Specialist VC and EstBAN invest €1M in three startups

Estonian Specialist VC and Estonian Business Angels Network (EstBAN) have invested €1M in three startups at the Latitude59 Pitch Competition 2024, which took place in Tallinn on 22-24 May.

Tallinn-based Beholder, founded in 2021 by Ukrainian entrepreneurs Daniil Lubkin, Serhii Lubkin, and Andrey Sevryukov, was one of the winners of the competition. It received the largest investment of €600K. Beholder has developed an AI-based platform for the exploration of metals, minerals, and energy resources. The startup uses geophysics, remote sensing (gathering information without physical contact), and geological data to predict the location of mineral formations. Beholder provides radar images of the area being explored, allowing geologists to see, for example, ancient riverbeds and reveal details that other tools cannot.

The platform also assists with green mining practices, providing data on environmental data and insights. As such, the company's solution can be used by mining companies that want to do their business in an environmentally friendly and efficient way.

The second winner was the Lithuanian platform AskToSell, which received €300K. Founded in Vilnius in 2023 by Laimonas Noreika and Karolis Januškas, AskToSell has developed technology that helps automate repetitive tasks of sales representatives while carrying small deals. For instance, сontacting potential customers, qualifying, preparing proposals, handling objections, and closing deals. The startup claims that using autonomous agents from AskToSell can be X10-30 cheaper than paying salaries to sales representatives to carry out relevant tasks. While the small deals can be closed by AI-based agents, human workers can focus on handling larger deals.

The third winner was Estonian deep tech company GaltTec, which received €100K. Founded in 2022 and headquartered in Tartu by Tanel Tätte, Laura Elise Arvisto, and Glen Kelp, GaltTec is developing microtubular solid oxide fuel cells. Microtubular solid oxide fuel cells (SOFC) are a type of fuel cell that uses a solid oxide electrolyte to convert chemical energy from fuel into electricity. The fuel cell is a type of electrical generator that uses a chemical reaction to produce electricity without combustion. SOFCs can use a wide range of fuels, including fossil, renewable, and synthetic fuels. 

Founded in 2012, EstBAN is an organization for business angels and business angel groups. The network aims to grow the quantity and quality of seed-stage investments in Estonia. EstBAN unites over 250 angel investors.