Digital transformation has become the next big frontier defining how businesses operate. A survey found that at least 77 per cent of CEOs have accelerated their digital transformation plans. Now, digitisation has not only found a new meaning but also became a shield for labour and productivity.

Its rise has been unequivocal among both small and large companies and there are companies like Sigli at the centre of this rapid change. From the periphery, Sigli looks like just another tech company, but its story is a confluence of engineering and business and the unity that comes out of it and has been helping companies meet their digitalisation goals for years.

Built on values

Sigli was founded in 2015 in Vilnius, Lithuania, after its founders had spent years working for big corporations with an engineering-first mindset. The four founders realised that engineering is important, but there is a need for unity between engineers and a business mindset. This led them to launch Sigli as a business-centric company with a razor-sharp focus on clients.

“We believe that any engineering solution is done by a human who is an engineer and who understands the business side of it,” says Maxim Golikov, Sigli’s Chief Business Development Officer and host of the Innovantage Podcast.

While the founders are still engineers at their roots, Golikov adds that there is often a gap in thinking between engineers and business people and when you bridge that gap, there is a lot of value to derive. This, he adds, is exemplified by Sigli’s three values: ownership, transparency, and service.

He says the company is built on a foundation where every person, regardless of their position, is encouraged to take ownership “because as a person, your capacity to bring value is much higher than any system that an engineer can develop.”

Golikov further adds that they encourage transparency for everybody, internally as well as externally, while service is the very basis of its existence. When they started, these values formed their backbone, while software development was its core service. Golikov tells me back then, it wasn’t even called digital transformation, but they did build the foundational blocks that are now called digital transformation.

Digital transformation

The way Golikov explains the rapid escalation in demand for digital transformation is different from any other narrative. He tells me that they have been solving engineering challenges for years but as the company got older and its clients became closer, the scope of the challenges also grew.

This challenge, be it engineering, technical or business, can be collectively dubbed as digital transformation. “And through the experiences that we’ve gained, through business experience, through technical experience, through product experience, we understood that we can bring more value to the table than just writing lines of code,” explains Golikov.

Most businesses start with basic services but as their client needs evolve, their capabilities evolve with those needs. Sigli’s story is essentially that where they started by solving engineering challenges before evolving to do projects with end-to-end delivery, looking at the problems of their clients through a business lens and applying digital solutions to solve them.

Even at this stage, Golikov quips, they didn’t call it digital transformation but once they added governance to their services, they began to officially call what they did – digital transformation. The three basic blocks of digital transformation for us came down to, building that relationship with the client, being aligned on the same level with them, creating that transparency through one of our values and again being focused on the end value that we bring,” he adds.

A great example of Sigli’s approach to digital transformation in action is the work it has done for Allkind Group, a leader in accessible technology for individuals with disabilities. With Allkind, Sigli reimagined their digital infrastructure by integrating AI capabilities to enhance both operational efficiency and customer engagement. The partnership led to development of intelligent features like personalised learning tools and automated support systems, tailored to the unique needs of Allkind’s audience.

“By aligning cutting-edge innovation with a deep understanding of industry challenges, Sigli demonstrated how digital transformation can unlock new possibilities for businesses dedicated to making a meaningful impact,” says Golikov.

Software as an enabler

When it comes to digital transformation, the three key things to consider are speed, efficiency and security. While that is true, Golikov adds that software is only an enabler because tech companies and startups are always after speed and efficiency while larger businesses are keen on security.

Since Sigli is based in Europe with offices in Antwerp and Vilnius, the company is uniquely positioned to deliver speed, efficiency and any additional securities, whether it is regulatory or governance. But the real challenge, he explains, is the resistance to digital transformation within non-tech companies.

“So a digital transformation project for a company that is not a tech business often means spending a lot of money on something very, very nebulous,” he says.

Since many old companies rely on legacy systems, digital transformation requires redoing everything from the group up and it can be a huge expense. Golikov states that such companies see digital transformation projects as an expense or as a revenue generator and with software as an enabler approach, they build a solution that is not only digital but also a revenue-generating model. He argues that the value of digital transformation is tied to technology and not derived from it.

Artificial intelligence

At the time of writing, 90 per cent of Sigli’s business comes from Europe while 10 per cent comes from the US. When the company started, it maintained a balance between the US and Europe but has found its business model and mindset more suited to European businesses. Golikov says the bulk of their business comes from Benelux with Belgium and the Netherlands driving a lot of business.

The company also generates a good amount of business from the DACH region, primarily Switzerland and Austria, with Germany not contributing in a big way. Insurance remains one of the biggest industries while education (or edtech) remains equally important. The clients of Sigli can be summed up as non-tech businesses like logistics to tech-focused businesses like e-commerce.

“I would say that we have kind of not an industry but a very heavy focus on data solutions, data analysis, business intelligence, data platforms, and AI,” quips Golikov.

He doesn’t hesitate to state the obvious – the tech industry loves its hype cycles but claims that AI is indeed the next big thing. He says AI has real applications and tangible effects that he hasn’t felt in a long time and adds that he didn’t feel this way about AR or VR, IoT, and even crypto or blockchain.

“AI seems to be more ubiquitous,” he says, before adding, “it seems to cover everything. All industries, all levels of management, all people, day-to-day business, governments, etc.”

While AI is the buzzword right now, Sigli has been building data-centric solutions for a while and AI is all about data. “Data is the bedrock of any digital transformation project because it is important both from a regulatory standpoint as well as internal security standpoint.”

How does Sigli approach AI? Golikov says they always ask whether they need AI to solve this problem and don’t use AI as a quick fix. He says to derive the best result from AI, it is important to understand the limits of AI and if there is good data in a project or a problem then that problem is likely to be solved by AI.

“A lot of companies just want AI for the sake of AI without knowing that it will hallucinate and give wrong information a lot of the times,” he adds.

He says it is important to understand the potential of AI but even more important is to know its limits. One way Sigli is already using AI is by connecting its chatbot with OpenAI’s large language model to improve customer service, assistance, and experience. The company is also using AI to help businesses solve challenges with patient diagnosis accuracy, supply chain optimisation, predictive maintenance, efficient grid maintenance, network optimisation, etc.

The use of AI in the logistics industry is a great example. Golikov tells me they worked with a leading provider of IoT-enabled freight solutions provider to transform their cargo tracking systems with AI. Sigli introduced AI-driven communication tools that enhanced operational insights and user interaction. This demonstrates Sigli’s deep understanding of the industry and its ability to think how AI can redefine experience before implementing it.

However, to succeed with AI, Golikov recommends looking at why AI is needed and what AI can do and then applying governance to achieve the best result. Afterall only 20 per cent actually use AI while only 5 per cent succeed with AI.

Structured growth

Without delving deep into the financials, Golikov reveals they have an annual turnover of €5M right now and a team of 100 people. In the next two years, the company aims to double that number to €10M while also doubling its team size. With the ongoing geopolitical situation and uncertainty in the market, the Belgian company is optimistic but also cautious.

The company aims to double its revenue in the next two years by following its play book in Belgium. He says by investing more in the region, they were able to grow their business and as the next step, they want to do the same with the UK. “At the moment we are considering opening up an office next year there,” says Golikov, adding they are looking at London, Reading, Birmingham or Manchester as a possible location.

If this expansion goes well, the company plans to continue to focus on Benelux and the UK while also expanding in regions like DACH and the US. shift its focus either to the US or the DACH region. They also plan to hire across a broad range of roles. One thing that won’t change is its business philosophy, which Golikov reckons is their north star. He says their growth and competitive advantage are directly linked to their business philosophy and company values.

ChatLicense, a Dutch startup that helps kids and parents navigate online life, won the Global Impact Challenge hosted by Singularity University and SYNC Ithra earlier this month. The challenge sought to crown a startup developing solutions in the fields of misinformation, cyberbullying, and social polarisation, and ChatLicense won out of more than 500 global entries.

Pew Research found that parents find parenting harder today than it was two decades ago and they mainly cite technologies such as smartphones or social media as a reason. While parents are willing to give their kids smartphones, they are worried about their intended use. Marjolein van Tilburg, who co-founded ChatLicense with Martine de Leeuw and Jasper Wessels in 2022, is no different.

Van Tilburg says her daughter and her first smartphone motivated her to create ChatLicense. “The first weeks she started using the device, I noticed how she and her friends used it quite differently than I had anticipated,” she says.

She likens the conversation Gen Alpha, those born between 2010 and 2024, have with their peers to that of a Wild West situation. While restricting screen time or grounding kids can have negative effects, Van Tilburg found a solution that not only brings moderation but also improves digital well-being. It’s called ChatLicense.

Licence to chat

ChatLicense is like a driver’s licence. When kids get their first smartphone, ChatLicense becomes the first app on their device. Like a driver’s licence, the app starts by teaching kids what they will experience on their phones and helps them learn how to deal with certain situations.

“The program is based on a scientific method to install media literate behaviour,” explains Van Tilburg.

In order to make learning fun and engaging, ChatLicense combines the journey with film, animations, and quiz questions. The idea is that by the time they complete their media literacy on the app, the kids are prepared for a digital world where they will engage by chatting, gaming, surfing the web, social media, online payments, cyber fraud, fake news, and other online influences.

While the app is aimed at kids, it also helps parents deal with their digital natives. Van Tilburg says they designed the app to be a digital learning platform for kids but parents are not left out. The app offers information and support parents need in this digital age since “we are the first generation of parents who have this added responsibility.”

The harm caused by social media is well documented and parents often tend to restrict access or take phones away as a way to protect their kids. While it is counterintuitive, the parental controls built into most smartphones haven’t proven to be entirely effective either. With its science-backed learning approach, ChatLicense is helping both kids and parents navigate a digital world where kids use technology and apps differently than their parents.

ChatLicense 2.0

As a B2B2C platform, ChatLicense works mainly with telecom operators, smartphone manufacturers, banks and municipalities to reach a large user base. “As all of them have a large customer base, with enough of these partnerships we reach all families, country by country and language by language,” says Van Tilburg.

I feel calling ChatLicense an app does a great disservice to the product that Van Tilburg and her team have built. It is a family tech solution that empowers parents and their kids to use their phones effectively and reliably. With a $250,000 cash prize from the Global Impact Challenge win, the startup is already setting its sights on scaling its solution.

“While introducing the smartphone later, screen time, and the right settings are all crucial, we know it’s not enough. We can give children a better start online by teaching them all about what they can expect as soon as they get their first smartphone, and that’s exactly what ChatLicense does for families,” co-founder De Leeuw says about the win.

Van Tilburg sees the victory as an important validation of their solution in Silicon Valley, the heart of technology. While De Leeuw gave the pitch, Van Tilburg says even the capital of tech realises that humans will play a crucial role even as tech continues to develop and adds that the cash prize will help them develop version 2.0 of ChatLicense while also enabling them to scale and deepen their data science approach.

The Rotterdam solution

ChatLicense is a quintessential Rotterdam venture, delivering a solution in one of the four key transition areas and making it happen with a clear focus on science and data. While it helps that both Van Tilburg and Wessels studied in Rotterdam and the startup has its HQ in Rotterdam,the real difference comes in the form of support and partnership.

Van Tilburg tells me that Erasmus University, one of the leading research universities in the Netherlands, is their scientific partner. The startup also counts the City of Rotterdam as a partner from the start, even before the app went live when the startup made it to billboards all over the city as part of “Rotterdam Digital Metropolis.”

She further adds the City Council of Rotterdam is invested in youth and supporting the next generation through Be The Future Festival. Rotterdam’s Digital Inclusion team gave school kids access to ChatLicense at the beginning of the school year as a digital well-being initiative.

When you make it happen, the ecosystem always helps but in the case of ChatLicense, Rotterdam has not only been a backbone but has also opened the door to many other opportunities. Van Tilburg says the “support of the Rotterdam ecosystem really came into motion” after their win at Upstream Festival.

During Upstream Festival 2024, Van Tilburg took part in the VIP roundtable on diversity and inclusion alongside Jörgen Raymann while back in 2022, the festival’s ‘Meet The Buyer’ event helped them meet KPN, which became ChatLicense’s first customer.

“It opened the door to many opportunities, such as participating in the Entrepreneurship World Cup in Riyadh. There, together with two fantastic other startups Kumasi and Pal, we were able to present our app on a global stage,” she says, before adding, “It is amazing to be able to say that we are in the top 8 of best growth stage startups of the world.”

Connected generations

The startup world can often look like a lonely place for women entrepreneurs but Van Tilburg, who has a background as a litigation lawyer, says she isn’t intimidated easily. A believer in the saying “It takes a village to raise a child,” Van Tilburg says Rotterdam feels like a village even though it is a city and calls it “our village” and a support system.

With the support of the port city and a capable team behind her, she says they are looking to a future where ChatLicense is the first app on every child’s first smartphone around the world. “This way we tackle the root cause of many issues families encounter,” she adds.

With ChatLicense as a starting point, she not only envisions enabling a safe and sane digital environment for kids but also relieved and supported parents. The net result, she says, is connected generations showcasing “Happy Cyber Vibes” and ends by saying this result is only possible if they all go “hand in hand.”

This year, the Netherlands’ largest student entrepreneurship contest celebrates 20 years of fostering innovation and entrepreneurship. What makes this award so special is the unique trajectory it offers, designed to support students and recent graduates turning their ideas into successful startups, or providing more developed start-ups the tools to becoming a success.

Startups can participate in coaching days, where they receive valuable feedback from experts, attend insightful workshops and various training sessions, and connect with PHIA’s extensive network of alumni and jury members. Most importantly, participants gain access to a prominent platform to showcase their ideas. It’s a fantastic accelerator program that benefits every contestant!

Over the past 20 years, the Philips Innovation Award has provided a platform for numerous successful startups from diverse backgrounds. From last year’s winners AlphaPace and SoundCell, with their impactful healthcare solutions, to other notable winners like Respyre with its bioreceptive concrete, LaLaLand.ai offering digital models of every size, age, and race for the online fashion industry. Loop Biotech with their innovative mycelium-based living coffins. This award spans across sectors, and PHIA participants have made their mark both in the Netherlands and beyond.

Two leagues to ensure fair competition

The Philips Innovation Award offers two competition tracks to give every startup a fair chance to shine:

• The Innovator League for more developed startups
• The Rough Diamond League for early-stage ideas

The Innovator League winner will be awarded a prize worth €50,000, while the Rough Diamond League winner will receive €10,000 – a significant boost for any startup. All participants follow the same trajectory, benefiting equally from the program’s offerings.

Program timeline

The journey to the grand finale begins with submitting a business plan (deadline: 6th December 2024). Startups are evaluated by an expert panel on originality, sustainability, commercial potential, and innovation. The top 30 startups selected will follow the program, which leads to the semi-finals – the Refining Stage. Here, participants engage in events like Coaching Day and Investor Day, designed to refine their ideas and prepare for the semi-finals.

In the Final Stage, the top startups from both leagues will compete at the grand final on 17th June 2025 at Theater Rotterdam. This event will feature inspiring pitches, dynamic speakers, and an expert jury. Before the final, teams will have the chance to perfect their pitch at Pitching Day, ensuring they take the stage with confidence.

Deadline: Sign Up – Dare to Innovate!

Do you have an innovative startup or a groundbreaking idea? This is your chance! Submit your business plan before the deadline and take the first step toward accelerating your startup. The deadline for submissions is 6th December 2024, so don’t wait – get started today!

Watch our Call to Action video to experience the energy and excitement of PHIA, and sign up now at www.phia.nl.

The 20th edition of the Philips Innovation Award promises to be a milestone event – we look forward to celebrating a future filled with innovators, creators, and visionaries ready to make a difference!

One of the biggest challenges facing businesses around the world is software development. While it has become ever easier to learn coding and write code, companies often struggle with the complexity of developing scalable, secure, and reliable software solutions. Into The Source, a Dutch scaleup is using innovative solutions and cloud technologies to help businesses overcome this challenge.

Tim Vogt, lead developer at Into The Source, says they go beyond surface-level analysis to understand the underlying issues and objectives faced by businesses to craft a bespoke digital solution that is both innovative and effective. The story of Into The Source is one of how a boutique scaleup can deliver mission-critical services while also being true to its vision.

Into The Source

The ideology of this Zwolle-based startup is linked to its name. Vogt explains that the name reflects its “commitment to delving deep into the core of our client’s needs and delivering tailored solutions.”

He adds that this approach allows the company to provide full-service software solutions, leveraging its team’s creativity, data expertise, and industry knowledge. With a client base ranging from sports, healthcare, construction, and retail, Into The Source offers services ranging from business analysis to software development and integration.

“We specialise in creating data-driven digital solutions that deliver compelling user experiences, optimise engagement, and maximise measurable outcomes, such as increased customer satisfaction and retention,” Vogt adds.

There are many challenges associated with web and software development but the most common is the difficulty to hire skilled developers, integrate legacy systems with modern technologies, and ensure that digital solutions are cost-effective and user-friendly. According to Vogt, the way to overcome this challenge is to make it easier for developers and businesses to create applications by offering comprehensive consulting services and leveraging cutting-edge cloud technologies.

“Our expertise in cloud-native development allows us to provide scalable, robust, and secure solutions tailored to each customer’s unique requirements,” he says, before adding, “We focus on building intuitive, user-friendly applications and streamlining development processes, which helps reduce the complexity and time required to bring applications to market.”

Challenges

Beyond software development, Into The Source faces challenges similar to any company operating in the fast-paced tech industry. For Vogt and his team of software developers and data experts, the primary challenge is to keep up with the latest technological advancements and manage complex projects with diverse requirements. It is also challenging to ensure data security and compliance while maintaining scalability and high availability in the solutions they build for customers.

It is very easy to see why talent is a major challenge in this space because Vogt never shies away from acknowledging that continually developing his team’s skills to handle evolving client needs is another challenge for them. “We need to optimise our operations to stay competitive,” he quips.

I thought delivering cloud-based solutions with scalability and high availability would be a challenge but Vogt says their team is well-equipped to handle this task. He further explains that working in the cloud requires careful planning, robust architecture, and continuous monitoring to ensure solutions function as intended.

It also helps that Into The Source has a reliable partner in the form of DoiT to deliver exceptional cloud-related services. “Our partnership with DoiT has been instrumental in overcoming these challenges, providing us access to expert guidance, tools, and resources to implement innovations effectively,” Vogt tells me.

Continuous improvement

When I quizzed Vogt on how Into The Source overcomes some of its challenges, he was quick to call the secret sauce of continuous improvement. In fact, the focus on continuous development or upskilling is so common that it feels like an addiction. Into The Source is also helped by its collaboration with DoiT and investment in its team’s skills and expertise.

Vogt explains their proactive approach to problem-solving and continuous improvement allows them to “tackle issues as they arise, ensuring we meet the high standards our customers expect.”

Into The Source offers regular training sessions and on-demand access to cloud experts and engineers to help the team stay ahead of technological trends. One such expert is DoiT and Vogt terms the company critical in helping the Dutch scaleup overcome cloud-related challenges by providing expert technical support and consulting.

“Their Cloud Reliability Engineers assist us with complex project requirements, troubleshooting, and optimising our cloud infrastructure. DoiT’s tools, like Cloud Navigator, offer insights into cloud usage, enabling us to make data-driven decisions to optimise our cloud usage and increase cost efficiency.”

For Into The Source, DoiT is not just a technical partner but an extension to its team since it helps build out their expertise and empowers them with knowledge and skills to manage and maintain cloud environments effectively. In addition to Cloud Navigator, Vogt states that they use Flexsave and Cloud Analytics to optimise their cloud infrastructure.

“DoiT stands out for its reliability, deep expertise in AWS infrastructure, and comprehensive support that empowers our cloud operations. DoiT provided a unique blend of cost efficiency, time savings, and strategic insights tailored to our objectives. Their proactive solutions helped us manage cloud expenses, optimise our infrastructure, and consistently deliver value to our clients, all while maintaining cost-effective operations,” adds Vogt.

Scale and security

As digital transformation and the adoption of AI models and tools gain popularity, the adoption or use of cloud technologies is set to grow exponentially. Vogt says they are uniquely positioned for this moment with a dedicated team of professionals focused on delivering high-quality digital solutions to its clients.

It also wants to continually improve and grow and plans to take on more complex projects by expanding its team, particularly in cloud engineering, data science, and software development. “Our goal is to attract top talent that shares our passion for innovation and excellence, ensuring we can meet the evolving needs of our clients,” he adds.

He sees DoiT as well-positioned to help them scale this mountain of cloud engineering and sees an opportunity for their partnership to evolve. In a nutshell, Into The Source wants to position itself to innovate and expand its capabilities while deepening its expertise in cloud technologies and enhancing its data-driven solutions.

Slush 2024, the most founder-focused event on earth, is nearly upon us!

Scheduled for November 20 – 21 at Messukeskus in Helsinki, Finland, the two-day event will host over 13,000 attendees, including 5,500 startup founders and operators, 3,300 investors, 300 limited partners, and 250 media representatives.

This year, Slush embraces the theme of “Metamorphosis,” inviting attendees to embark on a journey of radical transformation.

Additionally, for the third consecutive year, Slush stands as the largest venture capital gathering in the world, with over $3T in assets under management under one roof.

Alongside the two-day Slush main event, Slush Week includes over 300 side events throughout the city, culminating in the official Slush Afterparty on November 21.

“The whole event experience and concepts are highly curated and focused on helping founders pursue rapid growth with purpose. We believe that by helping founders, everything else will follow,” says Aino Bergius, who was appointed CEO earlier this year.

Meet Dutch 4TU startups in Slush 2024

The 4TU travels to Slush in Helsinki every year with their startups to help accelerate their impact.

This year, four Dutch technical universities (4TU) are travelling to Helsinki to visit Slush with their startups and spin-offs, together with the rest of the Dutch delegation, which consists of 25 startups with the slogan ‘Dutch at Slush’.

The four universities include:

• TU Delft
• TU Eindhoven
• University of Twente
• Wageningen University & Research

In addition to attending the conference, they can connect with investors and other relevant people during side events.

One of the most visited side events of the 4TU is the (Deep) Tech Drinks.

4TU will take over the Wallis Karaoke Bar in Helsinki’s harbour in the evening. Several renowned VCs are invited and asked to pick one of the startups from the Discovery Deck.

Below are some of the startups that are looking to raise funds. Notably, these four companies are part of a larger 4TU delegation comprising 25 startups in total.

Villari

Founder/s: Olivier Baas

HQ: Delft

Spin off of TU Delft

Founded in 2019, Villari was built on previous investments by Delft Enterprises and business angel David Cerda Salzmann and with support from the proof-of-concept fund UNIIQ.

Villari has developed sensor tech that detects tiny fractures or “fatigue cracks” in steel structures, crucial for heavily loaded assets like bridges and industrial cranes. This ensures safety by closely monitoring structural integrity.

The company’s sensor solution is patented and has already been installed for several customers, including bridges owned by the Dutch Government and several industrial cranes at harbours and steel manufacturing sites in Europe.

Time Travelling Milkman

Founder/s: Dimitris Karefyllakis, Saskia Tersteeg and Costas Nikiforidis

HQ: Wageningen

Spin-off of Wageningen University & Research (WUR)

Time-travelling Milkman (TTM) has a mission to provide a healthy alternative to traditional dairy products. 

The company aims to improve plant-based dairy options, which often lack the taste and texture consumers want. TTM focuses on making creamier products that fit into food culture.

Using a patented process, the Dutch company turns plant seeds into Oleocream, which mimics the creaminess of dairy cream.

TTM produces nutritious fat ingredients through a process that extracts natural fat droplets, known as Oleosomes, from seeds. 

These Oleosomes function similarly to milk fat droplets and allow Oleocream to be used as a dairy cream substitute in creamy and delicious products, with minimal environmental impact.

Phos4nova

Founder/s: Dr. Olga Koshkina, Dr. Timo Rheinberger and Prof. Dr. Frederik Wurm

HQ: Enschede

Spin off of University of Twente

Phos4nova specialises in the development of PPE technology and is their sole commercial provider. 

PPEs are biocompatible and biodegradable polymers inspired by natural phosphorus-based molecules such as RNA and ATP.

Their adaptable chemistry allows for customisation properties suitable for diverse applications.

The company’s lead product — Phos4MR is a polymer formulation traceable with Magnetic Resonance Imaging (MRI) without toxic or persistent substances, such as heavy-metal chelates, ensuring safety and sustainability.

XMEM

CEO: Arash Rahimali Mamaghani

HQ: Eindhoven

Spin off of TU Eindhoven

XMEM focuses on researching, developing, producing, and distributing advanced inorganic membranes, including carbon-based membranes, membrane modules, membrane reactors, Membrane-based separation-reaction pilots and systems.

The company aims to enhance the integration of processes that separate and react gases, liquids, and solids. 

The company is on a mission to transform industrial efficiency and sustainability with advanced, tailor-made membrane solutions.

Sign up now for Dutch at Slush 4TU (Deep) Tech Drinks to hear pitches and off-pitch singing.

The global focus on sustainability, energy transition, and the circular economy is rapidly intensifying. 

A growing number of startups are leading the way, reshaping industries to be more environmentally conscious and resource-efficient. 

At its core, this shift aims to transform the way energy is produced and consumed, reduce waste, and promote sustainable practices. 

As awareness of environmental issues and climate change grows, cities around the world are becoming hotbeds for energy transition and circular economy initiatives. 

One such city is Rotterdam in the Netherlands. 

Upshifting Rotterdam’s green future 

Rotterdam has an extensive energy ecosystem, and the city is leaving no stone unturned to accelerate energy transition. 

The city’s energy transition and circularity ambitions are fueled by the close collaboration between the government, businesses and entrepreneurs, knowledge and research institutions. 

At the heart of Rotterdam’s efforts is Up!Rotterdam, an initiative dedicated to providing startups and scale-ups with better access to talent, (international) markets, and capital.

Connected ecosystems are the strongest ecosystem,” states Up!Rotterdam. 

Circularity is also one of Rotterdam’s top priorities. Through its Circular Economy Roadmap, Rotterdam aims to reduce raw material usage by 50 per cent by 2030, prioritising sectors like construction, green energy, consumer goods, and healthcare. 

Rotterdam’s municipality has also introduced the Smart Energy Systems (SES) subsidy program to support the development of smart energy networks. 

This program offers up to €100,000 for feasibility studies, experimental development, or pilot projects aimed at advancing the energy transition.

Fostering entrepreneurs contributing to a circular, inclusive, and digital city

Besides supporting initiatives and organisations, numerous startups are also working towards addressing some complexities to accelerate the adoption of energy transition and circular economy. 

Up!Rotterdam supports these innovative entrepreneurs in scaling up their businesses by providing them with better access to capital, talent, and new markets and shaping a community that enhances peer learning.

It has gained insights into challenges faced by local startups and scale-ups, helping them identify effective approaches to support their growth. 

Up!Rotterdam does this through a targeted approach — by connecting relevant parties, strengthening existing initiatives, and developing new programs as needed.

They also work closely with over 60 co-creation partners to connect, strengthen, and innovate, and provide access to a range of programs from organisations such as Techleap, RVO  (Netherlands Enterprise Agency), Innovation Quarter, SES, CVN, EIT, and Dutchbasecamp, among others.

One of the key strategic partners of Up!Rotterdam is BlueCity, Rotterdam’s hotspot for circular companies. This model city now hosts more than 55 sustainable, circular entrepreneurs.

The startups’ creative solutions take a unique approach to reducing waste, enhancing energy efficiency, or reimagining resources, making a tangible impact on the journey to a greener, circular economy. Some provide offshore floating solar solutions, while others clean up the oceans and even bring human nutrients back into the cycle of life. 

The Rotterdam region is a hotbed for such innovative and impactful startups and scaleups, and we spotlight 12 of these remarkable startups. These companies are redefining what’s possible in energy transition and circularity, paving the way for a brighter future. Let’s dive into the promising work each of these startups is doing to transform the Rotterdam region and inspire global change.

Battolyser Systems

CEO: Mattijs Slee

HQ: Delft

Hiring: Yes| Click here

Battolyser Systems is a tech company that creates Battolysers, the first system that combines a battery and an electrolyser. It stores and provides electricity like a battery, and when charged, it can split water into hydrogen and oxygen.

The company claims that Battolyser can be used in various industries, including energy, oil and gas, chemicals, steel manufacturing, transportation, and fertilisers.

The technology was invented by Prof. Dr. Fokko Mulder and his research group at Delft University of Technology. Battolyser Systems was subsequently founded in 2018 as a spin-out from the university and set for growth in 2020 following investment by Koolen Industries.

Solarduck

Founder/s: Koen Burgers, Ewoud Huiskamp, Don Hoogendoorn and Olaf de Swart

HQ: Rotterdam

Hiring: Yes| Click here

SolarDuck is a cleantech company that offers an Offshore Floating Solar solution.

The company was established following a spin-off from Damen Shipyards (the largest shipbuilder in the Netherlands).

The Dutch company generates offshore solar energy with its advanced technology, which can be adjusted to fit local needs worldwide.

The Dutch company generates offshore solar energy using its unique, state-of-the-art technology, which is fully scalable to match specific local requirements worldwide.

SolarDuck’s technology can be used in different situations, including sunny islands and hybrid offshore energy parks in the North Sea, like those in the Netherlands.

Gradyent

Founder/s: Hervé Huisman and Robert Vrancken

HQ: Rotterdam

Hiring: Yes| Click here

Gradyent has developed software based on the Digital Twin technology. The company’s real-time Digital Twin Platform creates a digital replica of an entire heating grid that operates in real time.

This software solution allows users to optimise their grid, enhance control, and run simulations for future scenarios.

As a result, companies can improve performance, reduce CO2 emissions by up to 10 per cent, save on operating costs, achieve up to 20 per cent lower capital expenditures (CapEx), and make informed operational and business decisions.

Rocsys

Founder/s: Crijn Bouman, Joost van der Weijde and Kanter Van Deurzen

HQ: Rijswijk South Holland 

Hiring: Yes| Click here

Rocsys is a company specialised in hands-free charging solutions for electric vehicles.

The company integrates soft robotics, AI-based computer vision, and data-driven services to offer fleets and customers an effective and affordable charging experience.

Even if drivers forget to plug in on time or employees are barred from handling electrical cables, the company’s platform ensures that all vehicles are charged and ready to operate.

Rocsys’s solution works for consumer and fleet vehicles, including port equipment, industrial applications, heavy-duty, and more.

CarbonX

Founder/s: Rutger Van Raalten and Daniela Sordi

HQ: Delft

Hiring: No

CarbonX has developed a solution to source anode active materials locally and break free from China-dominated graphite supply chains.

The company does this by setting up localised supply chains and utilising a unique emulsion feedstock technology to produce a new carbon anode material in high volumes in regional carbon black manufacturing facilities.

CarbonX’s unique feedstock technology consumes less energy than synthetic or natural graphite, resulting in lower costs and a reduced carbon footprint. 

Originally the company developed the technology for the tire industry with Dutch investor Sequoia BV and is now entering the battery market, providing a cost-competitive and more sustainable alternative to graphite.

Skoon Energy

Founder/s: Peter Paul van Voorst tot Voorst

HQ: Rotterdam

Hiring: Yes| Click here

Skoon Energy is an AI-powered software platform for clean mobile energy. Founded in 2017, the Dutch company aims to transform on-site energy supply. 

The company’s marketplace connects users of traditional fossil fuel powered generators with suppliers of zero-emission energy systems (which include batteries, hydrogen, and solar generators) for temporary applications, such as construction sites, events, and film sets. 

Skoon’s software platform is powered by AI, enabling customers to choose the most suitable energy system for their needs. 

The company operates an online marketplace with over 150 verified suppliers offering clean 

mobile energy systems.  This marketplace facilitates the supply and demand for clean energy solutions across industries and end users.

The Ocean Cleanup

Founder/s: Boyan Slat

HQ: Rotterdam

Hiring: Yes| Click here

The Ocean Cleanup is a global non-profit organisation that develops technologies to rid the world’s oceans of plastic.

It does that by employing a dual strategy – stopping the inflow through rivers and cleaning up legacy plastic accumulated in the ocean. 

For the latter, the company creates large-scale mechanisms to concentrate the plastic for recurring cleanup. When recycled into new goods, this plastic is monitored and traced using DNV’s chain of custody approach to verify origin claims. 

To curb the inflow, The Ocean Cleanup has developed Interceptor solutions to halt and extract plastic in rivers before it reaches the ocean.

As of August 2024, the non-profit has collected over 16 million kilograms (35.3 million pounds) of trash from aquatic ecosystems worldwide.

Meatable 

Founder/s: Krijn de Nood, Daan Luining, and Dr Mark Kotter

HQ: Delft

Hiring: Yes| Click here

Meatable is a startup specialising in cultivated meat technology.

Cultivated meat, which is produced from a single sample of animal cells, is set to be a viable alternative that could mitigate the environmental and societal impacts of conventional meat production. 

Meatable’s technology platform aims to partner with the meat industry to scale up the production of cultivated meat products.

Paebbl

Founder/s: Andreas Saari, Jane Walerud, Pol Knops and Marta Sjögren

HQ: Rotterdam

Hiring: Yes| Click here

Paebbl is a climate-tech startup that turns captured CO2 into building materials that store carbon permanently.

The company is on a mission to create a large-scale carbon removal solution within the next decade.

Since its inception, Paebbl has progressed from lab tests to a pilot unit that produces 250kg of CO2-storing material daily.

In May 2024, the Rotterdam company achieved a milestone by sequestering its first ton of CO2 and casting its first concrete structures using captured carbon, demonstrating the practical impact of its technology.

Pryme

CEO: Christopher Hervé

HQ: Rotterdam

Hiring: Yes| Click here

Pryme is a cleantech company focused on converting plastic waste into pyrolysis oil through chemical recycling on an industrial scale. 

The company’s Rotterdam factory converts 40,000 tons of waste plastic into 30,000 tons of Liquid Plastic Waste (LPW) annually. This LPW is processed into naphtha, a raw material for new plastic with properties equivalent to fossil plastics.

The company’s mission is to contribute to a circular plastic economy with a low carbon footprint.

To achieve this, the company plans to develop a wide range of owned-operated plants with strategic partners to maximise the potential of its technology. 

Valyuu

Founder/s: Ferhat Topuz, Arvin Esterabadi, and Jingwei Ren

HQ: Rotterdam

Hiring: No

Valyuu is a marketplace for the circular economy, assisting people in buying and selling second-hand consumer electronics. 

Through the platform, users can easily buy and sell used electronic devices in different categories at a fair price without intermediaries. 

The company also offers a ‘product passport’ for each product, which offers full transparency on the product’s condition, complete with unique photos and access to test reports. 

As a result, consumers know exactly what they are buying. All products are validated using software and tested for functionality.

Loop Biotech

Founder/s: Bob Hendrikx

HQ: Delft

Hiring: Yes| Click here

Loop Biotech is addressing the growing demand for biodegradable funeral products.

The sustainable coffin, urn, and carrier are living objects made from upcycled hemp and mycelium, the underground root network of mushrooms. 

The company’s product — Loop Living Cocoon, is a sustainable alternative to the traditional coffin. It contributes to the efficient composting of a body, thus providing an enriched nutrient medium for trees and plants. 

A Loop coffin is grown in seven days and, in ideal conditions, fully absorbed by nature in only 45 days. This burial method then forms an organic source for new life. 

Additionally, the company also launched a carrier (Loop ForestBed), and an urn (Loop EarthRise). 

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Is it like James Bond & Q, Batman & Robin, Sherlock Holmes & John Watson and Tom & Jerry?

Have you ever wondered about the relationship between a startup founder and a VC? I am sure it is all fun and friendly if the startup is doing well, but does it get contentious, or is boardroom drama a common occurrence? In reality, it is a ride filled with several ups and downs, where VCs go from helping with fundraising to being the sounding board to solving a critical problem.

To find out how this relationship works, we spoke with Theodore Rozencwajg, Co-founder and CCO of D2X, the EU-regulated B2B crypto derivative trading platform; Matthijs Huiskamp, Founder and CEO of Altura, an AI-based workflow solution for teams working on RFPs; and Mitch Voskuilen, Founder and CEO of Billy Grace, an operating system for marketers.

All three say their VC has been a true partner in their journey. However, that partnership isn’t without its fair share of challenges and friction, but they both argue that finding the right balance between support and success is key to overcoming any friction.

Fundraise motivation and VC selection

Huiskamp says their motivation to raise funding from a VC was primarily to accelerate growth. With the demand for intelligent bid management growing, the Amsterdam-based startup needed the right partners.

Huiskamp tells me an early-stage startup is not looking for money alone but for partners “who understand your vision, can add real strategic value, and are ready to support you during both the highs and the inevitable challenges.” He adds that they were also looking for deep SaaS experience and a strong network in their industry.

D2X decided to fundraise because it needed capital to further develop its tech platform, obtain its licence and implement its go-to-market strategy.

Rozencwajg argues that one of their key selection criteria was the ability to support D2X with recruitment. Moreover, VCs that can help with sales and marketing have an advantage. For founders, it is also important to choose VCs who can participate beyond the initial funding round.

Voskuilen argues that the main reason for them to raise capital from VCs was to capitalise on the first mover advantage they have with their differentiating product proposition. “We are the only European platform that provides a holistic operating system for marketers. Hence, we want to win as much of the market before competitors appear and catch up.”

When it came time to select their VC partner, Huiskamp says they met over a dozen VCs, while Rozencwajg says they must have spoken to around 50 funds to form the syndicate for their Seed round. While 50 may seem a lot, Rozencwajg adds that it was only 1/3rd of the number of investors they met for their Series A. Huiskamp says every conversation with a VC gave them more insight into the type of partner they were looking for.

He further explains that they chose Fortino because of the personal connection they built with the people at the investment firm. “In our case, working with Investment Director Wouter Goossens was crucial in this final decision. His grit, sharpness, and overall personality made us want to work with Fortino,” he adds.

For Huiskamp, Fortino also stood out as a partner for its track record in SaaS and deep understanding of the nuances of enterprise software. “Their approach was very founder-friendly, and they took the time to understand our business. They had a strong cultural fit with our team,” he adds.

Voskuilen says he agrees with Matthijs that a strong personal connection was a key selection criterion for them when choosing their VC. “We were looking for a VC partner that has the same mindset and dedication as us. Someone with a lot of hunger for success.”

Rozencwajg further explains that they chose Fortino Capital because of its ability to support the follow-on rounds, the geographical presence and proximity played a key role as well. “Especially for a company like D2X operating in the crypto industry, a lot of the potential investors will be less sophisticated, based in offshore jurisdictions, and so on,” he says, adding, “Something we really liked was Fortino’s backing from the EU. That’s always a really good sign.”

“When it comes to selecting your VC investor, we always recommend founders to prioritise the personal connection they feel with someone over the brand and track record of a VC,” says Goosens. He adds, “Moreover, we believe founders should avoid surrounding themselves with ‘cheerleaders’ and look for VCs that dare to challenge and help them to see things they may not see themselves.”

The way of working with VCs

One thing is clear: VCs not only bring money but also expertise and network and help founders scale their businesses or steer them towards the right path. How do they expect these founders to engage? Rozencwajg says it depends on the stage of the startup. “I would say that the later stage you are, the less interaction you have with your VCs,” he explains.

Rozencwajg elaborates that they update their investors at least once per quarter and have switched to monthly updates for their largest shareholders. He further adds that they interact frequently to seek out advice “when we feel like we could use an external point of view on something.”

Altura’s Huiskamp says their interaction with its VC investors is regular through monthly check-ins or specific strategy sessions to overcome challenges or explore opportunities. “The expectation is that we maintain an open line of communication, ensuring they are up to date with our progress, but it’s a collaborative, supportive relationship rather than overly prescriptive,” he quips.

Voskuilen mentions that they have formal investor update meetings once every month, but there are multiple touchpoints throughout the week to discuss all kinds of ad hoc matters, often using voice messages over WhatsApp.

No relationship is without its fair share of friction, and the founder-VC relationship can get fraught fast. “Just like any relationship, there are moments where even when incentives are fully aligned, there are disagreements, and that’s okay,” Rozencwajg tells me.

Rozencwajg adds, “I think friction happens in these moments, where, for example, the company is undergoing a Series A fundraise, and there’s a time sensitivity element to it. Then, sometimes, not everyone sees eye-to-eye in terms of how to run a process. It was also a learning experience for us.”

Huiskamp says they have been in situations where priorities and approaches didn’t perfectly align. He gives an example of a situation where their VC partner pushed them to spend money differently or had a different view on growth paths. “However, these moments of friction have led to productive discussions that helped us find the right balance,” he adds.

Is there a way to overcome this fractious moment? Huiskamp, Rozencwajg and Voskuilen are unanimous in their view that communication is key to overcoming this challenge. They say both the founder and VC partner must ensure transparency and foster open communication, and as a team that is unified to solve world problems, these communication challenges are just another problem-solving exercise.

Goossens comments, “For us, the founder-VC relationship starts with trust and transparency – good news should travel fast, but bad news even faster. Moreover, we are firm believers in the ability to out-execute competition, which is what we seek from founders, and such a mindset is what founders can count on when partnering with us.”

After challenging years of the pandemic and economic downturns, tech ecosystems globally are getting back. The Dutch tech ecosystem remains one of the most robust and valuable hubs, particularly in South Holland. This vibrant region, known for its deep-tech focus, has become a hotspot for startups, with the city of Rotterdam frequently grabbing the headlines.

Focus on deeptech & deeper impact

South Holland’s emergence as the standout region for deeptech is evident in the sheer number of startups and scale-ups operating in the area.

According to Techleap’s State of Dutch Tech 2024 report, South Holland is home to 21 per cent of all startups and scale-ups in the Netherlands, and an impressive 29 per cent of all Dutch deeptech startups. 

In comparison, North Holland accounts for 23 per cent of deeptech startups, while North Brabant is home to 19 per cent.

These statistics position South Holland ahead of other regions, emphasising its growing influence and critical role in fostering the deep-tech ecosystem in the Netherlands.

Beyond deeptech, South Holland is also establishing itself as a leading hub for impact-driven startups and scaleups. It has experienced consistent year-over-year growth over the past decade.

According to Techleap.nl’s report, the region excels in energy transition, circularity, well-being, and digitalisation, aligning with the Sustainable Development Goals.

In a testament to the region’s potential, five campuses in South Holland received €3M in subsidy to enhance their research and innovation capacity and to propel advanced technologies.

Rotterdam’s Nearfield Instruments tops the funding list

According to the recently published Quarterly Startup Report, €424 million was invested in Dutch startups in Q3 2024, on par with the same quarter in 2023 (+0.3%).

Investments in cleantech and high-tech companies drove Q3. Nearfield Instruments in Rotterdam stood out, especially by raising €135 million, the second largest capital raise in the semi-conductor fabrication equipment market in Europe and the US in the past five years, according to Mergermarket.

The company develops Metrology & Inspection (M&I) solutions for semiconductor manufacturing.

The Thriving Rotterdam – The Hague Metropolitan Area

The Rotterdam – The Hague metropolitan area has emerged as a leading hub for startups and scale-ups, that accelerate transitions in the Netherlands. 

Its ecosystem drives towards a future-proof economy, focusing on sustainability, inclusivity, and digitalisation.

At the core of this thriving ecosystem is Up!Rotterdam, an initiative dedicated to providing startups and scale-ups with better access to talent, (international) markets, and capital.

Up!Rotterdam works closely with over sixty partners and provides access to programs from leading organisations to support the growth of these companies.

As part of this flourishing landscape, many startups that raised funding in Q3 are now looking to expand their teams with top talent. Below is a list of startups and scaleups from Rotterdam and the South Holland region that raised funding in Q3 2024; fourteen are hiring right now.

Nearfield Instruments

Founder/s: Hamed Sadeghian and Roland van Vliet

HQ: Rotterdam

Fund raised in Q3: €135M

Hiring: Yes| Click here

Nearfield Instruments is a developer of Metrology & Inspection (M&I) solutions for the semiconductor manufacturing industry.

The Rotterdam-based company addresses the complexities of advanced semiconductor manufacturing with process control solutions, including the QUADRA 3D metrology system. 

QUADRA offers non-destructive, high-throughput, high-resolution metrology capabilities and is validated and deployed in high-volume manufacturing by major chip manufacturers worldwide.

Paebbl

Founder/s: Andreas Saari, Jane Walerud, Pol Knops and Marta Sjögren

HQ: Rotterdam

Fund raised in Q3: €22.81M

Hiring: Yes| Click here

Paebbl is a climate-tech startup that turns captured CO2 into building materials that store carbon permanently. The company is on a mission to create a large-scale carbon removal solution within the next decade.

Since its inception, Paebbl progressed from lab tests to a pilot unit that produces 250kg of CO2-storing material daily. In May 2024, the Rotterdam company achieved a milestone by sequestering its first ton of CO2 and casting its first concrete structures using captured carbon, demonstrating the practical impact of its technology.

Battolyser Systems

CEO: Mattijs Slee

HQ: Schiedam

Fund raised in Q3: €30M

Hiring: Yes| Click here

Founded as a spin-off of TU Delft, Battolyser Systems develops the world’s first fully flexible alkaline electrolyser with battery functionality for green hydrogen — Battolyser.

The company’s technology can switch on and off following intermittent renewable energy.

The next-generation Battolyser is a 2.5MW plug-and-play skid and 5MW module integrated with a Balance of Plants on site.

Meatable 

Founder/s: Krijn de Nood, Daan Luining, and Dr Mark Kotter

HQ: Delft

Fund raised in Q3: €7.6M

Hiring: Yes| Click here

Meatable is a startup specialising in cultivated meat technology. Cultivated meat, which is produced from a single sample of animal cells, is set to be a viable alternative that could mitigate the environmental and societal impacts of conventional meat production. 

Meatable’s technology platform aims to partner with the meat industry to scale up the production of cultivated meat products.

Momo Medical

Founder/s: Menno Gravemaker

HQ: Delft

Fund raised in Q3: €6.5M

Hiring: Yes| Click here

Momo Medical focuses on preventing pressure ulcers through a monitoring system, demonstrating its commitment to improving healthcare outcomes through innovative solutions.

The company’s BedSense App, a sensor plate placed under nursing home mattresses, offers caregivers real-time insights into memory care residents.

Nurses and carers can use this app’s insights to provide person-centred care and to gain an overview of all nursing ward residents.

This technology allows caregivers to proactively prevent falls by setting personalised alerts and detecting potential bed exits up to 70 seconds in advance, ensuring a safer and more comfortable night for all residents.

VSParticle

Founder/s: Aaike van der Vugt, Prof Andreas Schmidt-Ott, Tobias Pfeiffer, and Tobias Coppejans

HQ: Delft

Fund raised in Q3: €6.5M

Hiring: Yes| Click here

VSParticle helps scientists speed up material development and identify the materials that will support future sustainable technologies.

With its technology, materials can be reduced to nanoscale size and manufactured “at the push of a button.”

This enables university researchers and corporate R&D teams to explore and develop novel materials that serve as the foundation for ground-breaking technologies. 

Over the past year, VSP has shipped its flagship product, the VSP-P1 Nanoprinter, to research teams across Asia, the Middle East, Europe, and North America, including institutions like Sorbonne University Abu Dhabi, Lawrence Livermore National Laboratory, Materials Discovery Research Institute, and the Dutch Institute for Fundamental Energy Research. 

Blue Radix

CEO: Ronald Hoek

HQ: Rotterdam

Fund raised in Q3: €5M

Hiring: Yes| Click here

Blue Radix specialises in autonomous growing solutions for greenhouses.

The Rotterdam-based company creates AI solutions for almost all daily decisions and actions in greenhouses to solve the scarcity of experienced growers and to feed the growing world population sustainably.

With Integrated Autonomous Climate & Irrigation Control by Crop Controller growers can optimise and realise their unique crop strategy with AI and reduce their climate computer work by 80 per cent. 

Spatium Medical

CEO: Willem Mees van der Bijl

HQ: Rotterdam

Fund raised in Q3: €5M

Hiring: Yes| Click here

Experts at Erasmus MC and TechRes Lab founded Spatium Medical’s technology.

The company is developing an insufflator that can personalise and stabilise the insufflation pressure: the optimal pressure for each patient while maintaining the surgeon’s working space.

This leads to fewer postoperative complications and potentially faster recovery.

It uses turbine technology for consistent pressure management, achieving up to 7x more stability.

Additionally, the technology synchronises with mechanical ventilation, reducing required pressures by up to 10 per cent and minimising pulmonary complications.

Pan Cancer T

CEO: Rachel Abbott

HQ: Rotterdam

Fund raised in Q3: €4.25M

Hiring: No

Pan Cancer T is a spin-off from Erasmus MC, specialising in advanced T cell therapies for solid cancer treatment.

The company’s lead candidate, PCT1:CO-STIM, uses an IP-protected T cell receptor (TCR) developed with their TCR discovery platform.

This TCR targets ROPN1, a specific protein found in over 90 per cent of patients with triple-negative breast cancer and melanoma. 

The company’s strategy includes targeting unique targets present in various solid cancers and developing technologies to improve the longevity of T-cell therapies. 

Pan Cancer T is actively conducting R&D programmes aimed at creating safe and effective adoptive T cell therapies that can benefit a wide range of patients, including those with triple negative breast cancer, bladder cancer, ovarian cancer, colorectal cancer, prostate cancer, skin cancer, esophageal cancer, lung cancer, and brain cancer.

Kalpana Systems

CEO: Diederick Spee  

HQ: Delft

Fund raised in Q3: €3.5M

Hiring: Yes| Click here

Kalpana Systems claims to have transformed thin film production with a machine that uses Spatial Atomic Layer Deposition (sALD) for high-volume, continuous output.

Its flexible substrate transport system allows for rapid layer deposition, reducing costs significantly. 

The 3D helical design ensures consistent, high-quality sALD application at an industrial scale, increasing process speed by 1000.

The machine integrates into existing production lines, making it versatile for various applications. 

Equinox Ocean Turbines

Founder/s: Pieter de Haas

HQ: Gorinchem

Fund raised in Q3: €2.4M

Hiring: No

Equinox Ocean Turbines is a company dedicated to providing the world’s third clean energy source in the form of ocean current energy.

Equinox does this with its two-stage turbine technology, which concentrates energy before harvesting and uses intelligent materials to create a scalable and economical product.

The company focuses on boosting local economies and supporting developing countries by using local supply chains and production sites. 

IPD

CEO: Richard van de Wateringen

HQ: Leiden

Fund raised in Q3: €2.1M

Hiring: No

IPD (Implant Preservation Devices) is a startup specialising in treating prosthetic joint infections.

The company is developing a medical device using non-contact induction heating technology to treat prosthetic joint and metal implant infections. 

The implant is heated through induction technology while still inside the patient, eliminating bacteria on the implant and ultimately curing the infection. 

Sostark

Founder/s: Hans van Leeuwen

HQ: The Hague

Fund raised raised in Q3: €2M

Hiring: No

Sostark is a technology incubator with a track record of successful projects. It specialises in high-volume wireless solutions across various industries.

The company has developed several ventures through innovations, including:

• Wireless Sound Solutions (WSS)
• Event Wristbands
• Crowdband
• TokenMe

The company has received multiple subsidies and grants from the European Union and the Netherlands for various projects. 

It includes funding for the development of wearable systems for healthcare under Kansen voor West, support for the Crowdband project from the EIT European Institute for Innovation & Technology, and research into 5G applications for construction sites funded by Target-X.

XS Innovations

CEO: Toon Stilma

HQ: Leiden

Fund raised in Q3: €1.1M

Hiring: Yes| Click here

XS Innovations is a spinoff of Leiden University Medical Center (LUMC) and Delft University of Technology (TU Delft).

The company has developed Dynamic AVF, a patented implantable device designed to control high blood flow and address the complications of hemodialysis treatment. 

Unlike traditional methods that maintain a constant high flow, the DAVF connects the artery and vein only during dialysis, keeping the AVF closed at other times to ensure normal blood circulation. 

This technology allows blood flow to be optimally controlled at 600 ml/min during dialysis and restored to normal levels during daily life.

By reducing the time high blood flow is present by 90 percent, the DAVF minimises complications and improves patients’ overall quality of life.

Speaksee

Founder/s: Jari Hazelebach

HQ: Rotterdam

Fund raised in Q3: €1M

Hiring: Yes| Click here

Speaksee is a speech recognition app designed to help hearing-impaired and deaf individuals participate in group conversations.

The Rotterdam company has developed an app that converts spoken words into written text, using colour-coded microphones to identify up to nine speakers. 

The app translates group conversations into accurate text in 40 languages, with colours integrated into transcripts to distinguish speakers. It filters out background noise, helping users follow the conversation and understand who said what.

The company aims to increase inclusivity by using technology to remove language barriers, enabling everyone to reach their full potential.

Engaige

Founder/s: Tijmen van den Elzen, Rory McElearney, Hans Scheffer and Michael Heerkens

HQ: Rotterdam

Fund raised in Q3: €1M

Hiring: Yes| Click here

Engaige aims to transform customer support by offering scalable, secure, and reliable AI-powered solutions. 

The platform helps companies streamline customer service, reduce costs, and enhance satisfaction while integrating with existing customer support systems for quick AI adoption.

The Rotterdam ompany’s automation platform utilises Agentic AI and large language models to streamline various tasks, such as resending orders and providing customer updates, while operating within a business’s specific constraints.

This technology enables companies to enhance efficiency and improve customer service.

Fluss

Founder/s: Gert Nutzel and Lucas Veel  

HQ: Leiden

Fund raised in Q3: Undisclosed

Hiring: No

Fluss is a Dutch company developing compact and affordable wastewater purification systems for recreational boats.

The company’s product, FlussGuard, is a compact wastewater purification system designed for boats. It offers automatic operation without needing land-based pumping stations. 

FlussGuard integrates into existing boat setups, providing a cost-effective solution to improve water quality and enhance boating sustainability.

SPHERICAL

CEO: Thomas Parry

HQ: Noordwijk

Fund raised in Q3: Undisclosed

Hiring: No

SPHERICAL is dedicated to designing semiconductors for satellite electronic subsystems, ensuring faster, more efficient, and superior systems. The company was incubated at the European Space Agency BIC Noordwijk. The company received capital from the EIC Fund in the form of blended finance. 

Shipping Technology

Founding Partner: Remco Pikaart

HQ: Rotterdam

Fund raised in Q3: Undisclosed

Hiring: Yes| Click here

Shipping Technology develops autonomous shipping and applications to support maritime management onshore and offshore through Artificial Intelligence (AI).

The company’s core product, the ST BRAIN integrates hardware and software to optimise nautical data, support autonomous sailing, and improve operational efficiency. 

The company also offers up to a 50 per cent insurance discount for vessels equipped with the ST BRAIN. 

Shipping Technology’s growth strategy focuses on expanding data capabilities for fleet management and advancing the digitisation of maritime operations through innovative applications and strategic partnerships.

Deepbreath

Founder/s: Daria Kozlova and Anton Balakirev

HQ: Rotterdam

Fund raised in Q3: Undisclosed

Hiring: No

Deep Breath is a medtech company that aims to optimise mechanical lung ventilation in ICUs through its AI-driven decision-support systems, enhancing patient outcomes and reducing healthcare costs.

The company’s AI-driven platform continuously monitors patients’ conditions and provides real-time recommendations to medical staff.

The system can detect early signs of complications, predict adverse events, and suggest optimal ventilator settings.

This technology allows healthcare providers to reduce the length of ICU stays, improve patient outcomes, and free up valuable resources.

Turff

Founder/s: William Lei

HQ: Rotterdam

Fund raised in Q3: Undisclosed

Hiring: Yes| Click here

Turff develops expense management software designed for the financial management of consumables. 

The software tracks expenses and provides features such as online payment and food and housing cost comparison, giving users real-time insight into their expenses.

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Analysts at Allied Market Research report the global cloud services market, valued at $551.8 billion in 2021, is projected to hit $2.5 trillion by 2031. A growth rate that outpaces many industries. 

But there’s a saying that trees growing too quickly often have the weakest wood. Has the cloud market grown too fast to be so weak to parasites?

The Snowflake cloud breach that affected Ticketmaster revealed flaws in what many consider a security staple: two-factor authentication (2FA).

The Snowflake breach – A wake-up call

In 2024, Snowflake, a Montana-based data platform, experienced a significant breach, which affected an estimated 165 organizations.

Investigations by Mandiant and Crowdstrike revealed that a North American hacking group, possibly with ties to Turkey, was behind the breach. 

They used stolen credentials dating back to 2020, obtained through malware campaigns. These credentials remained valid due to inadequate security measures.

As a result, the hacker was able to bypass these security measures, including 2FA, using a custom-developed tool dubbed rapeflake. 

Why 2FA falls short

For a while now, two-factor authentication (2FA) has been hailed as the holy grail of online security. However, like yesterday’s newspaper, it’s starting to show its age.

Why is this the case? 

Several reasons! Sophisticated phishing attacks can now trick users into revealing their 2FA codes, and SIM-swapping attacks can intercept SMS-based 2FA. 

Also, smart threat actors are using malware on devices that can capture and transmit 2FA tokens to attackers, and social engineering tactics can manipulate users or support staff into bypassing 2FA. 

In the Snowflake hack, attackers exploited weak 2FA implementation by acquiring stolen credentials through phishing and malware. 

Many impacted accounts lacked MFA, and valid credentials were used years after being stolen, highlighting poor password update practices. 

Another thing, a lack of network access control allowed unrestricted login attempts. The hackers developed custom tools to mimic legitimate logins, further complicating detection. 

Advanced measures for robust cloud security

The security breaches at Kaseya, Facebook, Cognyte, Verizon, and Raychat underscore the urgent need for “pruning” and “weeding” of the fast-growing tree – the cloud industry.

And perhaps the right tool is to implement a multi-layered approach.

Verify the user

Modern authentication techniques go beyond just two-factor authentication. A combination of Multi-Factor Authentication (MFA), Behavioral Analytics, and Adaptive Authentication can offer a more robust defense.

• Multi-Factor Authentication (MFA): Incorporate additional layers such as biometrics, hardware tokens, or device certificates. These methods ensure that even if one authentication factor is compromised, unauthorized access is still difficult.
• Behavioral Analytics: Continuously monitor user behavior, analyzing patterns like typing speed, device usage, and geolocation. This helps detect anomalies, such as logins from unfamiliar locations or unusual access times, flagging suspicious activities in real time.
• Adaptive Authentication: Leverage context-aware systems to adjust security requirements based on factors such as location, device type, and access history. This approach reduces friction for trusted users while enforcing stricter security for risky scenarios.

These techniques work together to verify a user’s identity across multiple domains: what they know (password), what they have (device or token), and who they are (biometrics, usage patterns).

Secure the connection

Modern networking techniques such as Zero Trust Architecture strengthen security by ensuring that no user or device is trusted by default. This approach continuously authenticates and authorizes users and devices at every stage, regardless of whether they are inside or outside the network.

Additionally, monitoring devices for suspicious activity, such as unusual access patterns or configuration changes, adds an extra layer of security to prevent breaches before they escalate.

Secure the environment

Authentication and connection security mean little if the underlying infrastructure is vulnerable. Cloud environments should be regularly tested beyond surface-level configurations. Security audits should not only verify that systems comply but also conduct in-depth tests on internet-facing assets, minimizing exposure of sensitive information and services. This prevents attackers from exploiting overlooked or poorly configured areas.

Security teams and developers must move beyond trusting that their cloud setups are inherently secure. Continuous in-depth testing across application and infrastructure layers helps catch vulnerabilities that basic security measures or configuration checks might miss.

Future-proofing your cloud security

Educate your team

Regular security awareness training is essential to equip employees with the knowledge to recognize and respond to potential threats. 

These training sessions should cover the latest phishing tactics, the importance of strong passwords, and the best practices for maintaining data security. An informed team is a critical line of defense against cyber threats.

Stay informed

Keep up with the latest security trends and emerging threats in the cloud computing space. Subscribe to cybersecurity news feeds, attend relevant conferences, and participate in professional networks. Staying informed allows you to anticipate and counter new threats before they become serious issues.

Invest in advanced tools

Consider adopting AI-powered security solutions that can predict and prevent sophisticated attacks. These tools use machine learning algorithms to analyze vast amounts of data and identify patterns indicative of potential security breaches. By integrating these advanced tools, you can enhance your ability to detect and mitigate threats proactively.

Collaborate with ethical hackers

Engage with cybersecurity firms that offer ethical hacking services to test and strengthen your defenses. Ethical hackers simulate cyber-attacks on your systems to uncover vulnerabilities before malicious actors can exploit them. This proactive approach helps you identify and address security gaps effectively.

Implement least privilege access

Ensure that users have only the minimum level of access necessary to perform their tasks. This principle of least privilege reduces the risk of unauthorized access and limits the potential damage if an account is compromised. Regularly review and adjust access levels based on users’ roles and responsibilities.

Encrypt Data at Rest and in Transit

Use robust encryption protocols to protect your data both when it’s stored and when it’s being transmitted. Encrypting data at rest ensures that it remains secure even if physical security measures fail. Encrypting data in transit protects it from interception and tampering during communication processes.

Develop an Incident Response Plan

Have a clear, tested strategy in place for responding to potential security breaches. Your incident response plan should include steps for identifying and containing a breach, notifying affected parties, and recovering from the incident. Regularly update and practice your plan to ensure your team can act swiftly and effectively in the event of a security breach.

Remember, cloud security is a tree that demands frequent care – it’s an ongoing process. So, regularly reassess your security measures, stay informed about emerging threats, and be prepared to adapt your strategies as the threat landscape evolves.

Author

Alex Wells, with a technical background and an MBA, is passionate about innovation and its impact on daily work life. She began her career in Vodafone’s cybersecurity portfolio, later advising other cyber companies, and currently addresses marketing challenges at Hadrian.

The world of alternative investment is often seen as a glamorous world of private equity investors and venture capitalists. However, it is no longer dominated by LPs and GPs investing in fledgling startups in exchange for equity. In fact, the fastest-growing form of investment in the alternative investment space is private debt (or private credit).

In its 2024 alternative investment universe outlook, JP Morgan is overweight on the growth prospects of private credit, where the debt finance comes from funds, rather than banks, bank-led syndicates, or public markets. In May, we looked at how private debt has grown from billions to trillions in assets under management and the role of technology in making it “the primary strategy of the alternative investment funds across the globe.”

Norsad Capital, a Botswana-based impact investor and private creditor founded in 1990 as a Nordic-SADC multilateral entity, is not only proving that private debt financing can help mid-market companies grow but also writing a playbook on how private debt paired with technology solutions like PE Front Office can help build a resilient startup ecosystem.

What does Norsad Capital do?

As an impact investor and private credit provider, Norsad Capital offers tailor-made debt solutions to profitable growth companies delivering desirable social and environmental impact in Africa. Allan Mutenda, Chief Risk Officer at Norsad Capital, says their primary market is the SADC region with an interest in Eastern Africa. While its focus market is currently Southern Africa, it does have some investments in West Africa.

“Our goal is to positively impact the lives of 100 million Africans by 2030,” says Mutenda, before adding, “Our target market being mid-market growth companies within the region, the companies that generate strong financial returns, plus also positive impact.”

He adds that their private credit solutions have a ticket size between $5M and $15M but can consider investments below $5M to qualifying growth companies that generate turnover between $5 and $50M with EBITDA of $1.5B. From senior debt and mezzanine finance to unitranche, Mutenda says Norsad is all about extensive and flexible private credit offerings.

Why private credit? Mutenda explains that Norsad’s journey began in 1990 as a development finance focus and has grown and transitioned to private credit supported by eleven SADC DFIs, including its original four Nordic shareholders: Norfund, Swedfund, IFU, and Finnfund. Norsad has evolved from a sustainable investor into a thematic impact investor, concentrating on profitable ventures that tackle social and environmental challenges under the mantra of “profit with purpose.”

Our key priorities encompass sustainable livelihoods, financial inclusion, gender equality, and climate action, all of which align with the Sustainable Development Goals (SDGs). As we refine our strategy in 2024, we focus on thematic sectors that promise the most significant impact at scale for our shareholders. Additionally, private credit generally offers a pathway for delivering higher yields to our investors, contingent on effective risk management..

Private Credit: Attractive but challenging

We can all thank Shark Tank for imparting a basic understanding of how private equity works but it is relatively unknown that private debt is seen to be more attractive to early stage and growth companies providing them with the necessary capital to scale their operations and pursue opportunities. Mutenda says this is because of their flexibility.

“The deals are structured to accommodate the needs of the individual investing companies, which is not always possible when it comes to banks,” he says. “We can play across the capital stack from stretch senior, unitranche and mezzanine across various tenures up to 7 years. We also provide various payment options such as amortisation, PIK, equity kickers and deferred payments to meet the needs of our investee companies depending on their cash flow cycles.”

While the flexibility is attractive, private credit providers like Norsad must also contend with the added risk this flexibility entails. “At the basic, it all starts with structuring the investment to suit the needs of the investee companies while ensuring downside protection for our investors so we can still offer a pathway for investors to realise desired returns through various exit strategies,” explains Mutenda. “If risk is not adequately managed, more so in the highly uncertain poly-crisis environment, private credit providers may find it challenging to attain sustainability, leading to unmet impact objectives and difficulties in returning capital to funders with acceptable returns.”

“I think the added challenge in our region is how to grow our deal pipeline of potential investee companies across multiple countries and consistently select the good investments from the potentially bad ones. Doing business in Africa is not for the faint-hearted while it can be rewarding, especially when leveraging local knowledge and partnerships,” says Mutenda. Norsad has a rich history spanning over 32 years of impact investing in Africa working with a wide network of partners including its 11 SADC shareholders.

He adds, “Private credit is a relatively new phenomenon in some of our markets. In SADC, for instance, bank finance dominates.”

In the operations of private credit providers, the challenge is two-fold: mobility and compliance. In 2023, Norsad initiated business process reengineering to make its workflows and supporting systems more agile and responsive to the changing financial landscape. Key focus areas included refining and improving workflows, identifying, and adapting supporting technologies, and enhancing compliance—not merely as a check-box exercise but as an integral part of the value proposition to our investee businesses to help them achieve sustainability.

One other way that Norsad Capital meets this mobility and compliance challenge is by trusting PE Front Office. This SaaS platform serves as the back office of major equity and private credit providers.

Discover the strategic advantage: PE Front Office

Mutenda explains that Norsad Capital views the PE Front Office not merely as a technological solution for booking transactions – whether in credit or equity – for mid-growth companies. Instead, he emphasises that the software platform facilitates end-to-end business processes that support the execution of “the investment thesis” throughout the entire investment lifecycle, from origination to exit.

After switching to PE Front Office, Norsad Capital and its investment team are able to look at compliance beyond KYC and static data posting. Mutenda says they have been able to automate a number of erstwhile manual processes such as covenant testing. “There is quite a lot of rich information you can derive from the system on investee companies almost substituting dependence on excel spreadsheets for covenants testing as an example,” Mutenda quips.

Like many other PE Front Office clients, Norsad Capital previously relied on spreadsheets, and Mutenda openly acknowledges the typical risks associated with their use, including the potential for human and modelling errors. However, he notes that the immediate benefit of transitioning away from spreadsheets is eliminating concerns regarding “MIS reports not being produced on time and accurately.”

This shift will save significant time and effort, enabling portfolio managers to focus on more value-added activities with client data available at the click of a button. “Moving away from Excel will save us a lot of time in terms of man hours attached to processing data and financial spreadsheeting from audited AFS and also Management Accounts that we receive on a more regular basis,” he adds

When I spoke to Mutenda, Norsad Capital had not fully migrated its workflow from spreadsheets to PE Front Office. The private debt company aims to fully migrate to PE Front Office by the end of the third quarter but Mutenda says they have already automated some workflows such as invoicing and indicated that the migration was seamless with the support of the PE Front Office team during implementation, customisation and testing phases. “Our portfolio companies will receive their invoices on time, generated automatically by the system and delivered to the emails without the risk of back-office staff forgetting to perform these simple but critical tasks on time ahead of due dates,” explains Mutenda.

With the migration to PE Front Office, they are efficiently able to manage their deal flow from origination to exit. “I think we found the workflow in PE Front Office quite helpful, easy to follow, customise and meet our requirements as a business,” says Mutenda.

He further adds that they were able to download the historical information they had in their old system while also booking new deals that were still in the pipeline. This ability of PE Front Office to migrate historical data coming in various formats meant that Norsad Capital’s team only had to ensure that their records stayed up to date before data migration, with the PE team also troubleshooting and picking up data gaps for our records to be complete. Strong collaboration of the PE team was evident in their approach to project implementation, which Norsad continually values.

During our conversation, I found Mutenda to be both analytical and logical. While he seemed to have mastered the use of technology to make investment efficient at Norsad Capital, he was also sharp about the delay associated with manual systems and the techniques needed to circumvent those delays.

With PE Front Office, he says they will be able to achieve their goal of becoming more efficient, and agile, and also be closer to the client and answering the right questions at the right time to management, board and regulators, including investors. For Norsad Capital, Mutenda says PE Front Office was the only system that met their end-to-end requirements both now and in the long-term during the procurement process. “PE front office meets our business requirements now and into the future,” argues Mutenda. “From a risk management and compliance point of view, I also think the MIS capability provides a good foundation to support some of our modelling activity.”

Growth opportunity

Like JP Morgan, Mutenda is optimistic about the growth prospects of private credit, particularly in the SADC region. He anticipates that regulatory pressures will continue to affect banks’ ability to support riskier segments of the market, potentially constraining the supply of credit to mid-sized corporations and SMEs, which presents an opportunity for Norsad Capital to help bridge the credit supply gap.

“I believe we offer LPs and institutional investors the chance to invest with us in thematic funds we may launch in the future, such as climate funds. This collaboration can help them achieve their impact objectives by partnering with Norsad and leveraging our strong presence in the SADC region and our robust shareholder network with local knowledge and presence, rather than investing directly in a wide array of firms across various countries. Returns in Africa are still good, despite the high level of risk. We offer a partnership platform that enables us to distinguish the strong opportunities from the weaker ones, and we will be better able to assist investors in managing their investments using our PE Front Office platform,” he adds.

Despite the prevailing uncertainty and poly-crisis environment, Norsad Capital remains optimistic about the ongoing growth of private credit. As assets under management rise, they anticipate that software platforms like PE Front Office will become increasingly vital for lenders to be fit for growth with the right technology front and back-office functionality. For Mutenda, the future is about not only leveraging technology for efficient investment processes but also enhancing the effectiveness of that technology through the integration of artificial intelligence.