Tech Wrap July 31: Eastern Europe’s Biotech Revolution, Commercializing Drone Operations

BIOTECH

🧪 Several Regional Biotech Startups Are Gaining Momentum in a Challenging Field

A range of startups includes Estonia’s Decomer Technology that offers a plant-based “tasteless and transparent” material, an appealing solution for various packaging needs. Another standout is Nasekomo, a biotech company focused on transforming organic, low-value biomass into valuable animal protein for the feed industry using insects.       [Source: Recursive]

BULGARIA

🛫 Bulgarian Startup Hopes to Commercialize Full-Size Cargo Drone Operations

Bulgarian startup Dronamics achieves a successful test flight of its full-size cargo drone, aiming to revolutionize global goods transportation. With $40 million (€37 million) from investors across 12 countries and European Innovation Council funding, Dronamics plans to power the aircraft with hydrogen or synthetic fuel solutions to achieve carbon neutrality. [Source: Euronews]

THE BALTICS

💰 Lithuanian CityStorage raises €1.2M from Lithuanian Business Angels Fund

CityStorage, a Lithuanian-based startup offering automated self-storage rooms for rent, secures €1.2M from the Lithuanian Business Angels Fund and other investors, preparing for the completion of its storage facility in the coming months. [Source: BalticVC]

🌱 Latvian LIAA Launches New Pre-Acceleration Program for Baltic Climate Tech Startups

LIAA partners with Riga City Council to launch a pre-acceleration program at Future Hub Climate in Riga, supporting early-stage climate tech startups across the Baltic region. The program aims to present the final product to climate tech investors during the Baltic Sustainability Awards 2023 in December. [Source: BalticVC]

💹 Estonian CupLOOP Raises €2M from Estonian SmartCap’s Green Fund

Estonian-based startup CupLOOP, revolutionizing reusable cup returns through reverse vending machines, secures €2M from Estonian SmartCap’s Green Fund, angel investors, and Danish advisory company Footprint Firm. The investment will aid in the finalization of CupLOOP’s marketable product, expanding its reach across multiple countries. [Source: BalticVC]

UKRAINE

🇺🇦 How Ukraine’s Deputy PM Is Running the War Like a Startup

The WIRED’s latest feature story details how Mikhaylo Fedorov bootstrapped the country’s resources to build up Ukraine’s defense industry and how he has leveraged tech to face off against the Russian military. [Source: WIRED]

💰 Ukrainian Rental Startup Rentberry Raises $15 Million

Ukrainian-founded startup Rentberry, which focuses on long-term rental housing with an online crowdfunding platform, garners over $15 million from 9,000 investors, embarking on a mission to raise $30 million in its upcoming crowdfunding round, valuing the company at $100 million. [Source: InVenture]

🔥 New Climate Innovations Grants Available to Ukrainian Entrepreneurs

The Climate Innovations Vouchers competition’s third wave launches, empowering Ukrainian businesses with grants up to €50,000 to pursue climate-friendly projects and cutting-edge innovations. The competition, fostering great ideas, previously supported 13 Ukrainian companies in 2022, with submissions due by September 30, 2023.

💸 Ukrainian Tech Company Miratech Receives Investment from IFC and Horizon

Ukrainian company Miratech, renowned for IT and consulting services catering to Fortune 500 companies, secures investment from IFC-led funding under the $2 billion Economic Resilience Action (ERA) program, accompanied by a second investment from US-based leading private equity firm Horizon Capital. The investment will fuel Miratech’s growth, bolster its industry position, and create new IT job opportunities in Ukraine. [Source: TechUkraine]

KAZAKHSTAN

🚀 A Single Platform Powered by AI to Unite Military Video Surveillance in Kazakhstan

Deputy Defense Minister of Kazakhstan, Darkjan Akhmediev, announces a groundbreaking system deploying AI technology with Face ID, featuring more than 50 thousand video cameras, aimed at detecting hazing and other issues within Kazakh military units. The Ministry of Defense is evaluating offers from equipment companies, with bids exceeding 300 million tenge. [DigitalBusiness.kz]

🚧 Kazakhstan Approves Bridge Operation Management System

Kazakhstan Road Research Institute undertakes a transformative digital database project for bridges and overpasses, mirroring European examples, through the “Bridge Operation Management System” (SUEM) project. The experts are finalizing prototypes and design interfaces, with plans to digitize approximately 1,500,000 bridge structures. [Source: Profit.kz]

UZBEKISTAN 

🌐 New IT Hub Opened by MOST Holding in Tashkent

MOST Holding, in collaboration with C-Space hubs, inaugurates the cutting-edge MOST IT Hub in Tashkent, offering educational programs, meetups, and co-working spaces. The hub seeks to empower startups, foster market understanding in Uzbekistan, and attract Western IT projects and venture funds, boosting local start-up development. [Source: DigitalBusiness.kz]