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Jun
20
2016

The pulse of Latvian startup scene: Week #24

#StartinLatvia attracts record large grant, accepted into Swiss accelerator, launches cooperation with Philips and more.

Edurio attracts record large grant – EUR 1.86 million

The education quality improvement solution Edurio, created in Latvia, has received support worth EUR 1.86 million from the European Union’s research and innovation grant program Horizon 2020 for the company’s further development and improvement of education quality on the European level.

Edurio, which was established in 2014, is the first Latvian startup company which has been able to attract such a large grant from the Horizon 2020 program, which is well known for the strong competition in obtaining these grants, high evaluation criteria, as well as substantial support for the development or innovative products and services.

Latvian drone company Drofie welcomed into Swiss accelerator

Out of a total of 865 applicants, the Latvian drone startup company Drofie was one of the few which has been accepted into the Kickstart accelerator in Switzerland, where it will be included in the Smart & Connected Machines program. The company has also been granted capital investment worth 25,000 Swiss francs (approximately EUR 23,000).

Philips in cooperation with Latvian startup Overly to revolutionize shopping

One of the world’s leading producers of healthcare products, lighting solutions and household electronics Philips has launched exclusive cooperation with the Latvian startup project Overly.

By combining forces, both companies will ensure Philips clients in the Baltics the unique opportunity to enjoy augmented reality, thus making the shopping process more interactive and information more accessible.

Smelly bicycle lock attracts most interest from business angels

At the June Investment Session of the Latvia Business Angel Network (LatBAN), the project which attracted the most interest from investors was the SkunkLock project. SkunkLock is a unique bicycle lock which nobody wishes to cut, as they are filled with a liquid with a strong and unpleasant stench. The project attracted the interest of six investors.