Buildit Digest: Autumn’s Harvest & Future Winds of Growth

?? Warm greetings from the Buildit Accelerator team! ??

It’s been a while since we last caught up in July, and now, as November unfolds, we find ourselves amidst the rich harvest of new deals, tending to perennial portfolio plantings, and preparing for the winter ahead with our startup community. Much like cultivating a garden, we ensure our portfolio thrives and sow the seeds for an abundant spring.????

As the entire team eagerly anticipates the coming season, we are not planning to hibernate. Instead, we are gearing up for the next chapter with a larger team, more experience, and a commitment to managing even bigger landscapes.

?? Dive into the latest stories from Buildit VC – a medley of updates brewed exclusively for you:

• Flourishing Growth in the Buildit Portfolio
• Toasting to Triumphs within the Buildit Community
• Highlights from the Latvian Startup Awards 2023
• Tour Around Portfolio Teams
• A Breath of Fresh Air: A New Horizon for the Buildit Team
• Meet Our New In-House Expert
• And more insights!

Enjoy a fresh edition of our newsletter, and have a beautiful day!??

?? Flourishing Growth in the Buildit Portfolio ??

We are glad to return from summer with an exciting lineup of new additions to our ever-expanding portfolio! Take note of these five promising ventures and keep them on your watch list as they make waves in the startup scene:

• ?? Emotsy: The team is on their way to elevate email marketing campaigns by enhancing their effectiveness and engagement through an AI-powered customer relationship management platform.
• ?? Cellbox Labs: Making headlines, Cellbox Labs specializes in crafting miniature organs on chips for personalized medicine and animal-free pharmaceutical testing. Their debut product is a gut-on-chip for faster and more precise decision-making in the drug discovery process. Delve into Labs of Latvia's feature article on this rising biotech star to learn about their inception, the technology behind their work, and the future outlook of organs-on-chips. Most recently, Cellbox Labs stole the show at the first-ever Latvian Startup Awards, clinching victory in the IMPACT category.

• ?? Current AI: With a US-based team and a user base exceeding 30,000, Current AI offers a global news dashboard featuring multi-source summaries and analysis. Utilizing advanced large language models and neural networks, the team gathers extensive data from diverse sources and condenses it into a clear, concise format. Their platform aligns with user preferences and is backed by sophisticated search and filtering mechanisms for easy access to relevant information.
• ??? Watchbuilt: The team develops a smart wearable device with the power of 4D Building Information Model for automated and real-time monitoring of construction progress. WatchBuilt 's IoT solution maximizes efficiency and accuracy across complex construction projects as they embark on the journey to redefine the construction landscape. With roots in the Commercialization Reactor, WatchBuilt will continue to sprout under the nurturing guidance of Buildit Accelerator.
• ?? Allockate: Attracting 4 investors in a Pre-Seed round, Allockate pioneers a contactless trailer-sharing platform, reducing search time and swiftly connecting customers with trailer owners in just five minutes. The platform empowers trailer owners to start or optimize an organized rental business, monetize idle equipment, as well as exclude the human factor during the rental process while offering rental clients immediate trailer availability and transparency. Currently operational in the Baltics, Allockate plans to expand across Europe.

?? Toasting to Triumphs within the Buildit Community ??

SpirulinaNord closed a 600,000 EUR round.

Research-born biotech and graduate of Buildit Accelerator, Spirulinanord, is all set to construct a cutting-edge biotechnology production facility in Riga after securing a whopping 600,000 EUR in fresh funding! This substantial expansion will enable the company to amplify spirulina cultivation by over tenfold, propelling us toward a healthier and more sustainable future. The founders, Agnese Stunda-Zujeva , Kristīne Ve?ere , and Kaspars Ve?eris do not only aim to increase tropical algae production but also consider technology licensing opportunities as spirulina exhibits growth potential in various global regions.

?? Dive deeper into the world of spirulina and discover the visionary founders behind SpirulinaNord in this insightful article.

Naco Technologies Unveiled a State-of-the-Art Production Plant.

The opening ceremony of the new production plant, dedicated to coating hydrogen system components, highlighted Naco Technologies' pivotal role in advancing sustainable technologies. Arvils Aseradens , Minister for Finance of the Republic of Latvia, remarked the company as an excellent example of transformation towards a green economy.

Having secured a 2.3 million EUR grant and honored with the Breakthrough award at the Latvian Startup Awards earlier this year, Naco Technologies continues its pioneering journey, tracing back to its roots in Buildit Accelerator.

?? Discover how Naco Technologies is planning to advance the green hydrogen industry further in this article.

Roboeatz Revolutionizes Culinary Experience While Keeping Its Ongoing Funding Round Open

At the forefront of culinary innovation, Roboeatz continues introducing the world to its full-service autonomous robotic kitchen designed by restaurateurs and engineers for the food service industry. ?This AI-powered technology seamlessly prepares, cooks, and serves a wide range of made-to-order hot and cold dishes, pushing?efficiency and automation further in the gastronomic landscape.

?? Discover how you can participate in shaping futuristic dining with Roboeatz.

HackMotion's 10-Year Milestone!

Marking a decade of achievements, HackMotion, a pioneering force nearly as old as Buildit Accelerator, commemorates its 10th anniversary this year. Among Buildit's initial exits, HackMotion remains a stellar success story that continues to thrive. Dedicated to nurturing amateur athletes' skills in sports demanding precision, HackMotion aims to become a global leader in the golf technology industry and a well-known player in sports smart devices. Learn more about the team and their growth in the feature article by Labs of Latvia. The Buildit team wholeheartedly wishes HackMotion continued success in empowering athletes to reach greater heights!

?? Highlights from the Latvian Startup Awards 2023 ??

September 8 marks another special milestone for Naco Technologies and Cellbox Labs , securing top honors at the Latvian Startup Awards 2023! Naco Technologies emerged as an award-winning finalist in the "Breakthrough" category, while Cellbox Labs claimed the prestigious award in the "Impact" category! Our warmest congratulations to the Naco Technologies and Cellbox Labs teams! We encourage our dear readers to explore the groundbreaking endeavors of these visionary companies and follow their progress at www.naco.tech/ and www.cellboxlabs.com/.

Several other Buildit portfolio teams and alums also received notable recognition from startup industry partners at the award ceremony. We congratulate Bruntor , Waterson Technologies (Techstars '22) , SUBmerge Baltic , and Sepsiscan for their hard work and accomplishments! Explore more about the finalists of the Latvian Startup Awards 2023.

?? Tour Around Portfolio Teams ??

On October 27, the Buildit team, accompanied by esteemed ALTUM representatives, set out on a tour to visit the premises of Saikne , SUBmerge Baltic, CoolMail, and Cellbox Labs. During our engaging company visits to the heart of their operations, we were privileged to witness firsthand the impressive developments and profound impact these visionary teams are making in their respective domains. Buildit Accelerator is honored to support such remarkable teams!

?? A Breath of Fresh Air: A New Horizon for the Buildit Team ??

We are excited to announce our transition to a new home! While the familiar Buildit logo on Elizabetes 20 is no longer there, prepare to step into the corridors of the bustling Startup House on Spī?eri Street on your next visit to us! We are eagerly counting down the days until the construction dust settles and we can invite you into our vibrant new space.

But that's not all - alongside our relocation, we are on the brink of launching a new fund. Our commitment to hardware startups remains unwavering, fueled by our passion and the vast opportunities we foresee on an even larger scale. Curious to learn more? Don't hesitate to reach out and be part of this thrilling new phase at Buildit! Additionally, we have recently forged an exciting partnership with Bercman Technologies set to empower and elevate teams in the Buildit Community even further with their in-depth tech expertise.

In the meantime, as the investment phase of our current funds nears completion, our core team is upskilling for what lies ahead. Matiss Neimanis is enhancing his VC management skills from the top-notch experts in the US, Rudolfs Neimanis is advancing his MBA pursuits, and Arta Beitāne is delving into sustainable fund practices within the ESG realm. Together, we are gearing up for the fundraising journey of our next fund!

The conclusion of our current investment period in 2 months from now also marks the final opportunity this year for a select few promising teams to join the Buildit Accelerator by securing a 50,000 EUR Pre-Seed investment and potentially receiving follow-on funding of up to 250,000 EUR.

?? Last chance to join Buildit Accelerator this season! Submit your application here.

?? Meet Our New In-House Expert ??

Give a warm welcome to Jānis Zēgners , our brilliant Lead Financial Mentor! Jānis brings a wealth of expertise in financial analysis, planning, modeling, and reporting to Buildit Accelerator. His seasoned experience is now a valuable in-house resource, offering extensive support to our teams as they navigate the complex financial landscape.

?? Accelerate 2023 ??

The EIT Manufacturing Accelerate program?has a primary objective to support, scale, and accelerate industry startups into impactful players in the European manufacturing ecosystem. Accelerate program?supports and grants financing?to startups and scaleups with innovative solutions and technologies that address critical challenges in the manufacturing sector and are helping the European manufacturing sector to become more efficient, resilient, green, and globally competitive.

The Accelerate 2023 Call is open to startups with solutions at Technology Readiness Level (TRL) 6 or higher that are currently fundraising or preferably already in an ongoing funding round with the following characteristics:

• Developing new products/services/solutions serving the manufacturing sector.
• Significantly improving an existing product/services/solutions for expansion into a new industry sector or a new geographic area.
• Innovative product/service contributing to at least one of the EIT Manufacturing Focus Areas (flagships). Ideas demonstrating commercial prospects and track record.
• Management and technical expertise available.

?? Applications are open until 1st December 2023. Apply here!

?? Open job offers ??

Last but not least, we are pleased to share an interesting job offer that you are very welcome to spread the word about. If you or someone you know are looking for an exciting opportunity to work with a fast-growing startup, consider career growth as a sales representative at MonaTek from Buildit Batch #13.

MonaTek IoT started operating in 2017 with a mission to create an improved remote meter reading and monitoring system. The team provides complete solutions for capturing, storing, and processing data from water, heat, and gas energy meters and sensors. Contact MonaTek or reach out to us for an introduction if you want to join the ambitious and talented venture as their next sales professional!

?? Today a Reader, Tomorrow a Leader ??

sTARTUp Day announces pitching competition

sTARTUp Pitching 2024 competition comes again with a prize pool of over 300,000 EUR. Applications close on December 17.

Latvian Startup & VC Ecosystem Report

Discover Vestbee 's latest CEE report about Latvia’s growing startup and VC ecosystem, which provides a comprehensive exploration of funding data, noteworthy startups, VC funds, dynamic business sectors, and the key players driving innovation in this Baltic State.

Baltic Deep Tech Report 2023

Check out the premier edition of the report delving into the Baltic Deep Tech landscape, presented by Dealroom.co , Iron Wolf Capital , Google Cloud , WALLESS , and Startup Lithuania .

???That’s a wrap for now???

We look forward to keeping you posted on everything we do at Buildit VC , including our latest startup investments and ongoing acceleration programs, milestones of our portfolio companies and graduates, and other community news.

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