The pitching competition of the international startup and technology conference Latitude59, which took place in Tallinn from May 22-24, 2024, presents 3 winners: Beholder earned the largest investment of 600,000 euros, AskToSell took home 300,000 euros, and GaltTec 100,000 euros. In total, Specialist VC and the Estonian Business Network Network EstBAN made an investment of one million euros, which is the largest of its kind in Europe for the second year in a row.
The finals of the L59 Pitch Competition 2024 took place on the main stage of the startup and technology conference Latitude59 in Tallinn’s Kultuurikatel on May 24, 2024. 526 startups from 53 countries applied for the competition earlier this year. Martin Goroško, one of EstBAN’s leading investors, said that the participating companies cover a very wide range and have potential for a very high impact on a global scale: “The final 5 included companies that deal with the inner world of mankind but also others who explore the interior of our planet. Most of the companies that reached the finals, have the common component of using AI.”
The planet’s interior is being explored by Beholder, who earned the largest investment. “In a sense, there really may be an even bigger planet inside our planet. To understand how the landmasses inside our planet are located in the most economical way possible, Beholder, a company founded by Ukrainian founders, has developed a technology that allows the creation of a highly accurate geological atlas of our planet. Such an atlas is needed by all mining companies that want to do their business in an environmentally friendly and efficient way,” explained Riivo Anton, a partner at Specialist VC.
AskToSell, a startup company of Lithuanian founders also received a significant investment, is developing artificial intelligence-based sales promotion software, planning to immediately enter a large target market. The founders of AskToSell are supported by previous experience in building and closing a startup, i.e. learning from failure.
“The deep tech company GaltTec, whose goal is to bring an efficient fuel cell to the market, also received an investment,” said Heidi Kakko, also the lead investor of EstBAN. “The application of innovative technology to solve big problems allows the science growing from universities to serve society, but it requires patient, long-term supporting and smart capital”, added Kakko.
Triin Ilves, head of Startup Relations at Latitude59, said that the startup community has matured greatly and is no longer afraid to go beyond simple app creation. “Instead, they deliver in new areas, combining artificial intelligence with science. The finalists of this year’s L59 Pitch Competition illustrate this generation very well, and I am glad that our investors recognize this kind of companies,” said Ilves.
Latitude59 2024, which took place for the 12th time in Tallinn, Estonia, was visited by more than 3,500 people, including more than 900 startup representatives and 20 national delegations. Nearly 600 investors participated this year, the size of their managed portfolios totalling at least 30 billion euros. 195 speakers, 40% of whom were women, could be seen on Latitude59’s stages. In total, there were participants from more than 60 different countries worldwide.
