🦊/Investors

Sandwater

Venture capital

Oslo · Seed–Series B · 13 people tracked

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Wesley Chanunlockedknows Torkel Engeness · together at Massachusetts Institute of Technology (overlapped)
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Investment thesis

Sandwater invests in early-stage companies building solutions for the change the world needs. The firm draws on a Nordic ethos of collaboration and transparency, bringing commitment and a bold approach to helping founders grow. Its portfolio spans deep tech, climate and energy, robotics, health and life sciences, agtech, femtech, and defense, reflecting a broad focus on impactful technologies across the Nordics and Europe.

Source: firm website, verified Aug 3, 2026.

Stage
Seed–Series B
Check
$2.2M – $11M
HQ
Oslo, NO
Leads rounds
Leads
Instruments
Equity
Founded
2021
AUM
$440M
Tracked investments
26

Team · 13 people

from the firm's website & curated & public directories
Alexander Domin· Partner

Joined Sandwater as a partner in 2026 in connection with the firm's expansion to Munich.

Marianne Wangen Eriksen· Investment Managerin

What they invest in

from 16 of 26 portfolio companies

AI & Machine Learning ×5Healthtech ×5Climate Tech ×4Deep Tech ×4Medical Devices ×4AgTech ×3Cleantech ×3Digital Health ×3

HQs:Norway×3Germany×2Finland×2Canada×1Denmark×1European Union×1

Who they back

founder profiles across 8 portfolio companies
75%
solo founders
6 of 8 mapped founding teams

Founding team size:solo founder×62 founders×2

Investments · 26 tracked

founders shown can be your intro path

By year:2025 · 12024 · 12023 · 24 dated

1X Technologies1x.techin𝕏Jan 2024 · $100M

1X is an AI and robotics company developing general-purpose humanoid robots for home and industrial use.

AI & Machine LearningConsumerHardwareRoboticsPalo Alto, US

Bernt Øyvind Børnich(CEO)inBernt Børnich(Founder)in

Co-investorsAccess Ventures (New York)Alliance VCAlliance VentureEQT VenturesSamsung NextSkagerak Capital+9 more

Alvaalva-group.comin𝕏

Penta is a corporate advisory firm that combines proprietary stakeholder intelligence data with senior counsel expertise to help large organizations navigate political, cultural, economic, and technological risks.

Enterprise SoftwareSector Agnostic

Co-investorsBayes Entrepreneurship FundNucleus Adventure CapitalEmerald Technology Ventures AgNysnø Climate Investments

Alva Industriesalvaindustries.comin𝕏

Alva Industries develops electric motors and drive systems using a patented FiberPrinting production technology for ironless, slotless stator windings, offering compact torque motors such as SlimTorq and GearTorq.

Advanced ManufacturingAI & Machine LearningCleantechDeep TechHardwareRobotics

Co-investorsDRONE FUNDEmerald Technology Ventures AgNabtesco Technology VenturesNysnø Climate Investments

CardioSignalcardiosignal.comin

CardioSignal develops digital cardiac biomarkers using motion sensors in smartphones to detect heart disease without additional devices, targeting patients and primary care systems globally.

AI & Machine LearningDigital HealthHealthtechMedical DevicesTurku, FI

Tuomas Valtonen(COO, Co-founder)Juuso Blomster(Founder, CEO)inIlkka Korhonen(Chief Technology Officer)inKristiina Santalahti(Research & Quality Director)in

Co-investorsDigiTx Partners LLCInnovestor VenturesStart CapitalMaki.vc

ClimateViewclimateview.ioinJun 2023

ClimateView provides a platform for cities to model, cost, and govern their climate transition from strategic planning through implementation.

Climate TechGovTechSaaS

Co-investorsNordicNinjaNorrsken VC115K2050CommerzVenturesMax Ventures

Cmr Surgicalcmrsurgical.comin𝕏

CMR Surgical develops Versius, a small, modular, and portable surgical robot that enables hospitals and surgeons to perform minimal access (keyhole) surgery.

HealthtechMedical DevicesRobotics

Massimillano Colella(Chief Executive Officer)

Co-investorsCambridge Innovation CapitalLightrockSoftBank Vision FundWatrium

CurifyLabscurifylabs.comin

CurifyLabs develops an automated compounding system for pharmacies that uses robotics, GMP-manufactured excipient bases, and integrated quality control software to enable faster, safer preparation of customized medications.

Digital HealthHealthtechMedical DevicesHelsinki, FI

Charlotta Topelius(CEO & Founder)inNiklas Sandler TopeliusNiklas Sandler(CTO & Founder)in

Co-investorsHealthCapLifeline Ventures

Cytovationcytovation.cominJun 2023 · $8M

Cytovation develops immunotherapy treatments designed to enhance immune response against various cancer types, with a focus on engineered synthetic peptides and first-in-class therapeutic candidates.

BiotechHealthtechMedical DevicesBergen, NO

Lars Prestegarden(Co-founder & Chief Executive Officer (CEO))in

Co-investorsCanica

Enduroenduro.bioin𝕏

Enduro develops synthetic biology technology for large-scale fermentation processes, helping bioproduction companies maintain high cell productivity and strain stability during bio-based manufacturing.

AI & Machine LearningBiotechDeep TechCopenhagen, DK

Peter Rugbjerg(Founder)in

Co-investorsNOON VenturesSupernova Invest

Farminsectfarminsect.euin𝕏

FarmInsect provides farmers with modular insect-rearing systems and a weekly young-larvae subscription to produce insect protein on-farm as part of a regional circular-economy cycle.

AgTechCircular EconomyFoodTech

Mantle8mantle8.comin

Mantle8 is a natural hydrogen exploration company developing proprietary geoscience technology—including its GeoLogix prospect-generation algorithm and HOREX multiphysics imaging—to locate and quantify naturally occurring hydrogen resources.

CleantechClimate TechDeep TechEnergy

Emmanuel Masini(Founder)in

Co-investorsBreakthrough Energy VenturesKiko VenturesWind Venture

Nofencenofence.noSep 2025 · $35M

Nofence provides a virtual fencing system for livestock, using solar-powered GPS collars and a mobile app that let farmers set and adjust grazing boundaries, track animals, and receive alerts without physical fences.

AgTechHardwareIoT

Oscar Hovde(Founder)inJoachim Kählerin

Co-investorsClimate Innovation CapitalEuropean Circular Bioeconomy FundMomentumCapagroFerdNysnø Climate Investments+1 more

Salient Energysalientenergyinc.comin𝕏

Salient Energy manufactures zinc and manganese batteries for electricity storage, providing an alternative to lithium-ion with lower costs and reduced environmental impact from mining and manufacturing.

CleantechClimate TechEnergyNew MaterialsDartmouth, CA

Ryan Brown(Cofounder)in

Co-investorsTechstarsVoLo Earth Ventures

Soil Capitalsoilcapital.comin𝕏

Soil Capital is an agronomy company that runs a certified carbon payment programme rewarding farmers for transitioning to regenerative, low-carbon agriculture, and advises on farmland management.

AgTechClimate TechImpact & Social Good

Co-investorsRing Capital

Turbulent Fluxturbulentflux.comin

Turbulent Flux develops flow simulation software focused on scalability, flexibility, and cost efficiency.

Deep TechEnergySaaSOslo, NO

Gjermund Weisz(Founder)in

Xo Lifexo-life.comin

XO Life operates a digital platform connecting patients, healthcare providers, pharmaceutical companies, and medical professionals to improve treatment access and outcomes through shared health insights and technological infrastructure.

AI & Machine LearningDigital HealthHealthtechSaaS

Sergey Vasilyev(Chief Technology Officer)inZdenka Vesely(Chief Client Officer)in

Co-investorsBayern KapitalGrazia Equity GmbHVI PartnersFRC FUND MANAGEMENT S.À R.L.

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

1XAntec BiogasEnduro GeneticsFilicsGruntHallgruppenOyster ThermalPowallStandard BioWrepit

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Sandwater made?
Sandwater has 26 tracked investments, including 1 dated in the last 24 months.
What stage does Sandwater invest at?
Sandwater invests at the Seed, Series A, Series B stages.
What is Sandwater's typical check size?
Sandwater typically writes checks of $2.2M – $11M.
What sectors does Sandwater focus on?
Sandwater focuses on Advanced Manufacturing, AgTech, Biotech, Cleantech, Climate Tech, Construction Tech, Consumer, Deep Tech, Defense Tech, EdTech, Energy, Enterprise Software, FemTech, FoodTech, Healthtech, New Materials, PropTech, Robotics, SaaS, Sector Agnostic.
Where is Sandwater located?
Sandwater is headquartered in Oslo, NO.
Does Sandwater lead rounds?
Yes, Sandwater leads investment rounds.
Who does Sandwater co-invest with?
Sandwater most often shares deals with Breakthrough Energy Ventures, EQT Ventures, Innovestor Ventures, among 31 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Tom Even Mortensen | Building Sandwater, Investment Philosophy, Leadership & Culture | Vonheim #152

Christopher Vonheim · Tom Even Mortensen

Images

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