€120.000 given through EIT Digital Venture program

The EIT Digital Venture Program (formerly ARISE Venture Program), launched in June and completed in September, received eight teams from Greece, Romania and Cyprus this year. To help teams understand the required processes and equip them to overcome their first challenges, Found.ation organized a 48-hour Bootcamp with workshops and talks, while for the next few weeks, startups were given regular and substantial support from the mentors assigned to them, networking opportunities with experienced market executives, and the ability to attend webinars on a variety of business-related topics (including: sales strategy, business strategy, legal issues, prototyping, pitching techniques, etc.). The program culminated with the Demo Day event, where the teams pitched their ideas in front of investors, journalists and corporations. Finally, the final evaluation of their progress and the legal formation of the companies took place in September.

The eight groups are:

Alumni Reach (Greece) – A platform that helps businesses make the most of their former employees’ network by gathering information and automatically identifying the most appropriate contacts.

Epsilon (Greece) – A solution that enables the media to enhance their outreach and receive feedback through personalized online communication.

iqrate (Greece) – A market intelligence service for hotel owners and their affiliates that enables them to optimize their pricing policy and maximize their profits.

Morphe (Greece) – A biotech startup that develops precise 3D-printed copies of the patient’s anatomy (phantoms), with the goal of more efficient radiotherapy.

PlaceMe (Greece) – An Augmented Reality (AR) application that allows homeware goods businesses to offer their customers the opportunity to display their products in their own space.

Ramp (Romania) – An AI assistant who attends meetings, takes notes and suggests actions based on the participants’ discussions.

Realchain (Greece) – A tokenization platform for real estate that helps funds and fund managers who want to run Security Token Offerings (STOs) to raise capital.

Summarly (Cyprus) – A smart assistant that saves valuable time by creating e-mail chat summaries utilizing Machine Learning (ML) and Natural Language Processing (NPL) technologies.

Each of the teams had received an initial funding of €5,000 to develop an MVP and upon completing their company formation by September, they received another €10,000 each. All eight teams initially selected completed the program successfully.

Here are some of the participating startup members statements:

The Bootcamp and the Demo Day are a priceless experience. Mentoring helps teams test their ideas, while financial support helps get them started. Finally, you get to meet talented, very interesting people.

– Alumni Reach

Found.ation assigned us the right mentor and helped us by asking us questions that changed our way of thinking.

– PlaceMe

Great mentors and networking – Found.ation creates a vibrant community of young people helping each other. We would recommend the EIT Digital Venture Program because it helps startups get their idea to the next level – a true MVP.

– Epsilon