Daria Solovieva
EUROPE
SoftBank Increasingly Eyes Europe’s AI Startup Talent
SoftBank, the Japanese investment powerhouse, is turning its gaze towards Europe’s burgeoning AI startup scene, driven by what it sees as a critical scarcity of top-tier AI talent.
Sumer Juneja, SoftBank’s managing partner for Europe, the Middle East, and India, emphasizes that finding genuine AI scientists is a rare occurrence, which he believes justifies the high valuations currently seen in the AI sector.
SoftBank’s European focus is evident in its watchlist of promising AI startups, which includes names like Elevenlabs, Synthesia, Poolside, and 11x. However, Juneja notes that the firm’s approach to younger European AI startups will likely involve smaller investments in the $25-40 million range over the next year.
This strategic shift in SoftBank’s investment focus underscores the growing recognition of Europe as an emerging hub for AI innovation and talent. As the AI landscape continues to evolve, SoftBank’s moves in the European market could play a significant role in shaping the future of the global AI industry. [Source: Sifted]
UKRAINE
Ukrainian Security and Media Analytics AI Startups Secure $3.2M in Funding
Two Ukrainian AI startups have secured significant investments totaling over $3.2 million. Osavul, a Ukrainian startup founded to combat Russian propaganda, is now offering its AI-powered disinformation detection services to businesses worldwide. The company, which has worked with governments and NATO, recently secured $3 million in funding to expand its B2B operations. As AI makes disinformation campaigns cheaper and more prevalent, Osavul aims to help companies protect their reputations and operations from false narratives. Mantis Analytics, a real-time situational awareness platform, received $240,000 from the Nezlamni fund to expand into the US market. [Sources: The Next Web, Ukraine Business News]
Ukrainian Startup PLATMA Raises $2M Pre-Seed Round Led by Startup Wise Guys PLATMA, which enables companies to develop IT solutions without extensive programming skills, raised $2M in a pre-seed round led by Estonian accelerator Startup Wise Guys. US-based Almaz Capital and Kazakhstan’s EA Group contributed $500K each, valuing PLATMA at $20M. Founded in 2022, PLATMA uses AI and natural language processing (NLP) to help users create applications. With over 10,000 registered users, PLATMA plans to use the funds to enhance its AI capabilities, expand to new markets, and grow its team. [Source: BalticVC]
Ukrainian AI Startup Mantis Analytics Raises $240K for Global Expansion
Kyiv-based Mantis Analytics, an AI-driven situational awareness platform, has secured $240,000 in pre-seed funding from Nezlamni Fund. The investment will fuel the startup’s expansion into the U.S. market, leveraging its experience in Ukraine’s defense sector to address global security challenges. [Source: Tech Ukraine]
Ukraine’s Drone Revolution: From Defense to Global Innovation Leader
Ukraine’s drone program has evolved from a defensive necessity to a hotbed of global innovation. Faced with Russian aggression, Ukrainian engineers have developed a multi-faceted drone strategy, including quadcopter interceptors, fixed-wing interceptors, and long-range “killer drones.” Novel creations like the incendiary “Dragon Drones” and the versatile “Black Widow” bomber showcase Ukraine’s ingenuity, positioning the country as a leader in military drone technology. [Source: Tech Ukraine]
LATVIA
Latvia Plans Major Trade Mission to USA, Aims to Boost Economic Ties
Latvian officials and over 60 companies are preparing for an unprecedented trade mission to the United States from September 16 to 24. Led by the President of Latvia and Minister of Economics Viktors Valainis, the delegation will visit Houston, San Francisco and Denver. The mission will include meetings with major tech companies like Meta, Google, and Microsoft, participation in energy conferences, and discussions about establishing an artificial intelligence excellence center in Latvia. This initiative represents Latvia’s strategic push to tap into the US market and strengthen economic ties between the two countries. [Souce: Labs of Latvia]
LITHUANIA
Contrarian Ventures Leads $5.5M Seed Round in Cleantech Startup Beebop.ai Lithuanian Contrarian Ventures, alongside Angular Ventures, has invested in Belgian AI-powered cleantech startup Beebop.ai, leading a $5.5 million seed round. Founded in 2023, Beebop develops software that optimizes power grid efficiency by turning consumer devices into tradable assets, helping households reduce electricity bills by up to 50%. The startup aims to manage over 100,000 residential assets by 2025, and the investment will fuel product development and sales expansion. Contrarian Ventures focuses on climate tech investments across Europe and Israel. [Source: BalticVC]
Lithuanian Agtech AgroSync Raises €140K from Fiedler Capital AgroSync, a Lithuanian farm field management platform, has secured €140K in funding from Fiedler Capital. Founded in 2023, AgroSync uses satellite-based multispectral analysis to provide farmers with insights into soil health, crop conditions, and water distribution, helping optimize nitrogen fertilization and reduce costs by up to 20%. The investment will support further platform development. [Source: BalticVC]
Vilnius to Host Major Startup Event with 2,000 Participants and 430 Investors
The Startup Fair returns to Vilnius, Lithuania, on October 3rd, with over 2,000 participants and 430 investors from 68 countries. The event will feature over 60 speakers, a startup competition with a EUR 3 million prize pool, and ample networking opportunities. Vilnius, a leader in cybersecurity and medical technology, aims to further elevate its startup ecosystem through this event, organized by Startup Lithuania. [Source: Labs of Latvia]
Latvia Surges Ahead in Investment Promotion and IT Competitiveness Emerging Europe reports highlight Latvia’s strong international performance, ranking its Investment Promotion Agency (LIAA) as the best in the region and placing Latvia 2nd in the IT Competitiveness Index, ahead of Lithuania. LIAA’s success is attributed to its focus on collaboration with the Nordic region and strategic, investor-friendly policies. Latvia’s IT sector has also experienced rapid growth, driven by digital transformation, talent development, and a vibrant startup ecosystem, solidifying the country’s rising global competitiveness. [Source: Labs of Latvia]
ESTONIA
Fairown Raises €5.7M in Seed Extension for Subscription Model Tallinn-based Fairown has secured €5.7M in a seed extension round led by Munich’s BonVenture, with support from existing investors Neosfer, STIHL Ventures, and Gateway Ventures. Founded in 2018, Fairown offers a subscription service for products, enabling businesses to adopt a product-as-a-service model. The funding will be used to develop the platform further and expand its customer base in Germany. [Source: BalticVC]
KAZAKHSTAN
Freedom Holding Invests Over $170 Million in Startups, Expands Ecosystem Freedom Holding Corp. has invested more than $170 million in startups, according to CTO Renat Tukanov at the CIO Summit 2024. The company’s digital ecosystem now includes 22 companies with over 6.8 thousand employees and more than 6 million users. Previously, CEO Timur Turlov stated that Freedom Holding invested $136 million in Kazakhstani startups but clarified that the focus is not on venture profits, but on ecosystem growth and data access. [Source: DigitalBusiness.kz]
Kazakhstan Startup DOQ.kz Raises $660,000 to Expand in Europe and UAE DOQ.kz, a doctor search platform, secured $660,000 in a bridge funding round led by MOST Ventures. The funds will help expand the startup’s presence in Hungary and Romania and launch operations in the UAE. With around 4,000 patients using its Budapest platform monthly, DOQ.kz aims to lead the Hungarian market within a year. The company focuses on transparency and improving trust in medical services through unedited patient reviews. [Source: DigitalBusiness.kz].
Almaty to Host ‘Archive Hack: Smart Archive’ Hackathon for Students The “Archive Hack: Smart Archive” hackathon will take place in Almaty on September 24-25, 2024, with teams of university, college, and high school students competing to develop solutions for improving access, digitalization, and preservation of archival data. Organized by the Archive of the President of Kazakhstan, Satbayev University, and Yandex Qazaqstan, the event aims to drive digital transformation in Kazakhstan’s archives. Winners will receive educational grants and cash prizes, with mentoring provided by Yandex Qazaqstan experts. [Source: Profit.kz]
Add comment