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Gungnir Capital

Tegnérgatan 1, Stockholm, Stockholms län, 111 40, Sweden

Overview

Gungnir Capital is a Stockholm-based venture capital firm founded in 2025, specializing in early-stage defense technology investments across Europe.

Total investments
2
Lead investments
1
Investments · 12mo
2
Active investors
1
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Investment portfolio

  • Acodyne

    Led · Seed · Jun 2026

    Acodyne develops unmanned eVTOL cargo aircraft combining ducted-fan propulsion and an AI-driven autonomy stack (eTHOR, developed with DTU Compute) to enable vertical takeoff and high-speed forward flight for time-critical heavy-lift missions. The platform is modular and all-electric for the first model, designed to carry payloads of 100–500 kg with a cruise speed of about 450 km/h and a range up to 500 km, extending to roughly 1,000 km in hybrid configurations. The design includes detachable wings so the system can fit inside a standard 20-foot shipping container, and the company expects scalable architectures that could enable payloads beyond 500 kg within the next two years. Acodyne is targeting defence logistics, offshore operations, and remote and regional supply chains, with early commercial validation envisaged through defence partnerships. The founding team includes former personnel from the Danish Ministry of Defence, Scandinavian Airlines, Cobham Aerospace Communications and DTU Space, and the wider team numbers ten. The company is developing its first model (E100) with initial flight tests planned before the end of 2026 and is using its recent pre-seed funding to build prototypes and conduct mission-relevant flight testing.

  • Kelluu

    Participated · Series A · Apr 2026

    Kelluu develops and operates autonomous hydrogen-powered airships that provide persistent intelligence, surveillance, and reconnaissance (ISR) as well as civilian sensing applications. Its unmanned fleet supports missions exceeding 12 hours and multiple sensing modalities, enabling real-time, high-resolution imagery. The company says five airships operating from a single base can cover up to 30,000 square kilometres, and it operates what it describes as the world’s largest autonomous airship fleet. Kelluu was founded as a dual-use company and targets defence and civilian markets including forestry monitoring, meteorology, smart-city sensing, and protection of critical infrastructure. The firm is advancing Kelluu AI Labs to develop geospatial foundation models for environmental and resilience applications. Following a €15 million Series A, Kelluu plans to optimise its technology, scale operations, and expand fleet deployments.

Team

  • Max Villman

    Founder & Managing Partner

    LinkedIn