One of the most important aspects of cultural development is education. It creates the foundation for forming a conscious society capable of analyzing events and taking an active part in state life. Ukrainian educational institutions are gradually introducing new technologies and modern teaching methods that allow students to obtain quality knowledge and practical skills. At the same time, great attention is paid to developing critical thinking, communication abilities, and a creative approach to problem solving.

The modern world is changing extremely quickly, and technologies are becoming an integral part of everyday life. The Internet opens access to a vast amount of information, and social networks allow people to instantly exchange news and ideas. Along with the advantages of the digital era, new challenges arise, including issues of information security, personal data protection, and combating disinformation. That is why it is important to learn to use modern technologies responsibly and to critically evaluate the information received.

Environmental awareness plays a distinct role in the development of society. In many Ukrainian cities, programs for waste sorting, greening public spaces, and promoting an eco-friendly lifestyle are being actively implemented. Young people are increasingly interested in issues of environmental protection, energy efficiency, and the use of alternative energy sources. This indicates the gradual formation of a new approach to the interaction between humans and nature.

The country’s economic development also largely depends on supporting small and medium-sized businesses. Entrepreneurs create new jobs, develop local brands, and implement innovative solutions across various sectors. Ukrainian startups are increasingly attracting the attention of international investors, and IT specialists successfully collaborate with companies from around the world. This contributes to strengthening the economy and building a positive image of the country on the international stage.

The topic of a healthy lifestyle is no less important. People are beginning to pay more attention to physical activity, proper nutrition, and psychological well-being. Sports grounds are opening in cities, marathons and educational events dedicated to health are being held. Psychological support is also becoming more accessible, and society is gradually shedding stereotypes about the importance of mental health.

Cultural events and creative initiatives remain an important part of public life. Theater performances, music festivals, art exhibitions, and literary meetings bring together people of different ages and professions. Such events not only promote the development of the arts but also help create spaces for communication, exchange of experience, and the birth of new ideas.

In modern society, mutual support and social responsibility are becoming increasingly important. Volunteer organizations, charitable foundations, and civic initiatives help solve pressing problems and support those in need. Thanks to the activity of caring people, numerous educational, cultural, and humanitarian projects are being implemented that positively impact the country’s development.

The future of Ukraine largely depends on the younger generation, its aspiration for knowledge, development, and change. It is the youth who today actively introduce new ideas, create modern projects, and shape a new culture of communication. Combining respect for traditions with openness to innovation allows building a society that confidently looks to the future and is ready for new challenges.

In recent years, local initiatives aimed at promoting the Ukrainian language and the arts have gained particular popularity. Festivals, exhibitions, and educational events that bring together young people and experienced artists are held in many cities. Such projects contribute not only to cultural development but also create new opportunities for creative collaboration.

Technological progress also affects how information and creativity are distributed. Online platforms allow creators to share their works with a wide audience, and readers can quickly access new materials. This creates a unique space for the development of contemporary Ukrainian journalism, literature, and digital art.

Despite all the challenges, Ukrainian society continues to demonstrate resilience and a drive for development. People actively support educational projects, volunteer initiatives, and cultural events. It is thanks to this activity that a new vision of the future is taking shape — one that combines traditions, innovation, and openness to the world.

An average workday lasts 8 hours. Most of the time we spend it on plans, calls, endless tasks, communications between people, trying to meet the set KPIs and even exceed them. But how often do our eyes light up with satisfaction from this work? 

For Valentine’s Day, together with Everstar we invite you to find your perfect match — a profession in the language of your love that will significantly influence important processes and the lives of other people.

What makes your heart beat faster

What drives you forward when youre looking for a new job? Maybe its a big goal, a friendly team, the companys reputation, working conditions, or the salary.

And what if you enhanced your skills with meaning, depth, and interesting tasks, and gave them a shared purpose — work to protect your country?

In the article below — a list of current roles in MilTech by love languages: acts of service, words of affirmation, finding talent as a gift, product interaction, and attention to detail.

Choose yours to add more meaning to what you do every day.

Your love language — acts of service — managers 

Managers in MilTech are the drivers of the entire ecosystem, where technologies become the answer to complex challenges, and every participant feels like part of a large and valuable goal. You are the one who moves all the processes to bring to life the product an entire team is working on.

https://staging.ain.ua/2026/05/05/its-a-match-iak-znaiti-profesiiu-v-miltech-za-svojeiu-movoiu-liubovi/

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I went through the testing flow you described and didnt encounter any errors.

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https://staging.ain.ua/2025/07/13/stattia-v-analitici/

This was reported by Ukraine's Prime Minister Yuliia Svyrydenko.

The supervisory board of NEC «Укренерго» approved three state representatives — Yurii Boiko, Mykola Brusenko and Yehor Perelyhin.

Anton Bendyk was appointed to the supervisory board of Оператора ГТС.

The candidates were submitted by the Nomination Committee — the body responsible for selecting independent and state representatives to supervisory bodies of state-owned companies.

Separately, the government announced the launch of a new competition for the supervisory board of «Укргідроенерго».

The reason is the expiration of the terms of most of its members. The Ministry of Economy was tasked with conducting the selection together with the company.

What preceded

After operation «Midas», which was carried out by NABU and SAP, the government terminated the powers of the supervisory board of «Енергоатом».
https://staging.ain.ua/2025/10/06/testing-sqs-2/

The Ministry of Economy, Environment and Agriculture had to submit a new composition of the supervisory board for government approval within a week, in consultations with international partners.

The new board's tasks are to restart management, conduct an audit and cooperate with the investigation.

https://staging.ain.ua/2026/05/14/uriad-onovliuje-nagliadovi-radi-energokompanii-novi-priznacennia-v-ukrenergo-ta-operator-gts/

https://staging.ain.ua/2026/01/28/xto-takii-menedzer-produktu-shho-maje-znati-upravlinec-na-cii-posadi-eduard-malcev-kmbs/

https://staging.ain.ua/2026/01/28/xto-takii-menedzer-produktu-shho-maje-znati-upravlinec-na-cii-posadi-eduard-malcev-kmbs/

On November 16, 2025, Ukraine's president Volodymyr Zelenskyi announced changes in the leadership of ARMA, the State Property Fund and energy institutions (including НКРЕКП and the State Nuclear Regulatory Inspectorate). 

The next day, November 17, the Cabinet of Ministers approved a plan to reboot management in the energy sector. The government endorsed measures to renew the composition of supervisory boards and executive bodies of state companies in the fuel and energy sector.

At the beginning of December, after a meeting with government officials, the president announced the dismissal of a significant number of members of the supervisory boards of state energy companies. At the same time, the Ministry of Economy received instructions to inform international partners about steps to strengthen trust in Ukrainian institutions.

On December 15 the Cabinet of Ministers launched the selection of candidates for the supervisory boards of a number of strategic energy enterprises. This concerned the following companies:\

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• JSC «Укренерго»;
• NAEC «Енергоатом»;
• JSC «Укргідроенерго»;
• LLC «Оператор газотранспортної системи України» (ОГТСУ);
• PJSC «Центренерго»;
• JSC «Українські розподільні мережі»;
• JSC «Оператор ринку»;
• JSC «Енергетична компанія України».
• https://staging.ain.ua/2025/07/13/stattia-v-analitici/
• https://staging.ain.ua/2025/07/13/stattia-v-analitici/

Read also: The government appointed a new composition of the supervisory board of «Нафтогаз». Who joined it?

On Valentine’s Day, together with Everstar, we invite you to find the perfect match — a profession that fits your love language and will have a meaningful impact on important processes and other people’s lives.

What makes your heart beat faster

What drives you forward when you’re looking for a new job? Maybe it’s a big mission, a friendly team, the company’s reputation, working conditions, or salary.

And what if you amplify your skills with meaning, depth and interesting tasks, and give them a shared purpose — work that helps defend your country?

Below in the article — a list of current roles in MilTech mapped to love languages: acts of service, words of affirmation, talent scouting as a gift, product interaction and attention to detail.

Choose yours to add more meaning to what you do every day.

Your love language — acts of service — managers 

Managers in MilTech are the drivers of an entire ecosystem where technologies become answers to complex challenges, and every participant feels part of a large and valuable goal. You are the one who moves all processes to turn into reality the product that a whole team works on.

Which responsibilities usually make eyes sparkle? 

💞 keeping a finger on the pulse to find the perfect match in processes;

💞 building teams and finding solutions to create a super product; 

💞 working with partners and government bodies at a strategic level;

💞 removing the unnecessary to make room for what matters most — speed and efficiency;

💞 caring for every workflow because stability depends on it.

Your love language — words of affirmation — marketers and communications specialists

In civilian life you know how to increase traffic and make people fall for brands through creative campaigns and communications. In MilTech, words become the foundation of trust — they attract external resources and strengthen relationships within teams.

A special challenge is finding the perfect balance between what should be spoken about loudly and what requires silence.

Which responsibilities bring new feelings?

💞 creating messages that unite the team around a common goal and give everyone a sense of the importance of their contribution;

💞 finding the right words for partners and investors to turn their support into real tools for effective synergy; 

💞 building trust in Ukrainian developments by emphasizing their quality, resilience and scalability;

💞 developing communications that build trust under very strict NDAs;

💞 broadcasting the team’s successes in a way that works better than any advertisement.

Your love language — talent scouting as a gift — HR, recruiters 

Today you run several interviews and close the next offers. But what if you turn routine tasks into a special mission? 

In MilTech recruiting you become an ambassador for the industry, opening a whole new world for people, finding talent for unicorn companies and often working like James Bond — under the label «top secret».

Which responsibilities will make you fall in love with the role even more? 

💞 introducing candidates to the MilTech industry and creating that moment of «love at first sight» — through meaning, culture, teams, opportunities and values;

💞 closing unique roles — from Lead Antenna Engineer to EW specialists, finding the perfect match in every niche;

💞 finding rare talents for companies whose solutions change the industry;

💞 ensuring security and anonymity — professionally handling confidential information, which is critically important for the MilTech community.

💞 influencing the building of strong teams — bringing together people from R&D, marketing and production, turning a set of vacancies into a well-oiled mechanism.

Your love language — attention to detail — analysts 

In MilTech, the quality time you spend analyzing data transforms into precision of decisions that directly affect real manufacturing. In this field it’s extremely important that every resource is used as efficiently as possible. 

What will make your eyes light up with excitement?

💞 measuring the effectiveness of solutions, processes and teams at every stage;

💞 turning chaos into ordered solutions for product and company development;

💞 finding growth points and opportunities that often hide behind dry numbers;

💞 optimizing time spent collecting and processing data to focus on finding meaning;

💞 building a system of metrics and KPIs to see where the business is really heading.

Your love language — product interaction — engineers

In MilTech, digital models become physical objects in which every mechanism, assembly or board must work flawlessly even in extreme conditions. The R&D department here is a space where bold engineering hypotheses travel from drawings to real prototypes that are hardened in field tests.

Which responsibilities will make you love this profession even more?

💞 creating solutions from scratch and bringing even the most unreal ideas to life;

💞 caring about the reliability of the design — controlling every connector and the strength of the housing;

💞 conducting field tests — checking how the product behaves in real conditions;

💞 constantly improving ergonomics and finding the perfect match between complex technologies and ease of use;

💞 seeing how a physical object created by your hands comes to life and protects lives. 

In MilTech engineering — it’s the moment when an idea stops being theory. Just imagine: while you read this article, your solution could be helping to carry out a million successful missions at the front.

This is a field for those who need to touch the result of their work: verify assembly, test solutions in the field, see how the product works. Here the engineer feels maximum responsibility and, at the same time, maximum engagement.

Three reasons to go on a first date with MilTech

• A sense of pride in what you create. You work with solutions that deliver real results visible today.
• The shortest path from idea to release. MilTech is about fast implementation of ideas, cutting away the unnecessary and focusing on what works. 
• A high level of trust and unity. In this field teams unite around a single mission, where everyone works toward a common result. 

Everstar — a hub of opportunities for those building the technological future.
It brings together people and technologies in cooperation with leading MilTech companies in Ukraine — from drone manufacturers to R&D labs and teams creating defense systems.

Visit the company website and look for a vacancy that fits your love language, because today is the perfect day to find your professional perfect match.

Choose a vacancy

Up to $20,000 for business development for veterans

Ukrainian venture builder SKELAR has opened the second intake of the Veteran Venture Program accelerator. The educational initiative will be of interest to veterans with IT experience who plan to launch or develop their own IT business. 

As part of the program, participants will undergo training, receive mentorship and may raise up to $20,000 in investment. 

This year the program's focus is on learning AI tools for prototyping products without involving additional team members, automating customer support and generating marketing texts and creatives — to launch a business faster and cheaper.

Training for the program begins on May 21, and applications can be submitted until May 14 inclusive via the link. 

Up to €75,000 for developing components for unmanned systems

EU4UA Defence Tech Brave1 together with BRDO, with the support of the European Union, are launching the second stage of a grant program. Eleven teams will be able to receive up to €75,000 each to develop components for unmanned systems. The target Technology Readiness Level (TRL) is 4–5.

Support will be given to projects developing and researching prototype components, including electric motors, flight controllers, ESC, VTX, cameras, thermal imagers, onboard computers and sensors for UAVs

Projects will be evaluated based on innovativeness, technical level, availability of manufacturing base and team, potential for cooperation with the EU, sustainability, and budget justification.

Details and registration at the link.

Challenger Sustainability Accelerator 

Challenger is launching a new three-month equity-free accelerator program for Ukrainian startups working in green tech, energy, mobility, construction, demining and prosthetics.

The program is aimed at early-stage startups looking to improve their product. Participants will work with international mentors, investors and entrepreneurs, and will also gain access to a network of partners and experts from the European startup ecosystem.  

In addition, teams will be able to take part in a learning visit to Sweden to attend Tech Arena – one of Europe's largest technology conferences. 

Applications can be submitted until June 21 via the link.

Up to $100,000 for developing science-intensive startups for women

The Cartier Women’s Initiative awards grants of up to $100,000 for the development of innovative projects within the Science Technology Pioneer Award program. 

Participants receive not only funding but also access to intensive training, strategic mentorship, and a global network of contacts for scaling their business.

Applicants who can apply include:

• women entrepreneurs who hold leadership positions and own a significant share of equity in the company;
• early-stage businesses operating for between 1 and 5 years at the time of application;
• companies with proven business model viability and generating revenue over the past year;
• projects that contribute to at least one of the UN Sustainable Development Goals;
• applicants who are at least 18 years old at the application deadline.

Participants are also expected to have an English level sufficient for communication and training.

Applications can be submitted until June 16, 2026. Details at the link.

Read also: Beer, wine and coffee festivals and craft markets: the main events of May from Ukrainian businesses

Local residents are already actively using the new location, noting its comfort and accessibility. Plans include hosting cultural events, fairs — and open lectures. The project's initiators hope the space will become an important hub for community interaction and will contribute to the city's development.

In a conversation with AIN, the company’s CEO Anton Pavlovskyi explained how they managed to earn the investor’s trust during the war, where the funds will be directed, which new products and markets they plan to pursue, and — why the company is preparing for an IPO and actively integrating generative AI into its services. Below we publish Anton’s answers in a rapid-fire format.

How did Headway manage to attract investment from Bullhound Capital?

The investment from Bullhound Capital is more than financing. It’s a strategic partnership with one of the most influential international funds, which is behind success stories like Spotify, Klarna, Unity. 

This is a powerful international investor that entered Ukraine even during the full-scale invasion. For us this is a very indicative signal of trust, since part of our team is in Ukraine, although our main market from the very start has been and remains the US market.

Bullhound Capital invests in companies capable of radically changing markets, and our thesis — to make education accessible and effective through technology — fully aligns with their approach.

Today the fund’s portfolio includes many investments in generative artificial intelligence, quantum systems and other breakthrough areas. We are changing education to meet the needs of the modern person: making it convenient for smartphones, adding gamification, integrating personalization. And it was precisely this combination of technological strength with a mission that has global impact that interested them and led to a partnership with us. 

How will you use the investment?

Our main focus is the development and scaling of existing products and the creation of new ones. With the support of Bullhound Capital and the joining of Pera Romana, founder and managing partner of Bullhound Capital, to our board of directors, we are targeting expansion of global presence, strengthening technological infrastructure and broadening our product portfolio.

We clearly understand how to make existing services even better, and we have a large team working on new features, including those based on generative AI. This concerns both customer-facing dfdfd fdfdfdfdfdfdfd fdfdfdfdfdf  cvv vcvcvfdf df ddf ?solutions that directly interact with customers solutions and internal processes that speed up development and improve product quality.

At the same time we are investing in creating products for different learning formats, since not all users want or are used to gaining knowledge from books — and that is absolutely fine. The investment allows us to enter new markets more actively and to scale proven models. We also plan to continue investing in people and to grow the team.

How did membership in Endeavor affect the company?

As a reminder, Headway joined the global network of entrepreneurs Endeavor, becoming the first company with Ukrainian roots in this community.

Endeavor is not just a prestigious recognition, but access to a world-class community with enormous experience. I learned about it a month after Headway’s start and immediately thought: it would be great if such a community existed in Ukraine. And we became part of it during the full-scale invasion. This opened direct contact with founders who have gone through the toughest stages of business — from negotiating with global investors to going public.

There is a pay-it-forward culture here: those who have already gone through a certain path share their experience and help others accelerate. Thanks to Endeavor we receive advice from people who know how to avoid common mistakes, we see different approaches to solving complex problems and draw inspiration. Already now we feel the real effect of this network — from ideas to concrete insights that influence our business decisions.

What are the plans for further use of generative AI?

For Headway this issue is especially relevant, since the company has long been actively implementing artificial intelligence technologies into its products and processes, and a significant part of the solution portfolio is based on gamification and personalized learning, where Gen AI plays a key role.

Generative AI is the key to hyper-personalization of our products and to creating new usage scenarios that were previously practically impossible. We have a separate team focused solely on AI, but in reality every product team integrates it into their processes one way or another. This includes developing AI-native products and introducing new features into existing services.

AI is used at all levels: from tools for personal productivity to comprehensive optimization of team workflows. For example, in the content team it has tripled the speed of content creation, and we see potential to grow this metric many times over. For us it’s not just a technological trend but one of the fundamental elements of the company’s development strategy.

Read also: Artificial intelligence is already taking over Hollywood. How and where film producers use Gen AI

Why did you change the company name to Headway Inc and how did the process go?

For a long time both the company and our flagship product had the same name — Headway. This sometimes created confusion, especially given that the identity was shared as well. We decided to clearly separate these concepts, developed a new identity, updated the website and formed a renewed brand vision. For us this was not simply a rebrand but a rethinking of who we are and what role we play in the global lifelong learning ?learning throughout life space. For us — it’s evolution and revolution. Evolution of the business — and a revolution in education.

Evolution. We have gone from a single app with short book lectures to an ecosystem of educational products, a global company that is among the top five EdTech companies in the world according to TIME magazine. The name change was a logical step that emphasized the scale of our activities and the multidirectional nature of our strategy.

At the same time it is a revolution in education. We are changing the approach to learning: knowledge is integrated into everyday life through summaries, games, interactive lessons and challenges. Our products combine gamification, AI and adaptive content, and Inc symbolizes the uniting of people and technology around the mission to help people grow. The logo with “HI” is both Headway Inc and the friendly English “Hi,” which embodies openness and ease in acquiring new knowledge.

Tell us about your products and their performance.

Our portfolio currently includes 5 products, each occupying its own niche. 

• Headway — according to the company, this is the No. 1 app in the summaries niche, has more than 50 million downloads, App of the Day in over 30 countries.
• Impulse — No.1 in brain training, has more than 100 million downloads, top in Health & Fitness. 
• Nibble — short interactive lessons in math, art etc., has over 4 million downloads. 
• AddMile — a coaching platform for personal development where we combine human touch, emphasizing the development of so-called power skills, previously known as soft skills.
• Skillsta — interactive lessons based on life situations to improve social skills.

We have also created our own R&D lab that conducts user research, integrates feedback and works deeply with data. The combination of qualitative and quantitative analytics allows us to quickly test hypotheses, improve products and launch new solutions based on the real needs of millions of users.

Do you plan to go public (IPO)?

Yes, we consider an IPO as one of the key steps in our long-term strategy. It is not an end in itself but a tool to strengthen our position on the global market, access capital, reinforce the brand and build stronger partnerships. We are preparing comprehensively — from legal aspects and financial reporting to setting up internal processes that meet the requirements of a public company.

Tentatively we are looking at 2029 as a window of opportunity, although everything will depend on the market situation. Our task now is to be ready in all respects so that at the right moment we can take this step as effectively as possible without losing focus on business development.

What are the plans for raising capital for the IPO?

We are open to new partners and plan to attract strong international investors who share our vision of Revolutionizing Lifelong Learning, i.e. creating new approaches to how people learn throughout life in the modern world. It is important to us that these are funds capable of bringing not only financial resources but also added value in the form of expertise, network and strategic support.

Some rounds may start from $100 million per partner, but we do not aim to force this process. Right now the main focus is business development, launching and refining products, strengthening brands and expanding partnerships so that at the moment of going public the company is as strong as possible from all sides.

How did you manage to reach profitability during the war?

We have always been data-driven and made decisions based on analytics. Limited access to capital forced us to look for even more efficient working models. As I like to repeat, constraints often stimulate innovation, and in our case this became an impetus for deep optimization of processes without any harm to product quality.

We pay great attention to the team. Our annual retention rate is 93%, and many employees have been with us for 5–6 years. We implemented the Headway Recharge initiative — the possibility to take a month off after five years of work, we invest in internships and the development of young talent. This creates an environment where people can reveal their potential and contribute to the company’s development even in the most difficult conditions.

РРВівзвдзцвц

Корабель Wanli належить до серії швидкісних патрульних суден Anping, які побудовані за зразком катерів тайванського флоту та можуть бути оперативно переобладнані для бойових завдань у разі загрози. Під час останніх тренувань корабель вперше взяв участь у бойових сценаріях із протикорабельними ракетами на борту.

Представники командування берегової охорони Тайваню наголошують, що такі тренування мають на меті підвищити оперативну готовність до оборони острова, забезпечити взаємодію між різними родами сил та вдосконалити застосування сучасного озброєння.

Патрульні кораблі класу Anping призначені для моніторингу територіальних вод, охорони рибальських суден та запобігання нелегальній діяльності, але у разі загрози їх швидко озброюють для участі у військових операціях. Додавання ракет Hsiung Feng II значно посилює потенціал берегової охорони в умовах можливої ескалації в регіоні.

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 Лорем іпсум долор сіт амет, консекутур адіпісцінг еліт. Фазеллус квіс урна еу веліт бібендум ронкус. Нуллам ак сапієн алікам, тінціндут діам тінціндут, конвалліс пурус. Маеценас дігніссім іпсум квіс неке тінціндут курсус. Фуске пеллентискуе одіо егет сапієн темпус, вітае лаціня нісль веніенатіс. Вівамус лаорет, нібх ін еуйсмод претіум, магна пурус пеллентискуе іпсум, а ультріцес дуі феліс сіт амет веліт. Вівамус нек інтрердум екс. Донек лаціня, теллус а вехікула імпердіет, пурус турпіс фраетра еліт, нон дапібус нунк масса ат лектус.

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 Лорем іпсум долор сіт амет, консекутур адіпісцінг еліт. Фазеллус квіс урна еу веліт бібендум ронкус. Нуллам ак сапієн алікам, тінціндут діам тінціндут, конвалліс пурус. Маеценас дігніссім іпсум квіс неке тінціндут курсус. Фуске пеллентискуе одіо егет сапієн темпус, вітае лаціня нісль веніенатіс. Вівамус лаорет, нібх ін еуйсмод претіум, магна пурус пеллентискуе іпсум, а ультріцес дуі феліс сіт амет веліт. Вівамус нек інтрердум екс. Донек лаціня, теллус а вехікула імпердіет, пурус турпіс фраетра еліт, нон дапібус нунк масса ат лектус.

Українська версія «Lorem ipsum»

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 Лорем іпсум долор сіт амет, консекутур адіпісцінг еліт. Фазеллус квіс урна еу веліт бібендум ронкус. Нуллам ак сапієн алікам, тінціндут діам тінціндут, конвалліс пурус. Маеценас дігніссім іпсум квіс неке тінціндут курсус. Фуске пеллентискуе одіо егет сапієн темпус, вітае лаціня нісль веніенатіс. Вівамус лаорет, нібх ін еуйсмод претіум, магна пурус пеллентискуе іпсум, а ультріцес дуі феліс сіт амет веліт. Вівамус нек інтрердум екс. Донек лаціня, теллус а вехікула імпердіет, пурус турпіс фраетра еліт, нон дапібус нунк масса ат лектус.

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 Лорем іпсум долор сіт амет, консекутур адіпісцінг еліт. Фазеллус квіс урна еу веліт бібендум ронкус. Нуллам ак сапієн алікам, тінціндут діам тінціндут, конвалліс пурус. Маеценас дігніссім іпсум квіс неке тінціндут курсус. Фуске пеллентискуе одіо егет сапієн темпус, вітае лаціня нісль веніенатіс. Вівамус лаорет, нібх ін еуйсмод претіум, магна пурус пеллентискуе іпсум, а ультріцес дуі феліс сіт амет веліт. Вівамус нек інтрердум екс. Донек лаціня, теллус а вехікула імпердіет, пурус турпіс фраетра еліт, нон дапібус нунк масса ат лектус.

About Fintech Farm

• Fintech Farm was founded by three Ukrainians Dmytro Dubilet, Oleksandr Vityaz, and Mykola Bezkrovny in 2020. It is a platform for launching neobanks in partnership with traditional banks around the world.
• The first Fintech Farm project was Leobank, which the company launched in Azerbaijan with the local bank Unibank. In March 2023, the startup launched Liobank in Vietnam. The third market for Fintech Farm was Nigeria, where Fibo was launched in the beta stage, which so far only works in Lagos.
• Dmytro Dubilet and Oleh Horohovskyi (as well as several other co-founders) jointly launched Fintech Band and monobank. Subsequently, Dubilet left the Fintech Band team. Fintech Farm is one of his new projects.
• In January 2022, Fintech Farm raised $7.4 million in an investment round led by the Ukrainian venture fund Flyer One Ventures and Solid. African marketplace Jiji and funds TA Ventures, u.ventures, AVentures Capital also participated. Additionally, a year ago, Fintech Farm secured another $22 million round led by the Nordstar fund.

• The fresh investment was led by the London Stock Exchange-listed Bank of Georgia, a UK incorporated financial services holding company. The group comprises a retail banking and payments business, and a corporate banking and investment banking business.

Fintech Farm plans to use it on building out its fintech product and expand its operations to India.

• Founded in 2020 by Marco Lobba, Ph.D., Geo Guillen, and Matthew Francis and spun out of the laboratory at the University of California, Berkeley, CatenaBio has developed a platform, that allows the creation of novel biomolecules and further synthesizes them in any structure, combination, or orientation. Using naturally occurring amino acids, the startup’s technology allows coupling proteins to create novel therapeutics in autoimmune diseases, oncology, and vaccine development.
• LongeVC is a venture company with offices in Riga and Lugano. It was established in 2016 by Garri Zmudze, Sergey Jakimov, and Ilya Suharenko. A €35 million fund supports biotech and longevity-focused startups at the early and seed stages across the US and Europe.

CatenaBio is rapidly escalating the effectiveness and usefulness of antibody-drug conjugates. ADCs are one of the most dynamic fields when it comes to fighting age-related diseases and are being actively explored across multiple vectors, including for oncology treatments,

Sergey Jakimov, founding partner at LongeVC, said.

• The seed round was backed by existing investors California Innovation Fund, Civilization Ventures, and Pioneer Fund, and brought in new investors, Freeflow Ventures, Caffeinated Capital, and BrightEdge.

With the seed extension, Catena plans to accelerate development of its lead asset while launching scale-up activities with leading CROs and continuing efforts in support of its existing BD partnerships with Biotech and Pharma collaborators. The startup also aims to raise its next Series A later this year.

In 2023, 72% of the transactions in Poland were financed by VCs with Polish public LPs (PFR Ventures, NCBR Bridge Alfa, and BGK). It shows how important public funds still are for the Polish startup ecosystem.

General data of Polish VC market in Q1 2024:

• 30 Polish startups received funding;
• €43 million is the value of investments;
• 35 funds were involved;
• over 80% of transactions remained seed rounds, with 5 investments recorded at the A and B rounds;
• the median transaction size rose from PLN 1 million to PLN 3 million;
• 36% of the capital was provided by international funds.

The Polish startup ecosystem in Q1 2024 decreased by 76% YoY in the number of transactions
decreased by 55% YoY in capital invested (for comparison, global VC activity in value has decreased by 5% YoY according to Dealroom).

Activity of Polish funds:

In the first quarter of 2024, Polish VC funds made 10 investments in foreign startups, totaling €16 million. In recent years, the professionalization of Polish investors was observed, enabling access to a global network of contacts and participation in attractive financing rounds for foreign companies.

Two of the most significant transactions included the Saleor Commerce (PLN 32 million) and Vasa Therapeutics (PLN 24 million) rounds, both of which were seed rounds and attracted foreign investment. Furthermore, an additional five companies secured funding ranging from PLN 10 million to PLN 20 million.

Public funding in Poland:

By the end of 2023, the number of active Polish VC funds had decreased by over 80% from its peak in 2022, and most teams/GPs won’t be able to raise a new fund without the support of Polish public LPs.

Additionally, there was a decrease in the share of transactions involving solely Polish teams and an increase in the share of foreign capital, with co-investments rising from 21% to 26%. The substantial (> €60 million) private funds raised recently (OTB, Inovo, bValue) have already started to have an impact on Polish ecosystem.

I anticipate this trend to persist, with Polish teams able to offer larger investment tickets and the launch of new funds under the FENG programme. Over the long term, this is expected to systematically increase the proportion of transactions in which Polish funds play at least a partial role,

Radosław Kuchar, Investment Manager at PFR Ventures, predicts.

• Founded in 2021, Menken develops an AI to automate and improve the monitoring of clinical trials. The startup claims it makes them faster, more accurate, and efficient. By automating monitoring in clinical trials with real-time compliance checks and error detection, its solutions aim to fill a critical gap in the market.

We believe that our success comes from changing the way clinical trial operations are viewed and carried out. By focusing on improving workflows, we aim to make clinical trials more efficient and compliant, —  Anna-Liisa Parts, one of the co-founders, commented.

• Recently, Menken Trials has entered Tenity, a Swiss-backed early-stage investing and accelerating program now operating in Estonia, as part of their growth efforts. The startup added that this partnership will help us expand in Central Europe, reaching more hospitals and biopharmas over the next 12 months.
• The grant was provided by the Tallinn-based EASi ja KredExi ühendasutus, the joint organisation, supporting entrepreneurship and the improvement of living conditions in Estonia, increase its international competitiveness, visibility and attractiveness as a place for business, living and studies. Estonian Business and Innovation Agency projects are co-funded from the European Regional Development Fund.

The fresh grant will help the startup to expand into Eastern Europe and Africa and to support its mission to improve clinical trial processes worldwide.

• Founded in 2018 by Andreas Tsetinis and Sasan Hashemi, Tset offers cloud-based SaaS solutions that provide real-time insights into product costs and emissions. This technology helps businesses optimize their processes from development to production, improving margins and transparency regarding carbon emissions.

• The startup claims its software uses secondary data to deliver accurate analyses, minimizing the need for primary data. The platform is used across various industries, including automotive and aerospace, and has a team of 100 members.

Investment details

The fresh round was led by a number of prominent DACH investors. The lists includes:

• Brose Ventures, a corporate VC from Germany, specializing in mechatronics and manufacturing systems for vehicle doors, lids, and seats, as well as electric motors for various applications.
• Ingenics Holding, an international firm focusing on operational and digital transformation.
• Carbon Removal Partners, a Zurich-based VC firm dedicated to the Carbon Removal industry.

With this investment, Tset aims to enhance its technological offerings and expand its reach, driving innovation in cost and carbon management for the manufacturing sector.

• Leanpay was founded in 2016 by Janko Medja, Misa Zivic, and Tilen Zugwitz, has over 120,000 users and 1,500 merchant partners. It develops Buy Now Pay Later 3.0, providing instalment payment solutions for vendors and consumers.
• The startup employs a team of 70, serves more than 120,000 customers and 1,500 merchants, and has issued around €103 million in loans across Serbia, Slovenia, Romania, and Hungary.

Investment details

• The investment was led by BlackPeak Capital, a Bulgarian private equity firm that invests in Southeast European startups like Bianor Holding, GenePlanet, and Pick&Pack.
• The firm currently manages two funds with a total of €150 million in assets. The round was also co-led by Catalyst Romania, a private equity and venture capital fund platform from Bucharest.

• BlackPeak Capital’s Managing Partner, Niklas Pichler, will join Leanpay’s board to guide the company in reaching its growth goals. 

The shift in consumer behavior towards flexible payment methods like BNPL is increasingly influencing daily life for all generations as well as reshaping the e-commerce landscape, being pivotal for both businesses and customers alike. We are excited to partner with Leanpay, a Slovenian leader in responsible lending and a pioneer in the 3rd generation BNPL solutions in our region operating an asset-light model, — Niklas Pichler said.

This funding will allow Leanpay to expand its operations, launch new services, and recruit new talents to strengthen its market position.

• OIG is a retailer and a distributor on the Romanian optical market. The group provides a large variety of eyecare products and services. The group has almost 100 stores operating mostly in shopping malls in Bucharest and main cities in Romania.
• Optical Investment Group was established in 2019 in cooperation with Innova Capital by combining two Romanian optical retail chains OPTIblu and Optiplaza. The company operates under three banners: OPTIblu, Optiplaza, and O51.
• Innova Capital is an independent private equity adviser operating from Poland and investing in majority buyouts in mid-sized enterprises across Central and Eastern Europe. Since its inception in 1994, Innova Capital has invested close to €1.4 billion in almost 70 companies across 10 countries.

The fresh deal details:

The companies claim that the agreement will help to elevate the optical market in Romania for the
benefit of all industry players. It will allow EssilorLuxottica to grow appreciation for eyewear and eyecare solutions among consumers and continuing to deliver its solutions to over 1,800 customers and partners.

Joining the EssilorLuxottica family not only marks a milestone in our journey but also highlights our
collective dedication to excellence and innovation in vision care. It is a privilege to lead a team that is now
joining a global leader like EssilorLuxottica. Together, we are poised to elevate the optical sector to
unprecedented levels, ensuring quality care and exceptional service for our customers across Romania, —Alina Bistreanu, CEO at Optical Investment Group, said.

The transaction is expected to close in Q4 2024, pending regulatory approvals and other customary
closing conditions.

Moreover, production in Slovakia helps to cope with another problem. Because of the martial law, Raybird cannot export their products, and the final price is limited in markup to 25%. Besides, including development costs in price is impossible.

The factory in Slovakia allows the company to avoid these restrictions. It gives more opportunities in the global market so that countries of the European Union and NATO can buy their UAVs.

The Slovakian factory can build 25 reconnaissance systems per year. Their output will be increased 4 times after closing the round. Skyeton is currently raising $15 million in investments for this expansion.

Apart from the drone factory, Stepura duplicated another of his businesses in Slovakia – the production of modular houses Homers.

What is known about Raybird made by Skyeton

Skyeton has been producing ultralight planes and UAVs for over 17 years. Among the developments of Skyeton, there is the unmanned aircraft system Raybird-3 for long-term intelligence missions of civil and special forces.

• The price of the one system is $1,2 million. It includes three planes, portable ground control stations, an antenna system, a launcher, video and photo cameras, and radars.
• The most expensive camera on the plane costs €300,000. Aside from expensive details, 60-70% of the prime price goes on the development and engineers’ salaries.
• The drone can fly up to 28 hours and cover up to 2,500 kilometers at a height of up to 4,500 meters which makes the drone almost invisible for electronic warfare.
• Only 5 global companies have similar ratios of weight and durability of stay in the air drones yet foreign samples are much more expensive.
• The Defence Forces of Ukraine had ordered over 75 intelligence systems in the period from February of 2022 to May of 2024.

About Oinride

• Oinride develops robotic solutions aimed at revolutionizing underground mining operations. The robots are equipped with sensors, navigation systems, and AI capabilities, allowing to navigate hazardous environments such as underground mines. In addition, these robots can communicate with other systems to enhance coordination and productivity.
• Oinride’s technology is also suitable for various rough terrain environments, including security and defense, nuclear waste management, and other challenging conditions.
• Recently, the company participated in the Startupbootcamp Renewable Energy & Net-Zero 2023 accelerator in Amsterdam. During the accelerator, Oinride has been supported by Fleur Engelberts, Joey Moreau, Aref Ghazvini, Natasha Amaral, Jeroen van der Lugt, Zahira R., and Tessa Landkroon.

Investment details

The fresh €345,000 pre-seed round also includes a €200,000 from Berlin-based EIT RawMaterials, an Innovation Community within the European Institute of Innovation and Technology (EIT). This financial boost will enable Oinride to accelerate the development and deployment of its mobile robotics designed to enhance safety and productivity in the mining industry’s harsh environments.

“This is a massive leap forward for us, propelling our mission to innovate and enhance the mining industry with our state-of-the-art mobile robotics solutions. This incredible achievement marks the beginning of an exciting journey ahead,” Oinride’s team commented.

Oinride also plans to launch a pilot project in the USA, expand its team, and refine their products for a broader market launch.

About Myriad AI

• Founded by Jan Špidlen who has previous worked at Google, Nvidia and Airbnb, Myriad AI aims to transform compliance by revolutionizing access to regulations. Their platform provides insights, with the objective to speed up decisions and improve business outcomes. 
• Myriad establishes a sales and marketing center in the U.S. while maintaining its technological base in Prague. Špidlen is now recruiting Prague-based programmers and IT specialists to develop Myriad’s software prototype into a full-fledged service.

Investment details

The investment was led by by Nation 1, a Prague-based venture capital firm focused on investing in seed-stage startups that operate in Czechia. In April 2023, it provided a €400,000 for a Сzech supply chain management facilitator Supply. Now, the fund has rebranded as N1, bringing in new partners, and raising capital for a second fund, aiming to make its first investment next year.

“This year confirmed our belief that our strategy is correct. The companies we invested in through N1 are performing very well, and we intend to close approximately four more investments by the end of the year. Throughout the fund’s existence, we have managed to invest approximately 600 million crowns. This progress has led to the establishment of our second fund and the appointment of two existing colleagues as new partners, who will be strong reinforcements for our team in the long term,”

Marek Moravec commented.

The Prague-based investment company BD Partners, Plug and Play Tech Center, an American venture capital firm headquartered in Sunnyvale, and Preston-Werner VC, led by Tom Preston-Werner (GitHub co-founder), investing in early-stage technology companies, also participated in the round.

This investment will help Myriad’s team to revolutionize compliance for banks and fintech companies using its AI technology.

• Founded in 2018 by former Bigbank Group CEO Kaido Saar, Mifundo develops an AI-based cross-border data platform to enable the portability of credit profiles throughout the European Union. The company’s goal is to create a truly unified credit market in the EU, reducing financial inequality and providing better access to financial services for all European citizens.

• The startup also claims that its technology, combining cross-border data from credit bureaus, open banking and other sources helps to reduce the credit risk of foreigners up to 7 times and to increase bank’s business volumes by 15% while offering seamless UX both for banks and consumers. Additionally, in November 2022, Mifundo raised a €1.2 million in a pre-seed funding.

About the fresh financing:

• The grant funing was provided by EIC. In total it will invest 411 million in 68 companies that develop technology of strategic importance to Europe and have disruptive potential on a global scale. These were selected in a highly competitive process from nearly 1,000 candidates.
• Typically, the EIC invests in the deep tech sectors such as quantum computing, space technology, biotech and medicine. However, for the first time in the history, a fintech company has been chosen for the full scale investment.

With the new funding, Mifundo plans to integrate additional countries into its platform, further develop the pan-European data model and expand data service coverage within the EU.

About Onego Bio

• Founded in 2022 as a spinoff from VTT (Technical Research Center of Finland), by Maija Itkonen (CEO) and Christopher Landowski (CTO). Onego Bio develops and commercializes Bioalbumen, an animal-free egg-white. The production process equals a 90% reduction in greenhouse gas emissions and a 95% decrease in land use (Nature Food 2021).
• Now, Onego works with major food companies on product formulation in a wide range of products, from baked goods, confectionery, snacks, sauces, pasta, meat alternatives, and more. As a US-Finnish company, Onego is commercializing in North America, where the regulatory landscape allows a faster market entry.

The new funding and immense support from our investors demonstrates their confidence in our vision and the potential of innovations like Bioalbumen® to build a more sustainable system. It also shows that the EU recognizes precision fermentation as a solution to address sustainability issues and enhance food security in Europe and worldwide. However, to remain competitive and fully capture the potential of exceptional European research and innovation, the regulatory approval process must be accelerated, as the EU currently lags behind other regions in this area, — Maija Itkonen, CEO & co-founder of Onego Bio said.

The fresh investment:

Onego Bio was selected for EIC funding from a competitive pool of 969 applicants, of which 347 companies were interviewed by juries of investors and entrepreneurs, with only 68 receiving funding. EIC Accelerator offers startups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million or more. In addition to financial support, all projects benefit from a wide range of Business Acceleration Services that provide access to expertise, corporates, investors, and ecosystem actors.

The company aims to submit a Generally Recognized as Safe (GRAS) notice to the FDA this year, with hope of receiving a “no questions” letter from the FDA in 2025. The newly received EIC funding will fuel its go-to-market plan also in the EU, including securing regulatory approval from the European Food Safety Authority (EFSA). 

AIN asked Ivan Petrenko, the Angel One Fund Managing Partner and CfE Accelerator Executive Director, about the launch of his new fund, its startup preferences, and the average “temperature of the market.”

Let’s begin with the changes the venture, angel investment, and startup world has undergone compared to 2023 or 2022.

We all know each other in the industry. Some love to sound super positive. I prefer to sound realistic so that I can understand where the bottom is and how to get out.

Many say that we, Ukraine, are almost the leading startup development market in Eastern Europe. Hearing this, I have a bitter smile because I don’t see such a trend. This year, however, the situation became smoother thanks to grant programs, such as Google for Startups, IT Consortium, Seeds of Bravery, etc.

In my opinion, it is one of the two essential conditions needed for new startups to arise. Their teams need money. And it is grant funds for the first time. Before the full-scale invasion, USF granted $25-50k per applicant, and it was a significant boost for the industry. In 2022, they stopped doing this, resulting in a quick shrinking of the industry. It was one of the reasons.

Nowadays, new grant programs work in Ukraine, and some old ones are back, too. It’s a perfect chance for startups to give it another try. I think there will be more of them in six months.

I presume everybody is now looking at Defense Tech.

Not everybody. It is our bubble where all eyes are on deftech.

However, it is a very restrained domain most ventures would rather avoid because they are not allowed to invest in it. For example, we at Angel One may not directly invest in Defense Tech.

Is it because of your internal policy?

It’s not entirely about our policy. Legally, we are a US-based fund with several regulatory restrictions, so we cannot invest in Defense Tech. Otherwise, we would lose our investors. So, at the early stage, by establishing a fund, you should discuss [with partners] whether it will invest in the defense domain.

And there is a very thin line — dual use, deftech, and lethal weapons next. Those are three very different things you must be careful with. The same discussions we have in Ukraine. It’s obvious why. So, we often have to work with targeted deftech investments. There is no such bubble abroad. However, many players look at Ukraine carefully and pay more and more attention.

The funds that can invest are very familiar with the required information. Their analysts gather all the data about the current situation in Ukraine. They select projects with great caution because the funds must report to institutional or private investors.

Many things depend on Ukraine. And a lot of things are done. But a long way is still ahead. Anyway, when we invest in Defense Tech, we expect that their team and legal entity are based and registered somewhere in Delaware, as well as their technology, to enjoy protection according to the local legislation.

We do care that a deftech startup keeps thinking about sales not exclusively in Ukraine. The team should plan their international activities in advance. That’s why production or development is often located outside of Ukraine, which means a different market and an adapted business model.

The most recent investment of Angel One Fund in six startups was a syndicate deal with private investors, wasn’t it?

Yes. The same investors we had at Angel One.

So it was the Angel One syndicate member, right?

Mostly yes. Now, we are working on the launch of a Defense Tech fund. Hopefully, it will happen between September and October. We need an official opening to invest in defense startups not only through syndicate deals but also as a fund because there are interested investors who want to join not our syndicate, but the fund directly.

So, are there a bunch of investors committed to a new fund?

Yes, there is a particular sum. We may speak about a $1.5-million commitment. We are working on its institutionalization to run deftech investments as a fund.

Until there is no fund, we keep searching for teams and invest via syndicate deals.

Do you have a plan with your targets for this new fund? Which startups would it be?

We don’t care if it’s a hardware or software project. Software is always more attractive due to its better scalability, safety, and lower need for investment. However, I am not sure about the last one.

It is highly unlikely that it will be pre-seed rounds since fewer and fewer investors desire to enter at this stage, where you cannot check the actual demand and sales of a product. So, mostly, it will be very early seed and maybe late pre-seed rounds with a well-tested working prototype and pre-orders.

OK. Let’s return to the Angel One Fund. It currently has $1.5 million, right?

We have already got $2.5 million.

How many projects do you plan to invest in until the end of the year?

Recently, we confirmed our fifth investment. Hopefully, it should be three more until the end of the year. We wouldn’t reach more for certain, because we have another deftech focus with five more investments this year.

Are you going to close to close the fund in 2025, or not?

No, we will keep raising. So, the fund will keep working. It will be a nonstop process. We decided in favor of a rolling fund that will be constantly filled.

Speaking of your syndicate deals, we had a conversation with Dmytro Vartanian (SID Ventures) recently. Can you tell us about the platform you use to close deals? Do you use any technological platforms?

At the moment, we don’t use any. All prefer SAFE or Convertible Loans. It’s a universal tool with more than enough functions.

With the investments in six startups, you also announced that you will support them. What will it look like?

We are only learning. The fund is new and small. We don’t have any military expertise yet, so we cannot provide it. But we do have good business expertise thanks to our network of private investors, primarily US-based. They have good contacts.

We also can help with sales. If a startup team is interested in entering the US market, we undertake the work with contacts, which we get from our private investors.

Which domains are the market’s top priority?

It is AI, for sure.

I also hear a lot about EdTech.

First, we declared at least 30% of deals in EdTech would be a target. But so far, we haven’t made a single deal. SAS remains one of the simplest and most popular models as always. MedTech and BioTech are growing fast. There are vast investments and technologies quickly grow.

I think EdTech is less popular. It was three to five years ago, especially during the COVID pandemic, but the MedTech, BioTech, and FinTech development is very impressive. And there is, for sure, AI constantly added to different products.  Finally, people have the idea that AI is not a product but a tool. You should learn how to use it to create added value for your product.

Did the startup average ticket and entry terms change for Angel One during the full-scale war? What are the startup rounds you are looking for?

The average ticket didn’t change and remains about $150,000. The terms, more or less, are the same. In any case, we realized we are not a pre-seed fund, as we declared once. After all, we became a seed fund. Our team seeks products with customer feedback and dynamic sales. So, we are cautious by investing in startups without sales.

This requirement is a must now, and our investment committee doesn’t want to speak with teams that don’t generate sales. The only exception here could be some real innovations, such as quantum computers. But not so many startups work with them. OK, there is Haiqu, but our fund arose too late when they already had raised everything they ever wanted. This startup was, for sure, the one we would be very interested in investing in.

So, they must show some traction and a clear sales strategy. It is one of the weaknesses, particularly of Ukrainian teams.

And which of the Angel One Fund investments is the fastest-growing one?

Our first investment, Zeely, is showing the best results so far. They grow very well. I understand that the estimated value is a theoretical indicator because there can be any number until somebody puts a money bag on the table. Nevertheless, they attracted new investments and tripled in size for the past year. It is a very substantial indicator.

Another example is GO TO-U. Their sales are growing each month, maybe not so fast as at Zeely, but they do. They also entered the USA market and made several potentially good deals, including one with Siemens. We expect their mighty growth about the end of this year.

You are also starting a new IdeasLab program. What are the terms? Are there any changes compared to previous times?

There are no specific changes except for the constant improvement of the CfE Accelerator program. The program aims to support student teams in a hybrid format for free. Our main goal was and remains to let students try to launch a product, make their first mistakes, etc.

We decided to create our own learning program for future startupers where the students can get essential skills and apply them in practice by doing everything on their own. IdeasLab’s other goal is to allow students to do everything within three months. It is the only university program in Ukraine providing student teams not only with knowledge but also workspace and grants up to UAH 200.000 at the idea validation stage. Now, we have over 100 mentors, the founders of Ukrainian and foreign startups, who spend their time teaching the students. Among them are the founders of SoftServe, Angel One, LvBS, Netflix, Microsoft, TedxLviv, AiSDR, The Gradient, QubStudio, Kormotex, Tickets.ua, Harmix, Medallion, etc.

We already have $1 million in so-called credits from different companies, such as Grammarly, Salesforce, and Notion. We teach students how to use it. More applications are expected this year than in the past year.

• ecop is a high-tech company that manufactures rotation heat pumps for industrial use. The company claims that it supports companies in recovering energy, protecting the environment, and saving costs, with direct output temperatures up to 200 °C.
• The design is based on a rotating system that uses a 100 percent climate friendly, non-toxic and non-flammable working medium and can change speed to accommodate different heat source temperatures, enabling a high degree of flexibility in operation, according to the company’s data.
• ecop is located in Vienna and in Neuhofen an der Krems. The development centre is located in Vienna, while production takes place in Upper Austria.

“The EU’s innovation ecosystem has been an integral source of support as ecop has developed our technology and our business. 

This funding will enable us to finalise the development of our new rotor design and take the next step in scaling up, making our heat pump solution more broadly available, and ultimately enabling more companies and municipalities to generate affordable and CO2-free heat to sustainably power their operations,”

Fabian Sacharowitz, CEO of ecop, commented.

The fresh funding includes €2.5 million in grant from the European Innovation Council (EIC) Accelerator, as well as up to €6 million in equity investment. EIC Accelerator awards grants of up to €2.5 million, alongside equity investments, to deep-tech start-ups and small companies in a highly competitive process.

The company will spend the freshly acquired funding to increase the production capacity of its rotation heat pump.