In recent years, the whole world has become convinced of the resilience of the Ukrainian nation, so it is not surprising that even in times of full-scale war, new businesses are opening in our country. While launching startups may seem like complete madness at the moment, there are those who see the world from a different angle and believe that this is the perfect time - because when else but now.
Analysts' research shows that the Ukrainian startup industry has begun to revive. As of the spring of 2024, it was estimated at €28 billion and was among the leaders in Central and Eastern Europe, according to a report by Dealroom. However, data from the Carta service shows that in January 2024, venture capital funds focused on innovative projects raised more capital than at any time since mid-2022. We decided to find out what made Ukrainians so successful.
Ukrainian startups conquering the world
Initiative Ukrainians are not lagging behind and are successfully implementing their business projects. At one of the largest tech conferences in the Baltic States, TechChill, held in April in Latvia, our country presented 10 startups and returned with excellent results.
These businesses aim to make life easier for people in various fields with their developments. They enter IT, medicine, education, ecology, finance, and many other industries. Let's look at some examples.
Generect
The startup was founded in early 2023 by Andriy Kolpakov, an experienced marketing and software development specialist. His team created a platform that helps marketing agencies automate content creation processes for their clients. Generect saves marketers time by generating texts, images, and videos.
The company signed a $1.8 million deal at the TechChill conference. The platform is already used by large American marketing agencies.
EduAI
This is a Ukrainian education startup founded in 2023. The company is developing an artificial intelligence-based learning platform that provides personalized instruction and support to students.
The platform can do it:
- Collect personalized data about the student, identify their strengths and weaknesses, and based on this information, provide instructions and curricula adapted to their individual needs;
- Adjust the difficulty of lessons, depending on the student's progress, and adapt to their progress;
- Use game-based learning methods to make learning more interesting and fun;
- Provide real-time feedback to students so they can improve their weaknesses and track their progress.
The platform is based on sound educational principles and has every chance to revolutionize learning.
CheckEye
The development, selected as part of the Ukrainian Startup Fund competition, represented Ukraine at one of the year's most important technology events, CES 2024, held in the United States in January.
It is a Ukrainian medical startup founded in 2021. Using artificial intelligence, the system can automatically detect one of the most common complications of diabetes, diabetic retinopathy. This disease can lead to vision loss.
The platform works as follows:
- Ophthalmologist uploads a photo of the patient's fundus;
- AI analyzes images for disease;
- the doctor receives a report with the results.
The system examines the photo in seconds. The diagnostic accuracy is 93%. The platform does not require expensive equipment or special training. CheckEye has already been successfully tested in Ukraine and plans to expand internationally.
Cotia
The startup is developing an AI collar that translates cat "language". The communicator collects the sounds made by the animal, analyzes them, and gives the result in a form understandable to humans. It works similarly to a fitness bracelet. The device helps not only to better understand the animal, but also to monitor its condition over time to better care for the four-legged friend.
The developers claim that the design of the accessory is made as comfortable as possible for the cat and test it on their own pets.
The project was launched in December 2022. The business model includes sales of the accessory itself and a subscription for several months or a year, which expands the capabilities of the communicator.
Rozmova
A service for finding psychologists that started in 2022, two weeks before the full-scale invasion. The number of clients of the service increased 10 times due to the war. Rozmova also focuses on corporate clients. The service is used by the beauty space G.Bar, Fintech group, and the American grocery company ThredUp, among others.
In total, the marketplace serves more than 3000 clients, conducting more than 6000 sessions per month. 98% of clients report positive impressions after the first session. It takes up to 5 minutes to find a psychologist. The consultation costs from 500 to 3600 UAH per session, depending on the experience of the specialist.
Beholder
A Ukrainian Spacetech startup that explores minerals using neural networks and is working on a specialized hub for geologists. The platform uses machine learning to probe the area remotely. The technology is aimed at identifying minerals needed for the transition to green energy and achieving zero emissions by 2050.
In recent years, the startup has received significant recognition and funding. In particular, at the Latitude59 technology conference in 2024, which took place in Estonia, it managed to attract €600,000 in investments and became the event's leader in this area.
The project was developed in 2021 by Andriy Sevriukov, Sergey Lubkin, and Daniil Lubkin. The same year, it received its first investment of €150,000. The specialists are working on the development of a special portal for geologists called Beholder Hub and plan to scale their activities. They are going to open a central office in Tallinn and launch projects in Africa and Indonesia.
Prophetic
The startup creates a headset for "lucid dreaming". They will be controlled by AI, machine learning, and ultrasound. The founders' goal is to explore the nature of consciousness and apply dreams to solve complex problems and innovative tasks. The product is planned to be launched in 2025.
The developers are convinced that "lucid dreaming" - when a person is conscious enough to control parts of a fantasy - can be extremely meaningful. The device, which looks like a specific headband, will help induce such dreams at will. The startup calls the effect of their product the "best virtual reality experience."
The designers note that "lucid dreaming" has a long list of benefits, including: help with PTSD, reduced anxiety, improved mood, confidence, motor skills, and creativity.
Knopka
The startup is creating a wireless call system for hospitals that will become a kind of personal assistant for medical staff and ensure quick response to calls even in the absence of electricity.
The technology has already been successfully implemented in more than 20 hospitals in Ukraine. The company plans to expand its presence in Europe, particularly in Poland.
The startup won the CES 2024 Innovation Awards in the Digital Health category. This victory will help the project enter the US market as well.
Fundamenta
A startup that has created a free mobile application for self-study of programming languages, including JavaScript, Java, and Python. The app contains interactive lessons, practical tasks, and tests to test knowledge, and has an achievement system to motivate students. It is suitable for both beginners and those who already have some knowledge and want to refresh it.
Fundamenta offers short lessons, repetition of the material learned, and the ability to write your own codes. The app currently offers 5 courses, after completing which you can generate a certificate and share it on social media. The app is available on Google Play and the App Store.
Rekava
Rekava is a classic example of a startup aimed at solving environmental problems through innovative solutions. It is an eco-production of biodegradable products from recycled coffee grounds, with a concept of responsible consumption. The inventors make eco-friendly alternatives to disposable plastic products from coffee waste: dishes, capsules, flower pots, etc.
Before becoming a new product, coffee grounds undergo a complex processing process to make them neutral to odors and flavors and resistant to high temperatures. Currently, the project offers customers scented candles in biodegradable coffee grounds containers. Fans of the company's products appreciate the ecological approach and Zero Waste principles, which means conserving resources through responsible production and consumption.
So despite all the challenges, Ukrainian business continues to develop and create world-class innovative solutions. Each of these ideas has the right to live and the potential to change our lives for the better. At the same time, supporting Ukrainian startups is an investment in the future of the country and the world.