# Norwegian Research Council

> Norwegian Research Council is a VC fund backing Health Care and Biotechnology. See 25 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Oslo, Norway
- Total investments: 25
- Last investment: Sep 2025
- Lead investor: 48%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/the-research-council-of-norway/about/
- X (Twitter): http://twitter.com/RCN_Norway
- Website: http://www.forskningsradet.no
- Facebook: https://www.facebook.com/norges-forskningsr

Norwegian Research Council is a VC fund in Oslo focused on Health Care and Biotechnology. The Norwegian Research Council is the government's central research advisor. In 2012, the Research Council researched with more than 7 billion. This represents about 30% of R & D funding in the state budget.

## Contacts

5 contacts available for Norwegian Research Council. Shizune tracks 2 team members at Norwegian Research Council. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/norwegian-research-councils?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Grant | $90k–$1.6M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 5 | 20% |
| Biotechnology | 5 | 20% |
| Information Technology | 3 | 12% |
| SaaS | 2 | 8% |
| Manufacturing | 2 | 8% |

41 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Grant | 15 | 60% |
| Seed | 2 | 8% |
| Funding Round | 2 | 8% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Norway | 15 | 60% |
| Sweden | 2 | 8% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Anne Kjersti Fahlvik | Executive Director | 0 | https://shizune.co/investors/profile/anne-kjersti-fahlvik |
| Kathrine Fog | Member of Board ENERGIx | 0 | https://shizune.co/investors/profile/kathrine-fog-fog |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Borregaard | Borregaard runs green biorefineries.They produce biopolymers, specialty cellulose, biovanillin, cellulose fibrils, and bioethanol biovanillin, cellulose fibrils, and bioethanol. They provide sophisticated, environmentally friendly biochemicals that can take the place of products based on oil by utilising natural, renewable raw resources. | $1.5M | Grant | Sep 25, 2025 |  |
| Cartesian | Cartesian unlocks the power of thermal energy storage to help the world’s most energy-intensive sectors to boost energy efficiency and rapidly reduce their carbon footprint. | $761.5K | Grant | Feb 18, 2024 |  |
| Hemispherian | Hemispherian is a biotechnology firm that formulates new treatments for all kinds of cancer. | $1.5M | Grant | Dec 15, 2023 |  |
| Oivi | Oivi has built a breakthrough retinal camera that enables primary care physicians to detect early signs of blinding or systemic disease during routine check-ups. Our patented design merges precision optics with AI-guided robotics to deliver hospital-quality imaging with minimal training and at a fraction of the cost of traditional systems. Theplatform continuously evolves through software updates, expanding its diagnostic reach. We’ve screened 100,000+ patients and growing rapidly.Founded by camera-technology experts—CEO Anders Eikenes (Huddly co-founder; $400M IPO) and Khaleel Udyawar (20+ years in imaging systems)—we’ve grown to 30 employees across the US, India, China, and Norway. We’ve raised $15M (half equity, half grants) and are preparing Series A to scale in the US. | $1.6M | Grant | Feb 14, 2023 |  |
| Oivi | Oivi has built a breakthrough retinal camera that enables primary care physicians to detect early signs of blinding or systemic disease during routine check-ups. Our patented design merges precision optics with AI-guided robotics to deliver hospital-quality imaging with minimal training and at a fraction of the cost of traditional systems. Theplatform continuously evolves through software updates, expanding its diagnostic reach. We’ve screened 100,000+ patients and growing rapidly.Founded by camera-technology experts—CEO Anders Eikenes (Huddly co-founder; $400M IPO) and Khaleel Udyawar (20+ years in imaging systems)—we’ve grown to 30 employees across the US, India, China, and Norway. We’ve raised $15M (half equity, half grants) and are preparing Series A to scale in the US. | $380K | Grant | Sep 15, 2022 |  |
| Elkem | Elkem is one of the world’s leading companies for environment responsible production of materials. Its principal products are silicon, silicones, ferrosilicon, foundry alloys, carbon materials and microsilica.Elkem has 24 production facilities in Europe, North and South America, Africa and Asia, as well as an extensive network of sales officesand agents covering the most important markets. | $1.8M | Grant | Dec 21, 2021 |  |
| CrayoNano | Founded in 2012, CrayoNano develops and manufactures nanomaterials-based semiconductor components using proprietary technologies. We are committed to enabling solutions for more sustainable and healthier lives for everyone. Headquartered in Trondheim, Norway, CrayoNano’s innovative semiconductor components advance global solutions in health andsafety, water purification, consumer and industrial applications, and more. CrayoNano is registered on Euronext OTC in Norway under the ticker “CNANO”. | $1.6M | Grant | Dec 09, 2021 |  |
| Aqualung Carbon Capture | Aqualung Carbon Capture provides industrial scale carbon capture units to speed up decarbonisation and mitigate carbon emissions. | $575.1K | Grant | Nov 12, 2021 |  |
| Oivi | Oivi has built a breakthrough retinal camera that enables primary care physicians to detect early signs of blinding or systemic disease during routine check-ups. Our patented design merges precision optics with AI-guided robotics to deliver hospital-quality imaging with minimal training and at a fraction of the cost of traditional systems. Theplatform continuously evolves through software updates, expanding its diagnostic reach. We’ve screened 100,000+ patients and growing rapidly.Founded by camera-technology experts—CEO Anders Eikenes (Huddly co-founder; $400M IPO) and Khaleel Udyawar (20+ years in imaging systems)—we’ve grown to 30 employees across the US, India, China, and Norway. We’ve raised $15M (half equity, half grants) and are preparing Series A to scale in the US. | $350.1K | Grant | Sep 15, 2021 |  |
| Intoto | Intoto is a water data startup that uses cutting-edge technologies such as AI, IoT, and big data to improve our understanding and management of water in a sustainable way. Founded in 2018, Intoto was created to address the lack of data and insight during a flood that affected their town in 2015. The company's core slogans include "Masteryour river", "Master our river", and "Meaningful data for everyone".Our software platform, "Studio," allows users to view water data in an easy-to-understand way, and our "Apparatus" data logger provides cost-effective and low power consumption data collection. Our services also include AI and data analytics, as well as custom projects for clients such as hydro power plants and local governments.Intoto has established partnerships with leading companies and organizations in the industry like Sira Kvina, Statkraft, Vattenfall, Norconsult, and Innovasjon Norge. We are working towards becoming a big actor within live data from rivers in Norway and ultimately, the world's largest provider of water data.Our team of experts, including software developers, engineers, and data scientists, provide full stack solutions that are tailored to meet the unique needs of our customers. Our mission is to accelerate our understanding of water, how it affects us, and how we can manage this resource sustainably. With a strong team of employees and advisors, we are well-positioned to achieve our goals and lead the way in water data management. | $24.4K | Grant | May 07, 2021 |  |

10 of 25 investments shown.

## Co-investors
- [Innovation Norway](https://shizune.co/investors/profile/innovation-norway) — VC Fund, 6 deals together
- [European Innovation Council](https://shizune.co/investors/profile/european-innovation-council) — VC Fund, 3 deals together
- [Future Ventures](https://shizune.co/investors/profile/future-ventures) — VC Fund, 1 deal together
- [Kreftforeningen](https://shizune.co/investors/profile/kreftforeningen) — VC Fund, 1 deal together
- [NTNU Discovery](https://shizune.co/investors/profile/ntnu-discovery) — VC Fund, 1 deal together
- [Runa Capital](https://shizune.co/investors/profile/runa-capital) — VC Fund, 1 deal together

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## FAQ

### What does Norwegian Research Council invest in?

Norwegian Research Council invests primarily in Health Care, Biotechnology and Information Technology startups, most often at Grant and Seed stage. Most of the 25 investments tracked by Shizune back companies in Norway. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Norwegian Research Council's check size?

Norwegian Research Council typically joins rounds of $90k–$1.6M at Grant. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Norwegian Research Council participates in.

### How do I contact Norwegian Research Council?

Public channels for Norwegian Research Council include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Norwegian Research Council?

The team at Norwegian Research Council includes Anne Kjersti Fahlvik (Executive Director) and Kathrine Fog (Member of Board ENERGIx). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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