In this episode, Andreas Munk Holm speaks with Anders Kjær, General Partner at PSV Hafnium, Denmark’s first dedicated deep tech fund. Together, they explore the evolving role of technical founders, the Nordic research-industrial complex, and how early-stage deep tech capital needs to work differently to unlock tomorrow’s transformative companies.
Here’s what’s covered:
01:30 Why PSV Hafnium Was Built—and the Deep Tech Opportunity in the Nordics
04:13 PSV Hafnium as a Symbol of Deep Tech: The Element & the Brand
08:24 Turning Research into Portfolio Power: DTU's Role in Diligence & Support
10:19 Can a Copenhagen-Based Fund Compete Across the New Nordics?
14:26 Nordic Tech Clusters: Are There Regional Strengths or Pure Serendipity?
19:43 Bio Solutions, Green Energy & Industrial Legacy: Why Deep Tech Thrives Here
21:15 Sciencepreneurs Rising: Shifting Founder Mindsets in Deep Tech
24:52 How PSV Hafnium Gauges Entrepreneurial Readiness in Deep Tech Teams
27:44 What Generalist VCs Get Right—and Wrong—About Deep Tech
30:18 What “European Resilience” Actually Means at the Early Stage
36:18 The Common Thread in All Deep Tech Bets (Hint: It’s Not Sector)
42:09 Bridge Rounds in Deep Tech: A True Test of Conviction
45:53 Rapid Fire: Nordic Bets, Myths to Kill, & Advice to Scientist Founders
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation on Spotify/Apple 🎧
✍️ Show Notes
A Nordic Deep Tech Fund Built for the Long Haul
PSV Hafnium isn't just a Danish experiment - it’s a thesis on why the Nordics can lead the next wave of industrial innovation. Backed by EIF and grounded at DTU, the fund draws on both academic excellence and regional industry depth to find and back scientific ventures with global ambition.
Deep Tech Starts in the Lab, But Can’t Stay There
Anders discusses how PSV Hafnium leverages the DTU ecosystem not for pipeline quotas, but for expert insight, technical diligence, and talent scouting. From board seats to lab walk-throughs, the fund is deeply embedded in a knowledge-rich environment—but with no geographical strings attached.
Entrepreneurial Readiness > IP Strength
It’s not enough to have a breakthrough patent. Anders emphasizes the importance of founder mindset, team self-awareness, and a willingness to evolve from scientific research to product-focused execution. PSV Hafnium spends considerable time helping founders bridge that gap—pre- and post-investment.
What Makes Nordic Deep Tech Competitive
With globally respected universities, industrial-scale manufacturing expertise, and a small-market mindset that breeds global outlooks, the Nordics are uniquely poised to lead in energy, bio solutions, and compute infrastructure. "We're countries of industries," says Anders—and that legacy matters.
Europe’s Resilience is More Than Defense
PSV Hafnium’s version of resilience isn’t just military—it’s about securing sovereign capabilities in materials, energy, compute, and infrastructure. From next-gen fertilizers to post-quantum computing, the fund targets innovations that reduce dependency and increase European autonomy.
How Deep Tech Capital Must Evolve
Deep tech investing requires a different tempo and structure. Anders breaks down why follow-on capital planning is essential, why many Series A rounds are effectively bridges, and how funds must be built to absorb setbacks and stay the course.
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