About Valo.ai

• Founded in 2023 in San Francisco by veterans of Salesforce and cybersecurity, Valo.ai is a software development company developing an AI-native tool for Salesforce that uses automation in SaaS services to identify and remedy misconfigurations at their root.
• Valo.ai aims to help CIOs, IT teams, and business owners to optimize their business needs, while maintaining security and monitoring connected applications.

Investment details

• The funding round was led by Inventure, a venture capital with offices in Helsinki and Stockholm that focuses on investments across Nordics and Baltics. Spintop Ventures from Stockholm, and cybersecurity experts Mikko Hypponen and Henri Lindberf also participated in the financing.

“Many SaaS security posture management solutions are broad in scope, but Valo is purpose-built for Salesforce, allowing administrators to adopt a proactive and automated approach. Tasks that typically take weeks for Salesforce administrators can now be accomplished in minutes with Valo,”

Jari Salomaa, CEO and co-founder of Valo, said.

• Although neither the startup nor the investors disclosed the deal’s amount, Inventure’s average ticket size ranges from €1 million to €3 million, while the lowest ticket is at least €300,000. And according to Spintop Ventures, its ticket size ranges from €500,000 to €1,5 million.
• Thanks to the fresh funding, Valo will be able to achieve its goal of significantly enhancing Salesforce administrators’ productivity while mitigating risks.

This is the second investment by Inventure announced this month. In July 2024, Inventure co-led a €4 million seed round for the Swedish startup Steep.

The letter from the bank states that the decision is related to recent changes in the bank’s policy, which prohibits opening and maintaining accounts for citizens of seven countries, which, for some reasons, includes Ukraine.

Mercury will also stop supporting accounts of companies whose founders have passports from Belarus, Cuba, Iran, North Korea, Russia, Syria, and Venezuela. The accounts are scheduled to shut down on August 13, 2024.

Mercury’s comments

In a comment to the post, the bank’s representatives explained that the changes apply to founders of companies living directly in Ukraine, not to Ukrainians doing business in the United States.

They acknowledged the error in their help center, which previously incorrectly stated that they refused to work with all clients with Ukrainian passports. Mercury assured that it will continue to work with Ukrainians doing business in the United States, but is currently unable to serve companies with founders based in Ukraine. The bank apologized for any confusion caused by the error.

“To give more context about the policy change: while Ukraine is not comprehensively sanctioned, several regions of Ukraine are sanctioned. We previously applied a region-based model to support as many customers in Ukraine as possible; however supporting this policy while also upholding our rigorous standards on compliance has become increasingly complex. We will continue to revisit this policy and hope that we can change this in the future,”

the bank explains.

Mercury promised to review this policy in the future and hopes to be able to change it.

This is not the first time that Ukrainian entrepreneurs have faced similar problems with the American financial system, Azhnyuk pointed out.

Earlier this year, Chase Bank refused to transfer money to Ukraine from its clients’ American accounts. In January 2021, before Russia’s full-scale invasion, the financial service Robinhood blocked access to its website for users with Ukrainian IP addresses.

Since the Russian war started, many American websites have also begun blocking traffic from Ukraine, making them accessible only through VPNs.

• Esper Bionics is an engineering and technical company that manufactures bionic prosthetics. The headquarters of the company is located in New York, and the engineering, design, and production units are located in Kyiv.
• Esper Hand bionic prosthetics use artificial intelligence and cloud data storage. In 2022, it was featured on the cover of the Times as one of the best inventions of mankind. 

• The main market for Esper Bionics remains the USA, but they also have operations in Ukraine. According to the company, it provided more than 80 bionic hands to Ukrainian veterans.

Esper Bionics’ goal is to create the first bionic ecosystem of connected devices that pushes the boundaries of human potential. After a successful launch in the US market, the company intends to go global,

Esper Bionic’s team commented.

• The fresh investment was led by YZR Capital, a €100 million Munich-based investment firm with a European early-stage health tech focus.
• The European Bank for Reconstruction and Development’s together with and u.ventures, established by Ukraine-Moldova American Enterprise Fund to invest in early-stage technology startups, also participated in the financing.

Future plans

Esper Bionics plans to ramp up production of its flagship product, the AI-embedded self-learning Esper Hand. The prosthesis costs $22,000 and is covered by insurance.

The engineering company will also add new devices to its ecosystem, including controllers for wearable prosthetics and a cloud-based ML platform. Esper Bionics cites research showing that prosthetic users had difficulty switching functions during normal control and experienced poor mechanical strength of their multifunctional prostheses.

Regarding IT services

Among the new sanctions is a ban on providing IT services to residents and companies in the Russian Federation. However, this does not concern all services. Three directions have been selected:

• IT consulting and design services;
• IT support and cloud services for enterprise management software;
• Project and production software.

The decision will come into force on September 12, 2024. However, the American authorities note that they “strongly support the free flow of information and communications around the world,” so despite the ban, they continue to allow some telecommunications and Internet transactions.

Other sanctions

In total, the country imposed more than 300 new sanctions on more than 300 individuals and companies, including in Asia, the Middle East, Europe, Africa, Central Asia, and the Caribbean. The full list includes more than a hundred Russian companies linked to the military-industrial complex of the Russian Federation.

Thus, authorities warn that foreign financial institutions are also at risk of being sanctioned for conducting or facilitating significant transactions or providing any services to them.

In the US, more than a dozen transnational networks have been targeted for laundering gold for a Russian manufacturer, supporting Russian drone production, and purchasing materials for chemical and biological weapons, anti-UAV equipment, machine tools, industrial equipment, and microelectronics.

Sanctions were imposed on the Moscow Stock Exchange, the SOGAZ insurance company, the Arctic LNG 1 and Arctic LNG 3 projects, as well as Gazprom Invest.

• According to Reuters, the Moscow Stock Exchange has suspended trading and settlement in dollars and euros. This means that banks, companies, and investors will no longer be able to trade both currencies through a central exchange, which offers advantages in terms of liquidity, clearing, and supervision.
• Instead, they will have to trade in the over-the-counter market, where deals are made directly between two parties.
• A representative of a major Russian exporter of goods that is not under sanctions told Reuters: “We don’t care, we have yuan. It is almost impossible to get dollars and euros in Russia.”
• As Moscow seeks closer trade and political ties with Beijing, the Chinese yuan has overtaken the dollar as the most popular currency on the Moscow exchange.

Five Russian banks are sanctioned: Promsvyazbank, Vnesheconombank, Sberbank, VTB Bank, and VTB Capital Holding. And also their representative offices in other countries, whatever they are called.

Earlier this year, AIN reported on how Russian companies and entrepreneur avoid sanctions by using cryptocurrency, purchasing weapons and drone parts for their war in Ukraine.

About Spike

• Founded in 2022 by Povilas Gudzius and Nikita Pajanok, Spike provides non-diagnostic, easy-to-implement Retrieval Augmented Generation (RAG) AI products through white-labeled SDKs. These products include personal trainer co-pilots for fitness progress, dietitian co-pilots for nutrient assessment, nurse co-pilots for post-treatment follow-up, and physician co-pilots for anomaly detection from EHR and lab test data.
• Spike serves clients in digital health, professional fitness, nutrition, healthcare, and insurance sectors. The list of users includes the global insurance company Seguros SURA, fitness apps Longevo and FITTR, sleep innovation company EMMA, women’s wellness app Moody Month, and vagus nerve stimulator Pulsetto.

In December 2022, Spike received $700,000 in a pre-seed round led by the Ukrainian-Belarusian VC fund Geek Ventures.

Advancements in retrieval-augmented generation AI mean that LLMs are no longer taking a ‘best guess,’ but are now able to seek out specialized context producing outputs that are much more accurate and considerably less prone to hallucinations. By incorporating this technology on top of Spike’s high-quality health data API, we’re enabling our clients to easily leverage these tools and improve the health of millions of end users,

Povilas Gudzius, Spike CEO and co-founder, says.

Investment details

• The investment was co-led by Practica Capital, a Baltic VC focusing on early-stage investments, and TheVentureCity, a global early-stage venture fund focused on product-centered startups across the US, Europe, and the LATAM countries.
• The Silicon Valley, New York, and Berlin-based investors like CEAS Investments, Plug & Play Ventures, excisting Geek Ventures, and Axel Springer Porsche (APX) also participated in the financing for the healthtech startup.

Spike will use the funds to accelerate the development of its Generative AI products, including expanding support to encompass a wider range of medical equipment, wearables, and IoT sensor data aggregation from over 600 devices. These expansions will incorporate Electronic Health Records (EHR) data, blood testing, lab testing, genomics data, and FDA-approved devices and datasets.

• Wonder Dynamics was co-founded in Los Angeles, by two Serbians Nikola Todorovic and Tye Sheridan. The startup develops an AI production tool, Wonder Studio, with the aim to allow indie filmmakers to produce blockbuster-level VFX on a lower budget. Wonder Dynamics was previously supported by Horizon Ventures, Founders Fund, and MaC Venture Capital.

• According to Wonder Dynamics, its tool makes the visual effects process more accessible and affordable by developing AI and machine learning tools that allow filmmakers to produce VFX and CGI elements faster and at a significantly lower price point. Wonder Studio currently offers a plug-in that connects with professional 3D tools such as Autodesk Maya and Blender to deliver streamlined high-quality character workflows.
• Autodesk is the American multinational software corporation that provides software products and services for the architecture, engineering, construction, manufacturing, media, education, and entertainment industries. Autodesk is headquartered in San Francisco, California, and has offices worldwide.

The current misconception is that AI is a one-click solution, and that’s why we are excited to join a company that, at its core, supports the iterative nature of 3D and storytelling. We put a lot of effort into building an AI tool that does not replace artists, but rather speeds up creative workflows, makes things more efficient, and helps productions save costs. We firmly believe that our alignment with Autodesk will only amplify that vision and further push the boundaries of ethical AI and emerging technology in Media & Entertainment,

Nikola Todorovic, co-founder and CEO of Wonder Dynamics, said.

Autodesk’s acquisition of Wonder Dynamics aims to enable more creators to incorporate 3D animated characters into their projects and stories. The goal is to reduce the learning curve and automate traditionally complex and time-consuming tasks. The exact amount of the deal is left undisclosed.

• The capital was transferred to a legal entity called a special purpose vehicle, or SPV, associated with the OpenAI Startup Fund: OpenAI Startup Fund SPV II, L.P. SPVs allow multiple investors to pool their resources and make investments in a single company or fund. In the VC sector, they’re sometimes used to invest in startups that don’t fit a fund’s strategy or that fall outside a fund’s terms. SPVs can also be marketed to a wider range of non-institutional investors.
• In February this year, the OpenAI Startup Fund already raised a $10 million capital through an SPV. This time, the paperwork was submitted on April 25, and mentions Ian Hathaway, the OpenAI Startup Fund’s manager and its sole partner.

About the OpenAI Startup Fund

The OpenAI Startup Fund is a venture fund related to OpenAI, but technically separate from it that came under scrutiny last year, as it turned out that for a long time it was legally controlled by the director of OpenAI, Sam Altman. Although it was positioned as an ordinary corporate venture fund, Altman raised capital for the OpenAI Startup Fund from external partners with limited liability, including Microsoft (a close partner and investor of OpenAI), and had the right to a decisive vote in the fund’s investments.

In April, Altman transferred formal control of the OpenAI Startup Fund to Ian Hathaway, which was previously an investor in venture capital firm Haystack and has played a key role in managing the fund since 2021.

As of last year, the OpenAI Startup Fund had $175 million in commitments and held $325 million in gross net asset value from its incubator program called Converge. It has also supported several startups, including Descript, a collaborative multimedia editing platform valued at $553 million last year, language learning app Speak, an AI-powered note-taking app Mem, and IDE platform Anysphere.

• Founded in 2020 by Yaron Raz and Asher Hazanchuk, Neuronix AI Labs offers a solution that focuses on lowering computer vision AI cost and power consumption. Based in Sunnyvale, California, the company aims to reduce costs in sectors such as semiconductors, security technologies, and smart cities.
• According to the company, it enables the increase of hardware computing capacity to keep up with advancements in artificial intelligence. Currently, Neuronix boasts several patents and over two decades of industry experience among its team members.

• Initially, it was discovered by Depo Ventures and later nurtured to success with the strategic partnership of Tensor Ventures. Apart from the funds, Neuronix AI previously attracted investments from Frontures and Alchemist Accelerator.

Our involvement began when Yaron approached me as a mentor during the winter cohort of the Alchemist Accelerator in 2021. I immediately knew we had to seize the opportunity to invest. Despite being perceived as ‘too deep tech’ by many Silicon Valley funds at the time, I reached out to Tensor Ventures to join us. This American-Israeli-Czech collaboration has been instrumental in the startup’s journey, playing a strategic role in the success of Yaron and his team. It proves that investments in cutting-edge technology are worthwhile. I thank Yaron and Asher for their dedication and hard work, and wish them continued success under the umbrella of Microchip Technology,

Michal Ciffra from Depo Ventures commented.

• The exact amount of the deal was left undisclosed. The buyer, Microchip Technology, the leading semiconductor supplier of smart, connected and secure embedded control solutions, has a market cap of around $46 billion.

The sale of our stake in Neuronix is quite extraordinary given the fiercely competitive market in Israel. The success of this transaction is closely tied to the direct involvement of Tensor Ventures in the M&A process, and our extensive experience in the semiconductor industry, particularly insights from Intel,

Petr Ulvr, co-founder of Tensor Ventures, commented.

The transaction marks the second exit in Tensor Ventures’ portfolio, which held the largest share in the startup.

• Intellias serves clients in mobility, retail, financial services, telecom and media, and high-tech sectors that includes product engineering, AI/ML, cloud and DevOps, IoT, data and analytics. The company operates in North America, Europe, Middle East, and Asia. Since February 2022, it has opened three new offices in Poland, development centers in Croatia, Bulgaria, Portugal, Spain, entered the markets of India and Colombia.
• The fresh deal follows its first acquisition of Digitally Inspired, a UK-based IT services provider, back in September 2022. The company also claims it cooperates with global brands like HERE Technologies, Rand McNally, TomTom, HelloFresh, and Travis Perkins.
• A year ago, Intellias announced its plans to hire several hundred engineers in 2023 and increase the team to about 3,000 engineers in Ukraine by the end of 2023.

• Founded in 2010, C2 Solutions offers services in development and integration, information architecture and data insights, and firmware & software engineering. The company is also operating in digital health and medical devices technology capabilities.

About the deal

Our goal is to support our clients around the world with technical expertise and deep industry knowledge that allow us to take on and implement projects of any complexity and size. Strategic M&A plays a pivotal role in reaching that goal, as we continue to build on our track-record of robust organic growth,

Michael Puzrakov, co-founder and Executive Chair of Intellias, commented.

The exact amount of the deal is undisclosed, however, it is known that Intellias has acquired 100% of the shares in C2 Solutions. The acquisition will help to expand its offerings across North America, strengthening its Digital Health and Medical Devices capabilities.

About Picogrid

• Founded by Zane Mountcastle and Martin Slosarik, Picogrid builds sensors, drones, unmanned vehicles, command interfaces, and other notoriously fragmented defense systems. The core of Picogrid’s technology lies in Legion, its cloud-based API used to connect and control various third-party autonomous systems.
• Since the launch, Picogrid has won over a dozen federal contracts, including a $1 billion IDIQ contract from the Pentagon. The company’s technology serves ongoing military operations on bases across the United States and is used by the Ukrainian Ministry of Defense on the front lines of the war in Ukraine.

Our platform is a paradigm shift in defense operations, offering unprecedented levels of coordination and real-time intelligence. It’s not just about having the most sophisticated defense systems; it’s about how these systems work together as a singular force. The integration of our most advanced defense systems is the difference between deterrence and vulnerability,

Zane Mountcastle, co-founder and CEO of Picogrid, says.

Investment details

Initialized Capital, a San Francisco and New York based early stage venture capital firm, led the fresh round. It’s portfolio spans over six core funds, worth close to $200 billion in market value with 25 companies valued at $1 billion or more and 5 valued over $10 billion.

Other participants include:

• Starburst Ventures, a global aerospace and defense focused venture capital fund;
• Giant Step Capital, a Brazilian venture capital firm, investing in the advancement of space exploration and technology;
• Domino Ventures, an early stage venture capital fund operating worldwide from its offices in Amsterdam, Istanbul, Tallinn, Tbilisi, Baku, Astana, and Tashkent;
• Alumni Ventures, a network-powered venture capital firm from Manchester;
• and Credo Ventures, a Prague-based venture capital company focused on early stage investments in Central Europe or, occasionally, the US. In September 2023, it joined €10 million Series A round for UK-based Continuum Industries.

This funding will allow Picogrid to accelerate product development, ramp up manufacturing with the opening of its second factory in Lawton, Oklahoma, and forge partnerships within the defense sector OEMs. Picogrid claims it signifies growth for the company and a leap forward for the defense industry and global security.

• Roosh X plans to invest in businesses with annual revenue of $5 million or more. In addition to financing companies with tickets ranging from $500,000 to $10 million and access to Roosh and Tiny Studio expertise, portfolio companies will receive operational support, help with scaling, and entering new markets.
• The project focuses on European and American companies in the fields of machine learning, artificial intelligence, gaming, fintech, consumer and entertainment programs, and digital marketing. The company also claims it will invest in businesses focused on maximizing profits and will build new technologies in partnership with other companies.

This is radically different from traditional venture capital investment. The partnership combines ambition with the powerful capabilities of the Roosh platform and Tiny Studio’s expertise in creating startups, which will give companies access not only to capital, but also to support that is currently simply not available through traditional financing options, operating on the European market,

Den Dmytrenko, co-founder and General Partner at Roosh, сommented.

• Since 2021, Kyiv-based Roosh investment group has been involved in another investment project, the Roosh Ventures fund, which has been investing in technology businesses focused on capitalization. The fund invests in startups at stages from pre-seed to Series A in various industries, but mainly in the areas of corporate SaaS solutions, fintech, gaming, and AI-based products.
• Tiny Studio is part of the Tiny investment holding that was founded in 2007. It invests in technology and Internet businesses mainly in the US and Canada.

• Founded in 2021 by Transon Nguyen, Kathryn Vanderlaag, and Kamran Ali, Eigen Therapeutics is on a mission to revolutionize cancer treatment. The startup addresses the precision and specificity gaps in traditional therapies, like chemotherapy, which often lacks distinguishment between healthy and cancerous cells, leading to severe side effects and targeted therapies.

• Eigen’s platform enhances the effectiveness of existing therapies, such as immunotherapy and antibody treatments, by priming cancer cells. Their innovative technology increases the levels of proteins targeted by therapies, expanding the range of susceptible cancer cells. This can lead to increased effectiveness while battling cancer.

We are genuinely impressed by Eigen Therapeutics and their remarkable progress. Since December 2022, they have accomplished significant milestones, showcasing both vision and speed. Notably, their collaboration with top Silicon Valley funds underscores the caliber of their approach,

Jan Kasper, Managing Partner at ZAKA VC, commented on the round.

• ZAKA VC invested in the company. It is a Prague and Bratislava-based family office focused on pre-seed and seed investments all across EU. The investment in Eigen Therapeutics marks the fund’s eighths deal in the biotech sector, following recently announced rounds in ExcepGen, Sensible Biotechnologies, and Olio Labs.

AIN.Capital’s chief editor had the opportunity to talk with Mariusz Adamski, a Partner at ff Venture Capital, about the fund’s activities in 2023 and plans for 2024, as well as discuss what makes the CEE market so appealing to investors.

Tell us the story behind ff Venture Capital.

ff Venture Capital is an early-stage venture capital firm with a unique footprint spanning the United States and Poland. Eschewing the traditional model of a centralized headquarters, ffVC embraces a modern, decentralized approach to venture capital. This is evident in its operation through dedicated teams that cater to the European and US markets, operating out of strategic offices in New York and Warsaw. Such a structure highlights ffVC’s dedication to combining local insights with a global perspective, ensuring a broad impact across the startup ecosystem.

ffVC’s journey began in 2008 with the establishment of its first office in New York City, marking the start of its mission to support early-stage ventures. Expanding its geographical footprint, the firm extended its operations to Warsaw in 2020, assembling a dedicated team of investment professionals to oversee its European ventures. This expansion reflects ffVC’s strategic intent to tap into the rich vein of innovation and entrepreneurial talent in Central Europe and to act as a bridge between these startups and global markets, especially leveraging its unique position to connect with Japanese corporate interests. 

In Europe, ffVC actively manages two funds. The firm’s inaugural fund, established in 2020 with anchor investors including Totalizator Sportowy and PFR Ventures from Poland, is already fully deployed. Building on this momentum, ff Venture Capital launched a new investment initiative in June 2023, aiming for a final close of €60 million. This new fund is particularly focused on empowering Central European startups, with a significant portion of funding sourced from Japanese investors. Specialising in sectors such as enterprise software, industrial technology, and sustainability transformation, ffVC distinguishes itself by facilitating unique connections between Central and Eastern European startups and Japanese corporations, a capability few European VCs possess.

In 2023, ffVC made a number of resounding deals. Can you share the general numbers and results of the year?

I’m thrilled to report that ffVC capped off 2023 with a series of remarkable milestones, including the successful closure of 9 new investments. This achievement not only shatters our expectations but also highlights our prominence among regional investment funds.

A significant development this year was the complete deployment of our first fund ff Tech and Gaming, demonstrating our commitment and strategic acumen in identifying and nurturing startup potential. Building on this success, we launched our second fund ff Red & White in Europe, reinforcing our dedication to driving innovation and supporting entrepreneurial ventures across the continent.

Among our notable investments is Molecule.one, a tech-bio innovator revolutionizing early-stage drug discovery with AI-enabled chemical synthesis planning, led by Piotr Byrski and Paweł Włodarczyk-Pruszyński. Additionally, ForActive, co-founded by experienced entrepreneurs Maciej Bieganski and Konrad Howard, is redefining connectivity within the health and fitness community.

2023 also marked a strategic expansion of our team with the addition of two new partners to our European operations, who relocated from Japan to Poland. This move not only strengthens our global perspective but also enhances our operational capabilities in Europe, further solidifying our position as a key player in the venture capital landscape.

ffVC was one of the leading international investors in the CEE region in 2023. In particular, the firm invested in Polish startup ReadyCode and Ukrainian AI startup Respeecher. Tell us more about those deals.

I am glad you asked about some of the most noteworthy investments circling around the entertainment sector. We think that both ReadyCode and Respeecher are both extremely interesting stories from the region which are both still somewhat overlooked.

ReadyCode was founded by a serial entrepreneur, Julek Kopczewski and it addresses the most important problem in game development — how to effectively market games and prolong their sales. The solution can be applied to different genres and the company is seeing strong interest from established game developers.

Respeecher is yet another fascinating story of a team that has thrived despite the war in Ukraine. They have a highly unique speech-to-speech technology and have the potential to become the dominant model in this space. The company has won multiple Emmy awards for voice cloning in TV series The Mandalorian or Richard Nixon in a short documentary. Now, it will be working together with CD Projekt for the Polish language release of the Cyberpunk 2077 expansion Phantom Liberty. [ed. Respeecher has already worked on character voices for Cyberpunk 2077]

From your experience, can you tell us what differentiates the CEE startups from others around the world? What drives you to invest in these startups?

The CEE startup scene distinguishes itself in several ways, making it an intriguing space for investment. One notable factor is the presence of a robust talent pool in the CEE region. Skilled founders, equipped with a diverse range of expertise, contribute to the development of innovative and competitive startups. This depth of talent often translates into a dynamic entrepreneurial environment, fostering the creation of ventures with unique value propositions.

Technological know-how is another key differentiator for CEE startups. The region has demonstrated a remarkable capacity for technological innovation, with startups often leveraging cutting-edge technologies to address market needs. This technological proficiency not only enhances the competitiveness of CEE startups in the global market but also positions them as leaders in specific niches.

Moreover, the presence of good technical schools in the CEE region plays a crucial role in shaping the startup landscape. Institutions such as the Warsaw University of Technology, which is now actively connecting with the venture world through the creation of a new fund, exemplify the growing synergy between academia and entrepreneurship. The integration of educational institutions into the venture ecosystem serves as a catalyst for innovation, providing startups with access to knowledge, resources, and mentorship.

The emergence of funds within technical schools, like the one at Warsaw University of Technology, is a testament to the evolving support structure for startups in CEE. This trend signals a proactive approach to fostering entrepreneurship, facilitating the transition of innovative ideas from academia to the marketplace. The collaboration between these educational institutions and the venture world enriches the startup landscape, creating a more interconnected and supportive ecosystem.

As an investor, these characteristics in CEE startups become compelling reasons for investment. The combination of a strong talent pool, technological prowess, and the increasing integration of technical schools with the venture world presents a promising landscape for identifying and nurturing innovative ventures. The potential for groundbreaking solutions, driven by skilled founders and supported by a conducive ecosystem, makes CEE an exciting and opportunistic region for venture capital investments.

With almost 16 years behind ffVC’s back, what are your thoughts on the current startup and VC climate in the world?

In my view, the current startup and venture capital climate appears dynamic and resilient. Despite the ongoing global challenges, there’s a palpable sense of innovation and adaptability within the startup landscape. Ventures seem to be navigating uncertainties with a blend of creativity and strategic thinking, showcasing the entrepreneurial spirit at its best.

On the venture capital front, it’s interesting to observe a continued appetite for diverse investment opportunities. The landscape appears to be evolving, with an increased emphasis on sectors that address the changing needs of our world, such as health tech, sustainable solutions, and digital transformation.

However, the scene isn’t without its challenges. Economic uncertainties and geopolitical factors could introduce elements of caution. Yet, this very environment often sparks ingenuity, with startups finding innovative solutions to not just survive but thrive in unpredictable circumstances.

Are there any notable changes between the global and Central and Eastern European ecosystems?

When we talk about the global scene versus what’s happening in Central and Eastern Europe, some commentators like to say the CEE market isn’t as active. Sure, the venture market had its ups and downs in 2023, deal-making in Europe took a bit of a hit compared to the years before. But if you check out the latest info from PitchBook, it shows that we managed to keep things above the average for the past 10 years.

Despite what people might think, we’re not seeing the CEE market as some kind of no man’s land. We’ve been facing the challenges head-on and actually found some great opportunities. Actually, we’ve been experiencing a totally different reality, only lately adding amazing companies to our European portfolio.

What are your general predictions on the market in 2024. And can you share anything on your future plans in 2024?

The ongoing development of AI technologies will likely make them more common in existing startups. I believe venture capitalists will be interested in finding startups that use AI to make things work better, make smarter decisions, and come up with creative solutions. This wider use of AI won’t just stay in tech – it will likely spread to regular fields like healthcare, manufacturing, and finance. The question that everyone is asking themselves today is how to capture value in this space and make investments that will realize returns over longer period of time. There is no obvious answer but we will for sure be actively reviewing any AI-related opportunities that have an asymmetric option value.

As the venture capital world matures, I think we’ll see more focus on teaming up and combining efforts. Bigger firms might try to expand by bringing in experts from different areas or teaming up with smaller local players. This could create a more connected network of venture capital on a global scale. Coming together could lead to a stronger and more cooperative investment world, where teamwork drives new ideas and smart decision-making.

Talking about IPOs, they’ve had a tough time recently. But I’m hopeful that as the economy gets steadier, companies with solid foundations will find it easier to go public. I think if businesses have successful exits and the market looks positive, it might get more people interested in IPOs again. Businesses that got support from venture capitalists might see going public as a good next step for their growth. So, there’s hope that a friendlier market will encourage more IPOs, giving investors their money back and encouraging more investments in new businesses. Liquidity is what the broader venture capital market desperately needs these days.

• Currently, the SMG Capital fund has managed to raise almost 50% of the planned amount from the own funds and from its partners. It was created on the basis of three venture funds from the USA, Europe, and Ukraine.
• The investment focuses on companies with Ukrainian founders, focused to scale and develop in the US market. In total, the team plans to invest in 100 early-stage tech startups.

In addition, we are currently launching a three-month program for Ukrainian startup enthusiasts. Its purpose is to provide participants with the necessary knowledge, skills, and resources to successfully launch their own startups, join existing projects or form teams for future startups,

Oleksandr Shinkarev explains.

SMG Builder offers the following opportunities for startups:

• an investment of $25,000;
• the opportunity to become a co-founder of a startup;
• a chance to find a team to launch a startup;
• a recommendation for completing an internship from an international company.

Future partners of the builder can become startup co-founders, mentors, or consultants to help them enter the US market.

• Founded in 2014 and based in Boston, USA, Sea Machines Robotics is specializing in the development of autonomous technology for marine and maritime vessels, catering not only to commercial sectors but significantly to military applications as well.
• The company’s cutting-edge solutions are designed to enhance operational efficiency, safety, and the strategic capabilities of naval and maritime operations, underscoring the critical dual-use potential of their technologies in both civilian and defense maritime activities.
• The company’s customers already include Lockheed Martin, MAERSK, Oersted, the US Navy, US Special Forces, and DLR.

Sea Machines is a pioneer in the fast-growing market for autonomous shipping services. By investing in the company, we are betting that automatic control and collision avoidance systems will be key drivers of competitiveness in the maritime sector… It is estimated that this sector will grow at an annual rate of 9.6% between 2022 and 2030,

Adam Rudowski, General Partner of Level2 Ventures, says.

• The current round was led by Emerald Technology Ventures and Nabtesco Technology Ventures. Chevron Technology Ventures and IMC Group also participated in the funding.
• In addition, the company received support from RKKVC, a Warsaw-based family office investing between €100,000 — €1 million in early-stage startups, represented by Mateusz Bodio, and Level2 Ventures, also a Polish VC founded by Polish partners, represented by Adam Rudowski.

Sea Machines will use the capital raised to improve its technology, expand its customer base, and increase its market share.

• Founded in 2015 by Oleksandr Tereshchenko, Andy Steuer, and Robert Nash, Helpware is a BPO company, offering a comprehensive range of services, including customer support, AI operations, back office, content moderation for companies across multiple industries.
• Helpware has a global team that is headquartered in Lexington, KY. In addition, the company operates from 18 locations in 10 countries, mainly Ukraine, Mexico, the Philippines, and Germany.

“The addition of eTean marks a key step in our ability to operationalize emerging technologies. As always, we differentiate by focusing on measurable aspects in customer and consumer experiences. We now have all the right resources to both consume and deploy the best in DevOps and Emerging Tech/AI in a way that preserves our industry-leading client, member, consumer, and customer satisfaction measures,”

Oleksandr Tereshchenko, COO of Helpware, commented on the deal.

• eTeam is a digital product agency established by two Ukrainians Oleksandr Menzheres and Victor Grytsai. The agency offers solutions in software development, modernization, cloud solutions, big data/AI, and technology consulting. eTeam is focused on different types of businesses, from VC-backed startups to global companies.
• The exact amount of the deal is undisclosed. This acquisition will be used for development in Helpware’s Digital Business Transformation initiative to empower a future where technology and human expertise are combined to create unparalleled customer and employee experiences.

• Founded in 2016 by data storage industry veterans George Dochev and Peter Thompson, LucidLink provides a space for teams to collaborate securely on massive media projects with fast and easy-to-use file access. With headquarters in San Francisco for its sales, marketing, and founders teams, LucidLink also has an R&D team based in Bulgaria, which is more than 60 people.
• The SaaS solution solves the problem of accessing, sharing, and collaborating on files of any type or size from anywhere in real-time. LucidLink is used by teams working in Adobe, Netflix, VICE, A+E Networks, WebMD, and many others.
• The company will use the funding to accelerate the development and updates of its products.

“With this Series C investment, LucidLink will accelerate its most ambitious product updates in the company’s history to expand our technology leadership position, open up new customer use cases, and create more personalized product experiences that enable creative professionals to work more efficiently and effectively,”

George Dochev, CTO and co-founder of LucidLink, comments.

Who are the investors?

• Brighton Park Capital is the lead investor this round. It is a US-based investment firm focused on entrepreneur-led, growth-stage software, healthcare, and tech-enabled services companies. The firm invests in companies that provide highly innovative solutions in partnership with great management teams.
• Headline participated as one of the existing investors. It is a US-based VC firm actively on the ground in 7 cities around the world. The firm invest across geographies, leading rounds at every stage. 
• Baseline Ventures is also an existing investor. It is a US-based VC firm investing in early-stage technology companies across multiple sectors. It backs the founders who want to build and grow their businesses into change-affecting enterprises.
• Adobe Ventures is a VC-arm of the Adobe company, investing in early-to-midstage companies that create software at the forefront of creativity, digital experiences, and document productivity.

• The USA is the third country after Ukraine and Spain where Preply has physical offices.
• The company has about 600 employees in 30 countries in Europe, Africa, Asia, Latin America, and the United States, the company told the journalists. According to the startup’s forecasts, at least 25 employees will work in the American office by the end of the year. The company added that since July 2022, their team has increased by more than 20%.
• Chief Brand Officer Sofia Tavares and Chief Revenue Officer Jerry Kingkade have joined the US office team.
• Preply plans to expand its presence in the US, writes Forbes, quoting Kingkade: “Up to 75% of working Americans believe that foreign language skills are important to their career opportunities. As we launch our US presence in New York, we look forward to gaining momentum, serving the needs of this working-age population, and playing a role in filling a specific vacancy in the labor market.”
• Currently, about 40,000 tutors with students from 180 countries use the platform. Most students are from the USA, Germany, Poland, Great Britain, and Canada.

Rebranding

In addition to launching the new location, Preply also announced a rebranding and a new visual style for the project. The new look of the brand was developed by the London agency Koto.

“Continuing with our brand idea, repetition has become a key component of our visual identity. We use it as a graphic tool to reinforce the concept of practice, progress, growth, and transformation. This is perfectly reflected in our logo, typography, and use of illustrations,”

Sofia Tavares, marketing director, commented on the new visual style.

What is the Preply valuation?

EdTech startup Preply, founded in 2013 by Ukrainians Kyryl Bigai, Serhii Lukianov, and Dmytro Voloshyn, has been growing rapidly. Over the past three years, the company’s revenues have increased tenfold due to user experience improvements for both teachers and students.

In July 2023, Preply raised $70 million in the form of equity and loan capital, these funds became part of the C round, the total amount of which is $120 million.

Despite the fact that the co-founders do not disclose the valuation of the company, according to the trusted website Pitchbook, it may be worth $440 million as of July 2023.

• The European service Dealroom indicates that Preply’s current valuation is $432 million. It is assessed considering the entire C round of $120 million.
• At the same time, CBInsights wrote that Preply’s valuation was close to $400 million as early as of 2022, after raising $50 million.

Earlier, the uninvolved investors were interviewed by the editors of AIN.Capital, reported that after the last round, Preply’s valuation exceeded $500 million and may be in the $500 million — $600 million range. According to one of the interviewees, the company’s valuation may even exceed $600 million. Considering the fact that Preply did not even have time to use the funds from the previously raised $50 million and is currently an attractive business for investors.

• Hypra invested $10 million in the Trinetix company.
• Trinetix is an international service company with Ukrainian founders. The company started its operations in 2011. The head and co-founder of the company is Oleksandr Strozhemin.
• The company has more than 850 employees. Of them, 600 people are in Ukraine. Another 250 — globally, a significant part — in the United States. According to Strozhemin, in the US the company has Sales and Delivery teams

Hypra’s investment in Trinetix is one of the largest in terms of volume among service companies in the Ukrainian market, not only since the beginning of the full-scale war but also in general. The last deal was ten years ago, when Ciklum raised a round of similar amounts.

Another big round was during the last year when Miratech raised two rounds. The lead investors were the American fund investing in Ukraine, Horizon Capital, and IFC. According to AIN.Capital, the total amount was about $12 million.

This is the largest investment since Hypra’s inception. The fund had over $25 million under management. Its most recent disclosed deals include: Utorg, Boosty Labs, EvaСodes.

According to AIN.Capital, another large Ukrainian fund was also negotiating for a deal with Trinetix, however Hypra offered better conditions, not only from the financial point of view.

What’s next?

According to Strozhemin, Hypra’s investment will allow Trinetix to diversify technical talent, bring new customers, and meet business needs. The company also plans to triple its size in the next four years. If the forecast comes true, Trinetix will enter the top ten largest service companies in Ukraine.

As Pertsiya explains, the new investment is aimed at attracting customers in new markets and launching offices in new locations. First of all, we are talking about Latin America. “The team has already proved itself in the US and the EU.”

“I met the guys earlier and helped them create a new service blockchain company together with the founders and specialists from TechBand. That’s how Dexola appeared on the market,”

Pertsiya recalls.

Over time, the shared vision, ambitions, and goals led to the idea of creating a company that would not just generate profits, but could lead to large capitalization.

Hypra plans to invest up to $15M in a company

Pertsiya also said that the fund is still ready to close deals with large checks. The main focus is on the company’s prospects. The conditions, as the managing partner says, are quite obvious and understandable: international business, a healthy unit economy, implementation of a quality product. First of all, they are interested in projects in Web3.

“For a year now, Hypra has been targeting only private equity investments. We want to be there for companies and help them grow and achieve their highest goals, not just put money into businesses and hope that something succeeds.”

The plan is to invest $1 million to $15 million in the next year. In general, the fund is ready to invest up to $30 million.

Meanwhile, the startup co-founded by Yev has already raised over $1 million in investment: about $100,000 from friends and family, $120,000 from TechStars, then another $600,000 from the Eberg Capital and IA Ventures investment companies, who recently backed the project with another $300,000.

In this interview with the AIN.Capital editor, Yev shared how he became a developer, left Ukraine shortly before the full-scale invasion, why he didn’t like living in the US, and how TechStars changed his life.

I was good at only two subjects—English and math.

And, as in any typical Ukrainian family, if a child is good at English and math, they go into IT. I’ve had a computer since I was six and loved playing games, so I was all for it.

I grew up in Chyhyryn district, Cherkasy region. So, after the 9th grade, I studied software engineering at the Cherkasy State Business College. My parents were stringent, so I went wild when I left the house. On campus, I spent all my time playing games and doing anything but studying.

I completely wasted the first two years and realized that this was not the life I wanted. So, I started actively learning programming. In about six months, I seemed to become the best student in the class.

After the second year, we had to have an internship. Many people faked it, but I did it for real to take advantage of the opportunity. I was a trainee at Interlink, an IT company. It’s a local company, also known as Software Planet Group. They have offices in the US and Lviv, with about 100 employees, so it’s relatively small.

I did the internship there. Everything went very well—we made our first commercial application. And I was invited for an internship. I was the youngest there—I turned 18 on the first day of the internship and was the first to be hired after that.

The company specialized in full-stack development, so I became a full-stack developer.

I worked full-time for the next two years. In college, those who worked in their specialty were allowed to skip lessons. We had to pass the tests only. I did not continue my studies after college, so I have only a secondary education.

When I was 19, I already had a year of experience as a programmer, and… I was burnt out. I realized I could keep living the way I was—in 20 years, I would have a $5,000 salary and secure my life. I got bored.

I started reading self-development books like Seven Habits of Highly Effective People and actively learning English. And when you learn English, you have to read English literature. This immersed me in the world of entrepreneurship, startups, and the American Dream, all that stuff. I was inspired by Mark Zuckerberg and Elon Musk, who was at the peak of his popularity (before he bought Twitter).

I was working as a programmer and wanted to transition smoothly to product development.

I talked to my managers at work, and they recommended that I become a PM. I took a few courses, but our company didn’t need PMs so much. I worked on one project but was given minimal competencies and had no room to grow. There was a stage when I had a lot of business ideas. I proposed many different changes, but the company rejected them all.

I started working on my thoughts while still working at my job. It was always an iterative process: I’d come up with a platform, make a document, describe it, find a team, and… drop it all. Then, I’d develop a new idea, find a team, launch a small website, and drop it all. There were about six such cycles before I quit and decided to engage in my projects fully.

I was 20 years old. As a person who is 90% self-taught, I saw that what is taught in colleges in IT specialization is not always relevant. It was the only problem I saw then, and I thought I could solve it for all because I had solved it for myself.

I wanted to create a decentralized education system for IT professionals. The idea was to allow people who have learned without a university to get a full-fledged certification without going to university. That is, if you have read 50 books, you know more than people who have graduated from university. So why aren’t they recognized like people with diplomas?

I moved to Kyiv, found a co-founder, and we worked on it for about six months.

As a result, I realized that I was a great programmer but a lousy businessman.

I managed to build and launch the platform but couldn’t sell it or organize marketing. I ran out of money, returned to my hometown, and started freelancing to save money and come back to this idea.

I managed to find a project pretty quickly. I knew that the company I was working for was selling us for $50/h, and I realized that I could easily bid $30/h, which would be a competitive rate.

A gambling startup approached me. I didn’t want to work in gambling but couldn’t refuse, so I asked for more money. It would be fine if they refused, but I would work a little and earn some extra cash if they agreed.

And they agreed.

That was Matt and Dan, my future Scrimmage co-founders.

They turned out to be very cool. They studied at the University of Pennsylvania, the Ivy League, and then worked on Wall Street as business analysts. They developed a framework that helped them bet on sports and win. They managed to make 40% profit annually, which is really cool. So they decided to create their own startup: something like a sports betting investment fund. They wanted to collect investors’ money and multiply it by investing in sports betting. To do this, they needed an IT platform.

They raised about $100,000 from their relatives and started looking for programmers who could do it all. Before me, they had 32 different people who coded something and left. I became their first full-time IT person.

I started pushing the project towards web3 because it was all the rage at the time. But it didn’t work out with web3. Therefore, we pivoted again and turned to the Gamification Loyalty Program. We have packaged our application in a B2B White Label Solution that betting companies can integrate into their own to make a loyalty program for customers. We have already launched the first integration, and we need at least 15 more or an integration with a top player to attract a seed round of $1-2 million. But in the future, we plan to go beyond gambling and enter other branches to democratize loyalty programs for all businesses. First of all, e-commerce.

I offered to become a co-owner and CTO.

I read somewhere that this is an ideal option for people like me: first, become a co-founder in someone else’s startup, gain experience, and then start something of your own.

At Scrimmage, I was a back-end developer at first, then I started working on the front-end, took on more responsibility, and became a kind of team lead. At some point, I was already deciding whom to fire, whom to hire, and how to develop the product.

Matt and Dan agreed, gave me a share of the company, and cut my salary. That’s how I became a co-founder and CTO at Scrimmage.

At that time, there was already news that Russia was gathering troops around Ukraine. No one was somehow worried about this in Ukraine, but they were already preparing for World War III in America.

And so, one Friday night, when I was in Kyiv smoking a hookah and programming, I got a text from Matt. “You are our Co-Founder. We can’t risk so much. Grab your bags and come to us.”

On Saturday, I was on my way to Poland. My classmate, with whom I had spent the first two years at college, lived in Poznan. He sheltered me for a while.

In the winter, we got accepted to TechStars.

I wanted to get there very much, but with American visas, everything is very, very complicated. We were supposed to start the program in three months, but there was a 6-month queue to get an appointment at the US Embassy in Poland. I decided to look for a place with no queues. I read that there was an excellent embassy in Switzerland.

And so I took a train, but instead of getting to Zurich, I somehow accidentally joined the Ukrainian refugees and went with them to Berlin.

They just asked me, “Are you from Ukraine?” I said, “Yeap.” And they said, “Go there.”

So, I ended up first in one refugee camp and then moved to another in a small town near Zurich. They settled me with 20-30 others and were even ready to give me a grant at a local university that covered my educational and living expenses. But I refused. The lady who organized it said I was the dumbest guy she had ever met.

While deciding which embassy to go to, I got very sick. I was ill for ten days; it was awful, and all I wanted was to return home.

Disappointed, I returned to Poland and started going to a local coworking because working from my classmate’s house was inconvenient. There, I met Vira, a refugee who also dreamed of moving to the United States and knew some Ukrainians got there through Mexico.

I decided to try to cross the US border from Mexico with her.

At first, I had doubts because there was no guarantee of success, and it’s not a very official way, although you don’t have to climb any fences, as Americans often imagine.

My co-founders were terrified: They were afraid that I would be involved in some drug cartel, and they would never see me again. But there were no other options.

We traveled to Mexico through Poland, Portugal, and Spain. Mexico was not as scary as my co-founders had imagined. In addition, people had already organized a camp for Ukrainian refugees who’d like to go to the United States. We joined them, signed up for a digital queue, spent the night in a hotel, and crossed the border the next day.

Everything was fine. They didn’t ask for anything, just my passport. So simple. I could not believe I would pass, but it was not very popular then. Only a few did it so.

It seemed like my dream had come true. I had been wanting to get to the US for so long!

But America disappointed me.

I rushed to Texas. My co-founders live near Austin. So I just bought a ticket and flew to them. But I didn’t like it in Texas—it was very hot, impossible to breathe.

When the time came for TechStars, we moved to Indiana (the program takes place in the state capital, Indianapolis). The accelerator invested $120,000 in us, and we wanted to save money, so we rented a place far from the city center.

It turned out that our neighborhood was a local ghetto. And one beautiful Saturday night, I was robbed.

My co-founders worked in a coworking space. I wanted to go for groceries on my bike. Right after leaving the block, a car stopped in my way, and several black men got out. One of them had a gun. They took my backpack with my passport and phone and left me without documents in the United States.

Later, I realized that living in the USA is too expensive. In my first startup, I had a co-founder from India. While we were still working together, we started dating online. However, there was little chance to meet for real—she was in India, I was in Ukraine, so we broke up. But she suddenly came to Los Angeles in the fall of 2022 to study at a college. We met again in Los Angeles. I wanted to be with her. So we started living together.

The rented apartment in Los Angeles was the most expensive in my life. We paid $2600 a month plus about $500 for utilities. We lived there for three months and realized that we couldn’t afford it. She came from a low-income family, and I had only a minimum founder’s salary of $2000.

She decided to leave the college and go home. I decided to go with her. But there was a problem.

My passport was missing, and I couldn’t leave the United States.

The only agency that could restore it for me was in San Francisco, so I decided to live in California for a while to visit Silicon Valley.

I had to live there for six months until I got my new ID. So, I decided to take everything I could from the Valley. I took courses at Stanford, visited Hacker House, attended several networking events with entrepreneurs, joined a community, and visited Mountain View. It was cool but expensive. Living in the US is very cool, but only when you have reached a certain level of financial independence.

After moving to India, our investments increased, and so my salary did. My girlfriend and I got engaged, and now we live in India. $2000 per month is enough to cover all our family expenses.

I don’t like India, it’s a terrible country.

The food here is delicious, but the streets are a mess. Everything is dirty; there are no sidewalks. For the first few months, I thought I would get hit by a car—there are simply no rules here. You show your hand to cross the street and… run.

Also, cows are a problem here. They are sacred animals. You can’t kill them. But people keep them as long as they give milk. When a cow gets old, they let it into the wild, which is why stray cows roam the streets in India.

I want to return to Cherkasy.

After joining Scrimmage, I hired my friends to the team. We now have four programmers. All of them are Ukrainians. Three of them are from Cherkasy, including me, and a junior girl is from Chernihiv.

I dream of an office in Cherkasy, on the bank of the Dnipro River. As soon as the war is over, I will return. Ukraine is the best country I have ever visited.

I’ve come a long way. I’m 22 now, and I’m a CTO at the US startup. And although I work full-time at Scrimmage, I still dream of changing the education system in Ukraine. I want Ukraine to be among the top ten economies in the world by the time I die. I have several projects that I am working on for this very purpose. For example, I share my experience in the tech industry on Kavun UA and help people find co-founders in the US market. I hope there will be more people who will not just code but also build startups in Ukraine. Although it is a risky path, it is necessary for economic growth.

I want to build a startup accelerator.

I think Ukraine lacks institutions like TechStars. TechStars changed my life, and I turned from a programmer to a tech founder there. I met fifteen other companies there. We worked in a shared office every day, and we went to dinner parties for each team once a week.

Matt, Dan and I also organized such a dinner. We listened to lectures, talked to founders of top companies like Dropbox, and built a product mindset.

I think it was a turning point in my career. And now I want to change other people’s lives the way they changed mine.

• Founded in 2013 by Romanian entrepreneurs Ion Stoica and Matei Zaharia, as well as Reynold Xin and Ali Ghodsi, Databricks is an American enterprise software company. It develops a web-based platform for working with Spark, that provides automated cluster management and IPython-style notebooks.
• The fresh Round 1 amounted to $500 million. Before that, the company raised $1.6 billion back in August 2021.
• The company’s valuation reached $43 billion after the round. At the time of the last round, it was $38 billion, and this is one of the few cases when, after a new round, the valuation of a startup did not fall, but continued to grow.
• As of now, Databricks is one of the most expensive startups in the United States.
• The list of investors includes Morgan Stanley, Fidelity, Franklin Templeton, a16z, and Tiger Global.
• This is expected to be the last investment round, after which the company will start preparing for the IPO.

The company’s high rating is confirmed by its financial results. In the second quarter of this year, the company received a turnover of $1.5 billion. Databricks has more than 10,000 clients globally.

• This is the third successful launch of the Alpha rocket. It has now completed the Victus Nox mission and launched a satellite into orbit.
• The company managed to complete all preparatory stages for the mission after receiving a notification about the need to launch the mission in just 24 hours, in particular: updating the software that calculates the trajectory, packing the cargo, and transporting it to the launch site, as well as refuelling the rocket. The launch itself took place 27 hours after receiving the order about it, in the first available launch window.
• The flight proceeded normally at all stages, including MECO (first stage engine shutdown), first stage separation, and others. The rocket successfully put the Millennium Space Systems satellite into orbit. This was the main purpose of the mission: to test the USSF’s ability to quickly launch a satellite into orbit in the event of a threat to national security.

About Firefly Aerospace

• Firefly Aerospace was founded in 2017 by Ukrainian entrepreneur Maks Polyakov. In 2021, as a result of the US Committee on Foreign Investment’s concern about what could happen to valuable technologies in Ukraine due to risks related to Russia, Firefly Aerospace changed its ownership structure.
• Firefly first launched Alpha in September 2021. Due to the premature shutdown of one of the engines of the first stage, the flight was interrupted. Thirteen months later, during the second launch, the rocket reached orbit, the payloads on board were put into a lower orbit.
• In June 2023, the plans for the fourth start also became known. The Venture Class Launch Services Demonstration 2 (VCLS Demo 2) mission will launch multiple CubeSats into a 550-kilometer Synchronous Sun Orbit (SSO).

• Founded in 2016 by Zbigniew Wantuła, Jędrzej Anisiewicz, and Arkadiusz Terpiłowski, Primetric develops a tool for employee workload management and financial planning. The tool can track and forecast people’s workload and projects’ profitability in a single platform.

• Primetric’s tool is currently used by over 17,000 users in 15 countries. In less than four years, the company has grown its team to over 30 employees, with its MRR (Monthly Recurring Revenue) growing at an average rate of over 190% each year.
• During the time of growth, the startup was supported by three Polish investment funds: Tar Heel Capital Pathfinder, the company’s first investor, later joined by Unfold.vc and WP2 Investments. Now, the startup caught the US giant’s attention with its success in the European market.

“BigTime shares our vision, mission, and values. The goal of both our companies is to provide customers with top-notch tools that support the growth of service-oriented businesses. By joining forces, we will be able to offer a comprehensive range of functionalities and even better service quality,”

Zbigniew Wantuła, Managing Partner at Primetric, comments.

• BigTime is a popular American platform for time tracking, project management, and invoicing. The acquisition will empower Primetric to reach a larger market and offer current users new functionalities. Simultaneously, the deal will also increase BigTime’s market share and enable it to attract new clients.
• After the merger, both platforms will reach over 100,000 users in more than 2,800 service firms worldwide. The acquisition will not disrupt the normal operations of the companies and the founders of Primetric will become key operational partners in the combined company.

• Co-founded by three Belarusians Egor Dubrovsky, Ruslan Khamidullin, and Andrei Karalkou in 2020 Filmustage offers an AI-based automatic script breakdown and scheduling service. It helps to highlight characters and other elements like locations, props, extras, costumes, and more. Users can also search for, change, or remove any breakdown element and add new categories. It can then be uploaded as a PDF file or into Final Draft. 
• Currently, Filmustage has more than 4,400 registered users, and over 350 paid users, the company claims. Filmustage is a helpful tool for many film departments and employees, above and below the line, such as cinematography, set design, casting, and costume design. 
• Among the investors is Ukraine’s Flyer One Ventures which previously invested $550,000 in Peech. NY-based Geek Ventures, an early-stage tech venture fund investing in immigrant founders, Kyiv-based Vesna Capital, Lithuanian Imaguru Startup HUB, and other angel investors also participated. Among them are the co-founder of LOOKSERY Yurii Monastyrshyn and ex-product designer in WhatsApp Anton Borzov.
• Filmustage will spend the fresh investment on an international expansion that will make the product available in multiple foreign languages. For instance, this summer, Filmustage will become available in Spanish, French, and German.  

• The New York Stock Exchange and Nasdaq announced that they have decided to forcibly delist five Russian companies. The list includes such companies as Yandex (Yandex N.V), Cian Plc, Ozon (Ozon Holdings), Qiwi (QIWI Plc), and HeadHunter (HeadHunter Group).
• If the companies do not appeal this decision, their shares will be delisted on March 24, 2023. Yandex has already announced its intention to file an appeal, which must be considered within 45 days of filing.
• As Nasdaq noted, “there are no guarantees that the Commission will grant the Company’s request for continued listing.” However, in general, trading of the shares of these companies was suspended on American exchanges back in February 28, 2022.
• Even if an appeal is filed, the trading will remain suspended until the appeal is resolved and the companies are delisted.