The Czech Republic is known for its solid infrastructure, a highly educated and skilled workforce, and relatively low living costs and wages. Its location means it acts as a ‘gateway’ to other hubs like Berlin and Vienna, there is a strong presence of innovation hubs, incubators and accelerators (think Startup Yard), and support and advice is available from Czech Startups. Whatsmore, a whole host of big corporates have set up shop here, such as Microsooft, ebay and Skype.
Having completed an in-depth analysis of Czech startups founded in the last few years (2017-2020) here are the companies, working on innovative solutions and showing positive signs like closing recent funding rounds, that we will be watching in 2021.
Resistant AI – This startup protects the machine learning system from adversarial manipulation and advanced fraud. Deployed on top of existing systems, Resistant AI provides a typical security layer for financial services, such as protecting payments and detecting fraud or money laundering — and also detects forged documents or spots sophisticated attackers attempting to copy the underlying ML model. Las year, the firm raised $2.75 million in a round co-led by Index Ventures and Credo Ventures.
Smartmockups – This startup began as a side project in 2016 when two guys were both looking for a tool to present their website and app designs to clients in a professional way without being overly expensive or far too complicated. With 220k monthly users, smartmockups allows to create product mockups and marketing images in few seconds without the need of any additional graphic design software. The firm was recently acquired by Australian company Canva.
Cyrkl – Founded in 2018, Cyrkl aims to bring creativity and innovation to the world of waste management. It enables the optimization of the management of waste by passing it on from those who have it to those who need it. It is currently present in Central Europe and German speaking countries, and has more than 3500 companies registered.
Snuggs – Founded in 2019, Snuggs has created a line of underwear aimed at maximum comfort and security during menstruation. The reusable underwear helps reduce the amount of waste and waste packaging coming from single use period products. Ethically produced in Europe, the product is currently used by over 40,000 women.
Kire Core – Founded in 2020, Prague based Kira Core is a software development company building a full stack DeFi ecosystem and distributed applications. Kira aims to enable users to generate revenues from staking any cryptocurrencies, stablecoins, digital fiat, or even NFT’s while maintaining full liquidity via natively supported staking derivatives.
Trisbee – Trisbee’s mission is to create a European wide cashless payments solution. Its software allows users to pay in associate shops or businesses simply by scanning a QR code. To do this, the QR code must be located in a visible place in the trade, through a link or the APP itself. The company ensures that payments are made immediately, being the money transferred to the business within the next 24 hours. Founded in 2017, €500K raised in 2021, Trisbee currently focuses on expansion in southern Europe.
Manifesto Market – Founded in 2018, and based in Prague, Manifesto Market is a hospitality group focusing on food & beverage, real estate, technology, and culture. It created stylish places that provide a variety of food and drinks for people who want to enjoy cool, exciting vibes, cultural experiences and a high-quality customer experience. Uniquely, Manifesto Market is one of the first fully cashless places in Europe. This means it can create and utilize digital technology products and data to provide an enhanced customer and tenant experience. Welcome to the future of retail, food and culture.
Mutumutu – Founded in 2018, Mutumutu is a simple online insurance for people who care for themselves. It covers the loss of income in case of incapacity, disability and death and allows these risks to be combined freely according to the client’s needs. Part of the product is a reward for a healthy lifestyle, where Mutumutu’s clients can earn up to 30% of the paid insurance back.
Worklio – Founded in 2017, Worklio is an HRtech startup offering an Al-driven Payroll Software and Human Resources Information System. In a few easy steps, HR administrators can automate the entire hiring and onboarding process for both employer and employee. So far the startup has secured around €2.5 million to take its solution to the next level, and has bases in both Bruno, Czech Republic, and Florida, US.
iterait – Founded in 2018, iterait is all about AI. The Prague-based team is developing computer vision AI solutions for various industries including healthcare, marketing and manufacturing. Their mission? To increase efficiency, productivity and quality of businesses. In June 2020, the startup raised a funding round of around €1.5 million.
By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!