Lund-based Nordic Forestry Automation (NFA), a AI startup for forestry solutions and listed as one of Swedens 33 most promising tech startups in 2024, has secured funding through an investment by Navigare Ventures, a subsidiary of Wallenberg Investments. The investment marks a significant milestone for NFA as it accelerates the commercialization of its AI-based operator support system for thinning and continues to develop next-generation products.
Strengthening Ownership with Navigare Ventures
Navigare Ventures joins existing investors Sveaskog, Södra Ädla, and Almi Invest as a minority owner. The capital from this targeted investment round will support NFA’s mission to revolutionize forestry operations through advanced automation and artificial intelligence.
“We have had a long and fruitful relationship with the people at Navigare Ventures from the start of NFA and are pleased to now welcome them into the ownership group. Navigare Ventures brings a wide range of expertise and an unrivalled network in academia and industry with cutting-edge expertise in AI and deeptech. We feel a great responsibility for managing the trust from Navigare Ventures and can now increase the ambitions in our company further,”
says Lars Svensson, CEO of NFA.
Revolutionizing Forestry Through AI and Automation
NFA’s first product, an AI-based operator support tool for thinning, aims to improve efficiency and sustainability in forestry management. The investment will enable the company to bring this product to market while funding the development of further advanced operator support and automation technologies.
“The NFA team has succeeded in building a company with world-leading technology and expertise that has the potential to revolutionise forestry on a broad front with the help of AI and automation. The Nordic region has long been a world leader in forestry technology and we believe that NFA can become the next global star in this industry,”
says Diana Henningsson, investment lead at Navigare Ventures.
Support from Long-Term Investors
Existing investor Södra Ädla, which has backed NFA from its early days, expressed strong support for the new partnership.
“Today marks the beginning of the next chapter in NFA’s journey. Since our first investment in NFA, we have been able to follow the company’s great development and it was an easy decision for Södra Ädla to continue invest in the team and the company. We welcome Navigare Ventures into the ownership group and look forward to a good collaboration,”
says Erik Madeyski Bengtson, Chairman of the Board of NFA and representative of Södra Ädla.
A Vision for the Future of Forestry
This investment underscores the growing potential for AI and automation to transform industries rooted in traditional practices, such as forestry. By leveraging cutting-edge technology, NFA aims to enhance productivity, sustainability, and safety within the sector, solidifying the Nordic region’s leadership in forestry innovation.