Greek AI startups attracted over €123 million, ranking second in Central and Eastern Europe

Greece is emerging as one of the leading players in Artificial Intelligence (AI) in Central and Eastern Europe, with startups in the sector entering the radar of global giants and raising generous funding. According to the data from the report "The State of AI in CEE 2024" by The Recursive platform, Greece is establishing itself as a hub of innovation in AI, attracting significant funding and developing groundbreaking technologies.

In 2024, Greek AI startups attracted a total of over €123 million in investments, a performance that ranks Greece in second place in Central and Eastern Europe, with a share of around 20% of the total funding directed to AI startups in the region. Among the companies that stood out in 2024 for the heavy funding they raised were Plum, Harbor Lab, Kinvent, Kaedim, WeatherXM, StiQ, Icomat, and Infinite Orbits.

These companies have managed—as the report notes—to raise significant investment funds, attracting investors such as Andreessen Horowitz, 8VC, and Protocol Labs. As shown by the data, Poland, with 171 million euros, is in first place. With investments of €123 million, Greece is followed by Croatia, with €107 million. Romania follows with €69 million, Slovakia with €39 million, and Bulgaria with €29 million.

The who is who of Artificial Intelligence startups

With 17.5% of the total AI startups in the region, Greece also ranks second in Central and Eastern Europe in terms of the number of AI startups. Greece is only behind Poland (23.3%) and ahead of Romania (13.6%).

Meanwhile, according to the survey data, at the end of August 2024, it is estimated that approximately 18,500 people were working in the AI ​​sector in Greece. In fact, this fall alone, five Greek startups focused on the AI sector were targeted by top investors, business giants, and powerful funds in the US and Asia, from Alibaba and Google to the founder of LinkedIn and the chief engineering officer of Open AI.

According to the data from the survey "The State of AI in CEE 2024", in Greece, the largest percentage of startups (45%) is in the Seed stage, while a significant 18% is in the Series A stage. The remaining are in smaller stages, such as Pre-Seed (8%), or more advanced stages, such as Series B (6%), while 7% of companies have already reached an acquisition or exit.

Success stories

Thessaloniki-based Kinvent stands out as one of the most successful Greek AI startups. Focusing on improving kinesiology, it has developed advanced devices that collect and analyze industrial data. The company, which operates in 68 countries, secured funding of €16 million in 2024.

At the same time, startups such as Infinite Orbits are leading the way in the Space sector, providing satellite life extension technologies, while StiQ is introducing innovations in the cloud kitchen sector, leveraging AI to organize and optimize processes. Meanwhile, Intel’s acquisition of InAccel highlights the interest of international technology giants in Greek innovation.

Furthermore, as the study highlights, developments are expected to accelerate with the granting of the Golden Visa to those who invest capital of over €250,000 in startups.

The study highlights that despite geopolitical instability, high inflation, and reduced IPO activity, Greece continues to strengthen the Artificial Intelligence ecosystem despite challenges thanks to the support of the European Union and partnerships with international investors, which creates fertile ground for further development.

The image in the area

Despite geopolitical tensions, inflationary pressures, and difficulties in raising funding, the Central and Eastern European region is recording significant growth in the technology startup sector. The technology startup ecosystem in Central and Eastern Europe showed significant activity in 2024, highlighted by the emergence of the region’s first AI unicorn, ElevenLabs.

Overall, funding to companies producing AI products represented around 40% of all funding rounds recorded in the region during this period.

In addition, the region recorded 13 mergers and acquisitions (M&As) and 23 new funds, with a total of €1.2 billion in assets under management. From 2021 to the end of August 2024, AI companies in the Central and Eastern European region have secured a total of at least €5 billion in capital, of which €1.4 billion from 2023 to summer 2024.

READ MORE: Contactless Payments Available on Athens Public Transport: A New Era for Passengers.