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1、LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE Baltic Deep Tech Report 2023Septemb
2、er 2023Page/2 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONFOREWORD BYSince 2019 an overwhelming majority of our investments have been channeled into the Baltic regions burgeoning Deeptech and AI sectors.T
3、his decision is rooted in our firm belief that Deeptech represents the true mission of venture capital a vehicle for fostering innovation that leads to breakthroughs with profound implications for human social and economic freedoms.In the Baltics,also known as the New Nordics we are captivated by th
4、e convergence of science and applications in photonics,robotics,AI and other breakthrough fields as it promises to unlock unprecedented potential across various industries.“Kasparas JurgelionisManaging Partnerat Iron Wolf CapitalDESIGN CONTENTWe are favoured to be the region leading the number of ST
5、EM students per capita in Europe,an engine that will torque innovation for years to come.At Iron Wolf we aim to support and accelerate the growth of startups and innovators who are pushing the boundaries of what is possible.We see this as an opportunity not only to generate strong returns for our in
6、vestors but also to be part of a transformative force that positively impacts society and empowers individuals and businesses alike.DESIGN CONTENTPage/3 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONAlex Ha
7、miltonEcosystem Innovation Analyst at dealroom.coLouis Geoffroy TerrynEcosystems Research Lead at dealroom.coFunding update1Table of contents23Deep Tech in the BalticsThe Baltic startup ecosystemDESIGN CONTENTCo-authorsKlaudija BudreikaiteHead of ESG at IronWolf CapitalKasparas JurgelionisManaging P
8、artner at IronWolf CapitalSpecial thanks to our contributorsRoberta RudokienManager at Startup LithuaniaAudrius JanulisIndustry Manager Balticsat GoogleAndrius IvanauskasPartner at WallessHaris AlibegovicCorporate Field Sales Manager at Google CloudDESIGN CONTENTPage/4 LOGOS SPACINGYEAR/EXTRA LABELT
9、ITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONGlobal startup&venture capital intelligence platform.Dealroom.co is the foremost data provider on startup,early-stage and growth company ecosystems in Europe and around the globe.Founded in
10、Amsterdam in 2013,we now work with many of the worlds most prominent investors,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Seed stage VC fund from the Baltics.Iron Wolf Capital is a leading early-stage VC fund backing exception
11、al founders building disruptive and global deep tech businesses.With more than 20 investments over the last 4 years we are one of the most active investors in the Baltics and beyond.Iron Wolf Capital manages EUR 21 million VC fund that was established under the framework of the financial instrument
12、Venture Capital Fund II managed by Invega and financed from the European Regional Development Fund(ERDF).Seed stage VC fund from the BalticsIron Wolf Capital is a leading early-stage VC fund backing exceptional founders building disruptive and global deep tech businesses.With more than 20 investment
13、s over the last 4 years we are one of the most active investors in the Baltics and beyond.Our team is comprised of individuals with extensive operational expertise and a strong engineering background,enabling us to offer invaluable assistance to AI/deep tech entrepreneurs.Iron Wolf Capital manages E
14、UR 21 million VC fund that was established under the framework of the financial instrument Venture Capital Fund II managed by Invega and financed from the European Regional Development Fund(ERDF).DESIGN CONTENTPage/5 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2
15、EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSeed stage VC fund from the BalticsIron Wolf Capital is a leading early-stage VC fund backing exceptional founders building disruptive and global deep tech businesses.With more than 20 investments over the last 4 years we are one of the most a
16、ctive investors in the Baltics and beyond.Our team is comprised of individuals with extensive operational expertise and a strong engineering background,enabling us to offer invaluable assistance to AI/deep tech entrepreneurs.Iron Wolf Capital manages EUR 21 million VC fund that was established under
17、 the framework of the financial instrument Venture Capital Fund II managed by Invega and financed from the European Regional Development Fund(ERDF).DESIGN CONTENTHigh-performance infrastructure for cloud computing.Google Cloud,a dynamic and trailblazing division of Google,stands at the forefront of
18、innovation in cloud computing.As a premier provider of cloud solutions,we empower businesses,developers,and enterprises to harness the full potential of modern technology.With an expansive array of tools encompassing data analytics,artificial intelligence,machine learning,and more,we enable organiza
19、tions to seamlessly migrate,manage,and optimize their operations in the digital realm.National startup ecosystem facilitator.By building bridges between different ecosystem players,Startup Lithuania aims to help current and potential Lithuanian startup founders to start,grow and scale their business
20、es.We organize workshops and acceleration programs,give consultations,offer different support schemes for startups,present our ecosystem abroad and organize the main international startups event in Lithuania Startup Fair.Startup Lithuania is a part of official public agency Innovation Agency Lithuan
21、ia Lithuanias business competitiveness partner in a global world.A modern Baltic law firm with a wall-less attitude.We are committed to providing our clients with the highest level of service,transparency,and professionalism,as well as diversity and inclusion.We come with a mindset of a full scope l
22、egal service with large teams across all business law areas.This makes us well-versed in local and international regulations,and well-suited to assist clients with a variety of matters.Tech start-ups particularly require deep understanding of the emerging complexities of large language models and vi
23、sual AI across biotech and other industries.We ensure that these ventures get all the support they need throughout the lifecycle of their business.Page/6 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONKey ta
24、keaways2017202246B Combined Enterprise Value Baltics(2016-2022)3.8x12B CHART PLACEHOLDER 31.6B|32%Value Invested%of Total VC Funding880M|18%764M|15%337M|7%332M|7%The Baltics Deep Tech sector is one of the fastest growing in Europe.The combined enterprise value of Deep Tech startups in the Baltics ha
25、s more than quadrupled since 2018,outpacing that of many leading regions globally.As part of a comparatively smaller ecosystem,Baltic startups are able to grow fast and leave a mark on the broader startup ecosystem,driving innovation not just domestically but also with a global impact,showcasing the
26、ir prowess in deep tech innovation.VC investment has reached new heights,and continues to grow at early and breakout stage.Baltic startups raised over 4B in 2021 and 2022,more than all previous years combined.Since H2 2022 and amidst a more conservative investment environment,Baltic startups have ra
27、ised over 800M at early and breakout stage.Combined EV of Deep Tech startups5 year growth(2018-2023 H1)VC investment in the Baltics Early stage rounds(0-15M)Breakout stage rounds(15-100M)Deeptech and AI startups are taking center stage in the Baltics.Deep Tech startups have raised a combined 700M ov
28、er the past five years,i.e.10%of the total volume of VC investment in the region.In 2023 so far,Deep Tech startups raised over a quarter(94M)of all VC investment deployed in the region.In combination with AI-powered startups,this growing ecosystem of R&D-intensive,innovative companies is capturing a
29、 growing proportion and amount of investment from local and international investors alike.VC funding by segment in the Baltics Deep Tech&AI startups All other startups1B500M2002120222023*290M+200212022H1 2023 54%17%18%27%25%52%NordicsEU averageBalticsUSADACH5.0 x4.0 x3.6x3.1x4.
30、2x360M367M+320M1.9B1.6B565M*annualized projection based on H1 202360%66%92%76%92%71%Page/7 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDESIGN CONTENT1.Baltic Funding Update.Page/8 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAP
31、H TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBaltic startups have raised 516M so far in 2023,amidst a significant uptick in activity across the region over the past 5 years.In the past 18 months,there have been over 400 funding rounds across t
32、he Baltics.VC investment now routinely exceeds$100M per quarter,driven not just by Megarounds,but also by a growing pool of VC-backed startups.415m(series A)14m(seed)01m(pre-seed)VC investment,Baltic startups view online800M1BQ22022Q22021Q22020Q22019Q22018Q22023Source:Dealroom.coH1 2023 VC funding i
33、ncludes investment rounds for startups headquartered or founded in the Baltics.Data accurate as of 12 July 2023.600M 250m+100250m 40100m(series C)1540m(series B)GrowthBreakoutEarly400MQ22017200MSource:Dealroom.coRound information for Baltics region accurate as of 2023 H1Note:due to reporting lag,the
34、 last 12 months are systematically under reporting on rounds especially small rounds.350Min 2023H1Q3Q1DESIGN CONTENTDESIGN CONTENTThere have been 6 mega rounds in the past 18 months summing to over 1.2B in value into startups such as PVCase,Bolt and Nord Security.Page/9 LOGOS SPACINGYEAR/EXTRA LABEL
35、TITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONMarch2023Feb 2023Jan2023The Baltic ecosystem boasts a strong pipeline of promising Deep Tech,AI&impact startups.DESIGN May2023Apr 2023Jul2023Jun 2023CONTENTCompanyInvestment sizeLabelLocati
36、onDateBolt690,800,000 SERIES FTallinn,EstoniaJan/2022Venice Swap100,000,000 EARLY VCVilnius,LithuaniaApr/2022PVcase100,000,000 EARLY VCKaunas,LithuaniaJul/2023Nord Security100,000,000 LATE VCVilnius,LithuaniaApr/2022Veriff100,000,000 SERIES CTallinn,EstoniaJan/2022Kevin.65,000,000 SERIES AVilnius,Li
37、thuaniaMay/2022TABLE 1)Largest rounds in since 2022 view onlineCompanyInvestment sizeLabelLocationDateSkeleton Technologies55000000CONVERTIBLETallinn,EstoniaJul/2023Starship Technologies42000000San Francisco,United StatesMar/2022Aerones38900000 LATE VCRiga,LatviaDec/2022Zenith Chain35000000 EARLY VC
38、Vilnius,LithuaniaApr/2022Wolf3D13000000 SERIES ALos Angeles,United StatesJan/2022Aerones9000000 SEEDRiga,LatviaApr/2022TABLE 2)Selected Deep tech funding rounds since 2022CompanyInvestment sizeLabelLocationDateVeriff100,000,000 SERIES CTallinn,EstoniaJan/2022Kevin.65,000,000 SERIES AVilnius,Lithuani
39、aMay/2022Ready Player Me56,000,000 SERIES BTallinn,EstoniaAug/2022Glia45,000,000 SERIES DTallinn,EstoniaMar/2022Eurora Solutions40,000,000 SERIES AHarju maakond,EstoniaApr/2022Pactum20,000,000 EARLY VCEstoniaDec/2022TABLE 3)AI powered startup funding roundsCompanyInvestment sizeLabelLocationDateBolt
40、690,800,000,000 SERIES FTallinn,EstoniaJan/2022PVcase100,000,000,000 EARLY VCKaunas,LithuaniaJul/2023Skeleton Technologies41,360,000,000 SERIES DTallinn,EstoniaJan/2022Aerones38,900,000,000 LATE VCRiga,LatviaDec/2022Solarstone11,000,000,000 SERIES AViljandi linn,EstoniaJul/2022Aerones9,000,000,000 S
41、EEDRiga,LatviaApr/2022TABLE 4)Impact/climate tech selected past 18 monthsDESIGN CONTENTSelected top rounds in the BalticsSelected top Deep tech roundsSelected top AI-powered startups roundsSelected Impact&climate tech roundsStartupRoundLocation&date690MSeries FTallinn,Jan 2022100M Early VCKaunas,Jul
42、y 2023100MLate VCVilnius,Apr 2022100MSeries CTallinn,Jan 202265MSeries AVilnius,May 202257MLate VCRiga,(founded)May 2022StartupRoundLocation&date55MConvertibleTallinn,July 202342MLate VCTallinn(founded)Mar 202238.9M Late VCRiga,Dec 2022olar13MSeries ATallinn(founded)Mar 20225MEarly VCTallinn,Feb 202
43、25MEarly VCVilnius,Nov 2022StartupRoundLocation&date100MSeries CTallinn,Jan 2022Lokalise65MSeries AVilnius,May 202256M Series BTallinn,Aug 202245MSeries DTallinn,Mar 202240MSeries ATallinn,Apr 202220MEarly VCEstonia,Dec 2022StartupRoundLocation&date100MEarly VCKaunas,July 2023Lokalise38.9MLate VCRig
44、a,Dec 202211MSeries ATartu,July 2022Roofit.solar12.9MSeries ATartu,Jun 2023Verge Motorcycles7.0MEarly VCKaunas,July 20223.8MSeedTallinn,Jun 2023View more View more View more View more Source:Dealroom.coFunding data for each category between 2022 and H1 2023Page/10 LOGOS SPACINGYEAR/EXTRA LABELTITLEG
45、RAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION Baltics Europe USA Asia Rest of World and UndisclosedEarly stage startups,primarily funded by local investors,are in demand for global backers to reach the next phase of success.Early stage VC f
46、unding by investor location(0-40M)view online2002120222023(H1)40%60%80%100%DESIGN Dealroom.co.Data as of 2023H1CONTENT20%Top 2022 rounds with VC participationDESIGN CONTENTOver the past 4 years,on average,20%of VC investment in Baltics startups came from local investors.30%came from the U
47、S and from the rest of Europe respectively Baltics Europe USA Asia Rest of World and UndisclosedLate stage VC funding by investor location(40M+)view onlineBreakout&Late2002120222023(H1)40%60%80%100%20%EuropeanSelected investors active since 2022 US Asia Baltics investorsSource:Pre-seed/Se
48、ed/EarlyView more View more Logos to add:Green box:LightspeedPage/11 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBaltic countries rank in the upper quartile for VC investment on a cumulative and per capit
49、a basis among CEE countries.Cumulative VC investment since 2018Density of VC activity per country VC investment deployed in country in 2022,per capitaBalticsCroatiaLithuaniaCzechiaEstoniaBulgariaSloveniaSlovakiaRomaniaLatviaHungaryPolandSource:Dealroom.co(funding),World Bank(population figures)VC in
50、vestment density uses the most recent full year of data for both funding rounds and population,2022.Data as of 2023H1EstoniaRomaniaPolandLithuaniaCroatiaBulgariaHungaryUkraineLatviaSlovakiaSloveniaCzechia350CountryVC per capita(2022 VC/2022 Pop)Estonia1,110Baltics350Croatia228Lithuania153Czechia103L
51、atvia56Bulgaria38Slovenia34Slovakia23Romania20Hungary20Poland19Ukraine10Serbia7BalticsLithuaniaCroatiaCzechiaEstoniaSloveniaHungaryPolandSlovakiaLatviaRomaniaBulgariaSerbia1.1k350444257640333012CountryVC investment 2018-2023H1Baltics6,318,516,513.2Estonia4,220,334,368.3Romania2,994,257,74
52、6.8Czechia2,782,174,933.4Poland2,594,067,143.7Ukraine2,060,454,840.7Lithuania1,687,728,428.3Croatia1,552,948,353.5Bulgaria1,190,082,459.9Hungary699,743,215.3Latvia545,233,791.4Slovakia418,920,055.2Slovenia249,772,184.0Serbia184,846,958.31.1k1.1k3506.6B1.6B545M418M184M700M2.9B2.7B2.5B2B1.5B1.1B228153
53、202019DESIGN CONTENTDESIGN CONTENTPage/12 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTransportation,Food and Fintech startups raised the most VC funding in recent years.In 2023 H1,Energ
54、y startups are raising record levels of capital,thanks to PVCases megaround in July 2022.Dealroom.co.FoodTransportationFintechEnergyGamingSecurityRoboticsMarketingHealthData|Datawrapper chart2023(H1)202220218VC Investment across industries in the Baltics view onlineExplore Baltics funding
55、 roundsVC Investment into Baltic startups across industries view onlineDESIGN CONTENTDESIGN CONTENTPage/13 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDESIGN Source:Dealroom.coData as of 2023H1Tran
56、sportationHealthEnergySecurityFintechFoodGamingMarketing5239TransportationEnergyHealthMarketingFintechFoodReal EstateSecurityIndustryVC investment rounds in 2022VC investment rounds in 2023 H1SumFintech661884Transportation271845Energy231841Health231841Food151833Security181836Marketing1818
57、36Real EstateExplore Baltic startups raising their first investment round in 2023View more 6635181118Dealroom.co.Data as of 2023H1Fintech startups raised the highest number of rounds over the past 18 months,followed by Transportation and Energy startups.Nu
58、mber of rounds into Baltic startups by industry(2022-2023 H1)view more 2022 2023 H1 DESIGN CONTENTDESIGN CONTENTPage/14 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION2.The Baltic Deep Tech EcosystemDESIGN CONTENTPage/15
59、Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Deep Tech,a definition.Examples of todays key Deep Tech domains*.Generative AIAI-first biologyPrivacy-preserving AIExplainable AIAI accelerationAutonomou
60、s systemsGeneral purpose AIQuantum computingSilicon photonicsAR/VR/MRNeuromorphic&advanced AI chipsDecentralized&distributed computingBrain-computer interfacesAmbient ComputingNovel AIFuture of Computing Download reportDealroom.co *Segments indicated are not exhaustive.Other Deep Tech segments inclu
61、de parts of synthetic biology,advanced materials,robotics,transportation,foodtech&agritech,cybersecurity.Biotech is broadly excluded from Deep Tech as biotech startups tend to follow different growth patterns and challenges.Exceptions include segments like AI-first biology.Download the European Deep
62、 Tech Report 2023 Nuclear fusionNext-gen battery chemistriesLarge-scale storagePhotonicsGreen hydrogen SupercapacitorsWaste heat recoveryReusable and next-gen rocketsSatellites for communication&earth observationIn-space transportationIn-space manufacturingDebris removalNovel EnergySpace TechNovel A
63、I-Id replace with AI without Novel.Topics:Generative modelsComputer visionScaling LLMsAutonomous systemsAI-first biologyApplied AIFuture of Computing-Id replace with Robotics and Novel Energy-Id replace with Photonics.cc DESIGN CONTENTDeep Tech is fundamentally new science and engineering.Deep Tech
64、companies apply a novel scientific or engineering breakthrough for the first time in the form of a product.This means there is technical risk in getting the idea to actually work.Deep Tech starts with an extended R&D phase and involves a higher share of technical staff compared to conventional ventu
65、res.Deep Tech also often involves the development of hardware and/or IP which are more capital and time intensive.Once technical risk is overcome,there is additional risk in proving market demand for that product.If market demand is proven,Deep Tech startups have stronger defensibility from competit
66、ion thanks to technology barriers,instead of having to rely on network effects and market lock-up.Page/16 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONNovel AIFuture of ComputingScope of the Baltic Deep Te
67、ch&AI-Powered ecosystem.ArbonicsCybersecurityRoboticsSpace TechEnergyTransportationOther Fintech,Legal,Foodtech Powered by AIDeep TechPart of the R&D intensive ecosystem,Often integrated in Deep Tech value chain and/or previously Deep Tech.Cutting-edge R&D,building on next-gen science and technology
68、DESIGN CONTENTScope of this report.DESIGN CONTENTScope of this report.Deep tech startups can come from all verticals,but just because a startups is from typically tech intensive sector,e.g.semiconductors or robotics,it does not make it automatically a deep tech startup.Certain specific characteristi
69、cs make startups deep tech,independent of its sector of operation.Page/17 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2LatviaLithuania 415m(series A)14m(seed)01m(pre-seed)250m+100250m 40100m(series
70、C)1540m(series B)GrowthBreakoutEarlyThe logo shown are not exhaustive but a discretionary selection of the startups off the category.The Baltic Deep Tech landscape.NovelEnergySpace tech Explore more550+Baltic Deep Tech startups Future of ComputingForeign Deeptech&AI Powered startups in the BalticsBa
71、ltics startups powered by AIBalticsDeeptechStartupsEstoniaPVCaseNanoAvionics,Astrolight UAB,Droplet Geonomics,Brolis Sensor TechnologyVegvisir,Trapmine,Powerup Energy,Basetrack,Wolf3D,CybExer TechnologiesSkeleton Technologies,Starship Technologies,Milrem RoboticsBreakout&Late stageStartups that have
72、 raised between 15-100M(Breakout)and over in one round.EstoniaEarly stageStartups that have raised between 0-15M in one round.Page/18 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2In the Baltics,we a
73、re seeing amazing deep tech startups which are working on revolutionizing healthcare,transportation,energy,and other industries.In the Baltics we are seeing amazing deep tech startups which are working on revolutionizing healthcare,transportation,energy,and other industries.Massive investments are b
74、eing put in place to form the right teams and apply the right platforms and technology which can harness the power of AI in order to develop solutions that will be able to quickly scale and help us solve some of the worlds toughest challenges.In just the past 3 months,Google Cloud has partnered with
75、 over 90%of its Startup and Deep tech customers in the Baltics to explore the potential of GenAI.Globally,more than half of all funded gen AI startups are Google Cloud customers,including 70%of gen AI Unicorns.This is a testament to the strong interest in this technology among our customers and the
76、various ways GenAI use cases can be implemented.Google has a long history of supporting and powering innovation from startups,and the rise of generative AI has created a tremendous opportunity for these startups to bring new value to businesses through new models,solutions,and applications.”“Haris A
77、libegovicCorporate Field Sales Manager at Google CloudDealroom.coPage/19 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn 2023,over half(54%)of the combined enterprise value of Baltics startups is de
78、rived from Deep Tech&AI-powered startups.Dealroom.co.*includes startups founded in the Baltics which have relocated their main center of business(HQ)abroad as they scale.2002%60%80%100%20%Datawrapper chartCombined enterprise value of Baltic ecosystem Deep Tech AI powered Other
79、segments*DESIGN CONTENT2002%60%80%100%20%DESIGN CONTENTDESIGN CONTENTPage/20 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn 2023H1,18%of VC funding into the Baltics went into
80、Deep Tech startups,up from 13%in 2020.Explore the funding rounds into Deep Tech,AI powered startups as well as the rest of the Baltics ecosystem directly on the Dealroom.co platform.Dealroom.co.2023 data as of 1.09.2023.due to reporting lag,the last 12 months are systematically under reporting on ro
81、unds especially small rounds.2002120222023 YTD1.5B2.0BDatawrapper chartVC funding into Baltic startups by segment Deep Tech AI powered Other segments*In 2023,over half of the Baltics combined enterprise value is derived from AI and De ep Tech driven startups.This is up 4.9x from a combine
82、d value of 11%in 2017.54%600M484M614M2.2B2.1B516M1.0B0.5BModel/Datawrapper chart485M265M228M1.5B1.7B274M233M163M94M92M81M98M29%53%18%*includes startups founded in the Baltics which have relocated their main center of business(HQ)abroad as they scale.Page/21 Source:EXTRA CONTENTALIGN HERE EXTRA CONTE
83、NT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Baltic Deep Tech startups raised a record 233M in 2022,and over 93M in 2023 so far.Selected Baltic Deep Tech rounds in 2022-2023 YTD view onlineStartupFunding round DateDeep Tech Focus55M Convert
84、ibleJul 2023Energy Storage37M Series AMar 2023Robotics36M Late VCDec 2022Clean energy13M Series AJan 2022Virtual Reality5.5M Early VCApril 2022Cyber securitySource:Dealroom.coData up to date as of 23 August 2023DESIGN CONTENTExplore Deep Tech funding roundsCompanyAmount Raised DateLabelSkeleton Tech
85、nologies55,000,000Jul/2023CONVERTIBLEStarship Technologies42,000,000Mar/2022Aerones38,900,000Dec/2022 LATE VCZenith Chain35,000,000Apr/2022 EARLY VCWolf3D13,000,000Jan/2022 SERIES ACybExer Technologies5500000Feb/2022 EARLY VCView more Dealroom.co.2023 data as of 01.09.2023Page/22 Source:EXTRA CONTEN
86、TALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2The number of Deep Tech transactions has increased in recent years and local VC funds have contributed to this trend.We also notice that larger AI-driven startups in fintec
87、h and healthtech have attracted a vast interest from international VC players as well.Venture deals are the definition of how we do it at WALLESS fast,straightforward,and with direct language that means a lot to the founders and the investors.In deep tech transactions a longer product development ho
88、rizon requires to know founder teams better while at the same following global VC market trends.Working with AI startups,new IP questions are unresolved and need to be tackled with contractual language despite EU Copyright Directive introducing text and data mining exemption.”“Andrius IvanauskasPart
89、nerat WALLESSDESIGN CONTENTDealroom.coPage/23 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDiscover 300+Baltic Deep Tech startups using predictive signals.Top 300+Deep Tech startups to watchDESIGN CONTENTPage/24
90、Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2The Baltic Deep Tech&AI ecosystem builds on a dense network of academic and scientific expertise across the region.NATO Cyber HQ in TallinnNATO in Estoni
91、a(NATO Cooperative Cyber Defence Centre of Excellence(CCDCOE)-Based in Tallinn University support schemesScience Base Camp,investor readiness meeting hosted by Superangel,a Tallinn-based venture capital firm,together with universities and VCs across the Nordics and Baltics.Leading CatalystsDeep Tech
92、 focused events Deep Tech Atelier-The Baltics largest deep tech industry eventDedicated accelerators&acceleration programs such as:Baltic Sandbox VenturesDESIGN CONTENTUniversityof GlasgowUniversityof GlasgowUniversityof GlasgowUniversityof Glasgow20182022Universities and enablers play a key role in
93、 fostering support for deep tech startupsStartups to be confirmed by IWC by 4/1Dealroom.coThe logo shown are not exhaustive but a discretionary selection of the startups off the category.Universityof GlasgowUniversityof GlasgowUniversityof GlasgowUniversityof GlasgowUniversityof GlasgowVilnius Unive
94、rsityKaunas University of TechnologyTalTechUniversity of Latvia 120+startups founded by Alumni 280+startups founded by Alumni TalTech spinouts 30+Tartu spinouts 280+startups founded by Alumni 280+startups founded by AlumniUniversityof Glasgow 280+startups founded by AlumniTallinn UniversityUniversit
95、y of TartuDESIGN CONTENTDESIGN CONTENTUniversityof Glasgow 80+startups founded by Alumni Universityof Glasgow 280+startups founded by AlumniPage/25 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2For V
96、C investment into Deep Tech,Baltic countries are experiencing faster growth compared to their European and international counterparts.Dealroom.coGrowth in VC funding,Deeptech(2022 vs 2021)VC funding in the Baltics,average over last 5 years.11%Deep Tech68%AI Powered20%All otherPortugal35%15%-2%-8%-25
97、%-26%-33%SwitzerlandFrancePolandSpainUKNordicsUSABaltics45%66%Page/26 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Deep Tech VC investment 2022(%growth vs 2021)EstoniaSwitzerlandLithuaniaPortugalIta
98、lySpainFranceUKBalticsUSASource:Dealroom.coNordicsUSAEuropean UnionDACHRest of CEE5.0 x4.0 x3.6x3.1x3.0 xThe Baltic Deep Tech startup ecosystem has grown four-fold in the past five years,outpacing most European and global averages.2.1x2018202321B104B84M182MBaltics4.2x0.62B2.6B1.4T 5.6T125B446B88B273
99、B2.2B6.5B69B145BUKCombined enterprise value of Deep Tech startups across selected regions5-year growth(2018-2023 H1)Region2018 EV2023 EVNordics21,000,000,000104,100,000,000Baltics333,000,000 1,400,000,000Benelux11,000,000,00032,700,000,000CEE(exc.Baltics)2,200,000,000 6,500,000,000UK69,000,000,00014
100、5,000,000,000USA1,400,000,000,0005,600,000,000,000Dealroom.coLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONPage/27 Source:MATIn the realm of deep teh innovation,an exciting future is unfolding,where groundbreaking techno
101、logies are rewriting the rules of the game.Autonomous robots and data-driven solutions are just the tip of the iceberg in this dynamic landscape of limitless potential.At Squad Robotics we are excited to play a part in this technological renaissance with our Autopilot for autonomous robots.We are po
102、ised to lead the Baltic region into an era where technology knows no bounds.Gasper Anton EYEVIThe race for the global dominance in geospatial market is on!It is amazing to see how new markets are being formulated.With the merging of geospatial industry with digital infrastructure and construction/BI
103、M,many existing processes are being renewed.The giants of the mapping industry are changing their approaches and business models while the demand of high accuracy geospatial data is exponentially raising.New partnerships are being formulated as the race for“new”global mapping market is ongoing.The f
104、undamentals for the future of geospatial data are made today.Although in the short-term there are valid reasons to be cautiously conservative,in the long-term we are optimistic and confident.Currently,were being more margin and profit driven in our approach,while at the same time increasing our inno
105、vation efforts.This is the time to build with the emphasis on innovation.Anton GauffinCo-CEO&Executive Director at Huuuge GamesLorem ipsum dolor sit amet,consectetur adipiscing elit,sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.Ut enim ad minim veniam,quis nostrud exercitation ul
106、lamco laboris nisi ut aliquip ex ea commodo consequat.Deep tech and AI startups should serve as the engines of Europes future competitiveness,helping address demographic and economic challenges like an aging population,workforce demand,and slower economic growth.Read more“Mindaugas EglinskasCEO and
107、Founder at PIXEVIA“Gaspar AntonFounder and CEO at EYEVI“Matss Brunavs Founder and CEO at Squad RoboticsNew partnerships are being formulated as the race for“new”global mapping market is ongoing.The fundamentals for the future of geospatial data are made today.Read moreAt Squad Robotics we are excite
108、d to play a part in this technological renaissance with our Autopilot for autonomous robots.We are poised to lead the Baltic region into an era where technology knows no bounds.Read morePage/28 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT
109、/SOURCES/INSPIRATION3.State of the Baltic startup ecosystem.Page/29 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 265M59M220M3.2B13.2B26.8B400+550+875+138263The last decade has proven that great tech
110、companies can come from anywhere,with the Baltic startup ecosystem now increasingly distributed.Dealroom.co*Combined enterprise value of all startups&tech companies founded since 1990.*Startups valued 250M-1B which raised since 2018.VC funding in H1 2023Combined Enterprise Value(2023)Total unicorns
111、and 1B+exits since 1990FundedstartupsFuture unicorns*LithuaniaLatviaVC funding in H1 2023Combined Enterprise ValueTotal unicorns and 1B+exits since 1990New unicorns since 2021Future unicorns*15%29%14%10%5%27%11%35%15%17%3%19%15%31%13%9%9%23%16%28%17%10%8%21%8%34%15%16%5%22%Estonia Lithuania LatviaEs
112、toniaPage/30 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Baltics breakout startups&rising stars.Unicorns Future UnicornsRising StarsTallinnDESIGN TartuRiga®ional LatviaKaunas®ional LithuaniaR
113、elocated overseasMoved to the BalticsVilniusCONTENTDealroom.coThe logo shown are not exhaustive but a discretionary selection of the startups off the category.Source:Dealroom.coPage/31 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE E
114、XTRA CONTENT/SOURCES/INSPIRATIONDealroom.coCompanyNanopowder PlantNordstreetMindleticFrontuRubedo SistemosPVcaseVenice SwapMembyNord SecurityFlemingGOSU.AIpopup.ltMavenoidKernolabKevin.Qoorio(Humansapp)415m(series A)14m(seed)01m(pre-seed)250m+100250m 40100m(series C)1540m(series B)GrowthBreakoutEarl
115、yFOCUS ON Lithuania Explore the Lithuanian tech ecosystemVC investment by stage Early stage(0-15M)Breakout stage(15M-100M)Megarounds(100M+)560+Funded Startups13.2BEnterprise valuein 20231.8xEnterprise valuesince 2018Selected startups from Lithuania view moreKevinNanopowderPlantNordstreetMindleticRub
116、edoSistemosPVcaseVeniceSwapNordSecurityFlemingGOSU.AIPopup.ltMembyFrontuMavenoidKernolabQoorio2022202020216 20172015 600M200M2023(H1)400MSelected Lithuania startups by signalNordSecurityPVcaseKevinMavenoidCOMPANYTraxloPixeviaLitilitWiseRepsenseNanoAvionicsCujofloMambuHostingerBiomatter de
117、signsSpinoutsview moreDESIGN CONTENTDESIGN CONTENTExplore the Lithuanian Startup ecosystemPage/32 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2In recent years,characterized by uncertainties and glob
118、al changes,a significant transformation is unfolding within Lithuanias startup ecosystem.The most notable development has been the rise of deep tech.Our rich talent pool,comprising not only of engineers but also biotechnologists and ICT experts,combined with favorable business environment and a robu
119、st economy all contribute to this deep tech growth.Lithuania is undeniably on its way to become one of the deep tech most focused ecosystems in Europe.As technologies are accelerating and new businesses emerging,its important to have support from venture capital and from business angels to help the
120、development of these startups.”Lithuania is undeniably on its way to become one of the deep tech most focused ecosystems in Europe.“Roberta RudokienManager at Startup LithuaniaDESIGN CONTENTDealroom.coPage/33 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2E
121、XTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONFOCUS ON Estonia Explore the Estonian tech ecosystemDealroom.coCompanyNanopowder PlantNordstreetMindleticFrontuRubedo SistemosPVcaseVenice SwapMembyNord SecurityFlemingGOSU.AIpopup.ltMavenoidKernolabKevin.Qoorio(Humansapp)DESIGN CONTENTFOCUS ON
122、 Estonia Explore the Estonian tech ecosystemVC investment by stage Early stage(0-15M)Breakout stage(15M-100M)Megarounds(100M+)2022202020216 20172015 2B500M2023(H1)1.5B875+Funded Startups26.8BEnterprise valuein 20231.8xEnterprise valuesince 2018Selected startups from Estonia view moreArbon
123、icsVeriffAlpha ARMemboRebatBoltPinghomeEnvoy GroupOutfunnelRidangoSpaceit oClean KitchenSkeleton TechnologiesFleetFoxEurora SolutionsLingvist1BSelected Estonia startups by signalCOMPANYEyeVi TechnologieseAgronomRendinReady Player MeKatanaMontonioDriveX TechnologiesComoduleSolidCleveronOutfunnelWarre
124、nBoltEurora SolutionsVeriffAlpha ARComing soon Estonian Startup ecosystemPowered bySpinoutsview moreDESIGN CONTENTDESIGN CONTENTPage/34 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSelected startups
125、 from Latviaview moreDealroom.coCompanyNanopowder PlantNordstreetMindleticFrontuRubedo SistemosPVcaseVenice SwapMembyNord SecurityFlemingGOSU.AIpopup.ltMavenoidKernolabKevin.Qoorio(Humansapp)DESIGN CONTENT 415m(series A)14m(seed)01m(pre-seed)250m+100250m 40100m(series C)1540m(series B)GrowthBreakout
126、EarlyFOCUS ON Latvia Explore the Latvian tech ecosystemVC investment by stage Early stage(0-15M)Breakout stage(15M-100M)Megarounds(100M+)2022202020216 20172015 300M100M2023(H1)200M400+Funded startups3.2BEnterprise valuein 20235.4xEnterprise valuesince 2018Selected Latvia startups by signa
127、lSelected Latvian startups view moreAeronesBeeSageCellbox LabsJeffFincheckerFabControlMintSkybillAGroupLongenesisBTCBITSmartVendSalto X OULokaliseInLableElevating GroupBeeSageCellbox LabsJeffMintLokaliseAeronesCOMPANYGiraffe360RoiboxCenosCorebookSquad RoboticsSolfeg.ioDESIGN CONTENTSpinoutsview more
128、Explore more onLearn moreDESIGN CONTENTDESIGN CONTENTPage/35 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONA.Methodology.DESIGN CONTENTPage/36 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERG
129、RAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONMethodology&definitionsDealroom.coWhat is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.When startups are successful,they develop into scaleups(50 people),grownups(500 people)and r
130、esult in big companies.Only companies founded since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached US 1B valuation or exit at one point in time.What is a startup?What is a Unicorn?Underlying DataDealrooms proprietary database and software aggregate data
131、from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supp
132、ortdealroom.co.Venture Capital,InvestorsDomestic investors refer to Baltics investors.Europe investors includes the entire European continent,the UK and Russia,but excludes Turkey and Portugal.Investment are referred to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC
133、investments exclude debt,non-equity funding,lending capital and grants.Regional BreakdownIn this report,the nations that are considered as part of the Baltics include:Estonia,Lithuania,and Latvia.While many startups founded in the Baltics relocate beyond their borders,most maintain business-critical
134、 ties to their homelands.In order to take this reality into account,this report includes both Baltic-based startups,which maintain their main center of business(HQ)in their country of origin,and Baltic-founded startups,which relocated their HQ outside of the Baltics.DESIGN CONTENTGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGDESIGN CONTENT