How a Norwegian VC is Fueling the Next Industrial Revolution

Jan de Vries · 2026-08-24

You know how everyone's talking about AI, but sometimes it feels like it's all just chatbots and image generators? Well, there's a whole other side to this story happening in heavy industry. A Norwegian venture capital firm, RunwayVC, just secured a $43 million first close for its second fund. And they're not backing the next social media app. They're hunting for startups that are building the brains and bodies for the factories, warehouses, and offshore rigs of the future. We're talking about industrial AI, robotics, automation, and autonomous systems. This is where software meets steel. It's a space that's often overlooked, but the potential is massive. RunwayVC's strategy is pretty clever. They're not just throwing money at smart ideas. They're embedding themselves right where the action is. ### The Backers Who Are Also Buyers What really makes this fund stand out is who's putting money in. Aker, the industrial giant, was the sole investor in the first fund and is back as a cornerstone. But now they've brought in some serious friends. New investors include names like Halliburton, Aker BP, and Aker Solutions. Norway's largest pension company, KLP, and the state-owned investor Investinor are also on board. Here's the key point: many of these limited partners aren't just financiers. They're industrial operators themselves. They're the potential first customers for the technologies these startups are creating. This isn't just investment; it's a built-in customer pipeline. As Tor Bækkelund, RunwayVC's Founder and Managing Partner, put it: > “We are in the middle of a technology shift in industry that will create the next generation of global technology companies. Over the past five years, we have built a strong position close to where that shift is happening.” ### A Proven Model Gets a Bigger War Chest RunwayVC isn't starting from scratch. Their first fund has already been busy. Since 2022, they've invested in 24 companies and completed 23 follow-on investments. Their portfolio companies have collectively raised over $190 million in external capital. That's a solid track record for a young firm. Now, with Fund II, they're scaling up. They plan to make about 20 new investments over the next three to five years. Typical initial checks will range from $470,000 to $940,000, with plenty of room for follow-on funding. Their focus will be primarily on Norway and the Nordics, with some selective deals elsewhere in Europe and the US. And they're already off to the races. The fund has made its first two investments: - **Minerva Humanoids:** Developing rugged humanoid robots for dangerous industrial operations. Think tasks too risky for people. - **HIVE Autonomy:** A Norwegian company that uses "Physical AI" to make existing industrial machines autonomous. Their tech is already being used at sites across Scandinavia. ### Why This Matters for the Broader Ecosystem This move signals a growing confidence in deep tech and industrial transformation. It shows that serious capital is moving beyond consumer software and into the foundational technologies that power our physical world. RunwayVC operates from the Aker Tech House outside Oslo, which is part of a larger ecosystem called RunwayFBU. This ecosystem includes over 60 industrial tech companies, a specialized AI and robotics lab, and an incubator. It's a full-stack approach to building the future of industry. Øyvind Eriksen, President and CEO of Aker, summed it up well, highlighting how RunwayVC connects venture capital with real-world industrial muscle. The takeaway? The next wave of innovation might not come from a Silicon Valley garage. It could come from a robotics lab in Norway, backed by investors who have a direct line to the industries they aim to transform. It's a hands-on, in-the-trenches approach to building what comes next.