Top Stories June 12: Ukrainian Military Tech Startups Receive Support, SoftServe Acquires US-based Company

🇺🇦 Ukraine Selects Promising Military Tech Startups

Ukraine’s government-backed military tech hub, Brave1, has granted BRV1 status to over 30 military startups, allowing them to receive further support. This initiative aims to promote promising initiatives for national defense in Ukraine. [Source: Dou]

💼 Ukrainian IT Company SoftServe Acquires US-based Hoverstate

Ukrainian IT company SoftServe has acquired Hoverstate, a US-based company specializing in mobile app and web development services. Hoverstate’s expertise in process automation and partnership with low-code platform Pega will provide SoftServe with additional capabilities and expand its presence in various markets. [Source: SoftServe]  

🌐 Ukrainian IT Companies Establish Presence in Poland

Following Russia’s invasion of Ukraine in February 2022, over 20 IT companies of Ukrainian origin registered in Poland. These companies employ 870 specialists in Poland and nearly 15,000 worldwide. The move allows Ukrainian IT companies to continue their operations and maintain their workforce during this challenging period. [Source: Dou.eu]

💣 Ukraine Tests Automated Opening System for Bomb Shelters

In response to ongoing bombings by Russia and to ensure swift access to bomb shelters in the event of an airstrike, Ukraine has started testing an automated opening system in Kyiv. Over 3,000 shelters throughout the city will be equipped with this system, prioritizing the safety of civilians. [Source: Dou]  

💰 Top Five Ukrainian IT Companies Contribute to IT Services Export

A recent survey by consultancy BRDO based on official statistics reveals that five Ukrainian IT companies—EPAM, GlobalLogic, Luxsoft, Ciklum, and Intellias—generated 20% of Ukraine’s IT services export in 2022. These companies have made significant contributions to the growth and success of Ukraine’s IT industry. [Source: Dou] 

🌍 Georgian Travel Route Platform Partners with Baltic Trails

Georgian travel route platform Biliki has partnered with Baltic Trails, a trade organization that unites 15 Baltic companies. This collaboration aims to integrate hiking routes across Estonia, Lithuania, and Latvia into Biliki’s platform, marking the first step for Biliki in expanding its global presence and offering routes outside Georgia. [Source: Caucasus Business Week]

💼 Georgian Startup HappyKids Receives Grant for Expansion

HappyKids, a nine-month-old Georgian startup serving as a marketplace for children’s items, has received a $58,000 grant from Georgia’s Innovation and Technology Agency. The funding will support the startup’s expansion to former Soviet Union countries (excluding Russia, Belarus, and the Baltic states) while experiencing rapid growth in sales. [Source: Caucasus Business Week]

💸 Lithuanian Startup Torus Raises Funds for Cost Management Solution

Lithuanian startup Torus, which helps banks and payment service providers manage costs on card scheme fees, has raised nearly $33,000 from Estonian accelerator Startup Wise Guys. Torus assists clients in reducing up to 10% of costs on Visa and Mastercard card scheme fees, contributing to increased business profitability. [Source: BalticVC]

🚜 Lithuanian Fund Sells Stake in Agricultural Startup eAgronom

Lithuanian venture fund Cats.VC has sold its stake in Estonian agricultural startup eAgronom, which offers a SaaS solution for farmers to manage their land. This marks the first exit for the fund, which was established in 2020 and now holds a portfolio of nearly 20 companies. [Source: BalticVC]

☀️ Lithuanian Solar Software Developer Acquires US-based Platform

PVcase, a Lithuanian developer of solar project design software, has acquired US-based solar siting software platform Anderson Optimization. The deal aims to streamline the process of designing solar power plants in European Union markets by leveraging Anderson Optimization’s innovative technology. [Source: BalticVC]

🌾 Uzbek Venture Fund Invests in UK-based Agricultural Startup

Uzbekistan’s national venture fund, UzVC, has invested in the UK-based startup Pastoral, which utilizes artificial intelligence (AI) to help farmers optimize food and soil usage for livestock farming. Pastoral not only received financial support from Uzbekistan but also hired engineers from the country. [Source: Spot.uz]

🚀 Entrepreneurship Center Launched in Uzbekistan

The Innovative Entrepreneurship Center U-Enter has been launched in Tashkent, the capital of Uzbekistan. This joint project between the Uzbekistan Chamber of Commerce and The Korea International Cooperation Agency (KOICA) aims to provide consultative support, particularly for local startups and entrepreneurs. [Source: Spot.uz]

💡 Kazakhstan Aims to Boost Digital Services Export

Kazakhstan plans to increase the export of digital services to $500 million by 2025, compared to $333 million in 2022. The country’s President, Kassym-Jomart Tokayev, emphasized Kazakhstan’s clear vision of digital transformation and the progress being made in this area. [Source: Kapital.kz]

🌐 China’s Sun Seven Stars to Establish Digital Carbon Trade Center in Kazakhstan

China’s Sun Seven Stars Investment Group has announced plans to build a global digital carbon trade center in Kazakhstan. Further details about the project have not been disclosed. The announcement was made during a meeting between the company’s top management and Kazakhstan’s President, Kassym-Jomart Tokayev. [Source: Kapital.kz] 

💻 E-commerce Expected to Grow in Kazakhstan

Experts predict that the share of e-commerce in retail sales in Kazakhstan will rise from the current 8% to 20% within the next two to three years. The country has witnessed significant investments in online retail services, contributing to the expansion of the e-commerce sector. [Source: Kapital.kz]

🛡️ Nasdaq Grants Permissions to Russian Companies

Nasdaq has granted permissions to Russian internet giant Yandex and payment services provider Qiwi to continue their listings on the American exchange. However, both companies are required to restructure their businesses by the end of 2023, dividing them into Russian and global entities to comply with regulations. [Source: Reuters, Market Screen]

📈 Banks Reduce Parallel Imports to Russia as Sanctions BiteSeveral banks in Kazakhstan, Armenia, and Hong Kong have started refusing to facilitate the supply of certain goods, particularly hi-tech equipment, to Russia through parallel imports. This practice involves delivering sanctioned goods to Russia through non-Russian intermediaries. Banks are wary of potential sanctions imposed by countries like the US and are mitigating risks by avoiding such transactions. [Source: Kommersant]