Daria Solovieva
UKRAINE
Ukrainian Startup Aimedat Develops AI-Driven FPV Drone Tech
Ukrainian IT professionals Eduard Dryha and Dmytro Herutskyi have founded Aimedat, a MilTech startup developing AI solutions for military FPV drones. The project aims to enhance drone accuracy and effectiveness by integrating AI training in virtual environments. Aimedat’s system will empower combat pilots with advanced machine vision technology to improve precision and reduce collateral damage. Currently seeking funding, the startup plans to expand into the European market, highlighting Ukraine’s resilience and innovation in the face of war. [Source: Tech Ukraine]
12 Ukrainian Startups Selected to Present at TechCrunch Disrupt in October
A dozen of Ukrainian startups will participate in TechCrunch Disrupt 2024 in San Francisco, showcasing innovations in quantum computing, AI, robotics, and other technologies. Supported by USAID and the Ukrainian Startup Fund, these companies, including Haiqu, Esper Bionics, and Deus Robotics, will present their solutions on the global tech stage, highlighting Ukraine’s continued activity in the tech sector despite ongoing war with Russia. [Source: Ukrainian Startup Fund]
Ukraine Tests ‘Gnom’ Ground Drone for Military Use
Ukraine has tested the Gnom ground platform, developed by TEMERLAND, which is equipped with anti-tank grenade launchers, a machine gun, and a mine-dropping system. Designed to support soldiers, the remotely controlled drone can assist with fire support, mine deployment, and casualty transport. Weighing 88 kg with a control range of 2000 meters, the Gnom aims to reduce casualties through non-contact combat operations. The platform can also carry heavy anti-personnel and anti-tank mines, and is resistant to electronic warfare. [Source: Militarnyi]
Ukraine’s Defense Industry Produces Over $4B in Arms: Defense Minister
Ukrainian Defense Minister Rustem Umerov highlighted the country’s defense achievements, noting that over $4 billion in arms were produced in the past year, with Ukrainian-made ammunition now comprising 41% of front-line supplies, up from 18% in 2023. Ukraine has expanded its long-range capabilities, contracting over ₴21 billion in drones and ₴9 billion in ammunition. Ukrainian drones, which can cover over 1,000 km, have destroyed key Russian targets. The introduction of drone swarm technology and the DELTA combat system have led to the destruction of more than $15 billion in Russian equipment. [Source: Ukraine Business News]
Ukrainian Fund Joined €11M Round for French Freelancer Platform Startup Jump
Ukrainian venture fund Roosh Ventures participated in a €11M Series A funding round for French startup Jump, which develops an all-in-one freelancer platform offering benefits like social security and health insurance. The round, led by Breega, also saw participation from Index Ventures and RAISE Seed for Good. Founded in 2021, Jump serves nearly 2,000 freelancers and has an annual turnover of €150M. With the French freelancer market valued at €2.6B, the company has significant growth potential, according to Roosh Ventures.
[Source: Ukraine Business News]ESTONIA
Estonian Fintech Mifundo Raises $10.6M to Build European Credit Platform Tallinn-based fintech startup Mifundo has raised €10 million to build a cross-border platform for portable credit profiles across the European Union. The funding includes €1.2 million from a pre-seed round led by Tera Ventures, and €8.8 million in grants and matched funding from the European Innovation Council (EIC) Accelerator. Mifundo’s platform aims to unify EU credit systems, reducing financial inequality and improving access to credit for citizens relocating within Europe. The platform helps banks improve data quality and reduce credit risks, driving better financial services across borders. [Source: Arctic Startup]
Estonia Wants to Double €50M Defense Industry Fund to €100M by 2025 The Estonian government plans to double its defense industry fund from €50M to €100M by 2025, following a proposal by Minister of Economy and Industry Erkki Keldo. The fund, launched in 2024, focuses on investing in defense-related and dual-use technologies, primarily targeting Estonian startups. Managed by state-owned SmartCap, the expanded fund will support more companies and new private sector initiatives. Keldo highlighted the importance of helping defense companies develop products to enhance Estonia’s security and support Ukraine, which will receive €400M in military aid over four years. [Source: BalticVC]
LATVIA
Mintos Secures €2M Debt Financing from FlyCap to Expand Investment Platform
Latvian investment platform Mintos has raised €2M in debt financing from FlyCap to expand its services and attract new investors across the EU. Founded in 2015, Mintos offers fractional bond investments, loan-backed notes, and passive real estate investments. The platform has over 500,000 investors managing €600M in assets. Mintos saw a 30% revenue increase in 2023, reaching €11.4M in revenue and €650K in net profit. This investment follows a successful €3.1M crowdfunding campaign in August 2024, and Mintos plans to use the funds to further develop its platform and enter new markets. [Source: BalticVC]
SAF Tehnika’s Air Monitoring Systems Deployed in California Schools
Latvian technology company SAF Tehnika has implemented its Aranet air quality monitoring systems in over 50 schools across California as part of the state’s CalSHAPE program. Aranet sensors track CO2 levels, temperature, humidity, and air pressure, helping schools maintain healthy indoor environments and improve student well-being. The system allows real-time adjustments to HVAC systems, promoting energy efficiency and reducing the spread of respiratory infections. SAF Tehnika’s solutions are also used in sectors like healthcare and horticulture, with plans to expand into radon monitoring.
[Source: Labs of Latvia]Latvian Startup Vezums to Launch Foldable Electric Bikes in 2025 Vezums plans to introduce its foldable electric cargo bikes to the market in 2025, targeting bike-friendly countries like the Netherlands, Denmark, and Germany. Founded by Jēkabs Ozols, Oskars Kotello, and Emīls Krišjānis, the bikes are designed to be more convenient for urban use, addressing the challenge of transporting large cargo bikes by making them foldable and portable. Vezums’ prototype can fit in small cars and is being developed in collaboration with Yamaha. The startup plans to seek support from Latvia’s Investment and Development Agency to further advance the product. [Source: Labs of Latvia]
KAZAKHSTAN
Kazakhstan’s Crypto Market Gains Momentum with New Regulations The nation’s crypto market is rapidly gaining traction with regulatory advancements enabling cooperation between digital asset exchanges and commercial banks. As noted by Asel Murzabekova, Binance’s compliance officer for Kazakhstan and CIS states, the introduction of the digital assets law and the AIFC’s pilot project has created a strong foundation for the crypto sector. Since 2023, Kazakhstan has fully regulated cryptocurrency exchanges, attracting more institutional players. [Source: DigitalBusiness.kz]
Kazakhstan’s AI Committee Aims for ‘Soft’ Oversight Without Overregulating AI
In an interview with the local website Digital Business, Gizzat Baitursynov, Chairman of Kazakhstan’s Committee on Artificial Intelligence and Innovation Development, discussed the committee’s role in shaping AI policy and infrastructure. His stated goals for the committee include developing AI regulations, improving local expertise, and creating critical infrastructure like a national supercomputer and the KazLLM language model. Baitursynov emphasized “soft” regulation in AI, ensuring transparency, ethics, and security. The supercomputer project, essential for advancing AI and ensuring digital sovereignty, is awaiting U.S. export approval amid geopolitical challenges. [Source: DigitalBusiness.kz]
ROMANIA
Bucharest-Based Edtech Youni Raises €900K to Expand in US, UK, and Australia
Youni, a Bucharest-based edtech startup using AI to simplify university admissions, has raised €900,000 in a seed funding round led by Soulmates Ventures, with additional support from Early Game Ventures and business angels. Founded in 2017, Youni’s platform offers AI-driven recommendations for fields of study, university options, and connects students with tutors for test preparation. The platform has helped over 6,000 students secure scholarships worth $52 million. With the new funding, Youni plans to expand its presence in the US, UK, and Australia, aiming to assist one million students in the next year. [Source: Vestbee]
TAJIKISTAN
EBRD Approves $10M Financing for Green Technologies in Tajikistan
The European Bank for Reconstruction and Development (EBRD) has approved a $10 million (€9.2 million) financing program to enhance access to green technologies and climate adaptation measures in Tajikistan. The funds will empower the First Microfinance Bank (FMFB) through three loans: $4 million under the Green Economy Financing Facility II (GEFF II) for water efficiency and sustainable land management, $3 million for the Youth in Business Programme (YiB), and $3 million for the Women in Business Programme (WiB). This is the largest financing package ever extended to a financial intermediary in Tajikistan, supporting both businesses and households. [Source: Daryo.uz]
UZBEKISTAN
CDTI Showcases AI-Powered Business Solutions at ICT Week Uzbekistan 2024
CDTI participated in ICT Week Uzbekistan 2024, presenting a range of artificial intelligence-driven technologies aimed at improving business operations. Among the featured solutions were FaceTrack for facial recognition and security, ItemTrack for automating product tracking, and CrowdTrack for monitoring visitor flows. These technologies are designed to enhance business efficiency in areas such as security, customer behavior analysis, and retail. Additionally, CDTI showcased its Smart Ecosystem products, already used in Uzbekistan, including solutions for retail management, supply tracking, and handling marked goods. [Source: Spot.uz]
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