DNB Asset Management - an incoming new institutional investor from Norway through their DNB Disruptive Muligheter (Disruptive Opportunities) Fund?
BrainChip gets a number of favourable mentions in the recent publication “Disruptive Perspektiver NO. 19 - EDGE AI”. The brochure’s three authors work for DNB Asset Management, Norway's oldest and largest asset management company: Audun Wickstrand Iversen, Portfolio Manager of the DNB Disruptive Opportunities and DNB Future Waves funds, Emilie Krutnes Engen (Portfolio Manager - DNB Disruptive Opportunities) and Leo Rundgren Olsen (Junior Analyst Equities - DNB Disruptive Opportunities).
The publication is accessible via a website named “Postkort fra fremtiden”, which means “Postcards from the Future”.
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[The following translations from Norwegian Bokmål to English were done with Google Translate. Maybe one of our Norwegian or Danish shareholders can proofread the result and - if necessary - correct it…Takk!/Tak!]
“
The purpose of Disruptive Perspectives:
When we analyze different topics, we spend a lot of time and many tools (quarterly reports, analyses, dialogue with companies, company visits, Excel, calculator and word models). We often make small notes, and sometimes large notes that we think of as perspectives. We are old enough to know that there are rarely truths, often just different perspectives.
Disruptive Perspectives has only one purpose: to share our perspectives on topics that shape our future. These are not academic notes, entries for an encyclopedia or recommendations to do something, buy or sell something. Just good old-fashioned information sharing to highlight how we see different topics at the time of publication. Perspectives do not become less, perhaps more, when shared. With that as a starting point; have a nice journey in our perspectives.”
Disclaimer
Innholdet i denne artikkelen er ikke ment som investeringsråd eller anbefalinger. Har du noen spørsmål om fondene det refereres til, bør du kontakte en finansrådgiver som kjenner deg og din situasjon. Husk også at historisk avkastning i fond aldri er noen garanti for fremtidig avkastning. Fremtidig avkastning vil blant annet avhenge av markedsutvikling, forvalterens dyktighet, fondets risiko, samt kostnader ved kjøp, forvaltning og innløsning. Avkastningen kan også bli negativ som følge av kurstap.
1. Kræsjkurs i DNB Disruptive Muligheter sitt rammeverk
Fondet har et bredt disruptivt globalt mandat, med MSCI World som referanseindeks. Ofte jakter vi asymmetri der andre ser risiko, og vi ser ofte volatilitet som en mulighet heller enn fare. Det er lyset som avslører konturene av et kommende Kuhnsk paradigmeskifte.
Porteføljen er strukturert rundt fem store investeringskategorier, som har vært rammeverket siden oppstarten av fondet i 2019:
• Connectivity
• Urban mobilitet
• Maskinrevolusjonen
• Demografi
• Knappe fysiske og digitale ressurser (Green deal)
“
Disclaimer
The content of this article is not intended as investment advice or recommendations. If you have any questions about the funds referred to, you should contact a financial advisor who knows you and your situation. Also remember that historical returns in funds are never a guarantee of future returns. Future returns will depend, among other things, on market developments, the manager's skill, the fund's risk, and the costs of purchase, management and redemption. The return may also be negative as a result of capital losses.
1. Crash course in DNB Disruptive Opportunities' framework
The fund has a broad disruptive global mandate, with MSCI World as its benchmark index. We often hunt for asymmetry where others see risk, and we often see volatility as an opportunity rather than a danger. It is the light that reveals the contours of an upcoming Kuhnian paradigm shift.
The portfolio is structured around five major investment categories, which have been the framework since the fund's inception in 2019:
• Connectivity
• Urban mobility
• Machine revolution
• Demographics
• Scarce physical and digital resources (Green deal)”
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“These rest on four innovation platforms we call “The Four Horsemen” (with a nod to both the Revelation of John and the heralds of the technological apocalypse):
1. Physical Horsemen (humanoids, drones, microrobots, etc.)
2. Digital Agents (Agentic AI that sees, reasons, and performs tasks on our behalf)
3. Relational Speech (Speech technology as the interface for the other three horsemen)
4. Self-driving devices (autonomous systems on land, sea, air and space)”
[…]
And behind all this are the three big enablers. The holy trinity of our time:
• Machine Learning (ML) • Semiconductors
• Batteries
In the long run, it's all about productivity (economic growth).
[…]
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“
BrainChip: the neuromorphic-spiking revolutionary who thinks like a brain on microwatts”
[…]
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4. Company analysis – Core portfolio
We are expanding our screening from large cap to further down the value chain, towards micro/small cap (often under $1-2 billion) and midcap under $20 billion. It is in these segments that we find the highest growth. Our focus is on edge AI, AI glasses, laser (LiDAR), encryption in satellites, drones, last mile, and humanoid subcontractors (Western).
We are starting with 8 new candidates that complement the core companies (Tesla Optimus, ASTS, Google etc.). All are listed, positioned for the inflection point in the next 18 months.
[…]
4.1 BrainChip (BRN AU)
BrainChip is the most exciting of the four. The core is the Akida processor and their focus on neuromorphic computing. Instead of running a traditional neural network continuously, they build on spiking neural networks where computation is event-based. In practice, this means that the semiconductor wakes up when something actually happens in the sensor stream, and otherwise it is silent. The result is that it can work at the microwatt level, where more classic solutions often end up in watts and heat up.
This makes BrainChip relevant for AR glasses that need to see the world in real time without eating the battery. Humanoids, drones and last-mile robots that need to be able to reason locally and also function when the network is unstable or absent. In that sense, the case resembles a Christensen-type disruption against von Neumann logic and the heavy GPU world, not because the performance is necessarily the highest in an absolute sense, but because the energy profile opens up a new market where ultra low-energy inference is the whole point.
On the financial side, the company got an important breather with a $25 million capital raise in December 2025, which strengthens liquidity going forward and shifts focus more clearly towards commercializing Akida 2, as well as variants that can handle more modern GenAI needs. And at CES 2026, they showed several demos close to finished products, including together with MetaGuard AI in defense-grade cybersecurity, in addition to several other edge demonstrations. If this starts to stick in the ecosystem, it could ignite a field that provides more learning, more relevance and more demand. The classic spiral that makes edge a convex venture.
Table: Valley of Death and Early Scaling - BrainChip
[Columns from left to right:]
Valley of Death and Early Scaling
PoT (Proof of technology): fully proven Akida 2
validated spiking tech mature for edge (microwatts for vision/voice/reasoning)
PoBM (Proof of Business Model):
early but accelerating - revenue still low (historically under $1M annual) but
contracts partners growing (defense, industrial, cybersecurity)
gross margins potentially skyrocketing
(IP/fabless model, low marginal cost)
price/volume: license based
blue ocean in battery constrained devices
œecosystem building via cloud dev tools and partners
Early Commercialisation
makes the product/service available and affordable (disruptive innovation)
Early scaling: fabless/IP-heavy outsourced production (as Arm-like)
low vertical integration initially
but scalable as semiconductor
production theory: cost curve explodes down with volume
(neuromorphic is the future Moore's Law for power)
Valley of Death: coming out now - $25M funding & CES exposure gives runway into 2027 + Working capital strengthened, expertise strong (founders with deep-neuro background).
No longer dependent on constant dilution to survive
Rapid Scaling
unit costs
(Efficiency innovation)
Flywheel starts to spin
“In our interpretation, this is pure convexity. You get an early, steep inflection scenario where CES 2026 and the capital raising act as triggers, where the upside can come relatively quickly.
BrainChip also fits in nicely as a complement to the rest of the basket we already own. CEVA on IP, Kopin on displays, Ambarella on vision, Ouster on sensors. Akida could in an optimistic scenario become an actual brain component in the next generation of AI glasses or in more Optimus-like systems. Of the new candidates, it is therefore easy to argue that BrainChip has the highest upside if you get a clear OEM or platform owner that wins in the market.”
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[…]
“Overall Overview
Our current position in the Edge AI landscape is fundamentally strong, with a portfolio that now covers the entire value chain from sensing to finished visual mapping. By combining perception from
Ouster with the powerful image processing of
Ambarella and
CEVA, supported by display technology from
Kopin and
Himax, we have built a tech stack that is rigged for the demands of the future. The use of flexible solutions from
Lattice and
QuickLogic, together with robust software from
OSS, means that we are significantly ahead of the S-curve in terms of energy-efficient inference
. We effectively own the critical building blocks that enable low-power intelligence in the physical world.
However, our analysis has identified certain gaps where we can extract further asymmetric gains. While we are strong at the component level,
Vuzix represents the missing link in the form of a complete AR system for both consumers and industry. At the same time,
Indie Semiconductor and
Pixelworks act as crucial supporting players, adding the necessary finishing touches through intelligent sensor fusion and visual polishing, respectively.
To complete the stack in the long term, we are also looking at raw neuromorphic computing through players like BrainChip, which could give us a unique position in ultra-low-power learning that mimics the human brain.
CES 2026 has served as the starting point for a domino effect in the market. The strategic partnerships we are now seeing portend a massive escalation. Over the next 18 months, we expect explosive growth in the market for AI glasses and humanoid robots. This will trigger a Metcalfe flywheel, where the value of the technology increases exponentially as more devices connect and interact in physical space.
This development is at the core of what we define as the machine revolution and the future of urban mobility. We are moving away from static algorithms in the cloud and towards physical agents that operate autonomously in our everyday lives. This entire shift is enabled by the breakthroughs in semiconductor technology and low-power processing that we have now positioned ourselves in.
The conclusion is that we now have a solid convexity in our exposure. We are set for an early and steep growth phase as supply chains stabilize and technological reference designs finally meet the mass market.
Our top 3 for rotation or augmentation now:
1. Vuzix (fills void in AR)
2.
BrainChip (future proof if neuromorphic AI takes off)
3. Increase CEVA/Kopin (traction and at inflection point)
4.14 Investment Universe and Summary
We now rank the entire edge AI universe we have built, both core positions and candidates, using our Ahead of the S-Curve framework. The goal is to separate the convexity in early steep inflection from the more mature winners where the business model and moat are already proven, but where the upside is typically more linear. The ranking therefore goes from the highest asymmetric upside, where we still have some valley of death risk but see clear triggers in the next 18-36 months, to the lowest, where the company is more in the mature steep or mature phase with high PoBM, lower multiples and a more defensive profile. We pay particular attention to the S-curve phase, Metcalfe flywheel, Christensen disruption and the connection to the Riders through humanoids, glasses and drones. The context is January 2026, with fresh signals from CES.
Ranked list, 1 is highest for asymmetry and new position, 12 is hold or increase less.
1. BrainChip (BRN AU) appears as pure, early convexity in the edge shift. PoT is proven through Akida and neuromorphic spiking, and PoBM is still early but more accelerating than through demos and more “real” product surfaces. Capital replenishment provides better endurance into commercialization, and the triggers are clear in 2026 to 2027 when GenAI on device becomes a requirement in battery-constrained form factors. The case is a classic blue ocean in ultra-low power consumption and the potential role as the “brain” in glasses, humanoids and drones provides the highest raw asymmetry in the universe.
2. Vuzix (VUZI US) …”
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Spaceport Norway 2025: NEW connects industry, investors, and innovators across Europe’s growing space economy. A 12-hour event in Oslo featuring ESA, NOSA, DNB, and leading organisations exploring space, business, and resilience.
www.spaceport-norway.com
Audun Wickstrand Iversen
FUND MANAGER
DNB ASSET MANAGEMENT
BIO
Audun Wickstrand Iversen manages the DNB Disruptive Opportunities fund, ranked as the fifth-best equity fund in the world.
He began his career in finance in 1996 and was named Norway’s top telecom analyst. Since then, he has managed several successful funds, authored books, and founded multiple startups, as well as served on the boards of several publicly listed companies.
Audun holds a Master of Science in Economics and Business Administration from BI Norwegian Business School, an advanced degree from the Norwegian School of Economics (NHH), and a cand.mag. degree from the University of Oslo.
60 years of value creation for our customers
Cool headed. Warm hearted. Asset Management, the Nordic way.
A wide range of funds combined with specialized competence
DNB Asset Management is one of the leading asset managers in the Nordics and offers a wide range of equity and bond funds, Private Equity, and management services to individual customers, investors, and institutions in Norway and internationally through our offices in Stockholm, Luxembourg, Madrid, and Zurich.
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BrainChip is also featured in the very first publication from the Disruptive Perspektiver series: “NO. 1 AI-INFRASTRUKTUR”:
www.linkedin.com
