Ukraine has become one of the major technology hubs in Eastern Europe. Prior to Russia’s full-scale invasion of Ukraine, the country was witnessing an emerging technology scene that had backed more than 50 venture capital (VC) funds and produced a number of high-profile startups.
In 2021, Ukrainian startups received a total of $832 million in venture capital (VC) funding.
The war undoubtedly affected the country’s startup ecosystem, but technology will continue to be the largest services export in 2023, growing despite the ongoing war, according to a report published by the Lviv IT Cluster. There is a high possibility that he will recover.
In an unexpected turn of events, countless defense technology startups specializing in electronic warfare (EW) and robot development have also sprung up.
“We create today, test tomorrow, “We have a unique opportunity to sell the day after tomorrow.”
Here are the top Ukrainian startups that have played a major role in revitalizing Ukraine’s economy and technology sector.
mono bank
Monobank is a FinTech startup that has gained a reputation among Ukrainians for the convenience and ease of use of mobile banks.
Like other mobile-only banks, Monobank does not have physical branches and instead relies on its parent bank, Universal Bank, for most services. In fact, Monobank originally started as a retail product of Universal Bank, accounting for 80. It will account for 90% of Universal Bank’s 2021 revenue.
Other interesting topics
S-300 missile system deployed near St. Petersburg a week after Ukrainian drone attack
As part of an integrated air defense system, the S-300 missile has the ability to protect critical facilities and large areas from airborne threats.
As of this writing, its services are available to Ukrainian citizens and permanent residents of Ukraine, but not to temporary residents.
In 2018, Monobank was recognized as the best Ukrainian FinTech startup at the PaySpace Magazine Awards.
prepare
Preply is an online education platform that connects instructors and students around the world.
Founded in Kyiv in 2012, the educational technology (EdTech) company has since expanded to more than 180 countries and has more than 35,000 instructors. We currently have offices in Kiev, Barcelona and New York.
In July 2023, the company received $70 million from a VC to integrate artificial intelligence (AI) into its online tutoring.
grammatically
Grammarly is a typing assistant that checks the spelling, grammar, and punctuation of your English sentences.
Founded in Ukraine in 2009 by Max Litvin, Alex Shevchenko, and Dmytro Ryder, Grammarly is currently headquartered in San Francisco with offices in Kiev, New York City, Vancouver, and Berlin. Over the years, the startup has also incorporated new features such as plagiarism checking and an AI writing assistant.
In 2021, the company raised $200 million from new investors at a valuation of $13 billion, and was named to the 2022 TIME 100 Most Influential Companies list.
GitLab
GitLab is an online code repository for technical professionals to develop, secure, and operate software and collaborate with various stakeholders within the development lifecycle.
Regarded as one of Ukraine’s first unicorns (a term used to describe startups valued at over $1 billion), GitLab was created in 2011 by Ukrainian developer Dmytro Zaporozhets and co-founded by Dutch co-founder Syce He started the business in 2014 with Mr. Shijibrandi.
In May 2023, GitLab and Google entered into a strategic partnership to develop enterprise AI products.
Reface AI
Reface is a startup that leverages AI tools for visual content and is best known for its deepfake face-swap application Reface.
The application was founded in Ukraine in 2018 and gained popularity around 2020 when a trend emerged on social media where users superimposed their faces over popular GIFs and celebrities using the app.
In 2020, it raised a total of $5.5 million from US investors.
Ajax system
Ajax Systems is a Ukrainian startup that develops and manufactures security systems from scratch.
“We manufacture our devices completely from scratch. We choose the components, plan the architecture, develop the software, and design the final product. This creates hardware that is customized to match the software. Yes, and vice versa,” the product description says. .
Founded in 2011, the company has grown from a startup to an international company that sells its security products to more than 120 countries around the world.
People.ai
People.ai is an AI platform that collects and analyzes sales and marketing-related data to help businesses close deals.
Founded in 2016 by Ukrainian entrepreneur Oleg Roginsky, the company gained attention in the business world with its sophisticated customer relationship management (CRM) pipeline that facilitates business outreach processes.
In August 2021, Roginsky announced that the company had become a unicorn startup with funding from Emirati Mubadala Investment Company and American fund Akkadian Venture.
Mcpaw
MacPaw is a Ukrainian technology company that develops apps and services for Apple Mac users.
Founded in 2008 in the city of Kyiv, its founder Oleksandr Kosovan was a student at the Kyiv Technical University at the time. The company is one of the leading companies that develop specialized software and services for Mac users and is well known in Ukraine’s IT industry.
The company is also known for hosting one of the world’s largest collections of Apple Mac computers.
Elina Svitolina, one of Ukraine’s leading tennis players, recently became MacPaw’s global brand ambassador.
pet cube
PetCube develops software and hardware that allows pet owners to remotely monitor and interact with their pets.
Founded in Kiev in 2013, PetCube was initially funded on Kickstarter and has since become a major player in the pet accessories market. The company’s products include GPS pet tracking devices, interactive laser toys, automatic treat dispensers, and more.
According to some sources, the company has raised a total of $14.1 million in more than a dozen funding rounds.
Speaker
Respeecher is a speech synthesis software developed using archival recordings and AI technology.
The Kiev-based company was founded by Ukrainian founders Alex Serdiuk and Dmytro Bievstov and American founder Grant Lieber. Its technology is used by various film studios, including Lucasfilm and Sony Interactive Entertainment.
Vanity Fair reported that Respicher’s team was involved in developing the voice of young Luke Skywalker in Disney+’s The Book of Boba Fett.
Over the years, Respeecher has raised $3 million from Ff Venture Capital, Acrobator Ventures, and other VC firms.