The Tech.eu Q3 2024 Report reveals that European tech companies raised €11 billion across 891 deals during the third quarter.
Approximately 14% of these companies successfully closed seed rounds, amounting to nearly half a billion euros (€440.2 million).
Today, we present the list of the 10 largest seed rounds among European tech companies that were completed in Q3 2024.
Swiss-Mile (Switzerland)
Industry: IoT
Amount raised in Q3 2024: €19.8M
Swiss-Mile is a company which specializes in empowering mobile robots to navigate a wide range of environments, revolutionizing efficiency across various industries.
Their autonomous solutions tackle labor shortages, cut costs, improve operational insights, and prioritize safety, all while streamlining your unique processes.
Whether it is about the robotics for security, monitoring, construction, or logistics, Swiss-Mile’s beta program offers the opportunity to lead the next wave of smart robotics innovation.
Phlair (Germany)
Industry: Cleantech
Amount raised in Q3 2024: €14.5M
Phlair is a company that transforms carbon removal with its innovative Hydrolyzer-based Direct Air Capture (DAC) technology, providing a scalable and cost-effective solution for capturing CO2 directly from ambient air.
The company is tackling major industry challenges such as high costs, limited scalability, and the integration of renewable energy sources. Its innovative approach leverages off-the-shelf components for rapid scalability, a pH-swing mechanism powered entirely by electricity, and built-in energy storage that eliminates the need for costly battery systems.
Fractile (UK)
Industry: Artificial Intelligence
Amount raised in Q3 2024: $15M
Fractile is a company that is developing AI chips designed to run large language models up to 100 times faster and 10 times cheaper than existing hardware.
While current hardware excels at training LLMs, it struggles with the inference phase, which is becoming the dominant workload. In traditional systems, a network's weights must be transferred onto a chip for each word generated, a process that takes hundreds of times longer than the computations themselves.
Fractile’s groundbreaking approach integrates computation and memory, removing this bottleneck and enabling the efficient scaling of the world’s largest models for global use.
Jet HR (Italy)
Industry: Jobs recruitment
Amount raised in Q3 2024: €12M
Jet HR is a company that aims to eliminate the bureaucracy surrounding payroll, HR, and running a company in Italy.
The company offers modern, streamlined platforms designed to simplify HR management processes, from payroll to employee administration. Jet HR focuses on enhancing efficiency, reducing complexity, and supporting businesses with cutting-edge tools tailored to their specific workforce needs.
Draupnir Bio (Denmark)
Industry: Healthtech
Amount raised in Q3 2024: €12M
DraupnirBio is a biotechnology company which is advancing a groundbreaking technology platform that harnesses lysosome receptors to degrade extracellular and membrane-bound proteins, with the goal of transforming the field of targeted protein degradation (TPD).
The company leverages the lysosome's natural mechanisms to create oral small molecule degraders that target extracellular, disease-causing proteins. Their cutting-edge technology platform seeks to transform targeted protein degradation (TPD) by focusing on extracellular and membrane-bound proteins, which represent 40% of the human proteome and have traditionally been challenging to address with conventional therapies.
PACT (UK)
Industry: Cleantech
Amount raised in Q3 2024: £9M
PACT is a company that creates sustainable biomaterials thoughtfully designed in harmony with the planet.
The company is dedicated to empowering the world’s most innovative companies to push the boundaries of creativity. Their products are crafted with efficiency and care, using the Earth’s abundant resources, starting with their advanced material: Oval.
Inspired by the craftsmanship of leather artisans, Oval is a soft, collagen-based material that offers exceptional flexibility for designers while significantly reducing environmental impact throughout production. As the first biomaterial of its kind, Oval is made from natural collagen, enriched with oils, and free of harsh chemicals.
Reliant AI (Germany)
Website:
Industry: Analytics
Amount raised in Q3 2024: $11.3M
Reliant AI is a provider of gen AI-powered data analytics software.
The company was founded by prominent scientists and researchers in Natural Language Processing and Reinforcement Learning.
Driven by a passion for harnessing generative AI to tackle information challenges, the company aims to minimize repetitive mental tasks and enhance decision-making processes for enterprises.
Kvantify (Denmark)
Industry: Software
Amount raised in Q3 2024: €10M
Kvantify is a company that has created a computational drug discovery platform designed to assist biotech and pharmaceutical companies in enhancing the quality of compounds tested in the laboratory.
By utilizing our proprietary, high-speed, and accurate physics-based methods, the company applies customized algorithms and specialized expertise to optimize clients' drug discovery pipelines.
From the initial Hit Identification stage to Lead Optimization, Kvantify enables companies to narrow down their pool of high-quality candidates from thousands to just a few.
Cypher Games (Turkey)
Industry: Gaming
Amount raised in Q3 2024: $10M
Cypher Games is a mobile gaming company that developed a gaming platform designed to provide various kinds of gaming experiences.
The company aspires to be a leader in the development of mobile merge games and casual mobile games, empowering gamers to realize their vision of creating a global success story.
Axle Energy (UK)
Industry: Energy
Amount raised in Q3 2024: $9M
Axle Energy offers a software platform that enables quick adjustments to energy usage based on grid demands.
The platform assists energy suppliers and manufacturers of flexible assets, such as electric vehicles (EVs), chargers, home batteries, and heat pumps, in integrating these products and their customers into local and national energy markets.
This integration enhances resilience and reduces costs for end consumers. Axle Energy has successfully connected over 15,000 flexible assets to energy markets, totaling more than 85 MW of capacity.
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