In a Nutshell
- Czech-founded Myriad AI has secured $2M (€1,8M) in pre-seed funding.
- The investors include N1, alongside BD Partners, Plug and Play Tech Center, and Preston-Werner VC.
Bringing Silicon Valley Expertise to Prague
The founder, Jan Špidlen, has worked at Google, Nvidia and Airbnb. He returned to Prague from Silicon Valley last year to build his own business, Myriad AI.
The company aims to transform compliance by revolutionizing access to regulations. Their platform provides insights, with the objective to speed up decisions and improve business outcomes.
Myriad is establishing a sales and marketing center in the U.S. while maintaining its technological base in Prague. Špidlen is already recruiting Prague-based programmers and IT specialists to develop Myriad’s software prototype into a full-fledged service.
Investor’s Perspective
In less than five years, the Czech venture capital fund Nation 1 has invested more than €23M in over thirty startups. Managing partners Marek Moravec and Jaroslav Trojan will soon complete their final investments and start harvesting returns, with plans to reinvest and sell shares at a profit.
“This year confirmed our belief that our strategy is correct. The companies we invested in through N1 are performing very well, and we intend to close approximately four more investments by the end of the year. Throughout the fund’s existence, we have managed to invest approximately 600 million crowns. This progress has led to the establishment of our second fund and the appointment of two existing colleagues as new partners, who will be strong reinforcements for our team in the long term,” commented Marek Moravec.
The fund is entering a new phase, rebranding as N1, bringing in new partners, and raising capital for a second fund, aiming to make its first investment next year.
