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CEE Startup & Tech Weekly: Estonian Skeleton Technologies Secures €33M Ahead of US IPO

CEE Startup & Tech Weekly: Estonian Skeleton Technologies Secures €33M Ahead of US IPO, TheRecursive.com
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The Recursive’s weekly roundup aims to cover key tech developments across Central and Eastern Europe, as well as the growing impact of CEE-born founders on the global stage. Take a look at the latest news in funding, startup milestones, and emerging trends tied to the region’s innovation potential.

CEE news & deals

Silicon Valley-based DeepInfra, with a Bulgarian co-founder, has just secured a $107 million Series B round co-led by 500 Global and early Google engineer Georges Harik, with participation from Nvidia, Samsung Next, Supermicro, A.Capital Ventures, Crescent Cove, Felicis, Peak6, Upper90, and Bulgarian BrightCap Ventures.

Skeleton Technologies, an Estonian AI infrastructure and grid power systems provider, has announced a €33 million first close of a larger funding round, bringing its total venture capital financing to €392 million ahead of a planned U.S. IPO in 2027. Founded in 2009 by Taavi Madiberk and Oliver Ahlberg, the company develops high-power energy storage systems powered by supercapacitors and its proprietary Curved Graphene technology.

Warsaw-based Elastics, which develops AI agents for prediction markets, has raised €1.7 million in an oversubscribed pre-Seed round to expand its AI and quantitative teams in Poland. The funding round was led by Frst, alongside angel investors. Founded in April 2025 by Szymon Pawica (CEO) and Mateusz Brodowicz (CTO), Elastics is an AI-native operating system for prediction markets

Slovenian oral care startup FRESH 32 has secured €1.2 million in funding to support international expansion and accelerate the development of its next-generation oral care products. The investment round was led by AYMO Ventures, with participation from Tivoli Partners and strategic angel investors from Business Angels of Slovenia and SMOK Ventures, bringing together a broad international investor base behind the Slovenian company.

Greek VC Loggerhead Ventures has backed UK-based Perceptual Robotics in a new funding round, alongside follow-on investment from One Planet Capital, as wind turbine maintenance becomes increasingly critical to the cost and reliability of renewable energy infrastructure. The company uses autonomous drones and artificial intelligence to automate wind turbine inspections, replacing a time-consuming and high-risk process with faster, data-driven maintenance decisions.

Read more:  Byrd raises $56M to become the default fulfillment partner for e-commerce in Europe

Cross borders

Plug and Play has made its first direct investments in six Albanian startups, marking a milestone for the country’s emerging tech ecosystem and signaling growing international investor confidence in the region. The selected startups — Synaps, Insect Intel, Bliss, Infinitcode.ai, NEKOD, and kidsday — were part of the first batch of Plug and Play Albania and also completed a six-week GOAL programme in Silicon Valley, where founders gained exposure to global investors, mentors, and the wider innovation ecosystem. This marks the first-ever Silicon Valley investments into Albanian startups.

“Our first investments in Albania mark the beginning of a long-term commitment to the region,” said Seena Amidi, Managing Partner for EMEA at Plug and Play.

Investing in Ukrainian defense

Front Ventures, a Stockholm-based defense-focused investment company, has raised €5 million through an oversubscribed B-share rights issue that was subscribed to 278 per cent. The fresh capital will be used to expand its defense technology portfolio across Ukraine and Sweden, backing early-stage companies developing operationally relevant drones, communications systems, software, and critical supply chain technologies.

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