Nvidia and Wallenberg businesses starting AI venture in Sweden

Nvidia Corp. and a cluster of businesses backed by Sweden’s influential Wallenberg family are starting a venture to build out artificial intelligence infrastructure in the Nordic nation.

The group of companies — including AstraZeneca Plc, Ericsson AB, Saab AB, SEB AB and the Wallenberg’s investment vehicle — will develop what it calls the largest enterprise AI supercomputer in Sweden, according to a statement on Saturday. Nvidia will also establish its first AI technology center in the country to advance research with industrial partners, it said.

“The country is building its first AI infrastructure — laying the foundation for breakthroughs across science, industry, and society,” Nvidia Chief Executive Officer Jensen Huang said.

As part of the initiative, Saab said it will deploy the AI methodology to accelerate development of its defense capabilities. The other companies also made pledges.

“We believe this initiative will generate valuable spillover effects,” said Marcus Wallenberg, Chair of Wallenberg Investments AB.

The Wallenbergs, a Swedish industrial dynasty rooted in the nineteenth century, remain an active shareholder in some of Europe’s biggest companies primarily through ownership interests in Investor AB and FAM. Dividends are disbursed via a so-called eco-system of foundations, including more than 2.9 billion Swedish kronor ($287 million) each year going to research and education in the Nordic nation.

This story was originally featured on Fortune.com