At InnovX, we pride ourselves on the remarkable progress and innovation demonstrated by the companies that have participated in our programs. Over the past year, our community members have achieved significant milestones, navigated evolving industry landscapes, tackled scaling challenges, and embarked on pioneering projects. We recently reached out to three standout companies in our InnovX community— Data Privacy Manager, Allevo and Palowise —to share their stories and insights.
Significant Milestones and Achievements
Drazen Orescanin, Board Member and Business Development at Data Privacy Manager, has made notable advancements in the past year. "We have launched some new functionalities in Data Privacy Manager, mainly new Assessment Automation module for automated Data Protection Impact Assessments (DPIA) and Legitimate Interest Assessments (LIA) across the organization," Drazen explained. Additionally, they introduced personal data search functionality with OCR for scanned documents and developed connectors for various databases and applications. They also expanded into new markets, such as India and Saudi Arabia, and established new implementation partners in the USA and South Africa. "Till end of August, we will finalize our first late seed investment round of €650,000 that will provide strong leverage for our expansion plans," he added.
Meanwhile, Allevo , represented by Ioana Guiman, Managing Partner, achieved significant milestones in facilitating financial connectivity. "At the beginning of 2024, Allevo helped 17 banks access the new ReGIS system, operated by the National Bank of Romania," Ioana Guiman shared. They also provided consultancy to two financial institutions entering the Romanian market and enabled TechVentures Bank to connect to the Instant Payments service hosted by TransFonD. "Allevo currently runs two more FinTP-Instant deployments with two other customers, soon to be announced," Ioana noted.
Palowise ,with [Anna Melissourgaki](https://www.linkedin.com/in/anna-melissourgaki-2030a119a/?lipi=urn%3Ali%3Apage%3Ad_flagship3_pulse_read%3BYikvrSulRpyved5PFE83GQ**%3D%3D Key Challenges and Solutions**), Client Services Executive , has been at the forefront of data analysis and artificial intelligence. "The company has already received three patents from the Industrial Property Organization (OBI) for 'Web Content Sentiment Analysis' and 'Web Crawling and Content Summarization.' Additionally, the company has obtained another patent from the United States Patent and Trademark Office (USPTO)," Anna Melisourgaki stated. Palowise has also collaborated with over 10 European universities and contributed more than 20 peer-reviewed scientific papers. "Furthermore, Palowise has received the Seal of Excellence from the European Commission and has successfully completed three innovative projects funded by the General Secretariat for Research and Innovation in Greece," she added.
Industry Evolution and Trends
Reflecting on industry trends, Drazen Orescanin from Data Privacy Manager observed, "Each year we are seeing that privacy technologies are getting more recognized by enterprises, and in following years, we expect that having privacy governance and automation platforms would be a matter of corporate hygiene and best practices." He also highlighted the gaps in understanding regulatory and business requirements related to personal data management, which they address through their State-of-Privacy Assessment (SOPA) offering. "With new EU AI Act, new regulatory requirements for corporations are coming into force, and they also should be addressed in parallel, because most AI applications will be using personal data," he added.
Ioana Guiman from Allevo noted the increasing regulatory pressure on banks and financial institutions. "Regulations such as GDPR, DORA, NIS2 force banks to take a closer look at their supply chain and to run a thorough assessment of their suppliers and how these suppliers work," she explained. This trend enhances due diligence processes but also adds considerable operational overhead.
Anna Melisourgaki from Palowise observed significant growth in data analysis, social listening, and AI technology development. "A key development is Palowise's acceptance into the UK's Global Entrepreneur Programme (GEP), which is poised to facilitate their expansion into the UK market," she noted. This program provides valuable support, including workshops and expert guidance, to help navigate the local business environment.
Key Challenges and Solutions
Scaling their businesses has presented various challenges to these companies. Drazen Orescanin from Data Privacy Manager identified the low maturity of privacy programs and lack of internal funding as primary obstacles. "Many organizations are not investing in education of their employees or prevention of potential personal data breaches and relying on 'it will not happen to us' strategy," he explained. They address these challenges through SOPA and emphasize the importance of preventing data breaches.
Ioana Guiman from Allevo pointed out the lack of funding and access to new markets as significant hurdles. "We see that grant programs that were aimed to help businesses create new products and grow have been scrapped. It is difficult for SMEs to access new markets without proper funding," she shared.
Anna Melisourgaki from Palowise detailed several challenges, including ensuring high customer satisfaction, managing market demand, financial management, and operational efficiency. "By focusing on these areas, businesses can effectively address the challenges of scaling," she noted, emphasizing the importance of feedback systems, optimizing supply chains, and investing in scalable solutions and legal expertise.
Innovative Projects and Initiatives
Innovation remains at the core of these companies' strategies. Drazen Orescanin from Data Privacy Manager highlighted their proprietary personal data discovery functionality and ongoing work on the Privacy Enforcer, a mobile appliance for personal data discovery intended for regulatory agencies. "We are also very actively using Generative AI platforms for code generation to accelerate our software development process and reduce time to market for new functionalities and cost of development," he added.
Ioana Guiman from Allevo shared their implementation of FinTP-Instant for several banks, aiding compliance with the Instant Payments service. "Building on top of our experience with banks, Allevo created Whizzer, a software solution that offers financial functionalities as a service to SMEs," she explained. Whizzer simplifies liquidity management and decision-making for SMEs lacking in-house financial expertise.
Anna Melisourgaki from Palowise highlighted several innovative projects, including AI-driven business insights, automated process optimization, predictive analytics tools, custom AI solutions, and scalable AI infrastructure. "We are developing AI-powered tools that enhance customer engagement through personalized recommendations and improved interaction quality using natural language processing," she noted. They are also exploring integrations with emerging technologies like blockchain and IoT.
Strategic Goals and Growth Plans
Looking ahead, Drazen Orescanin from Data Privacy Manager outlined their focus on scaling recurring revenue, strengthening their team, and maintaining leading positions in the Adriatic and Middle East markets. "From a product perspective, we will focus on support for AI governance and compliance that is tightly connected to privacy governance," he shared.
Ioana Guiman from Allevo emphasized finalizing ongoing projects and seeking partners to host Whizzer. "This will help SMEs use the features without creating and managing an in-house infrastructure. It is a lean way of getting real-time financial information on your business," she explained.
Anna Melisourgaki from Palowise shared their strategic goal to expand into Western Europe and the United States. "Our strategic goal is to expand into Western European countries, including the UK, France, Spain, and Germany. Following this expansion, Palowise plans to extend its presence to the United States," she stated. They aim to support the growth of digital marketing and influencer marketing by upskilling marketers on AI capabilities and increasing trust in AI.
In conclusion, the achievements and plans of Data Privacy Manager, Allevo, and Palowise reflect the innovative spirit and resilience of the InnovX community. As these companies continue to grow and adapt to industry changes, their success stories inspire other startups to strive for excellence and embrace innovation. We look forward to witnessing their continued progress and celebrating their future accomplishments.
The companies in our community are the reason for our success. They are graduates of InnovX's programs, accredited by the Financial Times, and their achievements and innovations reflect the excellence we strive for. This year, we are proud of InnovX's role at the forefront of sustainable and tech advancement, recognized by the Financial Times, Statista, and Sifted:
🌍 Proud of InnovX's role at the forefront of sustainable and tech advancement, recognized by the Financial Times , Statista & Sifted :
- 🥇 #1 Accelerator in Eastern Europe
- 🌐 #4 Top Networking Hub
- 🏢 #6 Outstanding Offices & Labs
- 🌍 Top #11 European Startup Hub
- 🌟 Among the youngest recognized accelerators
Let’s continue to innovate for a sustainable future!