole food chain around STEM talent being strong. Together, we can help ambitious tech startups get better growth opportunities,” she says.
The fund has raised DKK 410 million with new investments, including from cornerstone investors EIF and EIFO. PSV Hafnium's goal is to raise DKK 600 million.
