Every month, Vestbee compiles a list of the most significant financial rounds closed in Central and Eastern Europe and the broader European region, providing details on each deal. Below is a list of startups from CEE that received funds during January.
ElevenLabs, €180M in Series C
Location: Polish-founded, based in New York, US
Founded in: 2022
Total funding received: €272 million
Recent funding sources: a16z, ICONIQ Growth, NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund, Lunate, Sequoia Capital, Salesforce Ventures, Smash Capital, SV Angel, NFDG, BroadLight Capital
ElevenLabs is an AI audio research and deployment company that develops advanced text-to-speech technology tailored for publishers and creators. The company is now valued at $3.3 billion. The fresh Series C round came a year after the startup raised $80 million.
ThreatMark, €22.3M in venture and convertible note funding
Location: Brno, Czech Republic
Founded in: 2015
Total funding received: €33.5 million
Recent funding sources: Octopus Ventures, Riverside Acceleration Capital, Springtide Ventures
ThreatMark offers a machine learning-based platform designed to protect financial institutions from evolving digital fraud. The firm will use the fresh funds to expand into the UK, accelerate R&D, and expand its team with data processing and high-performance computing experts.
nexos.ai, over €7.7M in a seed round
Location: Vilnius, Lithuania
Founded in: 2024
Total funding received: over €7.7 million
Recent funding sources: Index Ventures, Creandum, Dig Ventures, and business angels
nexos.ai develops an AI orchestration platform that enables enterprises to integrate, manage, and optimize multiple AI models. The startup will use the fresh funding to accelerate platform development, scale operations, expand marketing efforts, hire talent, and enhance security and compliance for its solution.
Axoflow, over €6.7M in a seed round
Location: Hungarian-founded, based in New York, US
Founded in: 2023
Total funding received: over €9.8 million
Recent funding sources: EBRD Venture Capital, Credo Ventures, e2vc
Axoflow offers an automated security data curation platform that simplifies data management by eliminating the need for manual, code-heavy wrangling. The firm will use the recent capital to further develop its security data curation pipeline, improving data quality, reducing costs, automating data management, and enhancing platform capabilities.
Safetica Technologies, €3.8 in Series A
Location: Prague, Czech Republic
Founded in: 2007
Total funding received: €8.8 million
Recent funding sources: Impulse Ventures and business angels
Safetica is a cybersecurity company that protects sensitive data and prevents internal security threats. It offers solutions to help businesses safeguard their intellectual property, customer data, and critical information from external and internal risks. The fresh Series A will support the startup in further expansion to the US East Coast.
Ongeno, €3.5 in a seed round
Location: Krakow, Poland
Founded in: 2017
Total funding received: €3.5 million
Recent funding sources: undisclosed
A Polish medtech startup Ongeno is developing a therapy that, in the first phase of trials, has been shown to improve the health of sclerosis patients, reduce disability, and prevent disease progression over the long term. The new capital will fund Ongeno's MS stem cell separation process validation by the end of 2025.
Wultra, €3M in a seed round
Location: Prague, Czech Republic
Founded in: 2014
Total funding received: €4 million
Recent funding sources: Tensor Ventrues, J&T Ventruesm Elevator Ventures
Wultra develops easy-to-deploy post-quantum authentication solutions designed specifically for financial institutions. January’s seed funding will enable the startup to expand into Western Europe and Southeast Asia, with plans to open an office in Singapore in 2025.
Gridio, €2.4M in a seed round
Location: Tallinn, Estonia
Founded in: 2018
Total funding received: €4.2 million
Recent funding sources: SmartCap, Encevo, Neo investments
Gridio is a smart energy platform designed to optimize electric vehicle charging. It automatically charges EVs during the cheapest and cleanest energy periods, requiring no additional hardware. Gridio plans to use the €2.4 million seed funding to expand its solution across Europe.
Kodesage, €2.3M in a pre-seed round
Location: Hungarian-founded, based in London, UK
Founded in: 2024
Total funding received: €2.3 million
Recent funding sources: PortfoLion Capital Partners
Kodesage offers an AI-powered platform that helps enterprises modernize and manage complex legacy software systems. The startup will use the fresh funding to accelerate platform development and scale its go-to-market efforts, enhance its solution to better serve customers, and expand its pilot programs.
LetsData, €1.5M in a seed round
Location: Ukrainian-founded, based in Dover, US
Founded in: 2022
Total funding received: €1.7 million
Recent funding sources: SMOK Ventures, Wayra, Startup Wise Guys, Tilia Impact Ventures, 1991 Accelerator, Google for Startups, and private investors
LetsData uses AI to detect and prevent information operations (InfoOps), including manipulation and synthetic identities, across platforms like X, Telegram, Facebook, Instagram, and TikTok. With the fresh capital raise, the startup aims to enhance its AI technology and expand into the US and Europe.
Naco, €1.5M in pre-Series A extension
Location: Riga, Latvia
Founded in: 2020
Total funding received: €15.2 million
Recent funding sources: The Untitled Venture Company, Impact Ventures Hungary, Radix Ventures, KENDRIS Capital
Naco Technologies develops nano-coatings to replace expensive metals in hydrogen production. In January, the startup raised expanded pre-Series A funding to establish a large-scale manufacturing facility in Poland and enhance R&D to refine nano-coating solutions in green energy technologies.
Outfindo, €1.2M in a seed round
Location: Prague, Czech Republic
Founded in: 2020
Total funding received: €3.2 million
Recent funding sources: Eleven Ventures, Lighthouse Ventures, Borovicka Capital
Outfindo is an AI-driven platform that simplifies the online shopping experience by guiding customers to the right products. Using fresh funding, the startup plans to expand into new markets and product categories, such as electronics, home appliances, sports equipment, and baby care.
Wonder Legends Studio, over €968k in a pre-seed round
Location: Warsaw, Poland
Founded in: 2023
Total funding received: over €968,000
Recent funding sources: SMOK Ventures
Wonder Legends Studio develops transmedia projects, including video games and animated series, using Unreal Engine to create immersive and narratively rich worlds. The pre-seed funding will enable WLS to develop its transmedia IP further, expand the team, enhance production quality, and build a strong brand in the entertainment industry.
Readmio, €500k in a seed round
Location: Prague, Czech Republic
Founded in: 2020
Total funding received: €2.1 million
Recent funding sources: Simpact Ventures
Readmio provides a new way to read fairy tales by using voice recognition and sound effects to engage children. It enhances the story based on the reader’s voice, while limiting screen time. Readmio will use the funds to expand globally, grow in Poland, and develop new products, aiming for €1 million in annual revenue by 2025.
