DNV Ventures Research
Investment Thesis
DNV Ventures is the corporate venture capital arm of DNV, the 160+ year-old Norwegian risk management, assurance, and certification group. Launched in 2020 and headquartered in Oslo, Norway, DNV Ventures invests in and partners with B2B software startups building "the next generation of industrial technology" across the critical industries DNV already serves. The thesis is explicitly tied to DNV's corporate purpose of "safeguarding life, property, and the environment," and the fund actively works to connect portfolio companies with DNV's global customer base and business divisions to accelerate revenue growth, not just provide capital.
Sector Focus
DNV Ventures organizes its investing around five thematic pillars:
- Energy Transition - renewable deployment, grid modernization, industrial decarbonization, and digital energy infrastructure
- Assurance of AI - safe AI adoption, governance, security, monitoring, and autonomous systems (backed by a dedicated "Trust in AI" fund launched September 2024)
- Cybersecurity - critical infrastructure protection and digital risk management
- Maritime Transformation - digitalization, automation, and decarbonization in shipping and offshore industries
- Digital Health - patient safety, healthcare quality, and trust in health systems
It also has an EdTech / corporate training angle (We Are Learning) and a nature/biodiversity analytics angle (NatureAlpha), reflecting DNV's broader assurance and risk footprint.
Stage Focus
Primarily Seed and Series A, favoring companies that already have demonstrated customer demand and are positioned to scale internationally. DNV Ventures typically participates in syndicated rounds alongside other strategic or financial investors rather than always leading.
Check Size
Not publicly disclosed. Observed check sizes in named rounds range from a $2.5M commitment to a fund-of-funds vehicle (Juniper Ventures Fund II) up to participation in multi-million-dollar syndicated rounds (e.g., the ~£7M Series A for Gridcog, split among four investors). Treat check size as unknown/variable pending direct confirmation.
Lead Tendency
DNV Ventures generally participates in syndicates rather than leading. Recent deals (Gridcog, SplxAI) show it alongside other named co-investors (ABB Electrification Ventures, Verbund Ventures, Axpo Ventures for Gridcog). It has also made a minority strategic investment directly (Vind AI) and backed a fund-of-funds (Juniper Ventures Fund II) rather than investing directly in a single company.
Recent Activity
DNV Ventures has been consistently active through 2025 and 2026:
- July 2026: Joined a ~£7M Series A syndicate for Gridcog (energy modeling software), alongside ABB Electrification Ventures, Verbund Ventures, and Axpo Ventures.
- June 2026: Strategic minority investment in Vind AI (renewable energy project development platform), with DNV also integrating its CFD-ML wind modeling technology into Vind AI's product and taking a board observer seat.
- June 2026: Invested in Aidalos, an AI company building trustworthy cognitive systems for engineering and infrastructure monitoring.
- May 2026: Committed $2.5M to Juniper Ventures Fund II, an early-stage fund dedicated to AI assurance startups.
- September 2025: Invested in We Are Learning, an Oslo-based EdTech company using AI to convert corporate training materials into 3D and interactive learning content.
- March 2025: Joined a $7M seed round for SplxAI, an AI red-teaming and security startup for conversational AI systems.
- September 2024: Launched the "Trust in AI" fund, with Danish company 2021.AI as its first investment.
Fund status reads as actively deploying, with a steady cadence of new investments across 2025 and 2026.
Portfolio Highlights
DNV Ventures lists roughly 24-28 portfolio companies on its site, spanning its five thematic pillars: 2021.AI, Aidalos, CareIndexing, ComplAi, CyTal, EIP, Gridcog, HST, Juniper Ventures (fund), Kezzler, Leap, NatureAlpha, Newton's Tree, Nexus Grid, Ofiniti, Patients Know Best (PKB), Powerhouse Innovation, Provision, Raptor Maps, ReWind, Scout DI, SkyFi, Smartwatt, SplxAI, StartupLab, Umotif, Vind AI, and We Are Learning. The firm reports 3 exits and 3 spinouts (including ReWind and Ofiniti) generated from DNV's own internal operations - a distinctive feature of this corporate venture model.
Team
- Kaare Helle - Venture Director
- Simon Ratcliffe - Venture Building Director
- Nermina Ek - Investment Manager
- Lise Sværi - Business Innovation and Growth Manager
- Jens Christian Aune - Finance and Investment Manager
- Embla Holten - Investment Advisor
- Jenna Maria Corti - Partnership and Innovation Manager
- Martine Haland - Communications Manager
Decision Process
Not publicly disclosed, but as a corporate venture unit embedded in a larger organization with distinct Venture Director, Venture Building Director, and Investment Manager roles, it most likely operates as a structured internal committee/partnership process rather than a solo-GP model.
Founder Preferences
DNV Ventures favors technical, B2B-focused founders building software for industrial, regulated, or safety-critical domains (energy, maritime, cybersecurity, healthcare, AI governance) where DNV's own domain expertise, standards, and customer relationships can accelerate go-to-market. Companies with clear alignment to DNV's assurance/safety purpose and potential for DNV to become a customer, channel, or technology partner appear to be favored.
Geographic Focus
Global, with a notable concentration in Northern Europe (Norway, UK, Denmark) reflecting DNV's own headquarters and heritage, alongside US-based activity (the "Trust in AI" ecosystem event was held in San Francisco) and international portfolio companies more broadly.