Tech News April 29: Why Lithuania is a ‘hidden gem’ of Europe’s startup world

LITHUANIA

Lithuania is the next big thing, according to Next Web anyway

Since we also have to look to the hidden gem, TNW has a few reasons why it might be Lithuania: It already has three unicorns, in the past five years the total enterprise value of its startups saw seven-fold growth. It’s no wonder it became the second biggest destination in Eastern Europe for VC money, after Estonia. [Source: The Next Web]

💰Lithuanian Economy Ministry Allocated $37M to 35 Projects

The Lithuanian Ministry of Economy and Innovation has allocated around $37 million (€35 million) to support 35 innovative projects in the central and western regions. The program is divided into two schemes: InoPažanga for advanced innovators and Inobranda for mature ones. These projects, mainly focused on health, biotechnology, and ICT, will receive funding to carry out R&D activities and prepare their products for market entry, contributing to Lithuania’s economic strengthening efforts. [Source: BalticVC]

POLAND

Poland’s Fintech Startup and European Digital Identity Company Partner Up

Signicat, a pioneering pan-European digital identity company, and Poland’s mojeID Poland, a popular authentication service, and Signicat, a European digital identity company, agreed on a partnership. Signicat now offers a “direct, intermediary-free digital identity solution in Poland.” [Source: Fintech Global]

ESTONIA DOUBLES DOWN ON ACCELERATORS

🇸🇦Estonian Accelerator to Launch Construction Tech Fund in Saudi Arabia

Startup Wise Guys, in collaboration with Saudi Arabian Seedra Ventures and Canadian architecture firm WZMH Architects, is set to launch a construction tech specialized fund in Saudi Arabia, sponsored by the National Technology Development Program. Led by Startup Wise Guys’ Jourdan Younis and Aya Zaghnin, the fund aims to support B2B startups in the MENA region. An accelerator program for the third quarter of 2024 will accompany it. [Source: BalticVC]

🚧 Estonia to Invest $9M into Construction of Industrial Incubator

Estonia plans to invest around $9 million (€8.5 million) in constructing an industrial incubator in Narva, funded by the European Union’s Just Transition Fund. Expected to be completed by August 2026, the incubator aims to attract domestic and foreign industrial investment, providing space for up to 10 production units and five business service companies fostering entrepreneurship in the region. [Source: BalticVC]

🛣️ Estonian Road Marking Autonomous Solution Secured $1.6M in Investment

10Lines, an Estonian startup specializing in autonomous road marking solutions, has secured an approximately $1.6 million (€1.5 million) investment led by Tera Ventures and Karista VC, with participation from Butterfly Ventures and business angel Mike Oliinyk. Founded in Tallinn in 2019, 10Lines aims to rethink road marking operations with its robotic technology, promising a sevenfold increase in efficiency compared to traditional methods. It plans to utilize the investment to expand into the US market and enhance its engineering capabilities. [Source: BalticVC]

🤝Estonian Net Group Acquired Outl1ne

Net Group has acquired Outl1ne, a Tallinn-based digital product company specializing in UI/UX design and software development, aiming  to strengthen Outl1ne’s position in the AI landscape as a subsidiary. Founded in 2012, Outl1ne brings expertise in implementing language models and developing custom business software. Net Group aims to offer comprehensive solutions that meet the growing demand for advanced technologies, particularly in artificial intelligence. [Source: ain.capital]

🏆 Estonia’s Salesfroge Won A Prize at Fifty Founders Battle

Salesforge, an Estonian startup creating email customization technology, secured around $106,000 (€100,000) in equity investment from Czech DEPO Ventures after winning the Fifty Founders Battle pitch competition during the TechChill event in Riga. Their innovative approach combines buyer and seller data to craft unique emails at scale. [Source: BalticVC]

LATVIA’S VCs DON’T SLEEP

🔬Latvian VC Invested in US Biotech Startup

LongeVC, a Latvian investor, has joined a $39.8 million (€37.3 million) Series A funding round for US biotech startup Rubedo Life Sciences, known for their Alembic platform targeting aging-related cells. The investment, led by Californian Khosla Ventures and London-based Ahren Innovation Capital, will advance the development of therapies for chronic age-related diseases like atopic dermatitis and pulmonary fibrosis, among others. [Source: BalticVC]

💵 Latvian New Nordic Ventures Backed US AI-powered Platform for Brokerages

Riga-based investment firm New Nordic Ventures has backed Agently, a US AI-powered training platform for brokerage companies and real estate teams, though the round amount remains undisclosed. Founded in San Jose in 2021, Agently aids brokerage companies and real estate teams in onboarding new agents efficiently, providing personalized training and tools to enhance deal closing. With the latest investment, it plans to extend its services beyond real estate to other industries. [Source: BalticVC]

🪨Latvian Platform for Bulk Material Transporation Secured $106 in Funding

Riga-based Viangoo, a platform for bulk materials transportation, secured around $106,000 (€100,000) in follow-on investment from Altum, coinciding with its highest monthly turnover of nearly $427,000 (€400,000) and a record delivery of 117 cargo shipments in one day. Founded in 2023, Viangoo streamlines freight traffic for construction companies and enables retail and business customers to order and track materials through its platform, facilitating the transportation of various construction materials. [Source: BalticVC]

UKRAINE’S DEFENSE & SECURITY COMPANIES RAISE CASH

🛡️AI Solutions Provider Byne Raised $325K in Investment

Ukrainian startup Byne secured $325,000 from a prominent British venture fund in its first financing round, focusing on defense-tech solutions while expanding partnerships with service and product companies. Byne aims to become a leading provider of intelligence solutions for NATO countries, with plans for a larger funding round next year to support agreements in both military and civilian sectors. [Source: InVenture]

💰Security Startup Secured $1.06M in Funding

Brno-based security startup Talsec secured around $1.06 million (€1 million) in an investment round led by Dig Ventures and DEPO Ventures, aiming to fuel its global expansion and product enhancement efforts. Founded by a Ukrainian entrepreneur, Talsec provides multi-layered protection for applications and APIs, leveraging machine learning for malware detection and real-time monitoring of runtime environments, with plans to broaden its market reach and product offerings. [Source: ain.capital]

🔥Glovo’s ‘Power Up Ukraine’ Conference & Startup Lab launched

Glovo, in collaboration with the Ukrainian Startup Fund, invites Ukrainian startups to apply for the Glovo Startup Lab 2.0 and Power Up Ukraine Conference on June 18 in Kyiv. Startups at seed or Series A stages can compete for cash prizes and internships in Barcelona. At the same time, tech firms and investors can contribute to Ukraine’s digital future and network with industry leaders. The application deadline is on May 15, 2024. [Source: LinkedIn]

🇪🇺EIT to Launch Pre-Acceleration Program from Ukrainian Startup

The European Institute of Innovation and Technology (EIT) is launching Rebuild Ukraine, a pre-acceleration program for Ukrainian entrepreneurs, offering business modeling and innovation training. Participants stand to win a $10,600 (€10,000) grant to develop their startup, with a focus on sectors such as digital technologies, agriculture, energy, and Industry 4.0. [Source: UBN]

🇸🇪 Vesna Capital Invested in Sweden-based EdTech Startup

Vesna Capital, a VC fund founded by Ukrainians, announced a new undisclosed investment in memoryOS, an edtech startup aiming to address memory challenges in the digital age. With a focus on fundamental memory techniques like the ‘Mind Palace’ method, memoryOS seeks to empower individuals to retain large volumes of information effectively, reflecting Vesna Capital’s commitment to supporting innovative solutions with long-term impact. [Source: ain.capital]

KAZAKHSTAN’S ACCELERATORS RAMP UP

🎉Corporate Innovation Accelerator Seeking Tech Startups

The Corpinnovation Accelerator, which is launching on May 6 at “Terricon Valley” with Kazakhstan Utility Systems LLP, is looking for startups specializing in IoT, automation, AI, and other tech solutions. The program offers mentorship and expert guidance throughout its two-month duration, fostering collaboration between startups and corporations. [Source: Digital Business]

🚀Fifth Silkway Accelerator Stream Announced by Astana Hub

Astana Hub has launched the fifth stream of Silkway Accelerator, in collaboration with Google for Startups, to support IT startups from Central Asia and other countries until May 24th. Since its inception in 2022, Silkway Accelerator has seen 49 successful startups, with notable achievements such as CITIX increasing its valuation to $40 million and Zypl.ai raising $1.1 million in funding, showcasing the program’s impact on startup growth and investment attraction. [Source: Digital Business]

TAJIKISTAN

💵 Plug and Play Invested into zypl.ai 

Plug and Play Tec h Center invested in zypl.ai, an AI FinTech startup revolutionizing credit scoring with their proprietary zGAN model. It analyzes alternative data to customize risk appetite and assess unbanked clients. This investment underscores zypl.ai’s recent recognition as “AI Startup of the Year in Central Asia” and highlights Plug and Play’s commitment to supporting game-changing founders. It also marks the second co-investment between Plug and Play Tech Center and Central Asian startups. [Source: LinkedIn]