May 2026
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Largest DeepTech Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Kongsberg, AutoStore, Nordic Semiconductor, Kitron and Norbit.
 | Kongsberg Gruppen is an international technology company that supplies products and services to the defense, maritime, oil, gas, and aerospace industries. The company is divided into two business segments: the maritime segment and defense and aerospace systems. Maritime, which earns most of the firm's revenue, creates navigation, automation, monitoring, and positioning products for commercial ships and offshore industry. The defense and aerospace segment provides defense and space-related products and systems. Outside of the two main segments, the firm operates Kongsberg Digital, which produces digital solutions for oil, gas, wind, and merchant marine markets. Products are delivered globally, with North America accounting for about one third of total revenue. | $34 | -10% | $30B | $28B | 4.6x | 27.8x | ||
| AutoStore Holdings Ltd offers a world-class suite of hardware and software, providing end-to-end support from solution design to Robot operations. Using developed routing algorithms, powerful data insights, and reporting tools, the company continuously enhances its software and robotic solutions. The AutoStore system can serve all end markets and all types of warehouses, allowing the company to offer its solutions to a variety of industries, including grocery, retail, third-party logistics (3PL), industrials, and healthcare. The company operates in Norway, Germany, Europe, the U.S., Asia, and other places. The maximum of its revenue is derived from Europe. | $1 | +153% | $5B | $5B | 9.0x | 25.1x | ||
| Nordic Semiconductor designs Bluetooth Low Energy chips for the wireless industry, making 90% of its revenue from this technology. Nordic’s chips are used in all types of battery-powered devices such as wearables, smarthome applications, asset trackers, and industrial and healthcare markets. In recent years Nordic has also expanded into adjacent technologies such as Wi-Fi, Thread protocol and long-range connectivity. | $22 | +72% | $4B | $4B | 6.5x | 63.9x | ||
| Kitron ASA is an electronics manufacturing service company. It manufactures products that are embedded in the customers' products and box-built electronic products. The company provides a high-level assembly of complex electromechanical products and also provides various other services within development, industrialization, supply chain management, logistics, and aftermarket services. The company has manufacturing facilities in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, China, and the United States. It serves Defense/Aerospace, Energy/Telecoms, Industry, Medical Devices, and Offshore/Marine markets. | $12 | +90% | $3B | $3B | 3.0x | 25.8x | ||
| Norbit ASA is l provider of tailored technology to selected applications by solving challenges through solutions. It operates in three segments namely, the Oceans segment which delivers tailored technology and solutions to the maritime markets, Connectivity (ITS) segment which offers tailored connectivity solutions based on short-range communication technology to intelligent traffic systems and truck applications, and The Product, Innovation & Realization (PIR) segment offers R&D services and contract manufacturing services to key customers. It has manufacturing facilities in Selbu and Roros. It derives maximum revenue from Oceans Segment. | $20 | +2% | $1B | $1B | 4.9x | 16.5x | ||
| Elkem ASA offers material solutions shaping and more sustainable future. The company develops silicones, silicon products, and carbon solutions by combining natural raw materials, renewable energy, and human ingenuity. The group helps its customers create and improve essential innovations like electric mobility, digital communications, health, and personal care, as well as smarter and more sustainable cities. It has three reportable segments, namely Silicones, Silicon Products, and Carbon Solutions. It generates the majority of the revenue from the Silicones segment. | $3 | +67% | $1B | $2B | 0.7x | 5.4x | ||
| Smartoptics Group ASA provides optical networking solutions and devices for open networking. The company has three main product categories: Solutions, Optical Devices, and Software & Services. These products are used to construct various Enterprise, Governmental, DCI, Metro, and Regional networks. The Solutions consist of the DCP-R family, DCP-F family, DCP-M family, Transponders and Muxponders, as well as transceivers used in connection with the System projects. Optical devices consist of transceivers, passive filters, and accessories that are sold independently of products in the Solutions offering. Software and Services are closely related to Solutions, as customers buy a complete solution including a Software and Services package. | $6 | +236% | $602M | $594M | 7.9x | 60.0x | ||
| Medistim ASA is a medical device company. It is engaged in researching, developing, producing, distributing, and sales of medical equipment through its own business or participation in other companies, as well as related activities. The company's business is focused on cardiac and vascular surgery. The group operates in the USA, Europe, China, and the Rest of the World. The main divisions are sale of own products and sale of third-party products. Sale of own products has two business models, the capital model and the lease model. Third-party products segment sells medical devices from third party manufacturers in Norway, Sweden and Denmark. Key revenue is generated from Own Products segment. | $24 | +17% | $443M | $424M | 5.6x | 17.7x | ||
| PhotoCure ASA is a Norway-based business group associated with the research, development, production, distribution, marketing, and sales of pharmaceutical products and specialty pharmaceutical companies. The technology platform of the company is focused on the field of photodynamic diagnosis and treatment of cancer. The company has two operating segments of the group the Commercial franchise and the Development portfolio. It generates prime revenue from the Commercial franchise segment, which includes Hexvix and Cysview products. Its geographical segments are Nordic countries, Germany, France, Austria, the United Kingdom, BeNeLux, Italy, Other European countries, Canada, and the United States. | $7 | +36% | $190M | $166M | 2.9x | 28.2x | ||
| REC Silicon ASA is a producer of silicon materials, supplying high-purity polysilicon and silicon gases to the solar and electronics industries. The product offered by the group includes Solar grade polysilicon, Electronic grade polysilicon, and Silicon gases. It operates in two segments, namely Solar Materials and Semiconductor Materials. The majority of the firm's revenue is generated through the Semiconductor Materials segment. | $0 | -82% | $122M | $165M | 2.1x | (15.3x) | ||
| Norsk Titanium AS is in metal 3D printing. The company uses its proprietary Rapid Plasma Deposition (RPD) technology for cost-efficient 3D printing of metal alloys. This technology enables the production of value-added parts that are suitable for a large market. The company's focus is on high-end structural applications that require the use of 3D-printed titanium parts, which offer substantial benefits compared to traditional materials and production methods. The company caters to high-complexity markets such as commercial aerospace and defense, which allows it to deliver value propositions and position itself for expansion into other markets. Geographically, the company generates revenue from Norway, Europe, and the USA. | $0 | -8% | $120M | $108M | 12.0x | (4.1x) | ||
| Huddly AS is a technology company that creates tools for team collaboration. The company manufactures and sells smart cameras used for conference meetings and provides meeting room solutions in partnership with other firms. Geographically, the company generates a majority of its revenue from the Americas and the rest from the EMEA and APAC regions. | $3 | +153% | $104M | $101M | 4.4x | (15.9x) | ||
| Cyviz AS is a world-wide technology provider for comprehensive conference and control rooms as well as command and experience centers. The technology provider serves world-wide enterprises and governments with the highest requirements for usability, security, and quality. The cross-platform experience it delivers to manage and control systems and resources across the enterprise, makes the company the preferred choice for customers with complex needs. It derives majority of the revenue from Europe, Middle East and Asia Pacific (MEAP) followed by North America. | $3 | +3% | $41M | $47M | 0.8x | 36.8x | ||
| Elliptic Laboratories ASA is a software enterprise targeting the smartphone, laptop, IoT, & automotive markets. Its AI Virtual Smart Sensor Platform combines ultrasound and sensor-fusion algorithms to deliver intuitive 3D gesture, proximity, presence, and wellness detection. The company's scalable AI Virtual Smart Sensor Platform creates software-only sensors that are sustainable, eco-friendly, and already deployed in various devices around the world. | $0 | -74% | $38M | $36M | 3.2x | (16.3x) | ||
| Capsol Technologies ASA is a carbon capture technology provider to accelerate the transition to a carbon-negative future. Its technology combines inherent heat recovery and generation in a standalone unit based on a safe solvent. Capsol’s technology is licensed either directly to customers or through industrial partners globally across key segments, including cement, biomass, energy-from-waste, and gas turbines. It has only one reporting and operating segment, which is the carbon capture solution technology. Geographically, the company generates a majority of its revenue from Europe and also has a presence in the United States and other regions. | $0 | -52% | $36M | $38M | 4.9x | (7.0x) | ||
| Aker Carbon Capture ASA is a carbon capture technology provider. The company's proprietary carbon capture process uses a mixture of water and organic amine solvents to absorb the CO2. This process can be applied to emissions from various sources, from gas, coal, cement, refineries, and waste-to-energy through to hydrogen and other process industries. Its products and services include Just Catch, Offshore Just Catch, Big Catch, Mobile Test Unit - Rental service, CO2 for Enhanced Oil Recovery (EOR) and Storage Practice. | $0 | -95% | $9M | ($194M) | (298.7x) | (199.1x) | ||
| Next Biometrics Group ASA provides fingerprint sensor technology and products. The company's products are utilized for Smart Card, Government ID, Access control, Notebook, and others. The company's products include smart card solutions, fingerprint sensor modules, fingerprint readers, Aadhar products, Software DevKits, and Hardware DevKits. The company has one operating segment namely; Fingerprint sensor Technology. The company's Geographic customer base consists of Japan, India, China, Taiwan, and Singapore. | $0 | -76% | $3M | $2M | 1.6x | (0.3x) | ||
| Median | $3 | +3% | $190M | $166M | 4.4x | 16.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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