In this analysis, we begin decoding the DNA of Series A+ AI startups in CEE and uncover what makes them thrive. For ambitious founders across the CEE region, reaching unicorn status can often seem like a distant dream. Yet recent success stories such as a large Series B+ funding round from the region prove that scaling a business to incredible heights is entirely possible with persistence, strategic vision, and the right support.
While some startups struggle to adapt and find market fit, others choose to bootstrap their way through challenging times standing among those armed with venture capital.
At the macro level, according to our State of AI in the CEE 2024 report, where we analyzed 1350+ AI companies—more than 1,050 being AI product companies across their current stage—reveals that Poland, followed by Greece, and Croatia, saw the highest inflow of funds as of August 2024.
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In the next paragraphs of this article, we will continue to analyze 102 Series A+ AI startups, with CEE roots in our database, that managed to overcome their challenges but also flourished, achieving profitability and expanding into new markets.
How much have Series A+ AI startups contributed to total funding rounds across the CEE ecosystem?
As of August 2024, Series A+ AI startups have raised nearly half a billion euros in funding, representing 71% of the total AI funding in CEE. There’s still time to see if 2024 will match the funding levels of 2023, but the gap may not be as large as it seems.
Over the years, we’ve tracked key ecosystem players and analyzed the percentage of Series A+ startups relative to the total number of startups in each country. The graphic below shows that countries like Poland, Greece, Romania, and Bulgaria have a higher representation of AI product companies at the Series A+ stage.
However, when examining the distribution of the number of startups across the region, tracked by August 2024, Poland leads, followed by Greece, Hungary, and the Czech Republic.
Absolute Number of Series A+ AI Startups across the CEE Region based on the AI Index
In the top four countries, Series A+ AI startups in CEE are making strides across key industries. Healthcare and Life Sciences lead with 14 startups, while Retail and Manufacturing each boast 12. There are 10 startups in Marketing, Sales, and Customer Service, and 8 in Information Technology.
New milestones for the region
In October, a significant milestone emerged for the region: UK-based robotics startup Dexory, founded by Romanian entrepreneurs, closed an impressive $80M(€72.29M) Series B round. Dexory’s success story exemplifies how Eastern European founders are making remarkable strides in the global AI landscape.
If you’ve reached the end of our article, don’t forget to download our State of AI in CEE 2024 report and get the freshest insights.
