The Hungarian startup ecosystem started to grow around 2006 and nowadays Budapest is a thriving startup hub with many internationally recognizable startups like Prezi, Ustream, LogMeIn, NNG or Autohop. However, it also faces some challenges, among others lack of angel investors, mentors and unsubstantial number of specialists, especially those experienced in marketing and product development. Despite the obstacles, the Hungarian ecosystem provides great opportunities for both the development of startups as well as for global investors that start to pay bigger attention to this market. Below we have listed some promising Hungarian companies to keep on the radar in 2020.
Shapr3D
Location: Budapest, Hungary
Launch date: September 2015
Total funding received: €7,3M
Funding Source: Creandum, Point Nine Capital, InReach Ventures, Lifeline Ventures
Shapr3D launched a 3D touch-controlled modeling software for iPad which is fully integrated with additive printing machinery for engineers, so they can create models of hardware, tools, jewellery, furniture which will be manufactured with 3D printing machinery. The app is intuitive to learn and makes model creation faster than work on the keyboard due to the touch modeling concept. It also provides a customized onboarding sequence, free video tutorials and bi-weekly webinars by industrial design professors and mechanical engineers that introduce advanced skills and techniques.
Conversific
Location: Debrecen, Hungary
Launch date: February 2018
Total funding received: €425K
Funding Source: Hiventures Investment Fund
Conversific provides e-commerce analytics, helps to understand the behaviour of customers, improves conversion rate and boosts online sales. The programme supports entrepreneurs in making profitable decisions, managing products portfolio more effectively and adjusting their price policy. The solution has features like e-commerce reports, e-commerce benchmarks, data insights, trade analysis. The company won European Business Awards, has the first place as an app on ProductHunt and has almost 5.00 average overall rating on the Shopify app store.
SEON
Location: Budapest, Hungary
Launch date: January 2017
Total funding received: €10,6M
Funding Source: Fiedler Capital, PortfoLion, Creandum
You can be sure that your accounts and electronic devices are safe, if you use SEON software. The company invented an AI-supported fraud prevention program which can be applied for banking, payment gateways, online loans, e-commerce, gaming and travel industries. SEON provides a complete end-to-end solution which can guarantee: email, phone, location and IP analysis, fingerprint recognition and can be integrated with Standalone API's, Complete API suite, manual queries or Graphical User Interface.
Dentist Robot
Location: Budapest, Hungary
Launch date: May 2017
Total funding received: €201K
Funding Source: EU Executive Agency for SME, Hiventures Investment Fund
This Hungarian startup automates dental process by robotization and paralleling the work phases, reducing the time of dental operations by 90%. Firstly, Dentist Robot makes an oral scan of a patient's teeth and reconstructs it in the 3D model. The doctor receives the model and reshapes the form of the teeth, which is sent to a dental technician who makes the prosthesis. Finally, the robot is inserted into the patient's mouth, it does the reshaping procedure and the patient receives the prosthesis immediately. This process is way faster than any conventional method – it is skipping the phases of an initial reshaping, imprinting, model reconstruction, and digitization. The patient has to visit a doctor only once and receives personally tailored prosthesis of excellent quality.
Smart Vineyard
Location: Budapest, Hungary
Launch date: March 2011
Total funding received: €1,1M
Funding Source: Start-up Chile, EU Executive Agency for SME
This startup has forever changed the wine industry in Hungary. Smart Vineyard provides complex care for vineyards by microclimate monitoring, disease prevention and measuring all-weather parameters with special integrated LHT sensors. The company provides both portable hardware and user-friendly software which is very intuitive in use. The startup won 3rd place at Finals of Intel Business Challenge Europe, Hungarian Innovation Grand Prize and was a finalist in Cambridge University Start-up Programme.
Poizo
Location: Budapest, Hungary
Launch date: September 2015
Total funding received: €127K
Funding Source: Smart Future Lab
Poizo provides innovative, multi-zone heating hardware able to create up to 6 different temperature zones, which can be adjusted to the personal needs of a customer. The heating makes no noise while operating and safes 25% of energy consumption. It also has security sensors, which will automatically switch off the device, if it overheats. The hardware can be remote-controlled by a mobile app available for Android and iOS. The startup is a winner of EDISON Light Up! and has partnerships with MVM group, Startit@K&H incubator and Climate-Kic.
AerinX
Location: Budapest, Hungary
Launch date: May 2015
Total funding received: €520K
Funding Source: X-Ventures
AerinX developed a cutting-edge solution for aircraft inspection which is disrupting the air transportation industry. The smart AR technology helps to limit inspection time by 80%, reduces average costs by 70 000 $ on one inspected airplane, also it significantly minimizes the possibility of human mistake. The software is capable of precisely locating and measuring the damage and provides essential technical information about the damaged area. The decision to fly or not can be taken within turnaround time. This is a change that can boost the efficiency of aircraft transportation.
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