Renowned for its picturesque landscapes and rich cultural heritage, Austria is quickly becoming a hotbed for technological innovation and entrepreneurship. As we step into 2024, this nation continues to flourish as a hub of inspiration, strategically positioned at the heart of European innovation. With its robust industrial base, vibrant student community, and strong government support for research and development, Austria is not just a country of historical significance, but also a breeding ground for opportunities.
In this article, we spotlight 10 innovative Austrian startups that are not just transforming the local landscape but are also poised to make a significant impact globally. From groundbreaking biotechnologies to revolutionary AI-driven platforms, these startups are at the forefront of their respective fields, showcasing Austria’s growing influence in the global startup arena.
Join us as we explore these rising stars, all founded between 2020 and 2023, each shining as a beacon of innovation and entrepreneurship, and discover why they are the ones to watch in 2024 and beyond.
Arkeon Biotechnologies: Founded in 2021, Arkeon captures CO2 from industry to convert inorganic gases into organic food. It is one of the first companies in the world to leverage the technology of gas fermentation, combined with the power of archaea an ancient microorganism with unique properties for food applications. Arkeon has raised €10.5 million, holding a key to unlocking a food system without resource constraints, geographical restrictions, and free from animal suffering.
blackshark.ai: Founded in 2020, Blackshark.ai specialises in processing vast amounts of satellite imagery and other input sources, including 2D photographs, point clouds, HD map data, and OSM, to create detailed 3D digital representations of the Earth’s surface. They have raised over €31.9 million for its AI-powered platform that detects features globally like buildings, vegetation, and roads, with precision and speed, serving various applications such as urban planning, geospatial intelligence to disaster response.
DeepOpinion: They offer a No-Code B2B cognitive platform that automates repetitive processes involving unstructured data. With their AI-powered, API-first approach, they seamlessly integrate into customers’ existing software stacks, ensuring smooth automation of cognitive processes in the existing work environment. They have raised over €4.4 million since their foundation in 2020.
enspired: Founded in 2020, enspired is a fully digital energy trading-as-a-service company with the mission to enable a full transition to clean energy by providing power grids with much-needed flexibility. They have raised €7.5 million and specialize in using AI to commercially optimise power generation, storage, and consumption assets short-term power exchanges that help to balance supply and demand.
Fermify: Founded in 2021, Fermify provides food companies with a full-service and automated B2B platform for casein production, aimed at enhancing the quality, sustainability, and speed-to-scale of their alternative cheese and functional ingredients. They have raised over €6 million, focusing on domesticating microorganisms for large-scale milk protein production and simplifying the production process.
Flinn Comply: MedTech compliance company, leverages the power of AI to automate quality and regulatory compliance processes for medical device manufacturers, thereby enhancing compliance efficiency. Their tool offers three modules: Automated Safety Database Surveillance, Intelligent Clinical Literature Evaluation, and AI-driven Complaint Data Handling. Founded in 2022, they have secured €3.8 million in funding.
HeartBeat.bio: Founded in 2021, they’re a private drug discovery company offering an AI-supported data analysis solution to accelerate the development of innovative drugs for heart failure. With €6 million raised, their Cardioid Drug Discovery Platform features cardiac organoids that mimic human physiology, advancing heart disease modelling beyond existing in-vitro systems.
Inoqo: Launched in 2020, Inoqo provides an app offering scientific data on the environmental and social impact of grocery products, promoting sustainable consumption. They have raised over €8.5 million to aid in optimizing product assortments and communicate environmental impact to customers through an easy-to-understand grading system on labels, enabling consumers to choose healthier, more sustainable diets.
JENTIS: Founded in 2020, they have developed a powerful server-side tracking tool that enables businesses to extract complete, accurate, and consistent raw data, accelerating growth. With €14.7 million in funding, they provide solutions for advanced analytics and AI applications, simplifying the collection of user data in a GDPR-compliant manner.
Shopstory: Established in 2020, Shopstory specializes in connecting customers with online shops through their AI-based marketing software. Initially focused on ad placements for users with limited SEO and SEA expertise, they raised over €5.6 million. The company has now expanded its services to automate a wide range of marketing and eCommerce processes, earning recognition as a Google Premier Partner.
Bonus:
taxado: A specialised recruitment platform for the tax consulting and auditing industry, connecting top law firms with talented professionals, was launched in 2023. It has already secured €1.4 million to offer customised job postings, application management, and innovative tools. The platform also enables professionals to anonymously rate employers and stay informed about the latest job vacancies.
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- Source: https://www.eu-startups.com/2024/01/austrias-rising-stars-10-innovative-startups-you-must-keep-an-eye-on-in-2024-and-beyond/
