Tech Wrap June 21: Andreessen Horowitz Backs Polish Founders, Ukrainian Startups at VIVA Tech

BALTICS

🚀 Andreessen Horowitz Invests in Generative AI Startup Founded by Polish Childhood Friends 

AI startup ElevenLabs secured $19 million in funding from Andreessen Horowitz and GitHub’s former CEO. The London and New York-based startup, founded in 2022, uses artificial intelligence to generate realistic text-to-speech voiceovers, dub audio in multiple languages and clone existing voices. Founders Mati Staniszewski and Piotr Dabkowski were “inspired by the poor voiceovers of American movies they watched growing up in their native Poland,” the company said in their press release. [Source: Insider, ElevenLabs]

💰 Estonian impact investing company Syda Venture backed an undisclosed sum in Estonian health tech startup Ari Care

Ari Care, based in Tallinn, produces organic powder-based formulas for personal care and cleaning products to minimize water usage. [Source: BalticVC]

🌍 Baltic Countries Rank in Top 40 for Startup Establishment

Estonia holds the 14th position, Lithuania the 17th, and Latvia 39th spot among the best countries for establishing a startup company, according to the Israel-based StartupBlink Global Startup Ecosystem Index 2023. [Source: BalticVC] 

UKRAINE

🌍 Ukrainian Ministry of Digital Transformation Announces Drone Hackathon

Ukraine’s government is seeking fresh ideas to counter Iran-made drones used by the Russian army. The hackathon will be organized by the Ukrainian military. The winning solution will receive a $1 million award for further development. [Source: Highload.today]

🚀 Ukrainian Startups Showcase Technologies at VIVA Tech

Twelve Ukrainian startups were selected to present their technologies at VIVA Tech, a prominent European technology exhibition held in Paris from June 14-17. This initiative by VIVA aims to support the Ukrainian IT ecosystem amidst the ongoing war against Russia. [Source: TechUkraine]
GEORGIA

🚌 Georgian Platform SAIT Aims to Streamline Ticket Purchases

The platform,  a travel app that also offers a cargo shipping service, has ambitions to expand to Central Asia, Caucasus, North America and Asia while continuing to develop its business in Georgia. [Source: Caucasus Business Week] 

KAZAKHSTAN

💰 Kazakhstan’s Cracks Down on ‘Gray’ Crypto Miners 

According to a government official, Kazakhstan’s recently enacted law on cryptocurrency mining has brought “transparency and clarity” to the sector. All illegal miners, known as gray miners, have been cut off from energy supply. [Source: Profit.kz]

🗺️ Yandex.Maps Sees Rapid Growth in Kazakhstan 

The number of users of Yandex.Maps, an online map service provided by Russian Internet giant Yandex, has reached 2.3 million in Kazakhstan, representing a twofold increase from 2022. Additionally, the maps have been recently translated into Kazakh language, alongside Russian. [Source: Profit.kz]

🏢 Kazakh Startup ApartX Raises $250K Seed Round 

ApartX, a Kazakh startup enabling apartment owners to automatically share their accommodations using smart locks, secured $250,000 in a seed round. The new funding will help improve product functionality and expand sales to other countries. [Source: RB]

KYRGYZSTAN

🛂 China to Simplify Visa Procedure for Kyrgyzstan Businessmen 

In line with President Xi Jinping’s promise to provide grants for Central Asian countries, China plans to simplify visa procedures for businessmen from Kyrgyzstan. The goal is to intensify business relations, increase the number of business events, exhibitions, and trade fairs between the two nations. [Source: Economist.kg]

💼 Russia and Kyrgyzstan Discuss Joint Venture Investments Fund 

The governments of Russia and Kyrgyzstan are negotiating the establishment of a joint venture investments fund. Russia sees promising investment opportunities in Kyrgyzstan’s agriculture, tourism, textile production and energy industry. [Source: Economist.kg]

RUSSIANS ABROAD

🇷🇺 Russian Citizens Face Banking Restrictions in Europe 

Russian citizens residing in Europe have encountered restrictions and, in some cases, card blocks from British bank Revolut, founded by Russian and Ukrainian citizens. The bank cites the need for documents confirming permission for permanent residence in the European Union (EU) as required by EU regulations. [Source: Forbes]

💰 Thousands of Russian Millionaires Relocate from Russia

In 2022, approximately 8,500 Russian millionaires left the country, accounting for 12.5% of the total number. Russia ranks second in the world, following China (10,800), and is followed by India (7,500). [Source: RB]