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The beat just dropped on a new era of music, and it’s coming not from a recording studio but from the weird and wonderful realm of quantum physics. UK-based tech startup Moth has released the track “Recurse” in collaboration with British electronic artist ILĀ. It’s billed as the world’s first commercially available song created using “quantum-powered generative AI.” “Recurse” certainly sounds otherworldly — like the kind of music aliens might stream while drifting through deep space. Yet again, that is kind of ILĀ’s style. Give it a listen: https://cdn0.tnwcdn.com/wp-content/blogs.dir/1/files/2025/05/ila_Recurse.mp3 You can listen to the track yourself on all major streaming platforms, including Spotify. It’s also available via a 24/7 interactive stream that generates and evolves in real-time.  Dr Ilana Wisby, CEO of Moth, said the track’s release marks a “defining moment,” not just for the company, but for the “future of creativity itself.”  “Recurse demonstrates the power of quantum AI to support and enhance, and not just take from, artists,” said Wisby, who is the former CEO of one of Europe’s best-funded quantum computing startups, Oxford Quantum Circuits. ILĀ provided original sounds to train a generative AI tool that worked inside Moth’s music software. The AI suggested parts like bass, synth, and drums, but ILĀ retained full control over instrumentation, effects, and arrangement. The music was then refined using quantum computers provided by German startup IQM.  Blending quantum and AI Behind the scenes, the song’s creation relied on the emerging field of quantum machine learning, which uses the unique properties of quantum computers to help AI learn patterns and solve problems faster than traditional computers.  The track was produced using Moth’s platform Archaeo, based on a type of quantum machine learning called Quantum Reservoir Computing (QRC). The system was able to identify subtle, complex patterns in ILĀ’s music that conventional AI might miss.  Unlike generative AI tools like Suno or Udio, Archaeo doesn’t create songs from scratch. Nor is it trained on vast quantities of music scraped from the web (often without consent). Instead, it learns from small samples from a specific artist, whom it then helps to make a new song.  “It feels very refreshing to use a technology that has been built to work with you — not simply replace you,” said ILĀ. “This approach produces something much more human led which feels more authentic in creative terms.” Moth’s technology was developed in collaboration with Brazilian composer Eduardo Reck Miranda. Renowned for his research on computational creativity, Miranda has written an entire book on quantum music. Last year he released an album called Qubism made up of quantum computer-made songs. He also serves on Moth’s board.  While Moth’s technology is still in early development, the company hopes it will redefine creative industries including music, art, and gaming.  Gamers could use tools like Archaeo to generate custom content — music, art, or dialogue — based on their own creative inputs, allowing for deeper personalisation and modding.   “We’re not just building tech for tech’s sake, we’re building tools that empower, inspire, and drive a new era of media and creativity,” said Wisby. The future of tech is a key theme of TNW Conference, which takes place on June 19-20 in Amsterdam. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30%. source

Britain requires a “colossal” overhaul of its cybersecurity systems to defend against future quantum computers, the UK’s National Cyber Security Centre (NCSC) warned this week.  Speaking at the CYBERUK conference in Manchester, the body’s CTO Ollie Whitehouse urged organisations to start preparing now for a sweeping transformation in how digital security is built and maintained — warning of grave consequences if they don’t.   Quantum computers, once they reach a certain power threshold, could render current encryption methods obsolete. They could break security protocols that protect everything from financial transactions and medical records to military communications.  A critical part of preparing for this future is adopting post-quantum cryptography (PQC), Whitehouse said. PQC aims to defend against potential cyberattacks from quantum computers. It involves designing new encryption algorithms based on mathematical problems that are hard for both classical and quantum computers to solve. These algorithms are then integrated into existing systems to replace vulnerable encryption methods.  The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! Whitehouse stressed, though, that the move to PQC won’t just be a software upgrade. It will require a “decade-long, national-scale technology change programme to uplift the foundations of our connected systems,” he said. In March, the NCSC published guidance setting out clear timelines for the UK’s migration to PQC. It advised organisations to complete migration to PQC of all their systems, services, and products by 2035. The race to secure systems against quantum threats Across the world, governments are scrambling to prepare themselves for a world occupied by powerful quantum machines. Last year, the US National Institute of Standards and Technology (NIST) released several algorithms believed to be secure from quantum hacking.  There is also a cohort of tech startups that have emerged to help organisations get ready. One of them is UK-based PQShield, which raised $37mn last year for its software and hardware-based PQC solutions. It’s still uncertain, however, whether PQC will withstand future quantum attacks, as no one knows how powerful the machines will ultimately become. That’s why other companies and governments are exploring Quantum Key Distribution (QKD), which uses quantum mechanics to securely transmit encryption keys as particles of light. These photons carry qubits — the basic units of quantum information. Crucially, it is impossible to “listen in” on a QKD message without disturbing the quantum states. It would instantly alert both parties to eavesdropping. This makes the technology “untappable.” For the NCSC, however, the primary safeguard against quantum threats, at least for now, is migrating to PQC. Whitehouse described it as “a complex change programme that makes fixing the Millennium Bug look easy,” a nod to the massive efforts in the late 1990s to update computer systems unable to handle dates past 1999. source

Dutch startup Eyeo has emerged from stealth with €15mn in funding to advance a breakthrough photonics technology for cameras that could radically disrupt the way we take images. Eyeo spun out last year from Belgium’s Imec, one of the world’s leading nanoelectronics centres. The startup’s waveguide colour-splitting technology — an optical technique that uses tiny structures to guide and separate light by wavelength — triples the light sensitivity of today’s best image sensors.  Eyeo’s sensors allow all sorts of cameras, from DSLRs to those in smartphones and virtual reality headsets, to capture brighter, clearer images, especially in low-light conditions. The technology also enables cameras to “see” colour in much the same way our eyes do, thanks to “unprecedented” colour fidelity, Eyeo said.  Jeroen Hoet, CEO of the Eindhoven-based company, called the results a “new standard for the future of imaging.”  The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! Most cameras today (like those in your phone) use colour filters — tiny red, green, and blue layers — on top of each pixel to create a colour image. But these filters block over 70% of the light that hits them. That means most of the light is wasted, especially in low-light conditions. These filters also limit how small pixels can be, which in turn limits how compact and high-resolution a camera can be. Instead of blocking light with filters, Eyeo splits photons using tiny structures called waveguides that direct each colour of light directly to the right pixel. This results in a sensor that captures all of the incoming light. The technology also allows camera sensors to have minuscule pixels, smaller than half a micron (1/1000mm) in size.  All this equates to a sensor that can process a lot more light, effectively doubling the resolution of a camera using a chip of the same size.  A 3D render of Eyeo’s colour-splitting waveguide structure that forms the building block’s of a camera sensor. Credit: Eyeo “Eyeo is fundamentally redefining image sensing by eliminating decades-old limitations,” said Hoet. “This technology paves the way for entirely new applications in imaging, from ultra-compact sensors to enhanced low-light performance, ultra-high resolution, and maximum image quality.”  The use cases could be wide-ranging. They could span ultra-slim smartphones with great camera quality; smaller, higher-resolution AR and VR headsets; security cameras capable of capturing more reliable footage; and lightweight camera drones.   Eyeo says it has already established partnerships with “leading image sensor manufacturers and foundries” to commercialise its technology. With fresh capital, the company now aims to improve its current camera sensor designs. It’s also looking to deliver its first evaluation kits to customers in two years time. These kits let potential customers test and explore the technology before it’s ready for mass production.   Imec’s venture arm, Imec.xpand, co-led the funding round alongside Invest-NL. QBIC fund, High-Tech Gründerfonds (HTGF), and Brabant Development Agency (BOM) also chipped in. The next big thing in tech is a key theme for TNW Conference, which takes place on June 19-20 in Amsterdam. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30%. source

Swedish electric plane startup Heart Aerospace is relocating its headquarters from Gothenburg to Los Angeles in a move it says will “bolster product development.”  The company will lay off all of its 75 employees in Sweden, company spokesperson Christina Zander told TNW. “Recruitment in the US is ongoing,” she added.   Founded in 2018, Heart Aerospace is building a hybrid-electric 30-passenger airliner called the ES-30. The first working prototype of the plane, X1, is scheduled to take to the skies later this year.   Tobias Bengtsdahl, a partner at VC firm Antler, told TNW that Heart’s move to the US should serve as a “wake-up call” for Europe’s tech sector.  The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! “Europe’s over-regulation and lack of market appetite are actively driving innovation away,” said Bengtsdahl, who is based in Stockholm. “Every move like this reinforces the narrative that the US is the better place to build — that’s a problem for Europe.”  Heart has raised almost $200mn to date, from investors including Bill Gates’ Breakthrough Energy Ventures and the Swedish government. Founder Anders Forslund said the strategic move would help the company “focus our resources.” “Our customers, partners, and investors are increasingly based in the US,” said Forslund. “By consolidating our operations in Los Angeles, we can accelerate development, strengthen collaboration, and better position Heart Aerospace for the future.”  Signs of the move had been building for a while. In May 2024, Heart opened an R&D hub in Los Angeles. Last year, the company also chose the US to conduct its first test flight and secured a $4.1mn contract from the Federal Aviation Administration (FAA).  Heart Aerospace has already secured 250 orders and 191 letters of intent for the ES-30 from the likes of US carriers United Airlines and Mesa Airlines. Heart has also received letters of intent from Scandinavian Airlines (SAS), Sweden’s Braathens Regional Airlines, and Icelandair for a total of 96 aircraft. While Heart is flying across the pond, Zander said the move doesn’t change the “fundamental partnerships” the company has built across Europe.  “Our Scandinavian investors and suppliers remain valued collaborators, and we continue to engage with them as we advance our technology,” she said. “The shift to the US is a strategic move to support prototype development, but our European relationships remain a vital part of Heart Aerospace’s broader ecosystem.” The problems — and solutions — of scaling tech businesses in Europe will be a hot topic TNW Conference. The event takes place on June 19-20 in Amsterdam. Tickets are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30% off. source

Danish startup Teton has used Gefion, one of Europe’s most powerful supercomputers, to turbocharge the development of its AI “care companion” for hospital staff.  Teton installs cameras and sensors in hospital rooms to gather real-time data. This gets fed to an AI algorithm, creating a virtual “digital twin” of the room. The model monitors patient and staff behaviour such as movement, breathing, or posture changes. If it sees a problem, the system alerts nurses via an app.  To protect privacy, all processing takes place on-device and none is sent to the cloud. No personal data or raw video footage is stored. Instead, the video is immediately converted into 3D spatial representations and the original footage is deleted.  Teton’s goal is to help hospital staff spot early signs of health issues and respond faster to potential risks. The company also aims to ease the workload of nurses. By continuously monitoring patient rooms, the system could reduce the number of manual checks. It can also automatically generate care notes.  The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! The AI care companion has already been trialled at two Danish hospitals with promising results. The tool cut nightshift workloads by up to 25%, according to the company’s own research.  Teton’s founders, Mikkel Wad Thorsen and Esben Klint Thorius, have spent years training their AI model on real patient scenarios. They even hired actors and nurses to repeatedly act out scenes to improve their training data. However, these manual processes take a lot of time. That’s where Gefion, Denmark’s AI supercomputer, came in. Using the supercomputer, Teton was able to create over 1 million 3D scenes of hospital rooms. In each virtual room, a different scenario would play out. For example, a patient turning over in bed, a nurse checking vitals, or someone experiencing distress.  These scenes aren’t just static images, they’re dynamic environments that mimic how people and objects move and behave in real life. By generating so many of them, Teton can expose its AI to a huge variety of scenarios — far more than would be feasible manually. This helps the system learn how to recognise subtle patterns and respond appropriately in real clinical settings. “Gefion has made a huge difference to the rate at which we have been able to develop our AI model,” Thorsen told TNW. “Being able to unlock the geometric knowledge helps us to build in much better predictions and estimations of how a patient is doing,” he added.  Thorsen hopes the improvements will ultimately help hospitals deliver better patient care — and take the weight off care staff. Giving nurses a helping hand The EU currently has a shortage of 1.2 million doctors, nurses, and midwives. There is also a declining interest in nursing careers across more than half of the bloc’s 27 countries, according to OECD research. The nursing shortage is a worldwide issue, which has given rise to several startups trying to fill the gap with tech solutions. One of them is Stockholm-based Bemlo, which has created a platform for short-term hiring of nurses and doctors, allowing hospitals to quickly onboard new staff. Other efforts look to assist nurses more directly. US-based Diligent Robotics has built Moxi, a metre-tall mobile robot designed to help alleviate boring and repetitive tasks in healthcare facilities. Armed with supercomputing power and digital twins, Teton is betting AI can help ease the strain on stretched hospital employees. And now the startup is looking to fast-track the development of its algorithm. “With all of these new data points, we could significantly accelerate the iteration time and unlock a new scale for the next generation of our model,” said Thorsen. source

Five standout scaleups from Southern Europe have reached the finals of TECH5 — the “Champions League of Technology.” They’ll now face off with rivals from across Europe to be crowned the continent’s hottest scaleup. Southern Europe’s digital scene is still maturing — but growth is accelerating. Deep talent pools and academic strength are now backed by rising support from investors and policymakers. These developments have strengthened the foundations for building scaleups. Our contingent from Southern Europe was scouted from seven countries: Andorra, Cyprus, Greece, Italy, Malta, Portugal, and Spain. Each of them experienced substantial growth in their tech sectors last year.  Spain’s sector was projected to grow by 5.8%, Andorra’s by 12%, and Malta’s by 18%. Portugal, meanwhile, saw its startup ecosystem expand by 16%, with deals up 24% and investment skyrocketing by 148%. The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! In Cyprus, a tech boom boosted the economy by €7bn, while Greece’s startups attracted over €555mn in investment — 15% more than in the previous year.  Across the region, scaleups are now emerging in growing numbers. Yet only five of them could make it into TECH5. After analysing their growth, impact, and future potential, our judges selected a first-rate quintet. In no particular order, here they are. 1. Multiverse Computing Spain’s Multiverse Computing blends two of today’s hottest technologies: AI and quantum computing. The scaleup applies quantum and quantum-inspired AI to solve complex problems across industries. Founded in 2019, it first gained attention with Singularity, a platform applying quantum algorithms to numerous optimisation and AI challenges, such as managing electricity grids and investment portfolios. More recently, the company has been tackling the huge energy demands of AI. Its solution, CompactifAI, delivers compressed versions of leading LLMs. Last month, the scaleup announced an 80% compression of two Meta Llama models with minimal precision loss. “Multiverse Computing aims to be the global leader in offering compressed AI models for industries to benefit from cost- and energy-efficient AI,” Multiverse Computing told TNW. Investors are backing the vision. In an oversubscribed round last year, the company raised €25mn and tripled its valuation to €100mn. More funding followed has followed since then, including €67mn from the Spanish government. President Pedro Sánchez praised Multiverse Computing as a successful use of EU funds. 2. 1000farmacie One of three Italian scaleups in TECH5, 1000Farmacie is the country’s leading e-pharmacy. Through a network of independent pharmacies, the scaleup offers a diverse range of health and wellbeing products. The platform supports customers throughout the purchasing process, from finding the best prices to providing consultations and delivering over 100,000 products. Founded in 2020, the Milan-based business brings pharmacies online with minimal effort, enabling them to sell their products quickly. Last year, the company took second place in the Sifted 50: Southern Europe Leaderboard — a ranking of the top 50 startups in the region with the strongest revenue growth over the past three financial years — after hitting a compound annual growth rate (CAGR) of 333.10%. “Our ambition at 1000Farmacie is to revolutionise healthcare access in Italy by making it more convenient and patient-centric,” the company told TNW. “We believe technology can bridge gaps and improve lives.” 3. Coverflex Portugal’s Coverflex wants to improve how companies compensate their people. The Braga-based scaleup offers an all-in-one platform for managing every employee benefit, from expenses and insurance to meal allowances and childcare. By simplifying the process, the system can increase retention, boost productivity, and cut admin costs. Companies can customise the benefits they offer, while employees manage everything through one card and app.  Founded in 2019, Coverflex has worked with over 11,000 organisations, including Revolut, Volvo, and Santander. According to the scaleup, clients save an average of €1,000 per employee. The company has raised over €20mn, including €15mn in Series A funding in 2023. CEO Miguel Amaro said the round confirmed that “our focus on adapting human resources processes to the current demand for a more personalised compensation experience is more than relevant today.” 4. Smartness Italy’s Smartness aims to turn hotels, B&Bs, and rentals into “revenue powerhouses.” The company provides a suite of tools to boost earnings, including market analysis and guest communication. Its standout feature is dynamic pricing, which algorithmically adjusts rates in real time based on market trends. To calculate optimal prices, Smartness analyses thousands of data points, including booking history, market trends, and future demand. The algorithm then establishes the best pricing strategy. Rates are synchronised across sales channels, ensuring consistent pricing without manual updates. The result is faster, smarter pricing to fuel growth. Founded in 2020, the company was known as Smartpricing before rebranding as Smartness in 2024. That year, it surpassed 4,000 clients in 41 countries, raised over €15mn, and grew to a team of 100. 5. Up2You Milan-based Up2You provides tailor-made sustainability solutions for companies. Founded in 2020, the scaleup has built a platform that helps organisations reduce their carbon emissions. Businesses are guided through the full sustainability journey, from analysis and planning to training and communication. Tools include CliMax for emissions management, Choral for data collection and sustainability reporting, and PlaNet for training and staff engagement. UP2You also supports clients in achieving global sustainability certifications, including B Corp, ISO, and Ecovadis. The company frames sustainability as both an ethical imperative and a competitive edge. Over 450 companies have joined its platform, including Italian bank Banco Azzoaglio. “The calculation of our carbon footprint generated unexpected results in terms of collaboration and enthusiasm,” said bank president Erica Azzoaglio. “It significantly boosted internal awareness of sustainability issues and will shape our strategic objectives.” What’s next for the scaleups from Southern Europe? The Southern European scaleups will compete for the TECH5 title with rivals from six other regions. At TNW Conference in June, we’ll crown the grand champion as Europe’s hottest scaleup.  The challengers from France, Benelux, the Nordics, and DACH

Spain and Portugal have largely restored power after Monday’s unprecedented blackout — the worst in recent European history. The fallout has put the region’s reliance on renewables under fire. Santiago Abascal, leader of Spain’s far-right Vox party, even called on the country to abandon “climate fanaticism” in response to the power cut. Yet, experts stressed to TNW that the problem isn’t green energy, but the outdated grid infrastructure and technology it relies upon.  “What’s happened this week should serve as a stark reminder of the dangers of failing to invest in a more resilient energy grid,” Amsterdam-based Taco Engelaar, managing director at energy infrastructure firm Neara, told TNW.  Last year, Portugal and Spain sourced, respectively, 87.5% and 56% of their electricity from renewables such as wind, solar, and hydropower. The two countries have both, for short periods, run their grids entirely on green energy. However, as the Iberian nations have surged ahead in the race to adopt renewables, they may have become victims of their own momentum.  Outgrowing the grid? While wind and solar generate clean, cheap electricity, they don’t produce power in a steady stream — they rise and fall with the weather. However, grids in Europe were largely built for more predictable sources of energy like coal, gas, or nuclear plants. The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! Without that stabilising force, or the addition of alternatives like battery storage systems, the grid becomes more vulnerable to surges in electricity demand or supply. As we’ve seen this week, on rare occasions, that can overwhelm the system, causing it to crash, taking homes, businesses, and critical services offline.   “The first thing to clarify is that this is not a net-zero issue,” Chris Glover, utilities and energy director at British engineering consultancy Buro Happold, told TNW. “The issue here is managing supply and demand.”   The growing mismatch between the grid’s design and its new energy mix is now playing out.  But that’s no reason to hit the brakes on the energy transition, said Glover. Instead, he suggests they double down on energy storage, grid balancing tech, and infrastructure upgrades to support a more resilient system. ‘Starved of flexibility’ Spain and Portugal are not the first to face this challenge. A major blackout in 2016 left 850,000 South Australians without power. Critics, including Australia’s prime minister Malcolm Turnbull, pointed to the state’s ambitious shift to renewables. But rather than retreat, South Australia leaned in, investing in big batteries, so-called synchronous compressors (which mimic the stabilising “inertia” of fossil fuel-powered turbines), and even more wind and solar. Last year, the state sourced 75% of its electricity from renewables and hasn’t had another blackout since. The IEA has called its progress “remarkable.” Alex Schoch, head of flexibility at Octopus Energy, believes Spain could take a cue from South Australia’s success. While the latter’s blackout was caused by a storm, “both countries’ grids lacked the proper tools to recover from sudden shocks,” he wrote on LinkedIn. He called Spain’s power system one “starved of flexibility.”  Before the blackout, Spain’s grid was running on nearly 80% wind and solar — a huge achievement for clean energy, but also a challenge for stability. There was very little electricity coming from steady sources like gas or nuclear, which help keep the grid balanced. On top of that, Spain has almost no large-scale battery storage to step in when solar or wind drops unexpectedly.  Experts believe these factors played a key role in Monday’s sweeping blackout. The disruption has been traced back to two separate grid disconnections in the southwest of the country — the heart of Spain’s solar energy production. With so little backup power in place, the system may have struggled to respond to these disruptions fast enough, leading to cascading failures across the network.   When part of Spain’s power supply suddenly dropped, the grid should have quickly reduced demand to keep everything in balance — for example, by using batteries or other backup systems to smooth things out, Glover explained. “No such steps appear to have been taken,” he said.  When power generation drops, countries can often import electricity from neighbours. However, Spain and Portugal are mostly cut off, with just a weak link to France through the Pyrenees mountains. That makes them more vulnerable during outages.  Although the exact cause of the blackout is still under investigation, the disruption — which saw Spain’s grid lose 15GW of energy in just five seconds — has raised serious doubts about the region’s energy infrastructure. It could also serve as a stark warning for other countries. Electrification conundrum As more electric vehicles plug in, heat pumps replace gas boilers, and factories switch to electric power, Europe’s ageing grids are increasingly feeling the strain. Between 2020 and 2050, electricity demand is set to jump 80%. Yet much of the infrastructure carrying that load was built decades ago. To meet climate targets, annual global grid investment needs to nearly double to $600bn by 2030, according to the International Energy Agency (IEA).   Engelaar believes new technologies could help. “Digital modelling can give [energy] utilities granular insights into every inch of their networks, as well as allowing them to stress-test their assets against potential threats and pinpoint vulnerabilities before it’s too late.” Another software solution is demand response, which automatically adjusts electricity use in real time.  Jacob Bro, partner at climate tech VC firm 2150, also highlights the power of decentralised energy solutions. These include rooftop panels, home batteries, and local wind farms, which generate electricity closer to where it’s used.  “Closer to our homes and offices, at the edge of the grid, we need to deploy flexible capacity, and we need smarter grids and greater transparency,” he told TNW. Overall, what emerges is a complex picture of rapid progress outpacing preparation. The blackout wasn’t a failure of renewables — it was

Five standout scaleups from the Baltics have made it into TECH5 — the “Champions League of Technology.”  Representing Estonia, Lithuania, and Latvia, the quintet will now challenge rivals from six other regions for the title of Europe’s hottest scaleup. To earn their place in TECH5, the Baltic contenders have already had to fend off stiff competition. For a combined population of just over six million, the region is the birthplace of a remarkable range of innovations, startups, and scaleups. Collectively, the three states are renowned for strong digital infrastructure, tech-savvy populations, global mindsets, and government policies that support innovation. Individually, each country boasts its own impressive attributes. Estonia leads Europe in density of unicorns (privately held startups valued at over $1bn). Several trace their roots to the “Skype Mafia” of entrepreneurs that emerged from the video chat pioneer, including Playtech, Wise, and Bolt. Last year, the country was also ranked as the global leader in e-government and venture funding relative to GDP. European tech superstars: Hear from Datasnipper, Hugging Face, Philips & many more Join 1000s of founders, investors and innovation champions at TNW Conference on June 19 & 20. Lithuania has bred its own impressive flock of unicorns: Vinted, Nord Security, Baltic Classifieds Group, and the most recent addition, Flo Health — which last year became Europe’s first femtech unicorn. The country is also the number one fintech hub in the EU by number of licensed companies. Latvia, meanwhile, was named Europe’s most startup-friendly country in 2021 by Index Ventures. Currently, on-demand printing company Printful is the nation’s only unicorn, but the ecosystem is growing fast. Since 2019, the country’s startups have grown in enterprise value by 5.3x — the highest increase in the region, according to Dealroom data. With such fertile ground for scaleups across the region, picking just five for TECH5 was a challenge.  Our judges selected them after analysing their growth, impact, and future potential. In no particular order, let’s meet them. Vok Bikes Estonia’s Vok Bikes develops electric cargo bikes with three key qualities: smart, safe, and sustainable.  Designed for city use and streamlined deliveries, the four-wheel drive bikes have a range of 100km and a top speed of 25km/h. According to Vok, the system saves users up to 70% annually in maintenance expenses. Acceleration, braking, and reversing are integrated into the pedals, while the fine-tuned torque control reduces fatigue. The design also supports extended climbing with heavy loads, without overheating the system. Further features include regenerative braking, intelligent power disruption, online diagnostics, and a swappable battery. Customers include IKEA, which uses Vok Bikes for last-mile deliveries, alongside many delivery, transportation, and logistics companies. Last month, the Tallinn-based company reported that a Vok XL bike has an ownership cost that’s 64% lower than a Ford Transit Connect. “Even resale value holds up,” the scaleup said. “After five years, the Vok still retains ~22% of its original value.” PVcase Lithuania’s PVcase is a global leader in solar project software. The company’s end-to-end platform covers the entire development of solar farms, from site selection and design to yield optimisation. The approach aims to streamline solar project design, cutting costs and timelines. By accelerating deployments of solar energy, PVcase contributes to reducing greenhouse gas emissions and mitigating the impacts of climate change.  Since launching in 2018, the Kaunas-based business has delivered software to customers in nearly 80 countries. “With 2 terawatts of solar already installed globally, PVcase tools empower our customers to design the next terawatts 10 times faster,” the scaleup told TNW. “This exponential increase in solar design speed is not just an industry statistic; it’s a lifeline for our planet.” Investors have been impressed by the progress. In 2023, PVcase secured a cash injection of $100mn (€88mn), bringing its total funding to over $123mn (€109mn). Jeff App Latvia’s Jeff App supports people with limited access to traditional financial services — the “underbanked.” The Riga-based business offers alternative credit scores in emerging economies, extending the pathways to financial inclusion.    Founded in 2019, Jeff also operates as a lead generation service. The fintech says it has over 8 million users, with each one undergoing creditworthiness and fraud detection checks. By partnering with Jeff, banks and lenders can tap into new markets of borrowers. Jeff also collects, analyses, and models data from a host of sources, including smart devices, social media, and behavioural analytics. Clients can access the insights through the scaleup’s API. Last year, Jeff secured $2mn (€1.77mn) in late-seed funding to further develop its services. “Financially, we can now pursue new product categories that offer much greater market size and a faster path to becoming a household name in emerging markets,” said Toms Niparts, the scaleup’s co-founder and CEO. Roofit Solar Another Estonian flagbearer, Roofit Solar delivers fully-integrated solar panels that blend innovation and elegance. The panels combine Nordic design with premium materials and efficiency. The solar cells are integrated into high-quality metal sheets. The panel then form a solar roof tailored to a home’s aesthetic design. Using AI, the system also optimises energy purchases, sales, and storage — maximising the customer’s savings and revenues. The company emerged from the founders’ dissatisfaction with the appearance of traditional solar panels. In 2016, they launched Roofit Solar to prove solar energy doesn’t need to compromise on looks. In January, the company unveiled a new slimmed-down design: the Velario Slim. “Our other products are already high performers when it comes to energy efficiency, but the compact Velario Slim will allow even more roof space to be covered and more free energy to be generated for property owners under the same roof,” said Andres Anijalg, the scaleup’s CEO. Turing College Our second Lithuanian finalist, Turing College provides online courses that empower users to upskill or reskill — on their terms. The Vilnius-based edtech emerged in 2021 with a new approach to learning. Each course is designed to equip busy professionals with in-demand tech skills. The methodology involves short intensive sprints inspired by the Agile method, which is used by industry

Unprecedented power cuts swept across Portugal, Spain, and parts of France on Monday — instantly unravelling the tech-dependent lives of me and tens of millions of others.  At first, I wasn’t worried. Then the owner of my Lisbon apartment forwarded me a link: an article in The Sun newspaper titled “Spain & Portugal hit by huge power cuts…” I tried to open it, but the page wouldn’t load. After a few minutes of backup power, the mobile networks were dead. I walked down to my local café, hoping to get some more information. “We have no idea what’s going on — nothing is working,” the owner told me, gesturing to her dead till. She was only serving sandwiches and drinks, and like every other shop, could only accept cash. One of the shop’s customers approached me. “They’re saying it might be a Russian cyberattack,” he said, looking remarkably laid back. “Think of it as a free holiday,” he laughed.  I wasn’t laughing. I had no physical cash on me. That meant I couldn’t buy food, and without electricity, I couldn’t cook what I had in the fridge. I also know water networks rely on electric pumps. Plus, I had three young kids at home wondering whether Dad would ever fix the TV.   Trying to keep calm and cool in the 30-degree heat, I left the store searching for an ATM. The first one was completely dead. The next had power, but only let me check my balance. Cash machines need internet to connect to banking servers and authorise withdrawals — without it, they’re just glowing boxes of false hope. “I took the train to Lisbon this morning, but now I can’t get home,” said a man in his 30s who was also trying to withdraw cash to take a taxi. We chatted for a few minutes, speculating on the potential causes of the blackout. “I heard on the radio that it might be something to do with the weather,” he said, referencing a now-debunked claim that the outage was caused by “induced atmospheric vibration” from extreme temperature or pressure shifts disturbing power lines. I wondered whether this was a technical fault or something more malicious.  I walked on in search of more concrete information. Eventually, I found it at the local hospital, the only place I could find with electricity and WiFi, thanks to its backup diesel generators. Scanning the headlines, I was met with some good news. Officials said there was no sign of a cyberattack. Despite all my Hollywood-fuelled fears, Europe wasn’t being invaded and there was definitely no zombie apocalypse.  The bad news, however, was that no one had any idea when power would be restored. Some sources said a few hours. Others said a week, maybe longer. I headed home empty-handed and with few assurances — and no way to fix the TV. As the sun set, I was worried. “Now I get why people build doomsday bunkers,” I said to my wife.  Offline and unprepared The blackout of April 28 was the largest in European history. Over 60 million people were left without power. Mobile networks were knocked out. Card machines and ATMs went dark. Airports closed, trains were left stranded on the tracks, and with the traffic light disabled, congestion piled up. Some people were trapped in elevators and underground metro systems for hours. In Spain, at least five people are thought to have died due to the incident.     In a matter of minutes, modern European life, so dependent on electricity, data, and instant connectivity, ground to a halt. While power was restored to most of Spain and Portugal by midnight on Monday, the incident has raised serious questions about Europe’s infrastructure, security, and resilience. For me, it’s also sparked a more personal reckoning with my tech dependence, and just how unprepared I am for when the systems I rely on go dark. I’ve always seen myself as pretty self-reliant. I grew up in South Africa, where (planned) blackouts were part of life and unpredictability came baked into the day. I used to camp, forage, and cook meals over open fires. I like making things with my hands. I thought I had a good handle on surviving without the grid. But like most, especially in the west, I’ve become deeply tethered to technology. When the blackout hit, all those systems collapsed — and so did the illusion of my independence. My fridge was full, but I couldn’t cook. My phone had a charge, but no signal. My apps were blind. My digital wallet might as well have been Monopoly money.   It wasn’t just the gadgets that failed — it was the mental safety net they’d built. No news, no way to contact family, no idea how big the outage was. I realised I’d outsourced most of my decision-making to invisible infrastructures.  The kids were calm, oblivious to the potential risks. We played board games by candlelight and watched the sun set over a city lit only by headlights and moonlight. But in my head, I was calculating: how long would the tap water run? Did we have enough food that didn’t need cooking? What if this lasted longer? What if it happened again? The blackout only lasted a day. But the aftershocks — at least for me — haven’t stopped. I’m now thinking about storing cash at home, keeping extra water, buying a gas stove, and a radio. Maybe even moving to the countryside where I could grow my own food. The blackout was a wake-up call. Not to prep for the end of the world, but to reckon with just how much I’d handed over to systems I don’t control — and barely understand.  source

Dutch neobank Bunq, Europe’s second-largest digital bank, is gearing up to expand across the Atlantic. The fintech company has filed for a broker-dealer licence with US regulators, completing the first phase of its two-step expansion strategy. The licence will allow Bunq to offer American users investment options — stocks, ETFs, and mutual funds — alongside cash management tools. These will include features like automatic transfers and Mastercard-backed debit cards. However, Bunq isn’t diving into the deep end just yet. This phased approach lets the company gather real-world data and user feedback before it applies for a full US banking licence later this year, Bunq said. A US banking licence would let Bunq operate like a fully regulated American bank. It would be able to offer checking and savings accounts, hold deposits directly, and issue credit. Ali Niknam, Bunq’s founder and CEO — who will share his company’s story at TNW Conference on June 20 — said the move aligns with his mission to serve a growing base of “location-independent” users: digital nomads, expats, remote workers, and global entrepreneurs.  Like most neobanks, Bunq doesn’t have physical branches. Instead, its customers do their banking fully online. “Our users live an international lifestyle, and they need a bank that’s global too,” said Niknam. “Today’s step brings us closer to making that vision a reality.”  Amsterdam-based Bunq has already seen rapid growth in Europe, where it now counts 17 million users. The company also reported €85.3mn in profit for 2024 — marking its second consecutive year of profitability and a 65% jump from the previous year.  Bunq said it plans to reinvest those profits into its international expansion, with the US a key target. At TNW Conference, Ali Niknam will explain how he built a bank that moves at startup speed. The event takes place on June 19-20 in Amsterdam — and tickets are now now on sale. Use the code TNWXMEDIA2025 at the check-out to get 30% off the price tag. source