Adventum Tech, a startup based in Latvia, took home the main prize at the TechChill conference’s famous Fifty Founders Battle in Rīga April 28.
The pitch competition included 250 applications from more than 30 countries, reported Labs of Latvia.
Adventum Tech develops hardware and software to mitigate structure collapses during construction. Through applying a variety of sensors they are able to monitor the structural integrity of load-bearing supports.
“This was the prize we were aiming for at TechChill. This EUR 11,000 cash prize has a very specific destiny – it will be used to develop a sensor to detect issues in foundations of structures in regions with higher rates of earthquake volatility,” said Nikita Gorbatko, Co-founder of Adventum Tech.
In addition to the no-strings-attached cash prize, a variety of equity opportunities were handed out. Sign on Tab from Lithuania won prizes from and DEPO Ventures. Hardware accelerator Buildit named Adventum Tech and Abillio (Latvia) as the recipients of up to EUR 50,000 investment each.
Prizes were also awarded by Sorainen, who provided startups with legal consultations at a value of up to EUR 5,000. The winners were zenoo (Lithuania), Codigy (Lithuania) and Adventum Tech. Advertising agencies McCann Riga and White Label offered three startups EUR 5,000 worth of creative and strategic consultancy. The winners included Cubed (Latvia), Nelinor (Finland) and Adventum Tech. Look AI Ventures offered an investment opportunity from EUR 50k-250k to
“Adventum Tech very effectively pitched a real-world solution for a serious challenge in the construction industry, including the ability to land a very large, paying customer early on. We wish them luck in commercialising their technology,” said Andris K. Bērzniņš, Managing Partner at Change Ventures.
The final jury was made up of four investors from around the world: Andris K. Bērziņš of Change Ventures, Petr Šima of Depo Ventures, Michael Bjornlund from Rockstart, Eva Arh of 3VC, and angel investor Ana Wolsztajn.