Daria Solovieva
TELEGRAM WATCH
Telegram’s CEO Faces 10-Year Sentence Under France’s First Cybercrime Case French prosecutors have placed Telegram CEO Pavel Durov under formal investigation using the tough, untested LOPMI law, enacted in January 2023, which criminalizes tech executives whose platforms facilitate illegal activities. Durov faces up to 10 years in prison and a €500,000 fine, marking the law’s first major test. This legal battle comes amid growing scrutiny, with Durov already facing 12 serious charges, including money laundering and organized fraud. The case is seen as a potential precedent for holding tech leaders accountable globally. Durov denies the claims, stating that Telegram is not an “anarchic paradise.” [Source: Reuters, Benzinga]
UKRAINE
Ukrainian Start-Up Swarmer Raises $2.7M for AI Drone Tech
A Ukrainian start-up, Swarmer, has secured $2.7 million from US investors, including R-G.AI and Radius Capital Ventures, to advance its AI technology for automating drone attacks. The Styx AI integrates reconnaissance and attack UAVs, aiming to improve efficiency and reduce decision-making time in military operations. The investment will support the rollout of Swarmer’s advanced systems, which have been extensively tested in simulated and battlefield scenarios. [Source: Ukraine Business News]
Ukraine’s IT Sector Contributes $1B to War Effort, Maintains Export Growth
A study published this week shows Ukraine’s IT industry has contributed significantly to the country’s defense sector, donating $1.05 billion since the conflict with Russia began in 2022. Despite wartime challenges, the sector reached $13.61 billion in exports. The research also notes the industry’s continued economic importance, with IT services accounting for 5% of Ukraine’s GDP in 2023. [Source: IT Ukraine Association]
Ukraine’s Defense Tech Boom: $12M Invested in 2024, Outpacing Previous Year
Ukraine’s defense technology sector has seen a significant investment surge in 2024, with over $12 million invested, doubling the entire previous year’s figure. The Brave1 platform, a state-backed defense tech cluster, now hosts over 2,600 innovations from more than 1,200 domestic manufacturers. Key growth areas include UAVs, ground robotic systems, and electronic warfare. Both Ukrainian and international investors are increasingly attracted to the sector, drawn by the battlefield effectiveness and competitive pricing of Ukrainian developments. [Source: Tech Ukraine]
Science2Business Opens Call for Ukrainian Research Commercialization
The Innovation and Entrepreneurship Center INNOV8 has launched its second call for applications to the Science2Business program, a 5-week online course designed to help Ukrainian scientists commercialize their research. The program covers 12 key areas, including biotechnology, space technology, and dual-use technologies. Participants will receive mentorship from experts and learn essential skills for launching innovative businesses. The program features prominent speakers, including MacArthur Fellow Polina Lishko and experts from international universities. Applications are open until September 30th, with participation free of charge. Science2Business is part of the Seeds of Bravery initiative, supported by the European Union’s European Innovation Council. [Source: Tech Ukraine]
Ukrainian UAV Makers Access New Drone Coalition Tenders
Ukrainian UAV manufacturers can now participate in Drone Coalition tenders for advanced FPV and interceptor drones, boosting their production and sales opportunities. Winning proposals will lead to battlefield testing and potential large-scale orders, supported by €50 million in funding from the coalition. This initiative aims to enhance Ukraine’s technological edge in unmanned aerial systems. [Source: Ukraine Business News]
ESTONIA
Tallinn-Based Superangel Secures Major Investment from SEB, Boosting Fund to €40M Estonian venture firm Superangel has raised additional investment for its second fund from financial group SEB, bringing the fund’s total potential to nearly €40M. SEB’s involvement strengthens Superangel’s capacity to invest in pre-seed and seed-stage startups in the Baltics and Nordics, focusing on AI, robotics, energy, and mobility. Launched in 2022 with backing from SmartCap and other investors, Superangel’s fund supports early-stage technology companies, with ticket sizes ranging from €300K to €800K. [Source: BalticVC]
Estonian Metal Fabrication Startup Fractory Nabs Investment from SmartCap Green Fund Estonian metal fabrication platform Fractory has raised an undisclosed investment from the SmartCap Green Fund, comparable to its previous €4.8M round. Founded in 2017, Fractory enables engineering companies to order metal fabrication services online, serving markets in the UK, Scandinavia, and beyond. The new funding will accelerate Fractory’s growth in the UK and Scandinavia and support team expansion. The company also plans to develop a tool to inform customers of their orders’ environmental impact. [Source: BalticVC]
Trind Ventures Reinvests €1.7M in Danish Short-Term Rental Platform Your.Rentals Estonian venture fund Trind Ventures has reinvested in Danish short-term rental management platform Your.Rentals, participating in a €1.7M round alongside other investors. Founded in 2016, Your.Rentals automates business processes for property owners and managers, offering tools for managing marketing, bookings, and payments across over 50 platforms like Airbnb and Booking.com. Recent updates include improved guest communication features and task automation. Trind Ventures previously backed Your.Rentals in a €2.7M round in 2023. [Source: BalticVC]
LATVIA
Latvian AI Startup THEO Growth Secures Investment from theIntelligent VC Riga-based AI-powered context management platform THEO Growth has raised investment from Latvian firm theIntelligent VC, with the amount undisclosed. Founded in 2023, THEO Growth streamlines marketing context management by structuring diverse customer information into a knowledge base within 60 minutes. The startup is set to launch a closed beta in October, with a public release planned for late Q4. theIntelligent VC focuses on early-stage AI startups, typically investing up to $250K per company. [Source: BalticVC]
Latvian Institute to Establish State-of-the-Art NMR Spectroscopy Center The Latvian Institute of Organic Synthesis (LIOS) will establish a new Nuclear Magnetic Resonance (NMR) Spectroscopy Centre over the next three years, positioning Latvia as a regional leader in scientific innovation. The center, led by Dr. Alons Lends, will offer advanced research capabilities and collaborate with NMR centers in France and Italy. It will provide open access for scientists in Latvia and the Baltic States, enhancing research in molecular structure and drug development with state-of-the-art equipment. [Source: Labs of Latvia]
RUSSIA
CERN to Expel Hundreds of Russian Scientists Amid Ukraine War Fallout
CERN, the European particle physics organization behind the Large Hadron Collider, will expel hundreds of Russian-affiliated scientists by December, severing nearly 60 years of collaboration following Russia’s 2022 invasion of Ukraine. This move ends Russia’s involvement in nuclear physics research at CERN. Belarusian-affiliated scientists had their contracts terminated in July. Despite this, CERN will continue working with the Joint Institute for Nuclear Research near Moscow, a decision that has sparked controversy among researchers. [Source: Semafor]
EVENTS
Valencia Digital Summit 2024: Southern Europe’s Tech Hub Gathering The Valencia Digital Summit (VDS) 2024, organized by Startup Valencia, is set for October 23-24 at the City of Arts and Sciences. This seventh edition, themed “Embracing evolution: Invest in the leaders of tomorrow,” aims to attract over 12,000 attendees from 100+ countries, including 2,500 startups and 700 investors managing €30 billion in assets. The event will feature multiple stages, workshops, and an exhibition area showcasing the latest tech innovations. VDS has seen remarkable growth, with attendance increasing by 1,500% since its 2018 debut. The 2023 edition broke records with 12,000 professionals from 91 countries and featured speakers from major tech companies like Microsoft, Salesforce, and LinkedIn. [Source: Tech Ukraine]
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