The Danish university's VC subsidiary, PSV Foundry, set up the fund to investment in environmental sustainability companies.
A DKK385m ($56.5m) deep tech early-stage venture fund has been launched by the Technical University of Denmark’s VC subsidiary PSV Foundry, with backing from the European Investment Fund and the Export and Investment Fund of Denmark.
The fund, called PSV Hafnium, will target Nordic startups across a range of deep tech sectors including energy, compute, health tech, materials and space. The fund’s managers hope to reach its hard cap limit of DKK600m in the next 10 months. The European Investment Fund committed $27m and the Export and Investment Fund of Denmark committed $14.7m of the funding.
A stated goal is that at least 65% of the startups the fund will invest in have to focus on environmental sustainability and tackling climate change.
PSV Foundry was spun out of the Technical University of Denmark in the early 2000s. It develops funds in partnership with accelerators and incubators. It also does direct investments.
The Technical University of Denmark is a polytechnic and engineering school founded in 1829. Recent spinouts include BioHalo, which aims to provide alternatives to forever chemicals in industrial processes, and Enzidia, a technology platform for engineering enzymes. Both are from DTU Biosustain, its centre for biosustainability.
