Innovative Startups From Latvia Worth Your Attention

Mateusz Walczyk Startup Analyst, Vestbee
Innovative startups from Latvia

After exploring Estonian, Hungarian, Slovenian, Romanian, and Czech Republic startup scenes, let’s dive into another CEE startup ecosystem. Meet emerging startups from Latvia!

CENOS

CENOS creates 3D models and simulations for the energy and heating industry. The solution makes it possible to improve the technology and test machinery with software instead of physical tests. The startup can support both complex, multi-purpose constructions and simple machines, providing insights to engineers. Global leading companies like Volkswagen, Himmelwerk, Netzch have trusted the company which raised €365K with Startup Wise Guys, Siena Capital and 500 Startups.

GetFocused

GetFocused is an enterprise software solution for organizing online meetings. It engages participants before, during, and after the meeting, by defining goals, sharing notes and showing tasks to those accountable. Software is integrating seamlessly with Google Calendars, Google Hangouts and Zoom. GetFocused has raised a round of undisclosed value with Overkill Ventures.

Vartus

Vartus provides homeowners, buyers and renters estimation of the true value of any real estate in Riga. The algorithm collects and analyzes transactions recorded in the Public Land Registry in recent years, and evaluates the most accurate price of specific houses. In the future, the software will also include real estate in other regions of Latvia. Vartus has raised a round of undisclosed value with Startup Wise Guys.

3DOptimizer

3DOptimizer controls the performance of 3D printing hardware, reducing costs and likelihood of failure, increasing both quality and speed of product manufacturing. The optimizing tool is integrated with most of FFF/FDM  type 3D hardware and helps to choose the most suitable settings for specific 3D printer and material combination. The startup has raised €160K with Overkill Ventures.

Kora

Kora is an app supporting pro-ecological activities among users and encouraging to reduce carbon footprint, energy waste and pollution. It introduced a rewarding system for users’ environmentally friendly actions by giving them digital currency. The company has raised €880K with an undisclosed investor.

Marine Digital

Marine Digital fills in the innovation gap in the maritime sector by boosting automation processes within the logistics. Its system for vessels aims to improve the transfer of data. Company is supported by the Marine Software Solution and Unimars Group and has raised €150K with APX and another undisclosed investor.

Alternative Plants

Alternative Plants manufactures eco cosmetics and natural food by using rare medicinal plants. Due to plant stem cell technology, it is possible to produce cosmetics, food and pharmaceuticals rich in bioactive ingredients. The company is supported by Magnetic Latvia and Buildit, and has raised 2 rounds of undisclosed value with RebelBio and SOSV.

Fixar

Fixar is a drone manufacturer offering solutions for outdoor and indoor tasks. Aircraft can be used for aerial photography, laser scanning, real-time monitoring, delivery, soil fertilizing, and airspace security. Each released product is constructed especially for customer's requests. The company has 20 business clients, operates in 4 countries and has already raised €500K with The Untitled VC.

SpacePass

SpacePass offers a booking platform giving access to co-working spaces and integrating the flexible office industry. The solution helps to manage working space, making it easier for owners, real estate brokers, or travel agents to distribute office resources in the most effective way. The company has raised €600K with Larix.

xTimer

xTimer created hardware measuring the time and speed of athletes which helps them to track their improvement. It can be applied for professional runners, cyclists, football, basketball and soccer players. The chronometer is very precise (2/100th per second) and portable, so it can be easily transported anywhere the user wants. xTimer has been recommended by sports champions like Jānis Leitis, Leon Reid, Kristens Krīgers, Sindija Bukša.

Recorn

Recorn created a multilingual call transcription platform, recording phone calls and converting them to text. Virtual assistant analyzes conversations and extracts all crucial information, then data is transferred straight into a CRM system. The startup uses a regular mobile network for every call and also is able to understand professional jargon typical for real estate, insurance, sales and law industries.

Flipful

Flipful developed a solution that enables employees to receive their earned salary before payday without making changes to existing payroll processes. Employers can expect more loyalty from workers and also save up to 8% of annual turnover costs. The company guarantees a very high level of security, multiple firewall levels and 128bit encryption to secure each payment. The startup has raised a round of undisclosed value with Startup Wise Guys.

Beesage

Beesage manufactures IoT sensors for beehives providing information about temperature, humidity, ventilation, bee movement and honey yield. The solution helps to keep bees healthy and provides the right conditions to maximize the output of honey production. Beesage has raised a round of undisclosed value with Buildit Accelerator.

Relaxid

Relaxid is a booking platform for additional services in hotels including massages, haircare, babysitters, manicure and transportation. The solution assists hotels in providing an additional workforce on-demand, offering a full network of services in order to increase customer satisfaction and retention rate. Each user can give feedback and rate his experiences. The startup has raised a round of undisclosed value with Startup Wise Guys.

4smartstreets

4smartstreets has created a tool for traffic analysis based on deep learning technology. The software gathers information about vehicle flow, detecting any dangerous behavior on the road, helping to minimize traffic jams and manage parking space in the most efficient way. Hardware is simple in installation and weatherproof. The company has raised €100K with Ofinex.

Nordigen 

Nordigen analyses financial data and categorizes banking transactions, gathering all the information in one credit bureau. The features include income verification, affordability checks, credit scoring, and also detection of suspicious behaviors. Nordigen operates in 19 countries, has connections with over 2500 banks and is compliant with ISO 27001 regulated by GDPR. The startup has raised €1M with Inventure, SeedCamp, SuperAngel, Imprimatur Capital Fund Management and Change Ventures.

Giraffe 360

Giraffe 360 is providing three different real estate services from just one camera, reducing costs by 90%. The first is wide-angle photography of every room and a professional edition of pictures (over 1M of photos in the database). The second service includes detailed floor plans with 98+% accuracy. The third option offers customizable virtual tours. The company operates in a subscription-based model, offering excellent quality for buyers, vendors, landlords and real estate agents. Giraffe 360 has already raised €6,3M with Hoxton Ventures, HCVC, Change Ventures, Koha Capital and LAUNCHub Ventures.

Jeff

Jeff is a loan broker platform that matches borrowers and lenders through alternative data. Information is gathered from many sources like smartphones, social media, behavioral patterns, geolocation and then used to verify the creditworthiness of the customers. The solution builds new ways of accessing financing, widening the financial inclusion of yet unbanked citizens. Within only 2 minutes, the system is able to present the best, personalized loan offer! The company has raised €330K with EstBAN.

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