Daria Solovieva
UKRAINE
Local Entrepreneurs Propel Ukraine’s Military Startups
Ukrainian defense technology is experiencing a significant uptick in investor interest, with local IT entrepreneurs leading the charge. This marks a shift from 2023 when Eric Schmidt’s D3 fund was the primary investor. The trend reflects a growing ecosystem where Ukrainian business leaders are not only providing capital, but also crucial expertise to scale military tech innovations. [Source: Ukraine Business News]
Ukraine Startups Race to Counter Russian Electronic Warfare
Ukrainian tech startups are developing innovative solutions to give their military an edge in the ongoing electronic warfare battle against Russia. Three companies – Falcons, Himera, and Buntar Aerospace – are creating systems to track radio signals, improve battlefield communications, and operate drones in GPS-denied environments. These efforts, supported by government funding, aim to counter Russia’s sophisticated jamming and spoofing capabilities. While the startups face challenges in scaling production and staying ahead of rapidly evolving threats, their agile approach highlights Ukraine’s push to leverage homegrown technology in the conflict. Analysts note that any advantages may be short-lived as both sides quickly adapt to new tactics and countermeasures. [Source: Breaking Defense]
AI Hackathon Aims to Boost Ukraine’s Recovery Efforts
Tech innovators are invited to participate in a 48-hour AI for Ukraine Recovery Hackathon, scheduled for September 6-8, 2024. The event, organized by Civitta and Radar Tech, will focus on developing AI solutions for challenges including damage assessment, cybersecurity, and combating disinformation. Participants will have the opportunity to present their projects to Ukrainian officials and business leaders, highlighting the growing role of AI in post-war reconstruction efforts. [Source: TechUkraine]
Ukraine Startup Fund, EU Programs Open Tech Funding Rounds
Three major funding opportunities for tech startups and innovators have opened, offering grants ranging from $25,000 to €400,000. The Ukrainian Startup Fund’s Seeds of Bravery program targets early-stage local projects, while the EU-backed EIT Digital and CORTEX2 initiatives focus on deep tech and XR innovations respectively. These programs, with deadlines between August and October 2024, aim to accelerate growth in strategic tech sectors and provide startups with financial support and expert guidance. [Source: TechUkraine]
Ukrainian Military Tech Startup Secures $25,000 Grant for Smart Cameras
Rcam, a Ukrainian startup developing smart battlefield surveillance cameras, has received a $25,000 grant from Brave1, a joint platform created by the Ukrainian Ministry of Defense and the Ministry of Digital Transformation established to support and fund defense technology projects in Ukraine. The funding will enable the company to complete its research phase and begin mass production in fall 2024. Rcam is enhancing its AI-powered object recognition capabilities for both military and civilian security applications. The startup has previously raised $45,000 from other sources, including the Ukrainian Startup Fund’s DualUse program. [Source: Ukraine Business News]
ESTONIA
Skype Founder’s Fund Jumps on Electric Motor Startup’s $21M Ride
H3X, a Colorado-based startup developing compact, high-power electric motors, has secured a €20M Series A round, with Estonian fund Metaplanet joining the investor lineup. The company, known for its size-efficient motors serving aviation, marine, and industrial sectors, plans to use the funds to expand its team and complete megawatt unit production. This investment marks another tech-forward move for Metaplanet, the early-stage firm founded by Skype co-creator Jaan Tallinn. [Source: BalticVC]
Estonian Fintech Viacurrent Snags Backing from Rockstart and Local Angel
Viacurrent, an Estonian fintech offering real-time salary access, has secured fresh funding from Amsterdam-based accelerator Rockstart and Estonian angel investor Kristjan Novitski. The Tallinn-based startup allows employees to track shifts and withdraw earned wages instantly, fully funded by Viacurrent. This investment marks another move in Rockstart’s emerging tech portfolio and adds to Novitski’s growing fintech interests following his exit from beauty marketplace Stebby. [Source: BalticVC]
Estonian EV Charging Giant Zaps Up Austrian Rival TurboVolt
Eleport, an Estonian electric vehicle charging network developer, has acquired Austrian EV charging station installer TurboVolt for an undisclosed sum. This strategic move allows Eleport to expand its footprint into Slovenia and Croatia, with plans to launch 17 new charging stations featuring up to 12 high-power chargers each. The acquisition marks a significant step in Eleport’s growth strategy, combining its extensive Baltic and Polish presence with TurboVolt’s expertise in DC fast charging technology. [Source: BalticVC]
LATVIA
Latvian EV Startup Electrify Scores €1.5M to Rev Up Bus Production
Electrify, a Latvian startup specializing in electric vehicle retrofitting and minibus production, has secured €1.5 million in funding from ZGI Capital. The investment aims to boost the company’s production capacity for its range of electric buses and minibuses designed for urban and intercity transport. Founded in 2019, Electrify offers innovative solutions including low-floor city buses, intercity minibuses, and customized Mercedes-Benz eSprinter platforms, all featuring impressive range and charging capabilities. [Source: Vestbee]
Mintos Nets €3.1M in Crowdfunding Blitz to Fuel European Expansion
Riga-based investment platform Mintos has successfully raised €3.1 million through a Crowdcube campaign, attracting over 3,300 investors from 55 countries. The fintech, which manages €600 million in assets for 500,000 users, plans to use the funds to expand across Europe and enhance its platform. This crowdfunding success, achieving €1 million in just 40 minutes, marks Mintos as a rising star in the European investment landscape. [Source: Vestbee]
Latvian E-Bike Camper Startup BeTriton Paddles to €80K Crowdfunding Win
BeTriton, a Latvian mobility startup known for its innovative 3D-printed electric bicycle campers, has successfully raised €80,000 from 150 investors on Crowdcube. The company, which recently unveiled a DIY version of its amphibious e-bike camper-boat hybrid, plans to use the funds to boost product development and manufacturing. This latest financial boost adds to BeTriton’s growing list of supporters, including various European startup accelerators and innovation initiatives. [Source: BalticVC]
LITHUANIA
Lithuanian Crypto Startup Monitok Bags €420K, Eyes €10.5M Valuation
Monitok, a Vilnius-based crypto exchange founded in 2022, has secured €420,000 in pre-seed funding from a Singapore-based investor, valuing the company at €10.5 million. The EU-regulated platform, which blends features of centralized and decentralized exchanges, offers trading for over 100 cryptocurrencies and employs AI for predictive analytics. Monitok plans to use the funds to enhance its product, scale its hybrid exchange application, and grow its user base.
Lithuanian Enzyme Wizards Biomatter Conjure €6.5M in Seed Funding
Biomatter, a Vilnius-based enzyme engineering company, has secured €6.5 million in seed funding led by Finnish Inventure and German UVC Partners, with participation from existing investors. The startup, founded in 2018, uses its Intelligent Architecture platform to design enzymes from scratch for various industrial applications. With an impressive client roster including Thermo Fisher Scientific and BASF, Biomatter plans to use the funds to enhance its platform capabilities and expand its de novo enzyme creation efforts. [Source: BalticVC]
POLAND
Polish AI Speech Therapy Startup The Linghos Lands Funding to Go Global
The Linghos, a Polish startup developing an AI-powered speech therapy app for children, has secured undisclosed funding from Simpact Ventures and SMOK Ventures. Founded in 2022, the company’s platform, known as Pogaduszki, combines artificial intelligence with gamification to diagnose and treat speech impediments. With this fresh capital, The Linghos aims to expand its team, particularly in AI development, and prepare for international launches beyond Poland, starting with a debut scheduled for the 2024 school year. [Source: Vestbee]
UZBEKISTAN
From Microsoft Executive to Uzbek IT Pioneer: Shavkat Karimov’s Bold Return Home
Shavkat Karimov, former Microsoft SEO head, left a lucrative career in the US to spearhead IT development in Uzbekistan. In an interview, he discusses his decision to return home and establish the IT Community of Uzbekistan, an autonomous organization aimed at fostering IT growth and education. Karimov highlights the country’s rapid IT sector expansion, with exports expected to reach $1 billion this year. Despite challenges like infrastructure issues, he remains committed to nurturing local talent and positioning Uzbekistan as a rising IT hub in Central Asia. [Source: Spot.uz]
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