Made in emerging Europe: Trusted Twin, SME Finance, Monese, XVision/Rayscape

The start-up scene in up-and-coming Europe is flourishing: new money and new ideas are constantly coming onto the market. To keep you up to date with the latest investments, innovations, movers and shakers every week Emerging Europe brings you a summary of the region’s start-up news.

Trusted Twin: Polish data-sharing startup raises $1 million in pre-seed round

Polish startup Trusted Twin, a real-time data exchange developer platform, has raised $1 million in pre-seed funding led by ff Venture Capital with participation from Presto Ventures, Movens Capital, RKKVC, Startup Wise Guys and more upset high-profile angel investors.

Funds will be used to scale the startup’s team, expand technology and expand its customer base.

Trusted Twin was founded in Gdańsk by a team of experienced IT startup executives who identified a gap in the market that currently hinders the effective exchange of data between different partners.

Trusted Twin provides capabilities to model, create, store and share virtual representations of almost any object, real or abstract, relevant to business.

In addition, Trusted Twin offers these in a trust-based, secure, reliable and scalable framework. The platform provides a full data sharing layer that addresses trust and control challenges, including control over data visibility and accessibility and protection against malicious outside interference.

It also overcomes traditional complexities of interoperability and integration, and offers seamless scalability supported by a serverless architecture.

“Data sharing is becoming a business imperative, and cumbersome, time-consuming data sharing processes will surely hinder business growth,” says Krzysztof Malicki, CEO of Trusted Twin.

“Data sharing is one of IT’s biggest problems as most organizations lack the tools and resources to develop the necessary frameworks. Our mission is to accelerate digital transformation for almost any type of organization and to support the problem of data exchange between partners with an innovative approach based on the concept of the digital twin.

“Essentially, we are a data-sharing layer that takes non-functional requirements like scalability and availability away from developers so they can focus on their core business.”

of Lithuania SME finance opens in Finland to fill funding gaps for smaller businesses

SME Finance, the fintech reinventing growth finance for small and medium-sized businesses, has launched operations in Finland, promising fairer, faster growth finance for the country’s smaller companies facing a €2 billion funding gap.

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The move will make it easier for smaller companies in Finland to get the growth financing they need to expand, including unsecured business loans that are rarely available from traditional banks. SME finance also lends to companies with trading histories shorter than the two-year minimum maturity typically required by mainstream banks.

SME Finance’s entry into the local Finnish market follows rapid growth in Lithuania, which has already provided more than EUR 1 billion in working capital to over 2,000 growing companies, mainly in the Baltics.

SME Finance has brought its new digital-first approach to growth financing to Finland, a country known for its openness to innovation. The country has a highly digital economy that is expected to be cashless by 2029. It tops the digital rankings in the EU’s Digital Economy and Society Index (DESI) for 2020 and seventh in the Global Innovation Index for 2021.

SME Finance believes its digital-first approach to banking and finance fits well with the needs of local business owners.

Its Smart Loan, for example, offers an alternative to the traditionally slower, more conservative, and potentially biased lending practices of traditional banks. Using AI and open banking APIs shortens and simplifies the business financing process and introduces unbiased lending criteria based on contextual trade and cash flow data.

The credit decision takes less than an hour and the loan is transferred within 24 hours. The data can all be provided remotely and digitally, reducing the red tape for businesses when borrowing to expand.

“Finland’s small businesses are not the only ones facing a massive funding gap, which the ECB has put at two billion euros,” says Matias Peltoniemi, Country Manager of SME Finance in Finland.

“However, what we do have on our side is an openness to the type of innovation and digital solutions that SME Finance is bringing to the local market. SME finance offers smaller companies fairer and faster access to growth finance, even unsecured loans for start-ups with less than two years of trading history.”

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SME Finance plans further expansion in 2022 in the Netherlands, Spain and Germany.

HSBC Ventures invests US$35 million in Estonia-founded Monese

Estonia-based fintech Monese last week announced a $35 million investment by HSBC Ventures, part of a broader strategic partnership focused on the cloud-based platform-as-a-service business of Monese will focus.

The new funding will support the continued growth of Monese’s platform.

“HSBC is continually pioneering new wealth and banking innovations for our digitally savvy clients – we aim to help clients make smarter decisions so they can achieve their financial goals with innovative digital tools,” said Taylan Turan, Group Head of Retail Banking and Strategy, wealth and private banking at HSBC.

“This new partnership is an important step in helping us deliver digital wealth and banking tools at speed and scale by combining Monese’s fintech credentials with our own global wealth and banking capabilities.”

Norris Koppel, Founder and CEO of Monese, added: “Securing the backing of a global Tier One bank demonstrates the strength of our platform and continued investor interest in the platform. I am delighted to have such a respected partner and investor in HSBC with a wealth of experience in providing exceptional banking services. We look forward to driving this partnership forward.”

In September 2021, Monese announced the launch of its Platform-as-a-Service business and a strategic partnership with Investec. As part of the strategic partnership, Investec led Monese’s oversubscribed Series C.

Romanian medtech startup XVision becomes Rayscape as it embarks on global expansion

Romanian medical technology start-up XVision, the artificial intelligence algorithm-based medical platform that develops products that help radiologists analyze and interpret medical images, is changing its brand identity to Rayscape.

With plans for global expansion, a significant number of partnerships with hospitals, clinics and physicians across Europe, new imaging products for the oncology patient segment and a repeated business purpose, the company’s vision and values ​​are naturally reflected in the new brand identity: a Ray of light finding its way through a sea of ​​uncertain diagnoses.

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“We started the XVision journey in 2018 with a clear goal: to make a positive impact in the world. Since then, we have strived to make the healthcare system smarter with technology, specifically by providing precise tools for medical image analysis. In order to strengthen our position in the market, we decided to develop a new brand identity,” says Ștefan Iarca, CEO of Rayscape.

Rayscape products, which use artificial intelligence for image analysis, are currently used by 100 public and private institutions in Romania, Poland, Hungary, Slovakia and Croatia. Clients include large private companies such as Regina Maria Private Health Network and Medlife Medical System, as well as public sector companies such as Spartanska Institute, Kopernik Hospital Lodz in Poland and Semmelweis University in Hungary.

Rayscape will continue to add value by developing artificial intelligence algorithms for image analysis. The company will retain its two existing products for analysis of chest X-rays and lung CT scans in its portfolio and also plans to develop new products for oncology imaging.

XVision has already started to enter the field of oncology with the development of the lung CT product capable of detecting, measuring and tracking the development of lung nodules, which is extremely important for the early detection and monitoring of lung cancer patients is. Rayscape will continue this business, improving existing products and planning the development of new products that can be used to treat and monitor cancer patients.

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