Central and Eastern European countries are becoming increasingly recognized as emerging hubs for startups, and Hungary is no exception.
The country is experiencing positive growth, thanks to its focus on micro-networks and talent hubs. With a large pool of highly skilled tech talent, strong research institutes, and a rising trend in startup investment, Hungary’s startup ecosystem is thriving.
Hungary’s strength in STEM education and an increasingly international tech talent pool makes it a fertile ground for deep tech-related verticals such as data analytics, data science, artificial intelligence, and cybersecurity. Fintech and blockchain startups have also made significant strides in recent years.
The abundance of local talent and innovation is expected to continue to contribute to the growth of Hungary’s already vibrant startup ecosystem.
We scanned the horizon for young startups founded after 2019 that are putting Hungary on the European startup map. Having completed an in-depth analysis, these are the startups we’ll be watching in 2023.
Volteum: Volteum is a software development company that aims to make electric vehicles (EVs) as cost-effective, efficient and easy to use as traditional petrol or diesel-powered vehicles for businesses operating large EV fleets. They provide software that optimizes fleet management, including predicting energy consumption and battery charge, planning optimal routes that take into account charging needs, time, distance and cost, and managing daily tasks based on live data. Founded in 2020, it has raised a total of $1.4 million.
Craft: Offering a document creation tool, Craft provides customers with a new type of document format that is both impressive in appearance and practical in functionality. The company’s software aims to be simple to use yet powerful at the same time, and it encourages collaboration across teams. With an emphasis on frictionless usability, Craft wants to empower users to work in ways that suit them best. Founded in Budapest in 2019, it has been able to raise a total of $20.2 million.
BugProve: Budapest-based BugProve has developed an innovative IoT security analysis tool that helps engineers conduct automated security checks on firmware quickly and efficiently, without requiring access to source code. The tool delivers initial scan results within 10 minutes of firmware upload and offers a dashboard and reports that provide a clear overview of the results, saving valuable time and resources. Founded in 2022 it has secured a total of €750 k so far.
Deligo Vision: Budapest-based Deligo Vision is creating innovative checkout experiences that simplify everyday payments and makes them faster. The startup brings frictionless payment into the physical retail space, improving customer experience and shaking up in-person payments. The solution aims to save time for customers, reduce their frustrations, and save costs for retailers. Founded in 2019 it has been able to collect €1.5 million in total.
RECnGO: Pest-based RECnGO provides a practical app-based tool for businesses and events that want to take advantage of live streaming and studio-quality video productions, in a cost-effective way. By hiring a mobile-first videographer, users can enjoy quick setup times and equipment that don’t disrupt the event. With editing, logos, text, presentations, and audio mixing taking place live, users can receive their video production instantly. Thousands of pro videographers already use RECnGO to produce full HD live streams and recordings for corporate and social events. Founded in 2019 it has raised a total of €930 k
Hackrate: Ethical hacking platform HACKRATE assists companies in mitigating cybersecurity risks by utilizing the expertise of a global hacker community. Through its services, vulnerabilities in applications can be identified cost-effectively. Additionally, the platform offers a centralized and reliable source of information regarding ethical hacking projects throughout the organization. Founded in 2020, it has landed $220 k in funding.
COMPOCITY: Based in Budapest, Compocity offers a gamified sustainability solution to companies seeking to transform their food waste into valuable resources. The is a climate-tech B2B company that provides a comprehensive service that manages soil food in an eco-friendly manner and offers sustainability reports, as well as personalized community missions, that ensure a sustainable circular flow. By prioritizing the health of the planet and soil, Compocity is committed to fostering sustainable practices among its clients. Founded in 2020 it has raised €470 k.
MaxWhere: Born in Budapest, MaxWhere has developed a proprietary architectural solution that enables enterprises to seamlessly transition into the metaverse. It’s tech allows for real-time integration and visualization of various use cases, including manufacturing, operations, logistics, program and project management, and enterprise collaboration. By leveraging this solution, businesses can easily access the metaverse and enjoy its capabilities, which can lead to increased productivity and enhanced innovation. Founded in 2020 it has raised €2 million so far.
roboGaze: Budapest-based roboGaze is a software development company that provides a range of services, including agile software development, artificial intelligence, machine learning, project management, product management, business development, and automotive quality management. With their expertise and innovative approach, roboGaze assists clients in developing cutting-edge software solutions that meet their unique needs. Founded in 2020 it has raised $2.1 million since.
Briefly.work: Budapest-based Briefly.work is a human resources company that offers services to both freelancers and businesses. Their services encompass a range of tasks, including administrative work, process automation, and capacity balancing through insights-based development. By leveraging their expertise, Briefly helps their clients streamline their operations, automate routine tasks, and optimize capacity for enhanced productivity and efficiency. Founded in 2022 it has secured $600 k since its inception.
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