Peter Carlsson, co-founder and former CEO of battery maker Northvolt, described the process of raising funds for his new venture, Aris Machina, as "emotionally tough" after Northvolt's collapse with $5.8 billion in debt.

Aris Machina and AI for Manufacturing

Carlsson's new startup, Aris Machina, leverages artificial intelligence to improve manufacturing processes. The company has already attracted investment from angel investors and funds like Earlybird and Village Global.

The Challenges of Fundraising

Carlsson admitted the difficulties encountered in raising capital after Northvolt's failure: "That was not easy at all. You felt incredibly guilty towards the people who lost a lot of money." He added: "It is important to recognise that the Northvolt journey was not a VC journey. We built Northvolt first with industrial investments and then later on with big funds like Goldman Sachs. Emotionally, it was tough."

Market Interest

Despite the initial difficulties, Carlsson found strong market interest in Aris Machina: "Overall, I think there has been a pretty big curiosity and interest in what we are doing." Many potential customers recognize the transformative potential of AI but don't know how to implement it.

ScaleUp Europe Fund

During the GoWest VC conference, Michiel Scheffer, president of the board of the European Innovation Council, discussed the €5 billion ScaleUp Europe Fund, designed to address the shortage of late-stage growth capital across the EU. Scheffer highlighted the absence of investment from Germany and France, emphasizing that the fund is still predominantly a Nordic affair.