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L59 Pitch Competition 2024: 526 applications from 53 countries. These are the TOP40 in the pre-finals!

Latitude59’s Pitch Competition has once again broken records – a total of 526 applications were submitted, which is almost a hundred more than the previous year. The top 40 have now been selected and the pre-finals have been announced! Who will win the €1 million syndicate this time, led by EstBAN and Specialist VC? The grand final will reveal the answer, join us on May 24 at Latitude59 2024 in Kultuurikatel, Tallinn, and witness history being made! (PS. Don’t have tickets yet? Get them now – the price goes up on April 20!)

AI is still booming, deep tech shines bright

Applications for the L59 Pitch Competition 2024 came in from a total of 53 countries. “Most of the startups in the top 40 are founded in Estonia, but the group of founders who passed to the next round is much more diverse – there are founders from Ukraine, Italy, Slovakia, Kenya and the United States, for example” said Triin Ilves, Head of Startup Relations at Latitude59.

The final selection includes many health and deep tech companies, but industry-wise, AI is still booming. “More and more companies stand out where the high-potential business model is based on long-term research. At the same time, most companies see an opportunity in AI. And there were also those for whom it seemed that AI was mentioned just in case, as if it should magically make the idea more innovative,” Ilves said.

AI’s strong presence was expected by investors, but it is pleasing to witness that deep science offers serious competition. “It is natural that the development and application of artificial intelligence is seen as a great business opportunity. But there were were also impactful startups from the field of deep science-intensive and health technologies such as biotechnologies and medicine. Developers of innovative energy solutions, and products and services that support energy saving and the green revolution in general were also pleasant to see,” explained Heidi Kakko, one of EstBAN’s Lead Investors.

A difficult decision ahead, potential unicorns on the radar

According to investors, the filter to enter the top 40 was particularly tight this year. “There is no reason to believe that no future unicorns participated in this year’s competition. As a result, the final decision will be difficult and several winners cannot be ruled out,” explained Riivo Anton, a Lead Investor from Specialist VC.

“The level of the participating companies and the willingness to raise capital is at a very high level – 80% of all the participating companies could boldly raise investments right away. When making the choices, it was clear that the companies that had already proven themselves on the market or had a very strong technological value, made it through,” said Martin Goroško, EstBAN’s Lead Investor. 

According to Heidi Kakko, those who solve a specific problem in such a way that they already have feedback from market participants have an advantage in the upcoming competition. “The applicability and demand point of the product or service is definitely important; while still at idea-level, it’s just difficult to reach the finals in this very tight competition,” said Kakko.

An investment of up to one million euros will be offered at Latitude59’s Pitch Competition for the second year in a row, this time in cooperation with Specialist VC and the Estonian Business Angels Network EstBAN. “We wish success to all the teams in the top 40, and lots of patience to jury and investors. Their work will be unprecedentedly difficult, but this also comes with a bright side – it means that our startups are truly impactful and their ideas can make a real difference in the world,” said Liisi Org, the CEO of Latitude59. 

Join the online pre-finals - from April 29 - May 3, 2024

The week of online pre-finals for the L59 Pitch Competition will take off at 14:00 on April 29, 2024. We’ll go live on Linkedin, Youtube and Delfi (Latitude59’s local media partner) every day from Monday to Friday (with the exception of May 1 – enjoy the international day of holidays!), presenting 10 teams per day. By the end of the week, just 10 founders will remain standing, and only 5 will get a chance to pitch one more time for €1M – at the finals, on May 24 in Kultuurikatel, during the closing ceremony of Latitude59 2024!

The top 40 startups of L59 Pitch Competition 2024

In 2024, these 40 teams are heading to the live pre-finals of the L59 Pitch Competition:

🇪🇪 7Sense7Sense is developing Telehaptic sight to help visually impaired “see” through the sense of touch.
🇪🇪 Align – Align helps B2B scaleups turn every customer conversation into a growth opportunity.
🇬🇧 Askflow – Askflow recreates offline shopping experience for online stores recommending perfect product match generated by AI.
🇪🇪 Askly – Askly is AI-powered chat software to help deliver an unparalleled CX. We build the future of customer service.
🇩🇰 Biohalo – BioHalo is a pioneering biomanufacturing company, initially focused on delivering high-performance materials for the film and coatings sector.
🇫🇮 BoxBox – BoxBox offers a free platform where people can list and browse listings of storage.
🇰🇪 – Chumz has developed a gamified savings product that leverages behavioral psychology to help individuals save at low cost
🇪🇪 Complok – Complok develops an AI-driven risk management platform that liberates compliance teams from manual tasks, replaces Excel and saves costs.
🇪🇪 CRESPECT – CRESPECT is developing an intelligent legal practice management cloud software to operate and grow law firm business.
🇱🇻 EatinHotels – EatinHotels helps hotels offer amenities (buffets, gyms, etc) to non-overnight guests, reducing environmental footprint.
🇺🇸 Elomia Health – Elomia is a conversational AI designed for mental health support.
🇪🇪 EsaDres – EsaDres as a deep-tech company is developing personalised solutions for the treatment of chronic wounds.
🇪🇪 Fairown – Fairown allows you to buy products without the hassle of resale.
🇪🇪 FleetFox – FleetFox is a tech company ensuring that thousands of carsharing vehicles are 100% rental ready, any time, at a fair cost. 
🇪🇪 FUNKI – FUNKI is creating a new food from mycoprotein that is tasty, healthy, and environmentally friendly.
🇪🇪 GaltTec – GaltTec makes small and powerful electric power sources for portable devices using our proprietary fuel cell technology.
🇪🇪 GeoBeholder – GeoBeholder offers Spacetech AI for metals, minerals and energy resources exploration.
🇪🇪 Golbriak Space – Golbriak Space is developing optical telecommunication solutions to revolutionize how data moves in space.
🇬🇧 Goldilock – Goldilock’s kill-switch allows energy companies to instantly stop spread of a cyber attack remotely, physically – no IP.
🇬🇧 Greenspark – Greenspark’s Impact-as-a-Service helps companies embed ESG, engage customers and increase ROI.
🇵🇹 Inamesh – Inamesh created a groundbreaking wireless data transmission protocol, revolutionising environmental monitoring.
🇮🇹 LECS – LECS is the first plug&play device that bring the most advanced tech used in aerospace/military environment for everyone.
🇪🇪 litegrav – litegrav is using space and extreme environments as an enabling technology to accelerate bioscience discovery.
🇪🇪 Livful – Livful is streamlining affordable and sustainable on-site construction, one flat-packed kit at a time.
🇪🇪 Lyfery – Lyfery offers life insurance which price depends on health behavior and profits from unrealised risks go back to customers.
🇪🇪 Migrevention – Migrevention is building the first fully digital headache clinic in the world for migraine patients and specialists.
🇪🇪 MindChip – MindChip is a deep tech company developing and producing the modular Artificial Captain (AC) unit for autonomous ships.
🇪🇪 Nora AI – Nora AI is revolutionizing antiviral drug discovery by harnessing the power of artificial intelligence.
🇪🇪 Plugfree – Plugfree makes EV chargers smarter both for business and private customers.
🇪🇪 Rexplorer – Rexplorer develops 3D automation for renewable energy businesses and architects.
🇪🇪 Roadmape – Roadmape is an AI-powered product strategy software that helps product teams make best strategic decision with AI.
🇪🇪 Salu – Salu is a digital clinic enabling expats get medical care for qualified doctors worldwide.
🇪🇪 Siffi – Siffi offers SaaS-like one-click access to Mental Wellbeing on a Workplace with self-profiling and counselling sessions.
🇪🇪 S.Lab – S.Lab produces a truly green packaging at industrial scale that consists of only two plant based components.
🇲🇹 Smart Materials Limited – Smart Materials patented and is developing new material for mattress industry to make them comfier and easily recyclable.
🇫🇮 Supersight PeopleCounter – Supersight PeopleCounter offers 100% privacy-preserving automation for people counting.
🇸🇰 TrollWall – TrollWall is an AI-powered co-pilot, shielding brands from toxic online comments under their profiles.
🇪🇪 Videolevels – Videolevels provides an easy way to build your own white-labeled streaming platform to overcome the constraints of major streaming services.
🇵🇱 Vivid Mind – Vivid Mind develops a solution for early detection of dementia disease that can save lives.
🇪🇪 WeGoTrip – WeGoTrip is a self-guided audio tour app powered by AI. We helped 100,000+ travelers explore 250 cities with $2M GMV.
🇪🇪 WineFortune – WineFortune simplifies investments in fine wine for classical investors thanks to technology and prevent fraud.
PS: Those who had the patience to count the pre-finalists, might come to the conclusion that there are actually 41 startups in this list – that’s no mistake. The jury’s conscience demanded on the knick of time that one more name really deserved a spot in the pre-finals! Fingers crossed!

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