Welcome to the July edition of InnovX Wrap-Up! This month, were thrilled to share some of the remarkable advancements and initiatives happening at InnovX. Our team has been hard at work, and were excited to highlight some of our key achievements and upcoming projects.

InnovX Insights📃

🌟 Accelerate Your Growth with MoonShotX! 🌟

MoonShotX , an initiative by Raiffeisen Bank Romania in partnership with InnovX , is your gateway to accelerated growth and global expansion. This dynamic program offers tailored training and expert mentoring, coupled with exclusive networking events where you’ll connect with industry leaders and gain valuable insights. Through MoonShotX, you’ll have the chance to broaden your international reach with opportunities like SelectUSA, paving the way for entry into global markets. The program also enhances your business impact and visibility, facilitating crucial connections with investors and corporates to secure funding and strategic partnerships. Strategize, execute, and elevate your business across the CEE region with MoonShotX. 🌌🚀 Don’t miss out on this chance to expand your network, amplify your impact, and fast-track your growth. Register now and embark on a journey to a brighter, more successful future! Registrations are open until the 10th of September!

🚀 The InnovX European Program - Autumn Edition is now open for applications! ✨

In an era where technology drives economic growth and societal progress, startups are at the heart of innovation. These pioneering companies have the power to disrupt industries, generate jobs, and fuel economic development 🌱 However, the path to success for startups is fraught with obstacles, from securing funding to scaling operations globally. That's where InnovX comes in. As a leading innovation accelerator in Europe and an official partner of the European Innovation Council and SMEs Executive Agency (EISMEA) , InnovX provides a comprehensive program tailored to help startups navigate these challenges and achieve their potential 👩💻 Don’t miss this opportunity to elevate your startup. Apply now! Registrations are open until the 5th of September.

InnovX Celebrates 4th of July with US Embassy Bucharest

Happy 4th of July to all our American friends! 🎆 InnovX had the honor of joining the US Embassy Bucharest for a spectacular Independence Day celebration. The evening was nothing short of magical, featuring an impressive aviation show and lively live performances that created a vibrant and festive atmosphere. ✈️🎶

Diana DUMITRESCU, PhD. and Daniel Dumitrescu, PhD. , are immensely proud of InnovX's ongoing efforts to strengthen the economic ties between the US and Romania. For the past five years, InnovX has been committed to supporting Romania’s most innovative startups, scaleups, and mid-sized companies in their quest to enter the US market and achieve global expansion. 🌍🚀 Our participation in the SelectUSA Investment Summit has opened up fantastic opportunities for growth and collaboration. 💼🌟

A special thanks to Ambassador Kathleen Kavalec for our inspiring discussions about future initiatives. It was also a pleasure reconnecting with friends including Eli Corso-Phinney and his wife, Gabriel Popescu , Monica Eremia , Emanuel Cernat , Titus Percea , Bogdan Buta , Ioan Ovidiu Hotca , Manuel-Iulian Cazac , Botiș Horia-Razvan , Mihai Filip and Cristian Dincovici (retired lieutenant general) , among many others. 🤗🎊 Here’s to more ground breaking collaborations and a bright future for US-Romania relations! 🚀✨

InnovX at Colombia Tech Week: A New Horizon for Innovation

As part of the EU-LAC Innovation Cooperation initiative, part of the European Commission's Global Service Facility. InnovX will be showcasing Romanian and Central Eastern European (CEE) innovative companies for the first time in the Latin American market. We are among a select group of seven European entities, from the CEE including us and the BIRD Incubator (Croatia), participating in this unique exchange of experiences among global acceleration programs. InnovX together with the other participants will be exploring the opportunities of Columbia Tech Week, taking place from August 26th to September 6th, 2024. This premier event will be held across Colombia's major cities—Bogotá and Cali—and is a cornerstone of the EU-LAC Innovation Cooperation. This initiative aims to foster enhanced collaboration between the European Union and Latin American and Caribbean countries in research and innovation. Colombia Tech Week offers a dynamic platform to connect with global venture leaders, attract foreign investment, and celebrate the vibrant entrepreneurial spirit driving the region. This week-long event will highlight the tech ecosystem's potential and open doors for international collaboration and investment. We look forward to representing Romania and CEE at this significant event and exploring new opportunities to expand our innovation ecosystem globally. For more information about the event, visit Colombia Tech Week. Let's put Colombia on the map, together! 🚀🌍

Bits & Pretzels 2024: Join Us as We Shape the Future of Innovation

InnovX invites you to bring your startup to the main stage of Bits & Pretzels 2024, the premier 3-day festival in Munich. As community partners with Bits & Pretzels, we are thrilled to be part of this incredible event, joining 5,000 founders, investors, and startup enthusiasts dedicated to shaping the future with innovative ideas and technology. 📣 Event Highlights:

• Network with over 5,000 attendees and 1,500+ investors
• Showcase your startup’s potential on the main stage
• Compete in the prestigious European Pitch Contest Thank you Johanna Kroll and Angela Baumeister for sharing this opportunity with us! Don't miss this incredible opportunity to put your startup in the spotlight. Apply now to secure your spot and make a lasting impression at Bits & Pretzels 2024! Apply here 👉 https://lnkd.in/dhXE5Q92

#🌟Community Spotlight

Adservio Pioneers AI-Powered Reporting in Education

Adservio is on the cutting edge of educational technology with its latest initiative to integrate artificial intelligence into its platform's reporting algorithm. In an exclusive interview with Ziarul Financiar , Adservio's representative shared exciting details on how these innovative ideas are taking shape. "We are starting to map all the information we have on the platform and provide our users – students, parents, teachers, and even school principals – with real-time reports generated with artificial intelligence. This mapping encompasses grades, absences, and numerous other data points entered into the platform. Our goal is to offer users much more substance in their activities, allowing them to truly understand their work and gain predictability based on the data," said Alexandru Holicov . By leveraging AI, Adservio aims to enhance the educational experience, delivering meaningful insights and foresight to all users. To delve deeper into Adservio's AI advancements, you can listen to the full interview here!

The Evolution and Benefits of Self-Service Terminals by Headlight Solutions

Headlight Solutions Romania latest article, authored by Ionel Gurau , explores the rich history and modern advantages of self-service terminals. From their early days as simple vending machines to today’s sophisticated digital kiosks, these terminals have revolutionized customer interactions across various industries. The article discusses different types of kiosks, their construction, and the numerous benefits they offer in 2024, such as automation, 24/7 availability, improved customer satisfaction, and cost reduction. To read the full article, visit here!

dMonitor Attends SelectUSA Investment Summit and Tech

dMonitor recently participated in the SelectUSA Investment Summit and SelectUSA Tech in Washington, DC. This premier event, organized by the U.S. Department of Commerce, supports European entrepreneurs looking to expand into the dynamic U.S. market. Key highlights included Secretary Blinken’s remarks on the U.S.’s innovation and strong legal system, as well as the Women in Manufacturing panel, moderated by Under Secretary Marisa Lago. dMonitor also engaged in a productive roundtable session tailored for Romanian companies. The summit featured valuable seminars and workshops on expanding and structuring business in the U.S., including insights into investment opportunities and financial instruments. A standout moment was dMonitor’s meeting with U.S. Ambassador to Romania, Kathleen Kavalec, focusing on enhancing Romanian-American trade relations. The event provided dMonitor with exceptional networking opportunities and critical insights for their international expansion.

Profluo Forms New Partnership with BCR Social Finance IFN SA

Profluo is excited to announce its latest partnership with BCR Social Finance IFN SA, a prominent non-banking financial institution with over 16 years of experience in Romania, supported by a broad national network and a substantial client base. This new collaboration introduces Profluo’s customized solution, designed to automate the posting of sales invoices and the retrieval of purchase invoices from SPV, ensuring complete accuracy and efficiency. For those interested in how Profluo addresses the complexities of electronic invoicing, a demo is available to explore the numerous advantages of their innovative solution: Schedule a Demo

Plant An App Excels at Nexus2050 Luxembourg Event

Plant an App recently made a significant impact at the Nexus2050 Luxembourg event held in Luxembourg. The event featured a series of inspiring presentations and engaging discussions, showcasing innovative ideas and future-focused strategies. Special accolades are due to Radu Florescu, MBA and Bogdan Litescu for their outstanding contributions, which greatly enriched the event's discussions. Their insights and expertise were highly valued by all attendees. A big thank you also goes to the Romania Luxemburg Business Forum (ROMLUX) asbl for their crucial support in making the event a success.

dotLumen and SeedBlink Celebrate €1M Fundraise

Exciting news from dotLumen and SeedBlink ! 🎉 We are thrilled to announce that dotLumen, a pioneering Romanian innovation 🇷🇴, has achieved a major milestone by raising an impressive €1M in just one day. dotLumen is dedicated to transforming the lives of the blind through their groundbreaking glasses technology. Despite advances in technology, many blind individuals still rely on traditional mobility solutions such as walking canes and guide dogs. dotLumen’s innovation aims to change that by providing new ways to enhance mobility and independence. Join us in celebrating this remarkable accomplishment and the promising future for dotLumen. 🔗 Read more about this achievement: ZF IT Generation: Cornel Amariei, Founder & CEO of dotLumen SeedBlink Article

Allpriv Secures Top Honors at INCIBE Emprende

🏆 allpriv is excited to announce that they have won 1st place for "Most Investable Company" at the INCIBE Emprende Final with Aceleradora MentorDay, and also secured 3rd place at the Combat Pitch event in Tenerife. This recognition comes at a pivotal moment as Allpriv is seeking support from regional and national authorities to launch an innovative program aimed at the medical device industry. The company is poised to offer a disruptive solution to address security challenges within the healthcare sector, which is increasingly targeted by cyberattacks. Medical devices are involved in over 80% of these attacks, making this initiative critical for improving industry resilience. If you are a manufacturer (startup or SME) of connected medical devices based in Catalonia or Spain, this is an opportunity you won’t want to miss. 💣

Partners Pulse📚

Congratulations to Bogdan Buta on His Promotion!

We are delighted to share that Bogdan Buta , one of our esteemed mentors, has been promoted to the position of Counsel at DLA Piper Romania , a valued partner of InnovX . Bogdan has expressed his heartfelt gratitude to Marian Dinu for his mentorship and support, as well as to the dedicated team at DLA Piper for their collaboration. Please join us in congratulating Bogdan on this well-deserved promotion and wishing him continued success in his new role! 🚀

Congratulations to Mircea Moraru!

We are delighted to share that Mircea Moraru has been promoted to the position of Senior Counsel at CMS , one of our esteemed partners. Mircea’s dedication and expertise have been instrumental in providing exceptional legal guidance and support. This promotion is a testament to his hard work and the significant contributions he has made to the firm. Please join us in congratulating Mircea on this well-deserved advancement and wishing him continued success in his new role! 🚀👏

Welcome Metis Ventures!

🌟 InnovX is excited to announce a new partnership with Metis Ventures , a premier early-stage investment platform focused on Central Eastern Europe, the Baltics, and Turkey. Metis Ventures boasts a strong track record, with over 50 portfolio companies and numerous successful exits. Metis Ventures' commitment to nurturing diverse tech entrepreneurs aligns seamlessly with our mission at InnovX. Their expertise and support will be instrumental in helping startups thrive on a global scale. We look forward to exploring new opportunities and driving forward groundbreaking projects with Metis Ventures. A big thank you to Mircea Ghita for his invaluable collaboration. 🚀💼

Exciting Venture Capital Opportunities for European Startups

The second quarter of 2024 has seen the launch of several new venture capital funds aimed at investing in European startups across various sectors. Here's a roundup of the latest funds: CEE Region: Ukrainian Venture Capital and Private Equity Association (UVCA): $300M Fund of Funds (Ukraine) KAYA VC: €80M fund for Slovak, Polish, and Czech startups Early Game Ventures: €60M Fund II for the CEE region Interactive Venture Partners: €50M inaugural fund targeting pre-seed to Series A Radix Ventures: €41M of a €60M deeptech fund for 16-20 CEE startups Europe: Lakestar: $600M fund focusing on AI, digitalization, deep tech, healthcare, and fintech Creandum: €500M fund for 35-40 seed and early-stage startups Norrsken VC: €320M fund targeting climate tech, energy, biotech AI, and healthtech ETF Partners: €285M fund for digital climate-focused businesses Vsquared Ventures: €214M fund for early-stage deeptech startups Armira Growth: €200M for investments ranging from €10M to €50M Wind: €90M fund for deeptech climate startups bValue Fund: €90M targeting tech in Poland and CEE Kfund: €70M for Southern Europe Elevator Ventures: €70M for fintech and beyond banking Dreamcraft Ventures: €66M for B2B software in Nordic and DACH regions Rialto Ventures: €55M for robotics, AI, cybersecurity, and healthtech Italian Founders Fund: €50M for Italian seed and pre-seed startups Shilling VC: €50M for growth-stage startups 14Peaks Capital: $30M for B2B SaaS and fintech Impact Shakers: €20M for early-stage European startups identity.vc: €15M backing LGBTQ+ entrepreneurs Blackwood Ventures: €14.7M for early-stage startups across Europe Andrena Ventures: $12M for AI, climate tech, and B2B solutions Openseed VC: $10M for various sectors Voyaria: €5M for hotel tech in Ireland/UK Cambridge Future Tech: $5M for deeptech Global: Andreessen Horowitz (a16z): $7.2B for tech sectors globally Accel: $650M for European and Israeli startups Breega: $75M for African startups Quantonation Ventures: €70M for quantum tech worldwide These new funds represent significant opportunities for startups across Europe and beyond, highlighting a growing interest in innovative technologies and solutions. Keep an eye on these developments to explore potential investment and growth avenues.

InnovX Podcast🎙️

Mastering Market Entry into the UK

Tune into the latest episode of the InnovX Podcast for an insightful discussion on navigating the UK market. Our guests share their expertise and offer practical tips for a successful market entry. Featured Guests:

• Cristina Dragu 🇬🇧💰🚀 : Director of Foreign Direct Investment CEN at the Department for Business and Trade
• Anca S. : Managing Director and Co-Founder at Safetech Innovations Global Services Gain valuable insights from industry leaders who have firsthand experience in overcoming the complexities of the UK business landscape. Learn essential strategies and insider tips that will help ensure a smooth and successful transition into the UK market. 🔗 Listen now!

Tech Horizon🌟

SoftServe Publishes Study on the Use of Generative AI in Global Companies

SoftServe , a leading provider of digital services and IT consulting, has released the findings of its latest study, commissioned by Forrester Consulting, to evaluate the current use of Generative AI (Gen AI) in global companies. The study, conducted 18 months after the launch of ChatGPT and amidst the growing availability of Gen AI products and services, reveals that only 22% of companies feel they have effectively utilized this technology across all business verticals. Despite the challenges in implementation, interest in Gen AI is on the rise. The global survey, which included 777 technology decision-makers, highlights ongoing investments in Gen AI use cases, though companies face difficulties with data availability, governance, and skill development. Key Findings: Over half of the decision-makers have set business objectives for Gen AI, yet 79% are concerned about their organization's ability to achieve these goals with current expertise levels. While 75% face readiness challenges, most organizations are implementing multiple Gen AI applications, with plans to pilot additional ones in the next 12-18 months. Only 51% of leaders are confident in their current strategies to maximize Gen AI value, but 77% worry about their short-term and long-term business potential. Just 42% of organizations can train Gen AI models, with 89% struggling to prepare business data for Gen AI use. Less than a quarter (24%) have implemented Gen AI governance plans, although 90% agree on the necessity of such plans to ensure responsible use and risk mitigation. Alex Chubay , CTO of SoftServe , emphasizes the need for a holistic approach to bridge gaps in data infrastructure and skills to move from pilot projects to large-scale implementations. Disparities Between Expectations and Reality: The study indicates that while data is crucial for effective Gen AI strategies, only 3% of organizations can leverage a comprehensive range of business data types. Additionally, 88% of respondents highlight the increasing importance of deep technical expertise for data integration and Gen AI optimization. Need for External Expertise: Despite the abundance of use cases, 80% of decision-makers report difficulties in understanding Gen AI complexities, and 90% believe they need a partner with advanced technical capabilities. Companies seek external partners for accelerated implementation and better industry understanding. Gen AI Trends: Organizations that have achieved substantial business value from Gen AI prioritize data, governance, and skill development with the help of technical partners and experts. The study found that the US leads in Gen AI utilization, followed by the UK, Singapore, and Germany. Retail is the most likely industry to exploit Gen AI value, while financial services and insurance face more challenges. Healthcare, science, oil and gas, manufacturing, and independent software vendors are equally capitalizing on Gen AI. For more detailed findings, access the full SoftServe study here.

🌟As July came to an end, we reflect on the dynamic events and milestones achieved within the InnovX community and beyond. From groundbreaking partnerships to international conferences and innovative initiatives, this month has been a testament to the resilience and creativity of entrepreneurs and innovators worldwide.Thank you to all our partners, alumni, and supporters for your continued dedication and enthusiasm. Together, we are shaping the future of innovation and entrepreneurship. Here's to a month filled with achievements and a future brimming with endless possibilities. 🎉 InnovX has come a long way since starting as a small business accelerator in Romania in 2019. We've scaled over 350 innovators across Europe, driven by a relentless focus on results. Today, we are proud to be recognized by the Financial Times , Statista and Sifted as a top startup hub in Europe, ranked #1 in Eastern Europe!🚀 Watch here a video What is InnovX about to get an insight into our world🔗 : https://lnkd.in/d2yRUqGD