One of Sweden's richest families is investing its billions into AI Sifted

Marcus Wallenberg, the billionaire heir of Sweden's foremost industrial dynasty, first got introduced to the topic of artificial intelligence back in 1977, when he studied in Palo Alto. "I walked around on the Stanford campus and saw a big sign where it said'SAIL' and since I love to sail, I went up and took a better look at it. Underneath it, it said, Stanford Artificial Intelligence Laboratory." Today, his family has become one of the foremost investors of artificial intelligence in Europe, investing around €300m in its AI program called WASP, in a mixture of AI startups and a business transformation company called Combient, bringing together Nordic companies to work together on AI. Marcus is also the chairman of Saab and the Swedish bank SEB, which the Wallenbergs founded in 1856 and is key to the family's success.