During the first half of 2015, startups in Latvia raised EUR 70.1 million in funding, which was eight times more than during the same period last year. This was announced to LETA by TechChill, which is an organisation in the Latvian startup community.
Compared to the first half of 2024, the amount of funding which Latvian startups attracted was increased by more than 700%. The amount raised so far this year already exceeds the total amount that was found during the whole course of last year.
The vast majority of the new funding – EUR 53.2 million – went to the Aerones startup company, which manufactures robots for the maintenance and diagnostics of wind turbines. The fundraising was aimed at developing robotic solutions in this area that are powered by artificial intelligence.
Trace Space raised EUR 4 million to fund a requirements management platform for engineers who are working on industrial products. The investment will help to integrate AI into the platform and thus improve its performance.
Handwave raised EUR 3.65 million, and it is developing a palm-scanning solution that could be linked to payment and loyalty cards, identity documents and digital wallets.
Two science-focused startups found investments in 2025. Celllox Labs raised EUR 3.3 million to continue its work in four different areas.
The second such company was Naco Technologies, which raised EUR 2.5 million for its work in the field of nano-coatings. The financing will go toward international expansion and the launch of a high-capacity manufacturing facility in Poland.
Theo Growth is another startup, and it raised EUR 430,000 for AI-based solutions which systematise corporate information so that AI assistants and agents more deeply understand the nuances and strategic directions of a business. AI can respond more consistently and at a higher level of quality, thus saving time and reducing the number of iterations that are needed before the desired answer is determined.
Hopted raised just over than 400,000 for an automated data moving platform for spreadsheets.
TechChill director Annija Mezgaile says that the figures prove the Latvia’s economy and policymakers should rely more on startups and encourage their creation.
TechChill is an NPO that was set up by the startup community in Latvia. It is aim is to promote the further development of the technology and the startup ecosystem so as to provide more internationalised visibility and to attract investments.
Source: BNS
(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited)
