# Innovation Norway: portfolio, investments and team

> Innovation Norway is a government based in Norway. 46 investments on record, 7 in the last 12 months, latest Jun 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/innovation-norway (Millionrounds; every figure on the page links to its filing or article)

Norway · [Investor](https://millionrounds.com/investors)

# Innovation Norway

Last cheque observed Jun 2026; 46 cheques on record.

Deploying now Government

Pre-seed Seed Series A Market Tech Market-tech Markettech

Deploying now

**78%** of best year **7** **cheques in 12 months**, 46 on record

Since the last cheque **147** days **00** hrs **00** min **00** sec

Median round **$985K** Rounds led **0 of 46** Sole investor **29 rounds** Mostly in **Norway, 82%**

Pitch Innovation Norway

## Innovation Norway highlights

- 01 7 cheques in the last 12 months
- 02 Mostly Grant and Seed: 60% of its rounds
- 03 Sole investor in 29 rounds, median $510K

## What they do

- **Type:** Government (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Pre-seed Seed Series A
- **Sectors:** Market Tech Market-tech Markettech
- **Based in:** Oslo, Norway
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **46 appearances**

- **2026** 4 rounds
- **Jun** **[Circio](https://millionrounds.com/company/circio)** NO **$32M** Sole investor
- **Mar** **[Ofiniti](https://millionrounds.com/company/ofiniti)** Seed · NO **$6.8M** Sole investor
- **Mar** **[Observe Medical](https://millionrounds.com/company/observe-medical)** Debt · SE **$1.5M** With 1 other
- **Jan** **[reTyre](https://millionrounds.com/company/retyre)** Venture · NO · Firms' own news pages **$8.2M** With 3 others
- **2025** 9 rounds
- **Dec** **[AirDodge AS](https://millionrounds.com/company/airdodge-as)** Grant · NO **$157K** With 2 others
- **Nov** **[SportAI](https://millionrounds.com/company/sportai)** Seed · NO **$3.0M** Sole investor
- **Nov** **[Vianode](https://millionrounds.com/company/vianode)** Debt · NO **$475M** With 1 other
- **Oct** **[Aurora Analytica](https://millionrounds.com/company/aurora-analytica)** Grant · NO **$50K** Sole investor
- **Sept** **[Cartesian](https://millionrounds.com/company/cartesian)** Venture · NO **Undisclosed** With 1 other
- **May** **[Circio](https://millionrounds.com/company/circio)** NO **$241K** Sole investor
- **Jan** **[Avisomo](https://millionrounds.com/company/avisomo)** Venture · NO **$3.5M** Sole investor
- **Jan** **[AirDodge AS](https://millionrounds.com/company/airdodge-as)** Pre-seed · NO **$500K** With 2 others
- **Jan** **[Aker Horizons](https://millionrounds.com/company/aker-horizons)** Venture · NO **Undisclosed** Sole investor
- **2024** 5 rounds
- **Oct** **[Aviant](https://millionrounds.com/company/aviant)** Grant · NO **$1.0M** With 1 other
- **Jul** **[Leasi](https://millionrounds.com/company/leasi)** Pre-seed · NO **$1.2M** With 2 others
- **Jul** **[WindSpider](https://millionrounds.com/company/windspider)** Grant · NO **$1.6M** Sole investor
- **Apr** **[Intoto](https://millionrounds.com/company/intoto)** Pre-seed · NO **$912K** Sole investor
- **Jan** **[Plaace](https://millionrounds.com/company/plaace)** Seed · NO **$970K** With 2 others
- **2023** 3 rounds
- **Jul** **[Lace Lithography](https://millionrounds.com/company/lace-lithography)** Seed · NO **$496K** With 4 others
- **Jan** **[N2 Applied](https://millionrounds.com/company/n2-applied)** Growth · NO **$11M** With 2 others
- **Jan** **[Hyperhuman](https://millionrounds.com/company/hyperhuman)** Grant · RO **$212K** With 2 others
- **2022** 5 rounds
- **Dec** **[laiout](https://millionrounds.com/company/laiout)** Grant · NO **$1.0M** With 4 others
- **Dec** **[VoxiKids](https://millionrounds.com/company/voxikids)** Grant · RO **$211K** Sole investor
- **Jul** **[Skyfri](https://millionrounds.com/company/skyfri)** NO **$5.0M** With 3 others
- **Jul** **[AlumatIQ](https://millionrounds.com/company/alumatiq)** Venture · NO **$2.6M** Sole investor
- **Apr** **[Foody](https://millionrounds.com/company/foody)** Seed · US **$250K** With 1 other
- **2021** 3 rounds
- **Sept** **[SenseTask](https://millionrounds.com/company/sensetask)** Grant · RO **$467K** Sole investor
- **Jun** **[Adline](https://millionrounds.com/company/adline)** Series A **$628K** Sole investor
- **Mar** **[Exabel](https://millionrounds.com/company/exabel)** Seed **$6.0M** Sole investor
- **2020** 5 rounds
- **Nov** **[Travelin.ai](https://millionrounds.com/company/travelin-ai)** Pre-seed **$510K** Sole investor
- **Nov** **[Wayd](https://millionrounds.com/company/wayd)** Debt **$388K** Sole investor
- **Sept** **[Kör](https://millionrounds.com/company/kor-2)** Debt **$274K** Sole investor
- **Aug** **[Fonn Construction](https://millionrounds.com/company/fonn-construction)** Series A **$3.4M** Sole investor
- **Jul** **[ScanReach](https://millionrounds.com/company/scanreach)** Grant **$2.0M** Sole investor
- **2019** 3 rounds
- **Jun** **[Optimeering Aqua](https://millionrounds.com/company/optimeering-aqua)** Venture **$1.7M** Sole investor
- **Apr** **[LastCall](https://millionrounds.com/company/lastcall)** Seed **$271K** Sole investor
- **Apr** **[GrepS](https://millionrounds.com/company/greps)** Pre-seed **$465K** Sole investor
- **2018** 2 rounds
- **Dec** **[Terp](https://millionrounds.com/company/terp)** Venture **Undisclosed** Sole investor
- **Mar** **[CarePacks](https://millionrounds.com/company/carepacks)** Seed **$782K** Sole investor
- **2015** 1 round
- **Apr** **[Museai](https://millionrounds.com/company/museai)** Grant · NO **$37K** Sole investor

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The cheque

Pre-seed Seed Series A

Median round joined **$985K** the round, not its cheque Alone, median **$510K**

Led 0 of 46 rounds **0%**

- **Sole investor:** 29 rounds
- **Last cheque:** Jun 2026

Rounds by stage said on their site

- Grant *13*
- Seed said *11*
- Venture *7*
- Pre-seed said *5*
- Debt *4*
- Series A said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Antler](https://millionrounds.com/fund/antler) 4
- [EIC Accelerator](https://millionrounds.com/fund/eic-accelerator) 2
- [ESA](https://millionrounds.com/fund/european-space-agency) 2
- [Startuplab](https://millionrounds.com/fund/startuplab) 2

**Pitching Innovation Norway?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

The investors most often in the same rounds as Innovation Norway. A count of rooms they were both in, not a relationship either has claimed.

[**Antler** VC firm **4** rounds together](https://millionrounds.com/fund/antler)[**EIC Accelerator** Government **2** rounds together](https://millionrounds.com/fund/eic-accelerator)[**ESA** Corporate VC **2** rounds together](https://millionrounds.com/fund/european-space-agency)[**Startuplab** Accelerator **2** rounds together](https://millionrounds.com/fund/startuplab)

## Recently backed

The latest companies Innovation Norway put money into.

[**Circio** $32M · Jun 2026](https://millionrounds.com/company/circio)[**Ofiniti** $6.8M · Mar 2026](https://millionrounds.com/company/ofiniti)[**Observe Medical** $1.5M · Mar 2026](https://millionrounds.com/company/observe-medical)[**SportAI** $3.0M · Nov 2025](https://millionrounds.com/company/sportai)[**Aurora Analytica** $50K · Oct 2025](https://millionrounds.com/company/aurora-analytica)[**Cartesian** Sept 2025](https://millionrounds.com/company/cartesian)

## Quick answers about Innovation Norway

### What does Innovation Norway invest in?

Innovation Norway invests most often at Grant and Seed (60% of the rounds on record), in sectors such as Market Tech, Market-tech and Markettech.

### How active is Innovation Norway?

46 investments on record, 7 of them in the last 12 months. The most recent was in Jun 2026.

### What has Innovation Norway invested in recently?

Its most recent investments on record: Circio (Undisclosed round, Jun 2026), Ofiniti (Seed, Mar 2026) and Observe Medical (Debt, Mar 2026).

### How big are Innovation Norway's cheques?

The median round it joins is $985K.

### Does Innovation Norway lead rounds?

Rarely, if at all: none of its 46 investments on record names it as the lead.

### Where does Innovation Norway invest?

Most of the companies it backs are in Norway (82%) and Romania (11%).

### Is Innovation Norway investing now?

Yes: it is actively investing, with 7 investments in the last 12 months.

### Who does Innovation Norway invest alongside?

Most often Antler (4 rounds together), EIC Accelerator (2 rounds together) and ESA (2 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=innovation-norway) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=innovation-norway)