Though Latvia is a small country in terms of population, it has more magnitude when it comes to technology and is home to a few hundreds of tech startups.
The country has encouraged investments that foster a startup ecosystem to promote both native and expat entrepreneurship. Besides this, a slew of organisations such as Startup Latvia, Labs of Latvia, and Latvian Startup Association is striving hard to enable the country to build up its own successful ecosystem in the Baltic region.
SaaS startups in LatviaHaving said that, we have showcased some of the most promising SaaS startups in Latvia. Some of these startups have witnessed massive growth in recent months while others increased their valuation. Take a look at the promising SaaS startups with their roots in Latvia as sourced from Dealroom.
LightSpace TechnologiesFounder/s: Ilmars Osmanis
Founded year: 1996
Funding: €9.8 million
LightSpace Technologies is a 3D optical solutions company that develops key technologies for Multi-Focal Accommodating AR headsets and future glasses-free 3D image display. This startup works with the mission to create key technologies that visualise 3D images that naturally accommodate human vision system sans causing harm to eyes even after long periods of use. The key use areas for 3D image technologies are professional, scientific, medical data 3D visualisation, airspace, etc. with 3D visualisation of control objects in various use cases.
NordigenFounder/s: Roberts Bernans, Rolands Mesters
Founded year: 2016
Nordigen is a global account data analytics provider that helps banks, fintechs, and lenders leverage open banking by extracting actionable insights directly from raw account data. Nordigen operates with the mission to enable greater financial transparency and global adoption of open banking. In addition to Riga, this fintech startup also has an office in Madrid. This company works with over 50 global banks and lenders operating across 13 countries.
Giraffe360Founder/s: Mikus Opelts
Founded year: 2015
Funding: €1.6 million
Latvian proptech startup Giraffe360 is offering a game-changing subscription product for real estate companies to streamline professional quality photography and high accuracy floor plan creation. Through its camera-laden device, the finest photographs are automatically created by basting multiple HDR images. With 50-megapixel resolution, photos are exportable in all the formats. Furthermore, the most accurate floor plans can be generated just in 2 minutes by the Giraffe360’s advanced photogrammetric device laden with an in-built laser.
Marine DigitalFounder/s: Ivan Ladan
Founded year: 2019
Marine Digital works with the intention to digitalise ports and accelerate mass automation processes in the logistics industry. Its platform automates cargo acceptance, handing, and data exchange . Marine Digital was founded to solve issues that persist in accounting and planning, increasing both the speed of cargo turnover and the related workflow. The company developed Fuel Optimization System for shipping companies based on neural network aiming to build the best data set in the industry to provide the option to save up to 12% of fuel per year for bulk and tanker fleets and other big vessels.
GRANDMAFounder/s: Aivars Slokenbergs, Rihards Rucevics, Karlis Gedrovics, Mārtiņš Zemīti
Founded year: 2010
GRANDMA operates finance data management software for midsize project-based companies. It provides easy to use, reliable project and invoice management. The company provides clean projects finance data and makes sure these data are synchronised with accountancy. It allows project managers to do their job and reduce the time spent on managing estimates and invoices in Excel. It is an effective alternative to Excel as it can be used for quoting, financial reports, invoicing, and cash flow planning.
DisplioFounder/s: Raivis Lancetovs
Founded year: 2015
Latvian smart living startup Displio has launched internet-connected displays that are designed for desks or shop counters and exhibit information such as weather, Facebook likes, the number of unread emails, etc. The Displio internet-connected display features a 2.7-inch e-ink display. The highlight of this display is its low power consumption and is touted to last up to one month on a single charge.
MotivioFounder/s: Ansis Lipenitis, Juris Bluzmanis
Founded year: 2017
Motivio is a new generation company culture app. It provides mobile tools to build a culture that attracts and retains new generation employees like a magnet. It is a platform that is convenient for employees. Given that employees encourage new types of culture, these new processes help companies retain employees. The Motivio app lets users pay for lunch and makes it easy to control with its automatic process control system.