Dealflow from Latvia: Q3, 2015

    18 Latvian startups are looking for over €5 million seed money. Hot deals from B2B to B2C, from apps and games to health and nanotechnology. Reach out to founders here:

    1. MaxTraffic

    About: MaxTraffic is a platform for e-commerce sites to help them turn abandoning visitors into customers. With MaxTraffic, companies can show targeted messages to bouncing visitors and influence their behavior – asking to check out a special promotion, subscribe to a newsletter, or leave their contact info.

    During the last year, MaxTraffic has attracted 50+ clients.

    Funding: Raising a € 500K seed round for further growth

    Reach out: Kristaps Mors,

    2. Conelum

    About: Conelum ( makes mandatory milk tests in dairy industry 50x faster. The product is a quantitative microbiological diagnostics kit based on Conelum proprietary technology. Targeting Europe and CIS dairy products market, also aiming at larger markets in the Americas. Conelum is a spin-off from Riga Technical University, currently at product certification stage to provide a trustworthy solution for partners. The startup aims to bring entirely new opportunities for microbiological control and safety in food & beverage industries with its new ultra-fast automatic fluorescence microscope for morphology-specific quantitative diagnostics.

    Slides: here

    Funding: Received € 500K seed investment in late 2013, followed by an additional commitment for venture investment in December of 2014 (from Imprimatur Capital). Looking for further € 500K smart money investment for future stage, product development, and market expansion. Currently collaborating with partners to attract funding in terms of Horizon2020 program for industrially sustainable microscopy station development.

    3. InSelly

    InSelly is the easiest tool for mobile selling on Instagram. Small/medium offline retailers, crafters and individual merchants get a fully functional mobile optimized online store on top of their Instagram accounts within a few minutes in a couple of clicks. With inSelly, starting an e-commerce business becomes as easy as posting a picture on Instagram.

    4500+ registered sellers, +18% monthly userbase growth, multiple daily transactions through the platform.

    Funding: Part of Startup Sauna, raising a €250K seed round to accelerate growth. €160K already committed, looking for further €90K to close the round.

    Reach out: Ksenija Rostova, CEO,

    4. Mahydy

    MAHYDY is a heavy metal startup developing a new technology of anti-corrosion treatment for structural steel. The magic of Mahydy is in Magnetohydrodynamics – an ability to manage liquid metal movements. Continuous steel metallizing (conveyor hot dip galvanizing) promises income of more than 4 million euros per year by a licensing deal. The developed equipment is better than existing hot-dip galvanizing lines for the following reasons: it reduces bath maintenance costs 6X, reduces payback period till 2-3 years, improves the environmental friendliness of production, allows you to use not only zinc, but also aluminum.

    Funding: Raised € 150K and built a demonstration alpha prototype that proves scientific and technical soundness. Patent analysis confirmed the patentability of the technology. Admitted to Skolkovo last month. Raising € 500K to build industrial line prototype, pilot with signed up test customers, implement demonstration sales.

    Reach out: Runova Ekaterina ([email protected]),…

    5. Spatial Initiatives

    Spatial Initiatives develops the next generation precision rangefinders for 3D imaging and survey instruments using only recently available multi-pixel photon-counting detector technologies. Positive feedback has been received from recognized companies in 3D scanning GIS and survey instrument markets, an area shown to have a 14% CAGR over the past 10 years. A proof-of-concept bench system is planned for completion in Autumn 2015.

    Funding: Raised € 200K in early 2013, looking for additional €500K to finish the product, establish it and enter the market.

    Reach out:

    6. Cheeks Up

    CheeksUp is an interactive speech therapy game for kids with 3D face movement tracking in real-time. Product’s main target audience are 2-7 years old kids (especially, children with cerebral palsy) and people in all ages with neurological conditions related to face mimic, swallowing, chewing and speech problems. CheeksUp makes speech learning and rehabilitation process more convenient, engaging and fun for kids, much cheaper and easier for their parents, and very beneficial for a speech therapist.

    Slides: here

    Funding: Previously raised € 55 K EUR, looking for a € 30 K loan or € 50 K seed investment to finish product development and start conquering the U.S. market. Accepted in Relevant Health accelerator in the US, will get further investment there.

    Reach out: Ilze Zaharane, +371 28319305, [email protected]

    7. PranaJet

    PranaJet is a gadget for stress management by breathing using unique biofeedback method. Users will play breathing games designed for stress management on their smartphones. Game is controlled by breathing with the help of a gadget. Already signed an agreement with about integration of the device into their capsule for positive work culture.

    PranaJet is going to test their devices at Baltic International Bank in autumn 2015.

    Funding: Looking for a pre-seed investment of €50K (trial test), and seed investment of €150K (production).

    Reach out:

    8. Trip.Center

    Trip.Center is building the most convenient and powerful travel planning tool in the world. In contrast to existing options, they have developed a simple yet robust unified framework to encompass the entire planning process, which gives users complete freedom in the way they create, arrange, and visualize their trip plans – no required or blocking fields, no “preferred user paths”. Completed the MVP, conducting first marketing tests and moving towards a full beta (to be released in early 2016).

    Slides here

    Funding: Completed the MVP, conducting first marketing tests and moving towards a full beta (to be released in early 2016). Raising €200K.

    Reach out: Andrii Shekhirev directly, as well as on AngelList andCrunchBase

    9. BranchTrack

    BranchTrack is changing how corporate training works through an elaborate yet user-friendly customer simulations platform. It is already used by a number of high-profile brands like KPMG, HP and Etihad Airways. Among top3 Nordic startups ar Arctic15 .

    Funding: BranchTrack joined Seedcamp earlier this year and raised a €150K round. Looking to syndicate additional €200-350K.

    Reach out: CEO Sergey Snegirev ([email protected]) // Twitter:@branchtrack

    10. Adaplab

    Adaplab develops new generation software products for industrial controllers in oil, gas and wind farm industries. Key advantages are self-tuning function that works even under intensive external disturbances, in real time and without personnel assistance. After successful yard tests in oil drilling process (the technology worked 3X faster and 2X more efficiently than the competing solution), Adaplab has already signed their first partnership agreement with an oil drilling company from the US to develop the first software product for their equipment. Field tests with the client in early September increased their process stability 5x.

    Slides: here

    Funding: Attracted €50K pre-seed investment, looking for €150K seed investment to support business growth – more field trials with clients and development of MPD software are scheduled

    11. Snowision

    Snowision is an automatic sensor system to monitor snow cover in Alpine ski resorts. One Alpine ski resort spends €400 K – 3 M per season on artificial snow cover. Significant part of it (up to 50%) is overproduced because there is no effective tool to monitor snow cover conditions in real time.

    Snowision offers a fully automatic network of unique long-range sensors installed along ski slopes and provides real-time online map of key indicators. This saves up to 50% of costs. There is no analogue system in the world. Snowision technology has very strong scientific background, sufficient for a complete IP portfolio.

    Just finished prototype outdoor tests in Finland, now developing a market version with partners in France – expert in ski resorts “Dianeige”, potential customers among ski resorts and Meteo France.

    Funding: Raising € 200 K to develop product market version (software,certification and marketing materials), and start first sales

    Reach out: CEO Aleksey Korabovsky, [email protected] Skype: Aleksey Korabovsky, Mob. +371 29809104

    12. ET Tech

    ET Tech – a B2B SaaS platform for HR and recruiting, which assesses professional competence using person’s eyes’ movements.

    Funding: Raised €10K, looking for €150K seed investment to finish the product

    Reach out:, CEO Vladimir Egorov

    13. Koatum

    Koatum is a med-tech startup developing a unique medical implant coating method, which provides 100% rejection safety and up to 2x faster healing. Currently the company is partnering with top global research partners, such as London Royal Orthopaedic Hospital, in order to proceed to the final clinical trial stage.

    Slides here

    Funding: Raised over €100K, looking for additional € 600k to deliver a market-ready product and re-shape the implant coating industry.

    Reach out:

    14. DexLab

    DexLab’s technology allows to produce dextran from natural, cheap and widespread materials, one of which is considered chemical waste. The by-product produced from dextran synthesis by DexLab method is non-toxic waste that is easily disposed.

    Dextran is among one of the most extensively used chemicals in pharmaceutical production. Compared with competitors’ sucrose processing method, DexLab’s production method significantly reduces costs, makes production simpler and does not require dextran-production specific separation process from byproducts.

    While main customers and partners are pharmaceutical, cosmetics and chemical production companies, it is not a pharmaceutical project, but a material production project with both: high and low markets to enter.

    Funding: Raising €200K in two rounds (€50K pre-seed and €150K seed round)

    Reach out: CEO:

    15. Nano Ray-T

    Nano Ray-T produces all types of carbon nanotubes (CNTs) with stable characteristics and extremely high purity in 99.5%. Nano RAY-T has strong technology platform and has developed several applications for using CNTs with designable features in X-ray tubes, composite materials for 3D-printing, energy storages, flat-panel displays, ionizers and others. Nano Ray-T CVD-reactors are able to grow CNTs on many substrates both conductive and non-conductive like silicon, silica, and copper (alloyed with аluminium on top), steel, nickel, cobalt, and their alloys. Moreover, Nano Ray-T also uses some exotic substrates like diamonds for CNTs growth.

    Currently, Nano RAY-T is in collaboration with 2 producers of 3D-printing materials (CA &USA), has started to develop new generation of materials with CNTs as a unique element. Companies have carried out all the necessary tests and will start implementation in 3D material test samples.

    Video here

    Funding: Raising €50K (pre-seed for FTO, Preparation for testing & certification, Marketing & Promotion materials for potential customers) and €150K (seed investment for further integration with clients’ production line).

    Reach out: CEO Maryna Petrychenko…([email protected], +37127624536, Skype:marina.petrychenko)

    16. AdiaBaltic Nano Technologies

    AdiaBatic Nano Technologies has developed a method for adiabatic compression of monosilane that can be used for production of nanoscale silicon compounds, including (but no limited to) n-Si, n-SiC, n-SiO2 and n-SiN of high purity and extremely low dispersion for various energy, electronics, medical and other applications.

    The products have very high-standard properties such as:

    • High purity – depends only on purity of precursors – 99.8% has already been demonstrated;

    • High monodispersity – less than 5% dispersity in diameter;

    • Unique specific area of 1000 – 1500 м2/g;

    • Different structural modifications (nano-powders with crystalline, amophrous and thread-like structure can be produced);

    Technology benefits:

    • Uniformity of proceeding processes;

    • Low Energy Consumption;

  • Scalability

  • Funding: Seeking €200k in two rounds (€50k+€150k)

    Reach out:

    17. Nano55

    Nano 55 is based on a revolutionary simple, one-step nano carbon tube production technology by scientist A.Manykan (Institue of Physics of Armenia). As this method is the simplest from all known, the team projects that their low costs will allow Nano55 to take part of 1,14 bln USD yearly market (according to their market research the size is expected to grow till 3,42 bln USD in 2022). Online CNT price comparison with the potential sales price for Nano55 shows that the company should become profitable by the end of its first year.

    Slides here

    Funding: 5 businessmen (Business Angels Club) invested in the first synthesis, now the product is ready for the first batch. Raising €1.023M to produce the CNT furnace and promote it to customers.

    Reach out: Mobile +371 29556077

    18. Reachly empowers e-retailers with information about individual behavior of a visitor and provides tools to engage real-time.

    Funding: The team is always on a lookout for angels with SaaS or e-commerce background who could help with their experience and network.

    Reach out: CEO Ernests Stals, [email protected]