At the international startup and technology conference Latitude59 three innovative startups emerged victorious, securing a combined investment of one million euros, courtesy of Specialist VC and the Estonian Business Angels Network (EstBAN). This significant funding highlights the largest investment of its kind in Europe for the second consecutive year.
Ukrainian-founded AI startup Beholder secured the top prize of 600,000 euros. Lithuania’s AskToSell followed with 300,000 euros, and Estonian startup GaltTec received 100,000 euros. The final showdown took place on the main stage of Kultuurikatla, featuring the five best startups from a pool of 526 applicants hailing from 53 countries. Latitude59 concluded on Friday, May 24, 2024.
About the winners
Latitude59 sought technology companies that address specific problems and have received market feedback. Martin Goroško, a leading investor at EstBAN, emphasized the diversity of the competing startups, ranging from those focusing on human cognition to those exploring the planet’s depths. Most finalists showcased AI-driven solutions.
Beholder’s technology, aimed at creating a precise geological atlas of the Earth, captivated investors. This atlas is essential for mining companies striving for environmentally sustainable and efficient operations. “There may be an even bigger planet inside our planet,” said Riivo Anton, partner at Specialist VC, illustrating the profound impact of Beholder’s technology.
AskToSell, a Lithuanian startup, impressed with its AI-based sales promotion software, targeting a large market. Leveraging previous entrepreneurial experiences, AskToSell’s founders aim to revolutionize sales processes. Heidi Kakko, lead investor of EstBAN, praised the innovative approach of GaltTec, which is working on efficient fuel cell technology. “Innovative technology solving big problems is vital for societal advancement,” Kakko noted.
Triin Ilves, head of startup relations at Latitude59, lauded the maturity of the startup community. “They are moving beyond simple apps to integrate AI with deep science,” Ilves remarked. The success of the finalists exemplifies this trend.
Looking ahead, Latitude59 CEO Liisi Org announced upcoming events in Asia and Africa. “We will meet soon in Kenya and Asia, searching for groundbreaking innovations,” she said.
The 12th edition of Latitude59 attracted over 3,500 attendees, including more than 900 startup representatives, 20 national delegations, and nearly 600 investors managing portfolios worth over 30 billion euros. With 195 speakers, 40 percent of whom were women, the conference highlighted a diverse range of insights from over 60 countries worldwide.
The travel for this story was sponsored by the Government of Estonia