Startup Wise Guys invests in Ukrainian LetsData
Estonian accelerator Startup Wise Guys has invested in Ukrainian LetsData. Also participating in the $1.6M pre-seed round were Poland's SMOK Ventures, Madrid-based Telefónica's corporate VC Wayra, Prague-based Tilia Impact Ventures, London-based 1991 Ventures, Google for Startups Ukraine Support Fund, and angel investors Pavla Bobosikova and Marty Kratky-Katz.
Founded in 2022 by Andriy Kusyy and Ksenia Iliuk, LetsData offers an AI-powered solution that predicts risks in communications and counteracts threatening information campaigns, protecting businesses and government organizations from disinformation. The startup has developed an interactive tool called NewsBoard, which shows the most popular topics in the evening news, helps assess their quality, whether they meet journalistic standards, and which ones are fake and biased. NewsBoard collects data from news channels, processes it using artificial intelligence, and identifies names, places, events, and the relationship between them and other presented data. The solution analyzes data from over 100M websites and social networks in over 50 languages.
The company say it has achieved $1M in annual recurring revenue (ARR) without external funding.
LetsData plans to use the investment to scale its technology and expand its operations in the US and Europe.
In 2023, the startup received €100K from Startup Wise Guys during its Cyber Acceleration Program in Bilbao.
Launched in 2012, Estonian Startup Wise Guys is an accelerator that invests in early-stage startups from the Baltic, Central European, and African regions. Startup Wise Guys typically invests up to €500K per company through multiple funds that manage €45M and are backed by more than 150 investors. The CEO of Startup Wise Guys is Cristobal Alonso.
