CEE and beyond

Polish co-founded SAR satellite company ICEYE has secured the first investment from the European Commission's Scaleup Europe Fund. Managed by EQT, the fund co-led ICEYE's €1 billion Series F round, which included €450 million of primary investment at a valuation exceeding €10 billion. The company will use the capital to expand its SAR satellite constellation and defense and intelligence capabilities across Europe and beyond.

Cyprus-based enterprise AI company Omilia has secured a €58.1M Series B round led by Expedition Growth Capital. Since its Series A, the company has grown its annual recurring revenue more than tenfold to over €52 million, with customers including Capital One, Taco Bell, and Discover. The new funding will support Omilia's expansion in North America, including the launch of its first US office, while accelerating the global rollout of its enterprise AI platform.

MammoCheck, a Cyprus-based medical technology company and Frederick University spin-out, has been awarded a €500K grant under the SEED programme of the Research and Innovation Foundation (RIF). The project is co-funded by the European Union and the Republic of Cyprus under the Cohesion Policy Programme THALIA 2021-2027, with the Frederick Research Center participating as partner organisation. MammoCheck is developing an AI-powered adjunctive screening platform for breast cancer.

Bulgarian startup Estel Technologies has secured €270K in pre-seed funding to expand its AI-native sales platform for the global tech staffing industry. The round was led by Vitosha Ventures, with participation from Austrian angel investor Kerem Basak, founder and CEO of FB Consulting. The platform is already live across the UK, DACH region, Poland, and Bulgaria. Estel currently serves three enterprise customers and has reached €24K in annual recurring revenue (ARR).

New space and defense R&D hub in Bulgaria

Bulgarian satellite technology and services company EnduroSat is planning to develop one of Europe’s largest space and defense R&D centers at the site of the former Dobroslavtsi airport. The plans were announced by the company’s founder, Raicho Raichev, during a visit to the site alongside Bulgarian Prime Minister Rumen Radev.

The visit also marked the official launch of the Dobroslavtsi high-tech industrial park and space and defense R&D center. Earlier this week, the Council of Ministers approved a draft Memorandum of Understanding between the Bulgarian government and Starbase Europe EOOD, the company that will carry out the priority investment project. Starbase Europe is also owned by Raichev. Stay tuned to The Recursive for more updates next week!

Share