Business news from Ukraine

UKRAINIAN STARTUP FUND TO FINANCE 13 STARTUPS

The supervisory board of Ukrainian Startup Fund (USF), based on the results of the 26th and 27th Pitch Days, has defined 13 more startups that will receive grants totaling $475,000, the fund’s press service has said.
Teams of 24 projects took part in the pitching. Following the meeting of the fund’s supervisory board, it was decided to finance seven of them at the pre-seed stage (they will receive a grant of $25,000):
Avocado AI. B2B SaaS (Kyiv) – uses mathematical models to predict the demand for dishes and form the best order of ingredients for the establishment;
MANNA (Kyiv) – an interactive media platform for creating author’s 3D animation content, streaming and social interaction in the VR environment;
Advin (Kyiv) – a system for controlling the availability of goods on the shelves of a food retail store;
Monor (Kyiv) – innovative glasses from a 3D printer with the possibility of customization and a unique system for attaching the temples;
Energy Absorbing Breakwater (Dnipro) – a completely autonomous device for converting the energy of sea waves into water desalination and electricity generation;
4comfortshoes (Kyiv) – an online shoe fitting service for retailers and buyers. Based on the photographs of the buyer’s feet, the service determines the parameters and size of the shoes;
Workee (Kyiv) is a comprehensive solution for running a private coaching business.
In addition, it was decided to finance five startups at the seed stage (they will receive a grant of $50,000):
Awesomic (Kyiv) – an online application that matches the company’s task with the best designer to complete it;
Copra (Odesa) – a Ukrainian developer of premium acoustic systems and amplifiers;
DreamApp (Kyiv) – an interpreter of dreams;
Onyx (Cherkasy) – patented contactless towel dryers;
Noplag (Kyiv) – a service for checking plagiarism and resources for academic writing;
Meteocontrol AI (Kyiv) – a platform for insurance of farmers based on satellite data and proprietary algorithms.
The press service recalled that during the pitching, projects are assessed according to a number of criteria – team, market, appropriateness of financing, idea and development strategy.
As reported, on average, the Ukrainian Startup Fund allocates funding for every 25th application.
Ukrainian Startup Fund is a state fund created on the initiative of the Cabinet of Ministers. Its purpose is to provide financing to technology companies in the early stages of development (pre-seed and seed).

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UKRAINIAN STARTUP FUND TO FINANCE STARTUPS

The Supervisory Board of the Ukrainian Startup Fund (USF), based on the results of the 23rd and 24th Pitch Days, has identified another 13 startups that will receive grants totaling $425,000, the fund’s press service said on Thursday.
Teams of 24 projects took part in the pitching. Following the meeting of the fund’s supervisory board, it was decided to finance nine of them at the pre-seed stage (they will receive a grant of $25,000):
GeronCore – a living heart (Kyiv) – a new generation of cardio implants for children with congenital heart ailments;
AGRO BI (Kyiv) – Business intelligence platform for managing risks and increasing yields in agribusiness, providing information on plant growth and the presence of weeds based on high-precision aerial photography by drones and using its own neural networks;
Harmix (Kyiv) – an intelligent service that automatically selects music for video;
Erudito (Kharkiv) – a mobile application for teaching children school subjects in a playful manner;
Ademrius (Lviv) – a web platform for automating the work of medical institutions through the introduction of online appointments with a doctor and an electronic patient history;
Librarius (Kyiv) – a mobile application for the selection, purchase, rent and free reading of literature in electronic and audio formats;
Artera (Kyiv) – marker pen that can write or draw in any color;
Supplio (Kyiv) – integrates cosmetics suppliers with their customers, thus providing automated order management based on actual inventory;
AutoBI (Kyiv, Lviv) – a system for the automotive and related areas for setting up and optimizing fleet of vehicles management processes.
In addition, it was decided to finance four startups at the seed stage (they will receive a grant of $50,000):
Effa (Kyiv) – environmentally friendly disposable hygiene products made from 100% recyclable and renewable materials;
CareTech.Human (Kyiv) – an automated, non-invasive and affordable solution for daily health screening, early detection and monitoring of diabetes;
SmartReader (Rivne) – classes on speed reading and memory development for children 6-16 years old using a gamified online platform;
Fiway (Kharkiv) – Internet for transport, which works in any country in the world.
The press service recalled that during the pitching, projects are evaluated according to a number of criteria, namely: team, market, appropriateness of financing, idea and development strategy.
As reported, on average, the Ukrainian Startup Fund allocates funding for every 25th application.
Ukrainian Startup Fund is a state fund created at the initiative of the Cabinet of Ministers. Its purpose is to provide financing to technology companies in the early stages of development (pre-seed and seed).

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Farmak invests $0,5 mln in startups

The Sector X acceleration hub based on the Unit.City innovation park (Kyiv) has reported for the nine months of work with three acceleration areas – MedTech, Logistics and BeautyTech.

The press service of Sector X said that within the framework of acceleration tracks, the partners of the hub became Farmak pharmaceutical company, the Foxtrot group of companies (Kyiv) and the Ukrainian branch of the L’Oréal Ukraine cosmetics company.

As a result, while working with the accelerator startups, Farmak signed a cooperation agreement with two startups: Bicovery startup will receive $50,000 from the pharmaceutical group and another $30,000 from the angel investors of this company, and ComeBack Mobility startup will receive the first tranche of $100,000 from the group, $30,000 from the angels of Farmak, $40,000 from the French company Undisputed Paris SAS Frédéric Delfosse and $75,000 from Dmytro and Oksana Tomchuk, as well as the team will receive another $150,000 from Farmak after KPI is completed.

Bicovery is an ecosystem with web and mobile applications that helps a person with bipolar disorder, his relatives and doctors receive more complete information about the dynamics of the disease, warnings about potential manic or depressive episodes, measure the effectiveness of medications and procedures, reduce the cost and increase the consistency of treatment, aimed at improving the quality of life of the patient and his loved ones.

Using machine learning techniques and deterministic analysis, Bicovery monitors the mental and physical condition of a person with bipolar disorder in real time.

“Bicovery cuts the cost of treating a person with bipolar disorder by 10-30%, significantly reduces the number of visits to the doctor, reduces the need for outpatient treatment and speeds up the process of selecting effective drugs for a particular patient,” the report says.

ComeBack Mobility startup has developed smart attachments for crutches to control the load in the rehabilitation of diseases and injuries of the lower extremities.

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STARTUP WITH UKRAINIAN ROOTS RAISES $11.25 INVESTMENTS

Mobalytics, a startup with Ukrainian roots, has announced the closure of the series A funding round in the amount of $11.25 million, investments will be used for the creation of a personal assistant for gamers.
Mobalytics told Interfax-Ukraine that the round was headed by the venture funds Almaz Capital and Cabra VC. Other investors who participated in the round include HP Tech Ventures, General Catalyst, GGV Capital, RRE Ventures, Axiomatic, and T1 Esports.
“Being among the first investors, Almaz Capital supported Mobalytics at every stage of the startup’s growth from the launch of the first game to the emergence of several game genres on the platform. The team did this masterly, creating all the conditions for scaling their product,” Danylo Stoliarov, a partner of Almaz Capital, said.
The startup plans to use the attracted investments to further develop the product, improving analytics and a personalized approach to each user. In addition, Mobalytics intends to increase the number of supported games on the platform and expand its technical and product teams over the next six months.
The Mobalytics team has been building and testing the GPI (Gamer Performance Index) for four years.
Mobalytics is an analytics platform and personal gaming assistant designed to help video game fans hone their skills. In 2016, the startup won the TechCrunch Disrupt Battlegrounds.
One of the largest parts of the startup team is located in Ukraine, the head office is located in Los Angeles (the United States), two of the three project founders are also Ukrainians.

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STARTUP FROM UKRAINE RAISES $90 MLN OF INVESTMENT

IT company with Ukrainian roots Grammarly has raised a $90 million investment led by General Catalyst, which also led its investment round in 2017 with $110 million, with participation from other existing investors including IVP, and new investors, the company has said in a press release.
Since the first round of investments in May 2017, Grammarly has more than tripled the number of users and has added a number of updates to its product, which, according to a press release, “helps more than 20 million people every day.”
The company also opened its fourth office in Vancouver, British Columbia (Canada) and doubled the number of team members in offices of Kyiv, New York and San Francisco. It plans in the near future to expand the current office space in Kyiv by additional 1,300 square meters where 130 people can work.
According to the report, the funds raised by Grammarly will be aimed at further expanding the company’s product coverage in order to make it available wherever written communication in English can be used. The company will also continue working on more complex aspects of language and communication, in particular on the development of the recently launched tone detector, to provide users with practical advice on how to adapt it.
Grammarly was founded by Kyiv residents in 2009: Max Lytvyn, Alex Shevchenko and Dmytro Lider. The offices of the company are located in Kyiv, San Francisco, New York and Vancouver.

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UKRAINIAN START-UP PATENTBOT ATTRACTS ANGEL INVESTMENTS

A Ukrainian startup that has launched PatentBot, a chat bot to register patents and trademarks, has raised a new round of angel investment, CEO & Founder в PatentBot Natalia Vladymyrova said on Facebook.
“PatentBot was assessed at a million dollars! You can easily joke about a million dollar baby,” she wrote.
According to Vladymyrova, the startup continues to look for investors for the seed round.
PatentBot is a chat bot to register a trademark, copyright and patent for invention in the United States, Europe and Ukraine, which helps to go through the process of finding a TM to paying state duty within 5-7 minutes. In the Ukrainian market, the project was launched in July 2017, then scaled to the United States, the European Union and China. In 2018, PatentBot entered the acceleration program of the Hong Kong Betatron startup accelerator and was valued at $750,000.

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