In 2024, the startup ecosystem in Slovakia remained relatively steady compared to the previous period, with three AI startups securing investments totaling €39M. This figure reflects a slight decrease from the €42M raised in 2023. The most notable round was CloudTalk’s €26M, followed by Powerful Medical’s €7.5M.
Looking at the bigger picture, Slovakia ranks fifth out of eight countries analyzed in terms of funding for AI startups in 2024. This is a strong position, considering that Slovakia accounts for only 4% of CEE’s AI startups. By comparison, the Czech Republic, Slovakia’s neighbor and business partner, ranked last in funding with €24M, despite having 12.4% of CEE’s AI startups.
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.
Besides the aforementioned startups, some others are developing in the country:
- Auglio: Attracted €1.6M for its AR/Virtual Mirror SaaS platform, which uses 3D product generation to simulate a physical-like shopping experience. The round was led by Zero One Hundred VC.
- CloseRocket: Raised €1.1M for its AI-powered B2B sales platform designed to support businesses in building and managing global sales teams. Investors included Zaka VC, Start Guide VC, Vision Ventures, and angel investors.
- Elv AI: Secured €500K for its platform focused on online content moderation, particularly for social networks and websites, with funding from CB ESPRI Impact One.
Education and ecosystem development
The country has also made strides in AI education and collaboration:
- Skyro Secondary School: A secondary school in Bratislava focused on artificial intelligence, offering programs in hybrid app development and digital game creation with a focus on practical skills.
- Slovak Digital Coalition Summit 2024: Held on June 25, the event addressed the challenges and opportunities AI presents for the labor market and education, with a focus on human capital development.
By August 2024, Slovakia had mapped 43 AI product companies, with 60% in the seed stage. The ecosystem’s workforce included 12,500 professionals specializing in AI. Advances in Machine Learning, Robotics, and Computer Vision were also noted.
While the total funding decreased slightly compared to 2023, the ecosystem’s focus on early-stage development and education suggests potential for growth in the coming years.
