Daria Solovieva
CZECH REPUBLIC
Presto Ventures Launches $163M Defense Tech Startup Investment Fund
Presto Ventures, a Prague-based VC firm, has launched a $163M (€150 million) Presto Tech Horizons fund in partnership with Czechoslovak Group to support security and defense tech startups from NATO countries. The fund aims to bolster NATO-backed technological projects, focusing on dual-use solutions across sectors like AI, cybersecurity, and robotics. Investments will be announced in the fall, with the goal of helping these ventures achieve global success and generate revenue. [Source: Vestbee]
ESTONIA
Estonian Negotiation Startup Pactum AI Raises $20M Series B, Names New CEO
Estonian startup Pactum AI has secured $20 million in Series B funding, led by Karma Ventures, with participation from Maersk, Atomico, and others, bringing its total investment to $55 million. The company, which offers AI-powered automated negotiations for suppliers, serves Fortune 500 clients like Walmart and Vodafone, with its service now available in ten languages globally. As part of its growth strategy, Pactum has appointed its current product manager, Kaspar Korjus, as the new CEO, while former CEO Martin Rand will transition to the role of president. [Source: BalticVC]
LATVIA
Latvian Firm Acquires Majority Stake in Digital Marketing Company Adaptive Media
Merito Management Target Fund II, managed by Latvian investment company Merito Partners, has acquired a majority stake in Adaptive Media, a Latvian digital marketing company with a global presence. Adaptive Media, founded in 2014, specializes in content-driven websites for consumer products and services, reporting a turnover of over €4M and profits of €1M in 2023. Merito Partners plans to invest alongside Adaptive Media’s founders to further develop the company’s technology and strengthen its team, though the acquisition amount was not disclosed. [Source: BalticVC]
LITHUANIA
Lithuanian Defense Tech Startup Raises €1M to Scale Combat-Tested Drone Technology
Lithuanian drone startup Granta Autonomy has secured €1 million in seed funding led by ScaleWolf VC, with participation from Brolis Defence and HFL holdings. The company, founded by former military engineers, develops autonomous UAVs, micro gimbals, and digital Datalink software for intelligence and reconnaissance missions, with their technology already in use by NATO forces and on Ukraine’s front lines. Granta Autonomy’s latest product, the Hornet XR, offers extended flight time, long-range capabilities, and advanced features for covert operations. [Source: Emerging Europe]
Lithuanian Crypto Firm Faces €9.3M Fine for Sanctions Breach, Russian Transactions
Lithuanian cryptocurrency company Payeer has been fined €9.3 million by the Financial Crimes Investigation Service (FNTT) for violating EU sanctions and money laundering regulations. The company allowed Russian customers to conduct transactions in rubles and withdraw money from sanctioned banks, acquiring 213,000 customers and generating over €164 million in revenue during the 18-month violation period. Originally founded in Russia in 2012, Payeer relocated to Lithuania in January 2023 after losing its license in Estonia. [Source: BalticVC]
KAZAKHSTAN
Kazakhstan Unveils Ambitious AI Initiative, Aims to Train Millions by 2029
Kazakhstan’s government has announced a comprehensive program for widespread AI adoption across various sectors. The initiative aims to train 10,000 AI talents annually, create 100 AI startups, and increase the proportion of universities teaching AI from 20% to 60% by 2029. Key components include developing a large language model in Kazakh (KazLLM) and implementing new legislation to regulate AI development and usage ethically.
[Source: Kapital.kz]Kazakhstan Nabs $13 Million Chinese Grant for Space Sector, Eyes Lunar Research
The country is set to receive a $13 million grant from China to boost its space sector, focusing on computational astronomy, astrophysical research, and lunar exploration. The grant, announced by Kazakhstan’s Minister of Digital Development, Innovation, and Aerospace Industry, will facilitate collaboration between Kazakh and Chinese scientific institutes, including the development of a Kazakh lunar telescope. This partnership marks a potential shift in Kazakhstan’s space strategy, possibly reducing dependence on Russian facilities while opening up new opportunities for international cooperation and commercial space activities. [Source: Daryo.uz]
KYRGYZSTAN
ADB Grants Kyrgyzstan $40M for Education Reform, Focusing on STEM
Kyrgyzstan has secured $40 million from the Asian Development Bank to reform its education system, with half provided as a grant and half as a loan. The funding aims to improve teaching methods across all subjects, with a particular emphasis on science, technology, engineering, and mathematics at both school and higher education levels. [Source: Economist.kg]
Harvard-Educated Lawyer Launches AI Immigration Startup After Personal Visa Nightmare
Aizada Marat, a Kyrgyzstan-born Harvard graduate, co-founded Alma, an AI-powered immigration legal service, after experiencing significant setbacks due to poor legal advice during her own visa process. Marat’s frustrating experience, which left her unable to work for over a year despite a job offer from top law firm Cooley, inspired her to create a solution to improve the immigration process for others. Alma aims to leverage AI technology to provide more accurate and efficient immigration legal services, addressing the issues Marat encountered firsthand. [Source: TechCrunch]
MOLDOVA
Moldova’s Soviet-Era Wire Maker Eliri Pivots to Cutting-Edge Neuroscience Tech
Eliri, a former Soviet electrical wire manufacturer in Moldova, has transformed into a leading producer of nanowires crucial for advanced brain research. The company’s ultra-thin wires, made using a unique 1960s-era technology, are now in demand by top neuroscientists worldwide for developing brain-computer interfaces and potential treatments for neurological disorders. Under new leadership, Eliri has overcome challenges to modernize its operations, positioning itself at the forefront of a niche but growing market in neurotechnology. [Source: Emerging Europe]
POLAND
Polish Virtual Clinic Raises €1.1 Million to Automate Online Medical Practices
Doctor.One, a Warsaw-based medtech startup offering subscription-based virtual clinics, has secured €1.1 million in funding from Smartlink Partners, Vesna Capital, and angel investors. Founded in 2021, the platform serves 3,000 doctors across 33 specialties and aims to use the fresh capital to develop automated solutions for optimizing physician workflows. The investment underscores growing interest in telemedicine solutions that enhance healthcare delivery efficiency and patient-doctor interactions. [Source: Vestbee]
Polish API Security Startup Relock Secures €1M in Pre-Seed Funding
Relock, a Polish cybersecurity startup developing real-time API protection technology, has raised nearly €1 million in a pre-seed round led by Early Game Ventures. The investment, part of Early Game’s €60 million second fund, aims to accelerate Relock’s product development and highlights growing interest in innovative cybersecurity solutions for the evolving digital landscape. [Source: The Recursive]
UKRAINE
Ukrainian AI Startup Getpin Aims to Raise $3M to Expand Global Reach
Getpin, an AI-powered online marketing SaaS tool developed by Ukrainian startups, enhances the online presence of businesses with physical locations, boasting clients like Lifecell, Nova Poshta, and Lidl. With nearly 83,000 business locations across six countries already registered, the startup has secured nearly $500,000 in investments and approaches $1M in annual revenue. Aiming to close a $3M funding round by year-end, Getpin plans to significantly expand its customer base by 2030 through its platform that synchronizes business data across multiple platforms for accurate and effective digital marketing. [Source: Ukraine Business News]
AI-Powered Legal Startup Wordsmith Raises $5M Led by Index Ventures
Edinburgh-based startup Wordsmith, which is developing an AI-powered legal assistant, has raised $5 million in a seed round led by Index Ventures, with participation from General Catalyst, Felix, Yellow, and S16vc. Focused on the European and British markets, Wordsmith’s solution, used by clients such as Trustpilot, streamlines legal workflows by automating contract reviews and centralizing legal information, with the new funds earmarked for team expansion and product development. [Source: Ukraine Business News]
Military AI Leader Helsing Raises €450M at €5B Valuation to Bolster NATO Security
German AI defense startup Helsing has secured €450 million in a Series C round led by General Catalyst, valuing the company at €5 billion. The funds will enhance AI capabilities for NATO’s Eastern Flank, as Helsing’s technology is integrated into battlefield simulations, electronic warfare, and drones. Founders emphasize the urgent need for investment to protect European sovereignty amidst rising defense budgets and regional threats. [Source: The Next Web]
Palmer Luckey’s Anduril AI Weapons Aid Pentagon and Ukraine in Defense Efforts
Now 31 years old, Oculus founder Palmer Luckey’s new venture, Anduril, is supplying AI weapons to the Pentagon, with some being sent to Ukraine. These advanced weapons could play a crucial role in bolstering Ukraine’s defense against Russian aggression. [Source: NPR]
Cybersecurity Heroes Wanted: Ukraine Launches Innovation Hackathon
USAID, DEV Challenge, the Ministry of Digital Transformation of Ukraine, and the Ukrainian Startup Fund are hosting a Cybersecurity Innovations Hackathon from August 1-10, 2024, to foster fresh ideas and modernize protection systems in the energy sector. Open to developers, engineers, cybersecurity professionals, students, and energy sector specialists, the event will feature tracks focusing on AI, ML, IoT, and Big Data solutions, as well as specific tasks for experienced cyber experts. The best solutions will receive development grants from the Ukrainian Startup Fund, with the offline final held in Kyiv on August 10th. [Source: TechUkraine]
Mission Possible Opens Applications for Next Round of VC-Building Program in Kyiv
Mission Possible, Ukraine’s leading venture-building program backed by the Ukraine-Moldova American Enterprise Fund (UMAEF), has opened applications for its second round, aimed at early-stage startups. Running from September 2024 to February 2025 at LIFT99 Kyiv Hub, the program offers global connections, investment opportunities, and expert mentorship to propel founders from idea to scale-up. Applications are open until August 12, 2024, welcoming tech enthusiasts, aspiring entrepreneurs, and experienced professionals to apply. [Source: TechUkraine]
Ukrainian Startup Secures $200K to Scale Drone Production for Agriculture and Landmine Detection
Ailand Systems, a Ukrainian robotics drone startup specializing in smart autonomous drones for agriculture and landmine detection, has secured $200,000 from Uklon co-founders to scale production. Founded in 2023, Ailand Systems focuses on its ST1 Landmine Detector, an advanced drone that detects all types of landmines with high efficiency, enhancing both technology and production in preparation for state certification. [Source: Vestbee]
TAJIKISTAN
China Datang Corporation to Build 500 MW Solar Plant in Tajikistan’s Sughd Region
China Datang Corporation, a state-owned enterprise, will construct a 500 MW solar power plant in Tajikistan’s Sughd region to enhance the country’s renewable energy infrastructure and diversify its energy sources. The project, supported by local cooperation, will also involve feasibility studies for new railway lines and plans to establish a solar cell plant in the Khatlon region, underscoring China Datang’s commitment to sustainable development and regional growth. [Source: Daryo]
UZBEKISTAN
Uzbekistan’s Digital Banking Pioneer TBC Secures $38.2M for Expansion
TBC Bank Uzbekistan, the country’s first mobile-only bank, has raised $38.2 million in fresh equity to expand its presence and introduce new financial products. The funding round was led by parent company TBC Bank Group, with participation from EBRD and IFC. TBC’s mobile-first approach has revolutionized banking in Uzbekistan, capitalizing on the country’s high smartphone penetration and young population to offer convenient digital banking services. [Source: TechCrunch]
Uzbekistan Cracks Down on Illegal Crypto Mining, Uncovers 104 Cases in 2024
Uzbekistan has discovered two more unauthorized cryptocurrency mining operations, bringing the total to 104 illegal mining cases uncovered since the start of 2024. The illegal operations have resulted in the theft of 21.4 million kWh of electricity, causing damages worth 78.8 billion soums, and leading to 63 criminal cases with 30 individuals taken into custody.
[Source: Spot.uz]ROMANIA
BMW Chooses Cluj for New Tech Hub, Bolstering Romania’s Silicon Valley
BMW has announced plans to establish a major tech hub in Cluj-Napoca, Romania, in partnership with NTT DATA, aiming to employ 1,000 people by 2027. The decision highlights Cluj’s growing reputation as a prominent tech hub, driven by its universities’ talent pool and innovation-friendly ecosystem. This investment further cements Cluj’s status as a key player in Europe’s tech landscape, joining the city’s existing R&D centers operated by Continental and Bosch. [Source: Emerging Europe]
RUSSIA
Russian Firm ROSA Seeks 1 Billion Rubles for Domestic Game Console, Government Hesitates
According to Vedomosti, Russian company ROSA has requested 1 billion rubles to develop a domestic portable game console, presenting the proposal at a meeting with the Ministry of Industry and Trade. The government expects joint financing from the state and private businesses, and is reportedly against supporting consoles running on Android Open Source Project (AOSP). As reported by Izvestia in May, ROSA plans to use its own Linux distribution, Rosa Fresh, for the console, aligning with the authorities’ preference for domestic operating systems. [Source: app2top]
Russia Proposes Subsidies and Tax Breaks for Domestic Video Game Developers
The Russian Ministry of Economic Development has drafted a bill to provide support measures for domestic video game developers, including subsidies, tax breaks, and educational assistance. The legislation also outlines requirements for games seeking “national status” and imposes regulations on foreign investment and content distribution in the Russian video game market. [Source: Interfax]
Moscow Mayor and Yandex Discuss Expansion of Autonomous Vehicle Projects
Mayor Sergei Sobyanin and Yandex Corporate Development Advisor Alexey Kudrin met to discuss expanding cooperation on unmanned vehicles and other joint projects in Moscow. The meeting, which included a tour of Yandex’s Autonomous Transport Engineering Center, highlighted the company’s progress in developing autonomous cars, delivery robots, and plans for implementing driverless technology in urban transport such as trams and buses.
[Source: Interfax]
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