The Untitled Ventures, a VC firm that invests in early stage deeptech startups introduces The Untitled: Deeptech Startups to Watch, a keep-tabs list of most promising 10 early and growth stage companies about to disrupt agrotech, robotics, data management, and other industries.
The list is a snapshot of the deeptech companies emerging from Europe. It introduces the most successful startups which have managed to break through silos, attract the best talents and reach advanced stages of development. The Untitled wants to bring the startups and investors together to help such companies succeed and scale.
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To compile the list, the Untitled Ventures’ team analyzed data from 300 deeptech startups’ pitch decks submitted through the fund’s form in the period of Q3 2022–1Q 2023 and which made it through the funnel.
A deeptech startup is a company with the expressed objective of providing hard-to-copy technology solutions based on substantial scientific or engineering challenges that are both better and cheaper than existing offerings.
As a deeptech-focused fund, we’ve carefully reviewed the technologies behind the ideas, business models, ability to scale globally, and the ways in which startups addressed their niche/vertical’s problems and met the demand.
Check out this first list of the best 10 deeptech startups from such fields as biotech, logistics, aviation, computer vision, data management, etc. To see the full list of 25 startups, apply here>>
Growth stage startups
Efficient drones for commercial use. FIXAR is changing the legal boundaries and market rules of the autonomous robots industry. A robust, scalable technology, coupled with a strong IP portfolio, makes the company a potential unicorn.
Stage: Series A, seeking €6M
Market: global commercial drone market is projected to reach $42.8 billion by 2025, growing at a CAGR of 56.5% from 2020 to 2025. Target markets amount to FIXAR — $9B. Geography: North America, Europe, Australia, Middle East, Africa, LatAm.
HQ: Riga, Latvia
2. Naco Technologies
Nanocoatings and new materials enabling mass-scale hydrogen production and usage. Naco Technologies has developed a unique nanocoating technology and produced a working prototype. The team is experienced, with a successful deep-tech startup exit behind them. In 2021, the company started operations and achieved positive cash flow and impressive client traction. The green hydrogen market is further buoyed by the global decarbonization agenda and is predicted to reach €10B before the decade’s end.
Stage: Series A, seeking €16M
Market: EU, North America and Asia. Market is the fastest growing now and is expected to reach €10B.
HQ: Riga, Latvia
Nevomo is a transportation technology company developing MagRail, a solution that upgrades existing railroad infrastructure to double the average speed of a conventional railroad. Their technology, based on magnetic levitation, linear motor, and autonomous control systems, can be transformed into a Hyperloop version with speeds up to 1,200 kph (746 mph). The company’s goal is to make efficient use of time for individuals and enable faster travel between cities. Nevomo is paving the way for the future of transportation.
Stage: Series A, seeking 4M
Market. The global railway market was estimated to be worth $27.2 billion in 2021 and is expected to grow to $42.4 billion by 2031, registering a CAGR of 4.6% between 2022 and 2031.
HQ: Poland, Warsaw
4. Squad Robotics
Squad Robotics is a Latvian company that focuses on the development of autonomous industrial mobile robots for the cleaning industry. Their first product, the Stolzenberg dry cleaning robot, is being rolled out to end-users with a “robot as a service” subscription model.
Stage: Series A, seeking 1.1M
Market. The cleaning robot market size is expected to reach $7.3 billion by 2027, growing at a CAGR of around 22.6% during the forecast period 2021–2027.
HQ: Latvia, Riga
Basetrack is a European pioneer and global leader in the field of autonomous driving. The company has been developing and testing autonomous vehicles, including cars, shuttle buses, and trucks, since 2017. These vehicles have achieved impressive speeds, including 68 km/h on ice tracks, 130 km/h on public roads in rainy conditions, and 85 km/h on public roads in snowy conditions with no visible road marks.
Stage: Series A, seeking 5M
Market. The global autonomous vehicle market size was valued at $54.23 billion in 2020 and is expected to reach $556.67 billion by 2028, growing at a CAGR of 33.8% from 2021 to 2028.
HQ: Estonia, Tallinn
Seed stage startups
Carbominer is a climate tech startup that develops a sustainable Direct Air Capture (DAC) technology to capture CO₂ from the ambient air. The technology provides a solution to reduce greenhouse gas emissions and combat climate change by removing CO₂ from the atmosphere and converting it into a usable form. Carbominer’s goal is to make DAC technology more accessible and efficient, thereby mitigating the impacts of climate change. Carbominer’s first-ever pilot with corporate partner was successfully deployed from December 2022 to January 2023. This helped startup to achieve TRL 6 — technology validated in relevant environment.
Stage: Seed, seeking 1.5M
Market. The global carbon capture and utilization market is projected to reach $14.7 billion by 2030, growing at a CAGR of 13.6% from 2021 to 2030. The market is expected to grow significantly in the coming years, driven by increasing regulations and targets for reducing greenhouse gas emissions.
HQ: Ukraine, Kyiv
SpawnX is a mushroom growing company that sells automated city-farms to make the mushroom industry more sustainable and accessible. They offer a turnkey mushroom farm solution that can be scaled up or down, and eliminates the need for manual labor and the waste associated with traditional mushroom farming.
Stage: Seed, seeking 1M
Market. The global mushroom market size was valued at $64.2 billion in 2020 and is expected to grow at a CAGR of 5.9% from 2021 to 2028.
HQ: Austria, Graz
3. Spheroid Revolution
Spheroid Revolution develops 3D bioprinting software for modeling and improving the survival of bioprinted tissues and organs. The multicellular tissue spheroids are the building blocks for 3D bioprinting, which can solve the issue of organ donor shortage in transplantation surgery. The company uses mathematical modeling and AI to improve the efficiency and scalability of the 3D bioprinting process. It offers its software as SaaS for companies, and a hardware-software complex with a 3D bioprinter as a BOX business model for institutes and companies.
Stage: Pre-seed, seeking 300K
Market. 3D bioprinting market is estimated to grow to USD 5.4 billion by 2025, at a CAGR of 30.2% during the forecast period. The increasing use of 3D bioprinting in drug discovery and personalized medicine is also contributing to the growth of the market.
HQ: Riga, Latvia
A unique product specifically designed to enable airports to operate safely every day but also during crisis and emergency situations, fully complying with international regulations. AWARENET platform is currently deployed and fully operational in 3 international airports. 4 more airports are in Airqual’s pipeline. The company intends to expand its operations in the largest airport market, the United States, right when the federal government has announced an unprecedented $25B Airport Infrastructure Investment 5-year program.
Stage: seed, seeking up to €2M
Market: The total market for Airport Emergency and Incident Management systems is projected to grow at 5.7% CAGR from $10.4B in 2021 to $11.06B in 2026. The recent announcement of the Biden administration’s $25B Airport Infrastructure expansion program may further increase the market size.
HQ: US, back office: Riga, Latvia
ZibraAI create AI-generated 3D assets and visual effects for all virtual worlds and experiences. The main goal is to speed up and simplify the creation process with the power of generative ai.ZibraAI is a team of ML and 3D experts with a deep understanding of the gaming industry and its core challenges. Iteratively, they are building an all-in-one platform for AI-generated virtual content, solving two major content challenges — creating interactive VFX and actual 3D objects and characters in a most seamless and creative way without any coding required. The team has its first solution ready on a marketplace and managed to get to a proven PMF with: 161% user growth MoM / 12 months; 55% revenue growth MoM / 12 months; Total over 70k users; Total over 100k in revenue in 2022.
Stage: seed, seeking additional €1.5M (out of €3M)
Market: US, Canada, Asia, Nordic countries. Core target is the gaming market, $180B in 2021.
HQ: Delaware, US, back office: Kyiv, Ukraine
Agremo is a world-leading AI software for field and crop analytics in precision agriculture. It analyzes aerial imagery using an in-house-built AI, Machine Learning, and Computer Vision engine. Agremo provides action-oriented insights for agriculture professionals throughout the agricultural value chain.
Stage: Seed, seeking 1.5M
Market. Precision agriculture is a rapidly growing industry, with the global market size estimated to reach $16.3 billion by 2026, growing at a CAGR of 9.5% from 2020 to 2026. The demand for AI in agriculture is also increasing, with the AI in agriculture market size estimated to reach $3.6 billion by 2026, growing at a CAGR of 21.1% from 2020 to 2026.
HQ: Serbia, Belgrad
AI-assisted flight crew planning add-on for air fleet operators (BizAv, air cargo, ACMI, airlines). Rosterize checks feasibility and finds optimal crew assignments, including OFF days, crew rotations, and crew swaps. Multi-factor optimization considers regulations, costs, risks, fairness, business practices, crew requests, and instant commercial flight data, leading to a 10% decline in crew demand and improving crew satisfaction.
Stage: Seed, seeking 1.1M
Market. The market size of the private aviation industry is projected to reach USD 42.9 billion by 2026, growing at a CAGR of 8.2% during the forecast period.
HQ: Austria, Vienna
IoT for railways. Viezo is a solution in the railway industry, harnessing the power of IoT, machine learning algorithms and sustainable energy sources to revolutionize the way rolling stock is monitored and maintained. The system provides real-time data and predictive analytics to help wagon owners identify areas of the infrastructure that need to be checked or fixed, reducing the risk of derailments and maximizing the availability of the rolling stock.
Stage: Seed, seeking 400K
Market. Global railway maintenance market is estimated to reach a value of around $200 billion by 2027, growing at a compound annual growth rate (CAGR) of over 5% during the forecast period from 2021 to 2027. This growth is attributed to the increasing focus on improving operational efficiency, reducing downtime, and enhancing the safety and reliability of railway systems worldwide.
HQ: Lithuania, Vilnius
RAYTON is a solar panel marketplace connecting customers with installers. The platform offers a user-friendly interface for customers to design custom solar energy installations, receive analytics, and estimate payback periods, while installers benefit from working with warm leads and lower customer acquisition costs (CAC).
Stage: Seed, seeking 500K
Market: The global solar panel market size was valued at $139.2 billion in 2021, and is projected to reach $221.1 billion by 2026, growing at a CAGR of 20,5 % from 2021 to 2026.
HQ: Ukraine, Kyiv
Datuum is a hybrid SaaS data management platform that leverages artificial intelligence (AI) to provide advanced data management capabilities. The platform offers a suite of tools for collecting, storing, and analyzing large amounts of data, helping organizations to make better informed decisions, improve operational efficiency, and gain a competitive edge.
Stage: Seed, seeking 300K
Market. The global data management market size was valued at $48.1 billion in 2021 and is expected to reach $92.7 billion by 2026, growing at a CAGR of 14.1% from 2021 to 2026.
HQ: US, Corte Madera
XT is a data platform for industrial research and development (R&D) that speeds up the innovation process for new products, materials, and production processes. The platform helps organizations to increase innovation outputs and efficiency, shorten time-to-market, reduce R&D and production costs, and digitize processes, knowledge, and teamwork.
Stage: Seed, seeking 1.3M
Market. Global market for data analytics was valued at $139.21 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2021 to 2028.
HQ: Latvia, Riga
12. Green Growth
Green Growth is a SaaS platform that collects yield data from machines in real-time and improves the efficiency of farmers and growers by providing affordable precise analytics. The platform is compatible with any harvester and helps to reduce input costs by 30%.
Stage: Seed, seeking 2M
Market. Precision agriculture is a rapidly growing industry, with the global market size estimated to reach $19.2 billion by 2030, growing at a CAGR of 14.95% from 2022 to 2030. The demand for AI in agriculture is also increasing, with the AI in agriculture market size estimated to reach $8.3 billion by 2030 growing at a CAGR of 26.7% from 2022 to 2030.
HQ: Latvia, Riga
GetShop.TV is an IT platform that provides AddressableTV and AdvanceTV technologies to Telecom Operators and TV Channels. It helps operators monetize their TV business, improve NPS (Net Promoter Score), and offer interactive ad experiences.
Stage: Seed, seeking 1M
Market. The global smart TV market size is expected to reach over US$ 200 billion by 2025, growing at a CAGR of more than 10% from 2020 to 2025. Meanwhile, the global streaming market is expected to reach over US$ 150 billion by 2025, growing at a CAGR of over 20% from 2020 to 2025.
HQ: Kiel, Germany
14. Composite vision
An AI-based software solution for non-destructive maintenance and manufacturing testing of parts made from lightweight, high-strength composite materials. The solution is expected to boost the space race, allowing to reliably build more and safer spaceships in less time.
Stage: Seed, seeking €500K
Market: Lightweight composite parts are in demand in aerospace, energy, and many other sectors. The overall market for such parts is estimated to have reached ~$75B in 2021, with forecasts putting it at $115B by 2025. The non-destructive testing (NDT) market is ~$15B in 2021 and forecasted to reach $25B by 2025. B2B solutions for NDT software are poised to net ~$150M in 2025.
Eyrene is a SaaS for automatically recognizing goods on the shelves in retail food chains. Eyrene is a computer vision software that lets consumer brands track how stores display their products. We have 2 of the top 10 largest consumer brands as our customers and take part in global pre-sales worth five million USD. Consumer brands spend billions trying to figure out which products are missing from the shelves in stores. We solve this with a computer vision enabled mobile app that automatically detects missing products and it’s a ten billion dollar market. This kind of solution reduces the time of the merchandiser’s visit to the point of sale since there is no need to count the goods manually, but it is enough to take a few photos. Clients and on-going pilots in Poland, Malaysia, Lithuania, Estonia, Saudi Arabia.
Stage: seed, seeking €500M
Market: The $5B global retail image recognition market is at present concentrated in EMEA and North America and has been growing at the CAGR of 22%.
HQ: Delaware, US
FooDoo is technology empowered High-Quality Pre-Made Meal Distribution Network for apartment buildings, campuses and hospitals. FooDoo team knows how to make Grab&Go sustainable and delicious. It’s already built a ready-to-eat delivery service from scratch to building operations. The founders are supply chain and food tech experts who work closely with hardware and software engineers to bring sustainability and excellent taste to the food delivery market.
Stage: seed, seeking $3M
Market: There are 37.8 million multi-family buildings and apartment complexes in the US. FooDoo is targeting the 200,000 of them that have 50+ units. In addition to that, the company aims to serve hospitals, office buildings, and university campuses.
HQ: LA, US
17. AI APS
A user-friendly AI tool that helps patients with diabetis maintain glucose levels within the safe range, adapting to their individual metabolism. AI APS has created an outstanding product for a market with limited player input. The market for comparable products is growing at 60% per year. In the case of software, 80% growth rate is expected. The growth of comparable companies from Round A to commercial launch ranges between 5 and 12 times.
Stage: Seed, seeking €2M
Market: Aiming at European markets, with global potential. There are 100 million type 1 diabetes patients in the world, and the potential market is expected to reach 48.8 billion by 2030.
HQ: Paris, France
ConcR is an IoT solution that provides real-time monitoring of concrete quality during construction and operation. It uses engineered wireless hardware for measurements and web-based software for analysis to provide instant, automatic, remote and continuous insights (temperature, humidity, chloride content) for up to 10 years. This eliminates the need for manual sampling and lab testing, reducing costs and waste while allowing managers to make right-on-time decisions.
Currently, ConcR has nine paying customers, mainly construction contractors from countries throughout Europe and the Middle East. The most notable of these are Aarsleff Rail from Denmark, TPA from Germany — a technology and building materials subsidiary of Strabag SE, Bouygues Travaux Publics from France, and El Seif Engineering Contracting Company from Saudi Arabia.
Stage: Seed, seeking 2,5M
Market. The global construction market size was valued at around USD 8 trillion in 2020 and is expected to reach USD 11.7 trillion by 2026, growing at a CAGR of 6.0% during the forecast period. The growth of the construction market is also expected to be driven by advancements in construction technologies and materials, as well as the increasing demand for energy-efficient and sustainable building designs.
HQ: Germany, Berlin
19. Neurok Thermocon
Neurok Thermocon provides energy and water-efficient cooling solutions for data centers using Loop Heat Pipes (LHP) technology. The LHP technology, originally developed for space applications, helps data centers achieve a more sustainable and eco-friendly operation. Neurok Thermocon’s two-phase direct-to-chip cooling products offer the most efficient passive cooling solution for data centers.
Stage: Seed, seeking 1.5M
Market. The global data center market is growing rapidly and is projected to reach $180 billion by 2026. The data center cooling market alone is expected to grow to $11.5 billion by 2024, at a CAGR of 12.3%. This growth is driven by the need for energy-efficient cooling solutions to address the increasing power consumption of data centers and to reduce the environmental impact of their operations.
HQ: United States
Stargible provides cost-effective and fast access to the stratosphere and space through reusable high-altitude platform stations (HAPs) and small rocket technologies, while delivering real-time meteorological data for improved forecasting and research.
Market. The Weather Information Technologies Market is projected to reach USD 7.2 billion in 2029 with a CAGR of 6%. The Global High Altitude Platforms Market is projected to reach a revised size of USD 4.3 Billion by 2026, growing at a CAGR of 5.8%.
Stage: Pre-seed, seeking 490K
HQ: Riga, Latvia
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