Startup Wiseguys, Europe's leading B2B startup accelerator has announced their latest batch that consists of 11 teams from 8 countries. Two teams are from Latvia; Cenos and Robotic Solutions.
The Tallinn-based accelerator has gone through over 250 applications and has narrowed their selection down to the top 11 teams that will go through the rigorous 3 month training to grow their businesses. Two of the 11 international teams are based in Latvia, Cenos, the open source engineering modeling software solution, and Robotics Solutions, who turn industrial equipment into robots that can work in teams.
Cenos combines CAD/CAE and open source engineering software in one spot, which in turn would make the development process faster and diminsh the costs for necessary software, thereby making the software more available to small companies. The co-founder, Mihails Scepanskis, believes that the accelerator is an excellent opportunity to spread the word about his startup.
"The field is very conservative, which is why sales must be approached from a very professional perspective. We believe that the accelerator will help develop the product so that it would be able to conquer the industry's conservativisms with strong values and a clever sales strategy." -Mihails Scepanskis, co-founder of Cenos
Robotics Solutions is taking existing equipment from stagnated industries and making it smart. Currently they're putting a focus on agricultural equipment, though their solution could be applied to other industries as well. Members of the Robotics Solutions team emphasized that the 1.2 million manual cleaning pieces of equipment in the the agricultural industry could be automated, thereby turning them into industry 4.0 equipment.
"We applied to the accelerator because we believe that participation will let us test our business hunches with mentors from a variety of industries, as well as broaden our professional contact network with investors, industry partners and other professionals." - Matiss Brunavs, CEO of Robotics Solutions
This is an exciting step for any startup, as the program attracts prominent players from the startup ecosystem, such as Skype, Transferwise and VitalFields, who successfully exited in 2016. Additionally, the program includes exposure to over 150 different mentors over the three months and will receive a seed investment of 20,000 euro.
This round of the accelerator program is unique in that Startup Wise Guys has become the first accelerator to have raised funds through public equity crowdfunding on Funderbeam, a total of 398k euro from 150 investors. This allowed many non-professional investors to easily diversify their portfolios as well as to change the investor dynamic of the program.
In addition to the highly talented list of teams, Startup Wise Guys is proud of the represented diversity; a female developer and a female CEO, 9 nationalities, a professional singer, a PhD in physics, and more.
Labs of Latvia wishes them perseverance over the next three months, and we hope to be hearing from them much more!