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22 January 2024·16 min read

Sofia Drobychevskaya

Most Interesting Startups to Watch in 2024

After exploring innovative solutions created in Portugal, UK, Germany, Sweden, and France, let's dive into the 2024 startup scene. Discover a selection of the 36 most interesting tech companies 2024 worth keeping an eye on.

In the ever-evolving landscape of technology and innovation, the year 2024 has brought forth a new wave of exciting startups that are pushing the boundaries of what's possible. From renewable energy solutions to AI-driven platforms and sustainable materials, these startups from across Europe are making their mark. In this article, we'll introduce you to 36 of the most intriguing and promising tech companies of 2024, hailing from countries like Lithuania, Latvia, Estonia, Greece, Romania, and more. Join us as we explore the impressive accomplishments and groundbreaking technologies that make these startups ones to watch in the year ahead.

PVcase

Founded in 2018, Lithuanian SaaS company PVcase specializes in solar technology for designing and optimizing commercial and utility-scale solar projects. It raised €89M in a 2021 Series B round, following a $23M Series A with investors including Lithuanian VC Practica Capital, US VC Elephant, and Contrarian Ventures. PVcase, known for its AutoCAD plug-in and use of 3D data for accurate solar layouts, has designed over 3 GW of solar projects.

Aerones

Latvian startup Aerones specializes in robotic solutions for wind turbine maintenance and inspection. Over the past year, the company has expanded its team by 60%, reaching a total of 91 employees. With a total funding of $83.6M, including a $30M Series A round led by Blume Equity and backed by Y Combinator, Aerones demonstrates strong financial support and investor confidence. As the renewable energy sector continues to grow, Aerones plays a vital role in providing innovative robotics solutions for wind turbine maintenance.

Skeleton Technologies

Estonian company Skeleton Technologies, a leader in ultracapacitor technology, offers advanced energy storage devices with rapid charging capabilities, ideal for fast-charging EV batteries. It has raised substantial funds, including a €41.3M Series D in 2020 and a €108M Series E round in 2023. Their products, featuring patented curved graphene, offer double the energy and four times the power density compared to competitors, serving sectors like engineering, aerospace, and automotive manufacturing.

CAST AI 

Lithuanian startup CAST AI offers an AI-driven cloud optimization platform, focusing on reducing cloud costs, streamlining DevOps, and automating disaster recovery. It enhances Kubernetes workload efficiency by selecting cost-effective instances and maximizing utilization. Features include easy Kubernetes management, in-cluster observability, and built-in security. In November 2023, CAST AI closed $35M in a Series B round, led by Vintage Investment Partners, with participation from Creandum and Uncorrelated Ventures, totaling $73M in funding.

TileDB

Greek startup TileDB, focusing on versatile data engines, raised $34M in a Series B round with investors like AlleyCorp, Lockheed Martin, Intel Capital, and Big Pi Ventures. Their engine enables efficient data access, analysis, and sharing across various fields, including life sciences, geospatial research, and generative AI. TileDB uses multi-dimensional arrays to manage different data types and offers open-source tools and TileDB Cloud for distributed computations, interactive analysis, and collaboration, along with vertical solution integrations.

Creatopy

Romanian startup Creatopy simplifies ad creation and personalization for brands and agencies. It has raised $10M in a recent Series A funding round led by 3VC and Point Nine. Creatopy bridges the gap between designers and marketers, empowering them to create scalable, personalized ad sets across channels. With over 5k brands and agencies, including Salesforce, Autodesk, Zeiss, and Yellow Pages, among its customers, Creatopy has established itself as a valuable tool for enhancing advertising campaigns' effectiveness and achieving meaningful audience engagement.

Woltair

Prague-based Woltair, a platform linking consumers with businesses for sustainable energy solutions like heat pumps or solar panels, secured €20.5M in a Series A round led by Fifth Wall and The Westly Group in June 2023. This funding reflects strong investor confidence and will aid in expanding operations, product development, and market reach. The company's rapid growth from 3 to 600 employees in 3 years shows increased capabilities and potential for customer base expansion. 

eAgronom 

Estonia's eAgronom encourages sustainable farming by helping farmers measure greenhouse gas emissions and convert them into valuable carbon credits, boosting revenue. In 2022, the startup secured a $7.4M Series A funding round led by Yolo Investments and ZGI Capital. eAgronom recently expanded to cover 1.5M hectares with over 2,5k farmers, raised €5M to expand their carbon program, and invested in real-time soil monitoring partnerships, aiming to be Europe's trusted agricultural carbon credit provider, bridging economic and ecological interests.

Cosmose

Poland-based Cosmose leverages AI to power a global platform that enables brick-and-mortar brands to understand and influence offline customer behavior. The startup tracks users' locations with impressive precision, down to a 1.6-meter range, providing insights like aisle preferences and fitting room interactions. This data helps brands optimize marketing and target ads effectively. Cosmose influences over 1B consumers, connecting offline and online shopping seamlessly across 500k + locations. It collaborates with major companies like LVMH, Richemont, L'Oréal, and Estée Lauder.

SEON

Hungarian company SEON specializes in online fraud prevention, using data analysis to detect fraud in real-time. Their software combines machine learning with human intelligence algorithms, device fingerprinting, and IP analysis to identify fraudulent patterns. This aids businesses in detecting and preventing fraud while ensuring data security. In April 2022, SEON raised $94M in a Series B round from Creandum, Institutional Venture Partners, and PortfoLion. Notable clients include Revolut and NFT startup Sorare.

Photoneo

Photoneo, a Slovakia-based startup, is redefining the realm of machine vision with its groundbreaking technology. Founded by a team of visionaries, this company aims to equip robots with human-like vision capabilities, focusing on 3D technologies. These innovations enable robots to identify, handle objects, and navigate environments with precision, transforming automation in warehouses and factories. Having raised around $53M in total, including a significant $19M Series B funding in 2023, Photoneo's market impact is evident. 

Inuru

Inuru, a Poland-based startup with a presence in Germany, is revolutionizing the packaging industry with its OLED (Organic Light-Emitting Diode) technology. Focused on luxury branding and pharmaceuticals, their light-up packaging enhances user safety and engagement. Tackling critical health issues, Inuru's interactive labels are set to transform medication safety and adherence. The company's recent $10M funding, adding to over €12M previously raised, reflects investor confidence in its innovative approach to packaging.

Aether Biomedical

Poland-based medical robotics startup Aether Biomedical focuses on developing bionic limbs, particularly for upper limb amputees, using AI-based biomedical signal processing. Their main product is the Zeus hand, a strong and customizable multi-action bionic limb. Aether Biomedical recently raised $5.8M in a Series A funding round led by J2 Ventures, Story Ventures, Chiratae Ventures, and Sunfish Partners. This funding supports the development and expansion of their rehabilitation robotics, like the Zeus hand, which is gaining traction in Europe and Asia and is now entering the U.S. market.

.lumen

.lumen, a Romanian startup, is at the forefront of developing innovative glasses for the visually impaired. It has recently raised €5M, with half from the European Investment Bank. This funding is fueling the advancement of their groundbreaking self-driving glasses, currently in clinical trials and approaching market launch. With a total of €6M raised and tech giants like Nvidia and Dassault Systemes among the backers, .lumen is dedicated to transforming mobility solutions for the 40 million blind people globally. The company has gained recognition through the EIC Accelerator funding and the prestigious Red Dot:Luminary award for its contributions to assistive technology.

Efenco

Estonian cleantech startup Efenco is pioneering its Cold-Plasma-Assisted Carbon Neutral Combustion (CPA PAC) technology, aimed at revolutionizing industrial heat production. Their High Energy Ray Ceramic (HERC) chip enhances the efficiency of industrial furnaces and boilers, cutting carbon emissions by 20% and increasing burning efficiency by 18%. This technology is designed for easy integration into existing systems, aiding energy-intensive industries in achieving CO2 neutrality while improving asset returns and lowering operational costs. Efenco has recently raised €4.5M, led by EstBAN Syndicate, and received grants from the EIC and Estonia's Archimedes Foundation to further develop their GHG emission-reducing solutions.

CTHINGS.CO

Polish company CTHINGS.CO, specializing in 5G IoT solutions and Digital Twin cloud applications, has recently secured €4.5M in funding from investors like Orlen VC, PKO VC, Freya Capital, and Level2 Ventures. Its success includes winning the 5G Challenge in Lisbon, indicating a strong reception for their edge IoT solutions in the telecommunications industry. CTHINGS.CO focuses on uncovering hidden potential in processes and assets by providing end-to-end 5G IoT solutions that enable secure data networking, capture, and analysis, ultimately leading to cost savings and better decision-making.

Fractory

Estonian startup Fractory offers a cloud manufacturing platform linking engineering companies with on-demand manufacturing solutions, with a strong focus on sustainability. Serving the US, UK, and Nordic Europe, it has recently raised €4.8M, led by Finnish VC firm Kvanted, to support expansion and capacity growth. Founded in 2017, Fractory has quickly gained traction and significant clients, and secured backing from investors such as Superhero Capital and Taavi Kotka. The startup’s innovative approach is set to drive continued success in the manufacturing sector.

UP Catalyst

UP Catalyst, an Estonian green technology startup, specializes in transforming CO2 emissions into valuable carbon nanomaterials and graphite for use in electric car batteries, concrete, and biomedicine. Focused on revolutionizing battery technology sustainably, it has recently secured €4M in funding. This round, led by Extantia and SmartCap VC, with contributions from other investors, will help build a pilot reactor for processing CO2, aligning with their goal to supply green graphite and contribute to a sustainable future in the automotive industry.

Thorium Space

Thorium Space, a Polish aerospace company, is making strides in developing cost-effective satellite communication solutions. With recent funding of PLN 4M (approximately $1M), the company is gaining prominence in the industry. Its focus lies in designing space vehicles and advanced smart array antennas, aimed at improving communication for Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Earth Orbit (GEO) satellites. A key project for Thorium Space is the creation of a cutting-edge space-based transceiver operating in the E-Band frequency.

Holi.

Holi, a healthtech startup based in Warsaw, Poland, specializes in digital metabolic health care, focusing on obesity treatment. As a digital clinic, Holi leverages technology to offer holistic health programs that blend strict dietary regimens, workout plans, and the latest in pharmacological treatments, all under the expert guidance of health specialists. The startup stands out for its holistic approach, combining diet, exercise, and advanced pharmacological treatments within a digital platform, making healthcare more accessible and personalized. Holi has successfully raised €691K in a pre-seed funding round led by YZR Capital

Elai.io

Ukraine's Elai.io is an AI-driven platform revolutionizing video creation by enabling users to convert text into high-quality videos quickly and easily. This tool is particularly beneficial for content creators and marketers, featuring customizable AI avatars from selfies and multi-language support. Garnering support and investment from Google for Startups and SID Venture Partners, Elai.io stands out in the video content market. It not only simplifies and accelerates video production but also aids in localizing content for diverse markets and personalizing videos with custom avatars.

Liftero

Polish spacetech Liftero focuses on developing reusable orbital transfer vehicles, for efficient satellite deployment. Aiming to provide cost-effective delivery solutions for satellite constellations, the startup has secured pre-seed funding from bValue, Sunfish Partners, and Freya Capital. Liftero’s flagship project is Motus. To demonstrate its space maneuvering and satellite deployment capabilities, the startup plans a demo flight for Motus in 2025.

AMLYZE

AMLYZE, a Vilnius-based regtech company, offers SaaS solutions for financial crime prevention, focusing on fintechs, neo-banks, and crypto businesses. Its services include transaction monitoring, risk assessment, and AML investigation. The company, starting its services in 2022, has recently raised €1M in a pre-seed round led by Practica Capital and Firstpick. With a team of experts from leading financial and regulatory bodies, AMLYZE continues  to grow, particularly in the Baltic States and the UK, meeting the rising demand for effective anti-money laundering and financial crime prevention tools in the financial sector.

AiSDR

Ukrainian AI startup AiSDR focuses on reducing SDR costs and enhancing sales pipelines using AI. It provides automated prospecting, sales automation, and AI-driven email nurturing to aid businesses in qualifying prospects and crafting personalized email campaigns. AiSDR, which boosts response times and conversion rates through generative AI, secured $3M in funding from Y Combinator, Rebel Fund, Pioneer Fund, Bluepointe Ventures, SID Venture Partners, and Flyer One Ventures in November 2023. The platform is designed for automating meeting scheduling, lead management, and communication with prospects.

Envirly

Envirly, a Polish startup founded in 2020, offers an innovative platform focused on carbon footprint management and ESG (Environmental, Social, and Governance) compliance. It empower organizations to measure, reduce, and manage their environmental impact while also promoting social inclusivity and improving governance structures. Recently, Envirly secured approximately €1.38M in funding from investors including Bank BNP Paribas, Tangent Line Ventures, and Aligo VC, enabling them to further support businesses on their journey toward sustainability and addressing global challenges such as climate change and social impact.

RAIKU

Estonian cleantech startup RAIKU has created a game-changing 100% natural packaging material, offering eco-friendly alternatives to plastics and high CO2 materials. This innovation is incredibly efficient, using raw materials 15-20 times more effectively than traditional materials. RAIKU has already secured €1.2M in pre-seed funding, developed proprietary technology, and garnered clients for its sustainable packaging. Recently, the startup has received €8.8M in funding from the EIC Accelerator and private investors, supporting their mission to disrupt the €1 trillion packaging industry with green solutions.

Ogre Artificial Intelligence

Bucharest-based Ogre AI, a data science startup, provides AI and machine learning solutions for the utility industry. Its platform helps energy and utilities companies make financial and operational decisions using machine learning, offering insights into consumption, network/grid technicalities, commercial losses, and anomalies. The startup has raised €2M in seed funding from Soulmates Ventures and Early Game Ventures and are dedicated to advancing the energy industry with data science and AI innovations.

BuildJet

Estonian startup BuildJet has innovated a CI product that enhances the speed and cost-efficiency of GitHub Actions. By simply integrating BuildJet's Gaming CPU Cloud into GitHub Actions with a single line of code, developers can achieve a 2x speed increase. Addressing GitHub Actions' commonly noted slow performance due to older Azure machines with low single-core performance, BuildJet utilizes dedicated high-performance gaming CPUs. This setup, optimized for high single-core performance, provides a significant speed boost, revolutionizing the CI process. Demonstrating its efficiency, BuildJet's technology enabled MacBook Pro 2015 hardware to outperform GitHub Actions runners in 2022. In April 2023, the company raised $500k in a pre-seed round led by Y Combinator.

Enpal

Enpal, a Berlin-based startup founded in 2017, is transforming the green energy landscape with its innovative rental model for photovoltaic systems, home storage, and charging solutions. Focused on making renewable energy accessible, Enpal offers integrated, climate-neutral solutions for homes, and has rapidly grown to over 30,000 customers. The company's success is underscored by exceeding €400M in sales and achieving profitability. Backed by substantial investments, including a recent €215M Series D round, Enpal is poised for further expansion in the renewable energy market.

VARM

German insulation startup VARM, founded in 2023, has secured a 7-figure pre-seed investment from Foundamental and A/O, with strategic guidance from Thermondo's founders. Dedicated to household decarbonization, VARM is set to revolutionize the German insulation market, starting in Berlin. It offers a comprehensive solution for cavity wall insulation, simplifying the process of obtaining quotes, accessing grants, and installation for homeowners. Aiming to insulate 1 million homes over the next decade, VARM is digitizing the insulation process to make it more accessible and affordable, aligning with the EU's 2050 zero-emission building goals.

DePoly

Swiss startup DePoly is revolutionizing plastic recycling with technology that converts PET plastics and polyester textiles into high-quality raw materials. With CHF 16.3M in funding, including a $13.8M Seed round led by BASF Venture Capital and Wingman Ventures, DePoly is tackling plastic pollution by reducing the carbon footprint of plastic production and disposal, aligning with demands for sustainability in the plastic industry. Their solution marks a significant step towards a greener future.

Caeli Energie

Caeli Energie, a French DeepTech startup, is innovating in the air conditioning sector with its eco-friendly technology. In collaboration with CNRS, it has developed a patented air conditioning system that eliminates harmful refrigerants and is five times more energy-efficient than traditional units. Targeting residential and small business use, this technology addresses the environmental impact of conventional air conditioning, especially relevant due to climate-induced heat waves. Supported by the SEED program and investors like Asterion Ventures, Bpifrance, Rise PropTech, and Starquest Capital, Caeli Energie has raised €12.1M across three funding rounds, reflecting growing demand for sustainable cooling solutions.

Kausal

Kausal, a Finnish startup founded in 2020, is transforming city-level climate action with its digital platform. Kausal aids cities in setting transparent climate goals, developing actionable plans, and monitoring progress. Their software-as-a-service platform, used by cities across three continents, streamlines data collection and reporting, offering real-time public dashboards for enhanced transparency in sustainability efforts. With €880K raised in a Seed round led by Innovestor and Zubi Capital, Kausal is expanding its influence in the DACH region and North America, empowering cities to tackle climate change effectively with data-driven decision-making.

ONiO

ONiO, based in Oslo, is revolutionizing the IoT sector with its batteryless microcontrollers, ONiO.zero, which harvest energy from ambient sources like RF, thermal, and solar signals. These microcontrollers eliminate the need for batteries in devices such as sensors and remotes, paving the way for more sustainable, efficient IoT solutions. Having raised €2.5M in funding, including a grant from the European Innovation Council, ONiO is committed to a future of minimalistic, environmentally friendly, and self-powered IoT devices.

Lun

Lun, a Danish startup, is streamlining home decarbonization by creating a digital platform for electric heat pump installers. Addressing the issue that installers spend about 50% of their time on administrative tasks, Lun's platform automates processes like site visits, quotations, invoicing, and procurement. This innovation significantly reduces time and complexity in heat pump installations. Lun has raised €10.3M in funding, with the latest round in March 2023, backed by investors including Lowercarbon Capital and My Climate Journey Collective, highlighting the growing demand for efficient solutions in green energy implementation.

Marvel Fusion

Marvel Fusion, based in Munich, is advancing fusion energy technology to provide clean, safe, and sustainable energy. Leveraging Nobel Prize-winning research, the startup’s method employs short-pulse, high-energy lasers for non-thermal nuclear fusion reactions, offering an innovative alternative to conventional energy production. Since its 2019 inception, Marvel Fusionhas secured €35M in Series A funding, totaling €60M in investments. Backed by Siemens Energy, TRUMPF, and Thales, and led by experts in nanotechnology and plasma physics, Marvel Fusion is making significant progress towards commercializing fusion energy, with the potential to revolutionize the global energy sector.

Want to discover more interesting startups from specified countries? Check out the list below. Top Startups from:

Related Posts:

Most Interesting Startups from the United Kingdom to Watch (by Sofia Drobychevskaya, Editor, Vestbee)

Most Interesting Startups from Germany to Watch (by Sofia Drobychevskaya, Editor, Vestbee)

Most Interesting Startups From Sweden To Watch (by Sofia Drobychevskaya, Editor, Vestbee)

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