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Tuesday, June 28, 2022

Dealflow from Latvia: These #LVstartups are raising over €5 million seed money

Over €100 M have been invested in Latvian startups to date, and that’s only the disclosed numbers. Fresh wave of founders is here, raising seed rounds.

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Latvia is known for versatile tech and a wide range of startups – from apps to hardware, from science to magic wands. You can see a brief overview slideshow here.

Two flagship exits include CoBook and Ask.fm, both acquisitions for undisclosed amounts. You may have read this post and discovered some great dealflow from Lithuania. Now it is time to check out some hot #LVstartups:

Hot #LVstartups raising funds:

1. 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 with 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 user base growth, multiple daily transactions through the platform.

Funding: Part of Startup Sauna, raising a €250K seed round to accelerate growth.

Reach out: Ksenija Rostova, CEO, https://lv.linkedin.com/pub/ksenija-rostova/37/486/140

2. BranchTrack

BranchTrack is changing how corporate training works through an elaborate yet very 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, now raising a € 500K seed round.

Reach out: CEO Sergey Snegirev (sergey@branchtrack.com) // Twitter: @branchtrack

3. 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 last year, MaxTraffic has attracted 50+ clients.

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

Reach out: Kristaps Mors, www.linkedin.com/in/kristapsmors

4. Conelum

Conelum (www.conelum.com) makes mandatory milk tests in dairy industry 30x faster. The product is quantitative microbiological diagnostics kit based on Conelum proprietary technology. Targeting Europe and CIS dairy products market, also aiming at larger markets in Americas. Conelum is a spin-off from Riga Technical University, currently at product certification stage to provide a trustworthy solution for partners.

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.

Reach out: https://lv.linkedin.com/in/aadamovitch/ru

5. 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: https://lv.linkedin.com/pub/sergey-jakimov/21/36a/210

6. ET Tech

ET Tech – 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: https://angel.co/ettech/, CEO Vladimir Egorov

7. Spatial Initiatives

Developing 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: https://angel.co/spatial-initiatives

8. 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 Orrb.com about integration of our device into 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: https://lv.linkedin.com/in/lapkis

9. 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 autumn 2015).

Slides here

Funding: Attracted pre-seed funding from Imprimatur Capital used to build MVP, now raising a € 300K seed round to grow the user base, commercialize the free consumer version, build and launch subscription-based business version.

Reach out: Andrii Shekhirev directly, as well as on AngelList and CrunchBase

10. Nano55

Nano 55 is based on revolutionary simple, one-step nano carbon tubes production technology by scientist A.Manykan (Institue of Physics of Armenia). As our method is the simplest from all known, our low costs will allow us to take part of 1,14 bln USD yearly market very quick (according to market research – it will grow till 3,42 bln USD in 2022). Online CNT prices comparison with our potential sales price shows, that company have to become profitable till the end of first year.

Slides here

Funding: 5 businessmen (Business Angels Club) invested in 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: aleksandrs.stupans@pdfbaltic.lv Mobile +371 29556077

11. 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 efficient than competing solution), Adaplab has already signed first partnership agreement with oil drilling company from the US to develop first software product for their equipment. There are talks with several other companies in Oil&Gas Industry.

Slides here, video here

Funding: Raising €150K seed round for further development of the software products and entering new industries.

Reach out: CEO: Raivis Nikitins,https://lv.linkedin.com/in/raivisnikitins

12. Eventech

Eventech is a high-precision timing electronics manufacturing company and is a spin-off from Institute of Electronics and Computer Science (IECS) of Latvia. Currently Eventech produce electronics for Satellite Laser Ranging (SLR) purposes and hold more of the 50% worldwide market, with clients come from Europe, Asia, USA, Russia and other countries. Actively looking for new technology applications.

Funding: Privately funded. Looking for smart money (with industrial expertise) for Positron Emission Tomography (PET), flow cytometry, airborne un space lidars, time synchronization and time transfer research, space applications, and for any other applications, where extremely precise event timing and signal processing is necessary. Planning to attract EU funds and private investment when R&D project for the new technology application takes shape.

Reach out: https://lv.linkedin.com/pub/girts-ozolins/37/191/9…

13. 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 amongst 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: https://www.linkedin.com/in/davidkonovs

14. Nano Ray-T

Nano Ray-T produces all types carbon nanotubes (CNTs) with extremely high purity in 99.5% and stable characteristics. 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 used 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 https://www.linkedin.com/profile/view?id=217838483… (m.petrychenko@gmail.com, +37127624536, Skype:marina.petrychenko)

15. 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 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, aleksey@snowision.com Skype: Aleksey Korabovsky Mob. +371 29809104

16. Mahydy

MAHYDY is a heavy metal startup developing a new technology of anti-corrosion treatment for structural steel. 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 demonstration alpha prototype that proves scientific and technical soundness. Patent analysis confirmed the patentability of the technology. Raising € 500K to build industrial line prototype, pilot with signed up test customers, implement demonstration sales.

Reach out: Runova Ekaterina (runova@mahydy.com), https://ru.linkedin.com/pub/ekaterina-runova/52/a9…

17. Socialphotos

Socialphotos is connecting brands’ customers’ user-generated content (UGC) with brands’ e-commerce experience. A web solution eliminates UGC management pain for the brands, making it easy to aggregate, store, organize and display content from social networks. Some customers include Click&Grow, iStabilizer, ZeroUV, DistilUnion and Blink 182.

Funding: Looking for smart money or representatives to help build their partner presence in Asia region.

Reach out: max@socialphotosapp.om or via LinkedIn

18. Game as a Service

A game startup in stealth mode is creating a highly social mobile games as a service. Currently developing the first game prototype for iPad.

Funding: raising €50K pre-seed round to launch the first playable game on App Store.

Reach out: co-founder Igor Buhovec linkedin.com/in/igorbuhovec.

19. Reachly

Reach.ly empowers e-retailers with information about individual behavior of a visitor and provide tools to engage in 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, ernests@reach.ly

Startups to watch

There are a few startups not raising funds at the moment, but who may be raising bigger rounds soon:

1) Mailigen – intuitive and very easy to use email marketing system to all sizes of businesses.

2) Airdog – auto-follow drone for action sports. The best drone of #CES2015 .

3) Molport – easy worldwide ordering of molecules and rare chemical compounds.

4) Funderful – Funderful offers a tailored online community fundraising platform and a 3 month fast-paced campaign support for making donating feel like attending a reunion rather than filling out a tax return – and multiplying the donor base as a result

Labs of Latvia brings information from and about Latvian startup scene to the world. Check our startup database, subscribe to our weekly digest, or just visit our page to see what’s hot and find more dealflow from Latvia.

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