Ukrainian startup Beholder won the Latitude59 competition in the Estonian capital, receiving a total of €1.5 million in prize money and attracting additional investments of €600,000.
Beholder's triumph
Significant win
Domestic startup Beholder, specialized in the search for minerals, became the winner of the prestigious Latitude59 competition, which took place on May 24 in Tallinn. The total amount of funding received during the event reached almost €1.5 million. This is reported on the official pages of the company and the Seeds of Bravery foundation in the LinkedIn social network.
Additional rewards
In addition to the main prize, Beholder has attracted an investment of €600,000. In addition, the startup received a number of additional awards, including €15,000 in legal services from Fondia legal, €5,000 in Google Cloud Credits and €500 in PR support from PRnews.io.
"We were ahead of more than 300 teams, having passed the four stages of selection. Andriy Sevryukov performed in the finals just perfectly, which allowed us to win. Part of our team, including me, is in Ukraine. Despite this, we continue to develop and build our company. This victory demonstrates the huge potential of the Ukrainian startup ecosystem," noted the startup's co-founder Daniil Lubkin.
About Latitude59
Latitude59 is the largest pitching competition for technology startups and entrepreneurs in the Baltic region and Northern Europe. The investment fund of the competition is formed by the network of Estonian business angels EstBAN and the Specialist VC fund. This year, the declared size of the fund was from €1 million, but it can be replenished. For example, in 2023 it reached €1.25 million. The company's neural networks process satellite images, radar data, gravimetric information and other information to estimate the probability of mineral deposits.
Beholder technology can facilitate the transition from a fuel-based energy system to a material-based system. In March of this year, they attracted $940,000 in investment from the European fund InnoEnergy, as well as the funds Rockstart and STRT Ventures.
Glossary
- Beholder is a Ukrainian start-up for mineral exploration using data processing of satellite images, radar and geophysical information.
- Latitude59 is the largest pitching competition for technology startups and entrepreneurs in the Baltic region and Northern Europe.
- EstBAN is an Estonian network of business angels participating in the formation of the Latitude59 investment fund.
- Specialist VC is a venture fund that also participates in the formation of the Latitude59 investment fund.
- InnoEnergy is a European fund that invested in Beholder in March 2023.
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Discussion of the topic – Ukrainian AI startup Beholder wins at Latitude59 and attracts €2 million in investment
The Ukrainian start-up Beholder, which is engaged in the search for minerals, won the Latitude59 competition in Estonia. It won an award of almost €1.5 million and attracted €600,000 in investment.
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Андрій
Wow, it's cool that the Ukrainian startup Beholder won at Latitude59 and got such a big investment! 🚀 This is a real victory for the Ukrainian IT industry and confirmation that our developers can create world-class innovative solutions.
Сара
Indeed, this is great news! Beholder's technology, which helps find minerals by processing satellite images and other data, could be a real breakthrough in the industry. I wonder if they plan to expand their services to other areas of application.
Ганс
This is a very cool thing! I remember how in the early 2020s everyone was excited about the topic of renewable energy and the green economy. But it looks like the mining industry can also become greener with such solutions. 🌱 Beholder is doing important work helping to find minerals with less impact on the environment.
Марія
I also like this startup. It is clear that artificial intelligence and data analysis are becoming increasingly powerful tools in various industries. And Beholder applies these technologies to find minerals that can provide materials for a growing green economy. 💻🌍
Олег
Well, I'm not that big a fan of all this newfangled technology. 😒 Why spend so much money on some neural networks and satellite images, if you can just conduct geological exploration on the spot, as our parents and grandfathers did? All these artificially intelligent systems scare me a little.
Софія
Oleg, I understand your doubts, but progress cannot be stopped. 🤷♀️ The use of artificial intelligence and data analysis can significantly increase the efficiency of the search for minerals and reduce the negative impact on the environment. Beholder shows that Ukrainian developers keep up with the times and create innovative solutions for the future.
П'єр
I'm particularly interested in how the Beholder technology works. If I'm not mistaken, they use machine learning to process huge amounts of data such as satellite imagery, radar data, and gravimetry. 📡 This should allow detecting even small mineral deposits with high accuracy. A great example of using AI in the real world!
Наталія
And I heard that Beholder also plans to expand its services to other fields, such as environmental monitoring or geological data analysis for construction. 🏗️ It seems that their technology has a wide range of applications. It will be interesting to see how they develop further!