Vinnova has invested SEK 35M in innovative startups

Vinnova, the Sweden state-owned innovation agency, announced that it invested SEK 35M ($3.88M) in 117 startup companies, with innovative business ideas.

The companies receiving funding (SEK 300 000 ~ $33k) need to have innovative and internationally competitive business ideas, and are supposed to develop innovative solutions that can contribute to economic growth and new jobs.

- Startup company plays an important role in developing new solutions for growth and new jobs. Through the initiative, we support companies that are in an early stage of development in which other financing may be difficult to get, says Charlotte Brogren, Director General of Vinnova.

Around half of the business ideas are all about service innovation, many of which include digital services. The projects receiving funding has been selected with the help of external experts from over 650 applications.

Examples of innovative business ideas into startups that get funding:

Riteband AB: A global electronic marketplace which offers faster funding and the opportunity to invest in music rights. 
Demvito AB: A software for mobile phone in real time can translate sign language into text or speech.
Signality AB: A new technology that uses artificial intelligence allows for automatic image analysis of video streams
Cacharge AB: Internationalization of a smart charging services for electric vehicles.
Njus Media AB : A service that allows people to produce local news that is reviewed by a central editorial office, strengthening local journalism.
Insurance Simplified Europe AB: A digital insurance advisors who analyze the individual's unique life situation and recommend the policy with the best terms and price.