While still developing, Latvia's tech ecosystem shows promising signs of growth and potential.
Despite challenges such as a slower public sector response and significant brain drain, initiatives like stock option policies, a startup visa, and exploration funds for various tech sectors are driving progress within the country's ecosystem.
With active local support and ongoing improvements, Latvia's tech scene is poised for future expansion and success.
Here are ten companies that contribute to the growth of the country’s tech ecosystem.
Aerones
Industry: Robotics
Amount raised in 2023: $30M
Aerones is a leader in robot-assisted wind turbine maintenance and inspection services.
Utilizing proprietary robotics technology, Aerones provides faster, safer, and more efficient solutions for wind operators around the world.
Their innovations support smart, predictive maintenance for wind turbine blades and towers, enhancing the efficiency of wind assets and reducing operating costs.
Naco Technologies
Industry: Deeptech
Amount raised in 2023: €11.2M
Naco Technologies is a company which creates specialized nano-coatings and new materials that replace the need for platinum and other expensive materials in the production and usage of hydrogen at a massive scale.
The company’s mission is to empower Green Hydrogen systems through future-proof nano-coatings to provide robustness and save material. By doing so, Naco Technologies foster an environmentally responsible energy sector, driving social progress and creating a healthier world for future generations.
Monetizr
Industry: Marketing
Amount raised in 2023: $4M
Monetizr is an in-game advertising platform that allows brand marketers to connect with audiences across more than 500 games.
It provides sequential multi-touch brand placements, scalable integration across numerous mobile games, and high engagement.
Monetizr collaborates with game developers and brands to create engaging, value-added content that drives user retention and monetization. Through their innovative platform, the company aims to bridge the gap between digital entertainment and tangible incentives, making gameplay more rewarding and immersive for users.
OX Drive
Industry: Transportation
Amount raised in 2023: €2.8M
OX Drive is a cutting-edge electric vehicle subscription service offering flexible, on-demand access to a fleet of high-performance electric cars. The company offers an affordable way to drive a Tesla in Latvia without any of the hassles of owning a car.
With a focus on sustainability and convenience, OX Drive provides users with an eco-friendly alternative to traditional car ownership.
Subscribers can easily manage their vehicle usage through a user-friendly app, enjoying benefits like maintenance, insurance, and roadside assistance included in the subscription.
Trace.Space
Industry: Artificial Intelligence
Amount raised in 2023: $1.5M
Trace.Space develops AI-powered tools tailored for industrial and automotive product manufacturing, managing 80 percent of the product development lifecycle. Their solutions help companies accelerate the creation and market delivery of new products.
Trace.Space software integrates advanced technologies like the GPT algorithm, enabling engineering teams to document and revise requirements ten times faster.
This significantly eases the demanding task of requirements authoring and enhances team engagement. Consequently, consumers can anticipate higher-quality products with reduced time-to-market.
Moreover, the software's architecture is designed for a non-linear product development process, which coupled with AI algorithms, allows users to generate limitless product variations.
SpirulinaNord
Industry: Food
Amount raised in 2023: €600K
SpirulinaNord is a company specializing in the production and distribution of premium spirulina products.
Utilizing sustainable cultivation methods, SpirulinaNord delivers high-quality, nutrient-dense spirulina that supports health and wellness.
Their product range is designed to provide natural and potent sources of vitamins, minerals, and antioxidants, promoting a healthier lifestyle for consumers.
Hyperjob
Industry: Jobs recruitment
Amount raised in 2023: €435K
Hyperjob is an innovative recruitment platform that leverages cutting-edge technology to streamline the hiring process.
By utilizing interactive job descriptions and personalized communication, Hyperjob enhances candidate engagement and improves the efficiency of talent acquisition.
The platform focuses on creating a more dynamic and engaging recruitment experience, helping companies attract and retain top talent while saving time and resources. It is built to increase positive response rates through interactive vacancy pages, automated and personalised LinkedIn and email outreach sequences (that can be A/B tested), and AI-driven candidate suggestions.
WeedBot
Industry: Agritech
Amount raised in 2023: €425K
WeedBot is a pioneering agricultural technology company specializing in automated weeding solutions.
Utilizing advanced robotics and AI, WeedBot offers farmers an efficient and eco-friendly alternative to traditional weed control methods.
Their innovative technology precisely targets and eliminates weeds, reducing the need for chemical herbicides and promoting sustainable farming practices.
Exponential Technologies
Industry: Artificial Intelligence
Amount raised in 2023: €280K
Exponential Technologies creates AI and ML solutions tailored for industrial manufacturers in biotech, chemicals, and additive manufacturing.
Their main objective is to empower R&D engineers with enhanced data capabilities through their xT SAAM platform.
With a focus on artificial intelligence, machine learning, and advanced data analytics, Exponential Technologies delivers transformative solutions that enhance operational efficiency, optimize decision-making, and create new business opportunities.
InGain
Industry: Fintech
Amount raised in 2023: €250K
InGain (previously FIS.solutions) is a leading provider of innovative financial technology services, specializing in delivering advanced solutions for banking, investment, and insurance sectors.
It is a no-code SaaS loan management system which allows lenders and businesses across various sectors to easily launch and expand lending and financial products. Lenders can grow their operations without the complexities of IT management, while non-financial industries can smoothly incorporate fintech solutions into their customer journeys and discover new business opportunities.
The company focuses on enhancing operational efficiency, improving customer experiences, and driving digital transformation through its robust suite of software and consulting services.
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