Dealroom – Nordic Defence Tech Report, 2024

The "Nordic Defence Tech Report 2024" by Dealroom provides an in-depth analysis of the defense technology landscape in the Nordic region, highlighting investment trends, key players, and emerging technologies. The report reveals a significant increase in venture capital investments into European defense technology startups, with the U.S. contributing over 65% of the funding in 2024, up from 18% in 2023. This surge is attributed to the maturation of Europe's defense tech sector and the urgency for technological advancement influenced by global conflicts, notably since Russia’s invasion of Ukraine. The study also discusses the challenges faced by European startups, such as the fragmented market and complex defense sector requirements, and emphasizes the need for quicker technology deployment and better market integration. Additionally, the report explores the role of artificial intelligence, unmanned aerial vehicles, and the Internet of Military Things in modern defense strategies, underscoring the importance of innovation and collaboration in enhancing defense capabilities.