Summary:
Estonia aims to become a deeptech hub, targeting 30% of startups by 2030.
70% of deeptech companies have emerged in the last five years.
GSCAN utilizes muon tomography for advanced 3D scanning.
Up Catalyst converts CO2 emissions into green carbon products.
Nanordica Medical develops an innovative antibacterial wound dressing.
Back in the early 2000s, Estonia was rapidly modernising, shaking off the remnants of Soviet influence. It ambitiously transformed itself into a digital society with innovations such as e-government and online voting.
And, of course, it gave birth to Skype, the company that would launch the small Baltic nation’s journey towards becoming a startup powerhouse and a “unicorn country.”
Since then, Estonia has established itself as a leader in breeding high-profile software companies, such as Bolt and Wise. Now, it’s aiming to become a deeptech hub, accelerating the development of research- and science-based entrepreneurship.
The Growth of Deeptech in Estonia
Deeptech in Estonia is still relatively young. As many as 70% of the companies have emerged over the last five years. Nevertheless, the sector is growing quickly. In 2023, deeptech startups reached a record €227.2mn in turnover — a 14% increase from the year before. They also raised €394mn, rising from €254mn the previous year.
The Estonian government’s vision is for deeptech companies to account for about 30% of the country’s total startup volume by 2030. This translates into 500 deeptech startups — up from 132 in 2023.
One key component of Estonia’s action plan is to facilitate further access to funding, mainly in the form of grants and angel investment, especially for early-stage businesses. Another is boosting entrepreneurship within academia with dedicated courses for students. Equally important is ensuring a smooth spinout process.
Innovative Startups Leading the Charge
GSCAN: Cosmic Rays for 3D Scanning
Tallinn-based GSCAN is using muon tomography for 3D scanning and chemical composition analysis. GSCAN collects muons with its proprietary detector technology, combining the use of AI to create 3D visualisations and analyse materials.
Up Catalyst: Transforming CO2 into Green Carbon
A spinout from the University of Tartu, Up Catalyst transforms CO2 emissions into green carbon nanomaterials and graphite. The startup’s technology extracts CO2 from waste biomass and flue gases from heavy industry emitters, aligning with the EU’s objectives for the energy transition.
Nanordica Medical: Advanced Wound Dressing
Another startup, Nanordica Medical, has developed an antibacterial wound dressing. This solution combines silver with copper nanoparticles to provide enhanced treatment for bacterial wound infections.
Nanordica recently raised €1.75mn from VC investors, showcasing the growing interest in science-based deeptech.
As the Estonian ecosystem continues to evolve, the potential for unicorns in healthtech and deeptech appears promising.
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