RunwayVC Secures €40M First Close for Industrial AI-Focused Fund

Oslo-based RunwayVC has reached a major milestone by securing a €40 million first close for its second fund, targeting pre-seed to Series A startups in industrial AI, robotics, automation, and autonomous systems. The new vehicle adds Halliburton and Aker BP as limited partners, with Aker remaining the anchor investor.

RunwayVC's Fund II marks a significant increase from its original backer, Aker, which provided €300 million for the firm's first fund in 2021. New investors include Norwegian pension provider KLP, state-backed investor Investinor, and several industrial families. The firm will continue to focus on backing companies with deep domain expertise in industrial AI.

According to senior partner Sagar Chandna, RunwayVC's framework spans connectivity via sensors and IoT, an intelligence layer to manage data and systems, and robotics and autonomy to act on insights. The team targets founders with extensive experience operating within industrial problem spaces. With the new capital, RunwayVC plans to make around 20 investments over the next three to five years.