Fueled by a forward-thinking government and a vibrant startup culture, Estonia has earned global recognition for its advancements in technology and digital governance. The country’s commitment to digital transformation is evident in initiatives like e-Residency, which enables entrepreneurs worldwide to establish and manage EU-based businesses online.
Tallinn, the capital city, serves as a bustling hub for tech startups, offering a supportive environment with access to skilled talent, favourable regulations, and robust infrastructure.
From fintech to cybersecurity and beyond, Estonia continues to foster a dynamic ecosystem where creativity thrives, making it a leading destination for tech innovation in the region and beyond.
Here are ten companies that highlight Estonia’s strength in fostering innovation and digital solutions.
Skeleton Technologies
Industry: Cleantech
Amount raised in 2023: €159M
Skeleton Technologies is a pioneering company in energy storage solutions, leveraging patented Curved Graphene to achieve the most significant industry advancement in the last 20 years.
This technology boosts the energy density of their supercapacitors and SuperBattery, while resolving stability and scalability issues of solid-state batteries.
The company’s vision is to use this material advantage to deliver high-performance energy storage, driving electrification in transportation, grid, industrial, and automotive sectors.
Planet42
Industry: Transportation
Amount raised in 2023: €94M
Planet42 is a socially-driven mobility company dedicated to making car ownership accessible to underserved and credit-invisible individuals.
The company offers a unique car subscription service that allows customers to choose their vehicles from a network of trusted dealerships. By leveraging data analytics and a customer-centric approach, Planet42 provides an affordable and flexible alternative to traditional car financing, helping people improve their mobility and overall quality of life.
Their mission is to empower people with the freedom to drive and create opportunities for personal and economic growth.
Elcogen
Industry: Energy
Amount raised in 2023: €45M
Elcogen is a leading manufacturer of clean energy technology, specializing in affordable green hydrogen production and emission-free electricity.
At the forefront of energy security and the transition away from fossil fuels, the company is committed to advancing net-zero ambitions. Their innovative solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology efficiently convert fuel sources into emission-free energy and vice versa, enabling green hydrogen production.
This technology not only reduces commercial costs but also helps customers provide affordable energy solutions to achieve net-zero targets.
Sunly
Industry: Energy
Amount raised in 2023: €30M
Sunly is a renewable energy company focused on developing and investing in sustainable energy projects.
With a strong commitment to environmental responsibility, Sunly specializes in solar, wind, and other clean energy solutions. The company aims to accelerate the transition to renewable energy by delivering innovative and efficient power generation technologies.
Through its projects, Sunly supports the creation of a greener, more sustainable future by reducing carbon emissions and promoting clean energy adoption across various sectors.
Icosagen
Industry: Healthtech
Amount raised in 2023: €18M
Icosagen is a biotechnology company specializing in the discovery, development, and production of innovative biopharmaceuticals and diagnostic tools.
The company offers a range of services including custom antibody production, protein engineering, and cell line development.
Icosagen’s advanced technologies and expertise support pharmaceutical and biotech industries in accelerating research and bringing new therapies to market. Their mission is to provide high-quality, reliable solutions that advance scientific discovery and improve global health outcomes.
Binalyze
Industry: Security
Amount raised in 2023: €17.7M
Binalyze is a cybersecurity company specializing in digital forensics and incident response solutions.
The company provides advanced software tools that enable organizations to quickly identify, analyze, and respond to cyber threats.
Binalyze’s innovative technology streamlines the forensic investigation process, helping to minimize damage and downtime during security incidents. With a focus on efficiency and reliability, Binalyze supports businesses in safeguarding their digital assets and maintaining robust cybersecurity defences.
Rangeforce
Industry: Security
Amount raised in 2023: €16.9M
RangeForce is a cybersecurity training company that offers immersive, hands-on training platforms designed to enhance the skills of IT and security professionals.
Their interactive training modules simulate real-world cyber threats and scenarios, allowing users to practice and improve their defensive tactics in a safe environment.
RangeForce’s solutions help organizations build a resilient cybersecurity workforce by providing continuous, on-demand training that keeps pace with the evolving threat landscape.
Sisu Group
Industry: E-commerce
Amount raised in 2023: €14M
Sisu Group is a company driven to create the world’s leading iGaming products and platforms.
Focused on innovation, the company’s 100% cloud-based iGaming platform is designed for scalability across regions and brands, integrating advanced BI and CRM capabilities. The company prioritizes data-driven decision-making and control the value chain to ensure superior customer experiences.
Sisu Group’s inaugural brand, ReSpin.com, showcases their lightning-fast online casino with personalized rewards.
QANplatform
Industry: Fintech
Amount raised in 2023: €14M
QANplatform is a cutting-edge blockchain platform designed to enable easy, fast, and secure development and deployment of decentralized applications (dApps).
Founded with a commitment to revolutionize blockchain technology, QANplatform leverages quantum-resistant encryption to ensure robust security for its users.
With a strong focus on usability and scalability, the platform supports a wide range of industries and applications, empowering developers to build decentralized solutions efficiently.
Raiku
Industry: Cleantech
Amount raised in 2023: €9.9M
Raiku is a forward-thinking company dedicated to revolutionizing the outdoor adventure industry with innovative, eco-friendly products.
The company’s mission is to empower outdoor enthusiasts with high-quality gear that combines functionality, durability, and sustainability. From backpacks to camping equipment, every Raiku product is meticulously designed and crafted to enhance outdoor experiences while minimizing environmental impact.
With a commitment to craftsmanship and environmental stewardship, Raiku is paving the way for a more sustainable approach to outdoor gear, ensuring that every adventure is both enjoyable and environmentally responsible.
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