The AI ecosystem in Greece continued to build on its foundation in 2024, navigating a year of mixed results in terms of funding. The country’s startups raised just over €123M, a slight decline compared to the €146M secured in 2023. Despite this reduction, the ecosystem demonstrated resilience, with investments supporting innovative companies across various sectors. Notable rounds included those by Plum, Harbor Lab, Kinvent, Kaedim, WeatherXM, StiQ, Icomat, and Infinite Orbits. Five of these rounds were Series A, attracting funding from global investors such as Andreessen Horowitz, 8VC, ConsenSys Mesh, and Protocol Labs.
By August 2024, Greece was home to 188 AI-focused companies, with most funding rounds concentrated in early stages: 45% in seed, 18% in Series A, and 6% in Series B.
The information in this article is based on The Recursive’s State of AI in 2024 report. Download it here and get the latest insights about the CEE startup ecosystem.
Greece is second CEE country by the number of AI startups
Greece is in the top of countries with most AI startups in CEE, right after Poland, accounting for 17.5% of AI startups in the region. Government initiatives supported the sector’s growth, including the new €250K Golden Visa investment option, now extended to startups, introduced to attract foreign capital.
Also, thanks to academia initiatives, the country’s AI workforce reached 18,500 professionals in 2024. Machine learning, robotics, and computer vision showed steady development compared to 2023. To show their skills and progress, The Athens Research & Innovation Center launched Meltemi, Greece’s first large-scale Greek language model based on Mistral-7B technology, aiming to address local needs in AI-driven language solutions.
Notable early-stage companies
Key Greek startups securing funding in 2024 include:
- Infinite Orbits – a NewSpace company with a Greek cofounder, secured €12 million round led by Newfund Capital along with the EIC Fund, IRDI Capital Investissement and Space Founders France.
- StiQ – startup that has introduced large-scale cloud kitchen operations in Greece, utilizing advanced technology and AI. Closed in 2024 a €10M round.
- Wondercraft – AI audio content tool with a Greek co-founder, closed a €2.9M Seed round, led by Will Ventures and backed by Y Combinator, ElevenLabs and other angel investors.
Although investment levels in 2024 were slightly lower than in the previous year, Greece’s AI ecosystem remains active, supported by venture capital interest, government policies, and a skilled talent pool.
