STOCKHOLM, June 25 (Reuters) - Sweden's Norrsken

Foundation has committed 300 million euros ($348 million) to

investing in European startups that are using "AI for good" for

solving challenges in climate, health, food, education and

society, it said on Wednesday.

The foundation, established in 2016 by Klarna founder Niklas

Adalberth, manages several venture capital and investment funds,

which have a combined assets of over $1 billion.

"AI is not just another productivity boost, it's a real

chance to fix what truly matters," said Agate Freimane, general

partner at the foundation's venture capital arm Norrsken VC.

Barring companies such as Google Deepmind, most AI

firms are working on systems that are focused on business

customers.

"Artificial intelligence is the most powerful tool humanity

has ever created," Freimane said "Yet, so far we are mainly

using it to optimise clicks and automate emails."

Venture capital-backed start-ups in the first quarter raised

over $80 billion, a nearly 30% increase over the fourth quarter

last year, according to professional services group EY.

($1 = 0.8631 euros)