Supported by a forward-thinking government and vibrant startup culture, Estonia is recognized globally for its advancements in technology and digital governance. The country’s commitment to digital transformation is evident in initiatives such as e-Residency, which allows entrepreneurs from all over the world to set up and manage their EU-based businesses online.
The capital, Tallinn, serves as a vibrant hub for tech start-ups, offering a supportive environment with access to skilled talent, favorable regulations and robust infrastructure.
From fintech to cybersecurity and more, Estonia continues to foster a dynamic ecosystem where creativity thrives, making it a pioneering hub for tech innovation both in the region and beyond.
Here we present 10 companies that highlight Estonia’s strengths in fostering innovation and digital solutions.
Skeleton Technology
Industry: Cleantech
Amount raised in 2023: €159 million
Skeleton Technologies is a pioneer in energy storage solutions, leveraging patented curved graphene to deliver some of the most significant industry advancements of the last 20 years.
This technology increases the energy density of supercapacitors and superbatteries while solving the stability and scalability issues of solid-state batteries.
The company’s vision is to harness the benefits of this material to enable high performance energy storage, driving electrification in transportation, power grids, industry and automotive.
Planet 42
Industry: Transportation
Amount raised in 2023: €94 million
Planet42 is a socially driven mobility company focused on making car ownership accessible to underserved and credit-poor individuals.
The company offers a unique car subscription service that allows customers to choose a vehicle from a network of trusted dealers. By leveraging data analytics and a customer-centric approach, Planet42 offers affordable and flexible alternatives to traditional car financing, helping to improve people’s mobility and overall quality of life.
Their mission is to give people the freedom to drive and create opportunities for personal and economic growth.
Elcogen
Industry: Energy
Amount raised in 2023: €45 million
Elcogen is a leading manufacturer of clean energy technologies specializing in affordable green hydrogen production and zero-emission electricity.
At the forefront of energy security and fossil fuel transition, the company is committed to advancing net-zero goals. The company’s innovative Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolysis Cell (SOEC) technologies enable the production of green hydrogen by efficiently converting fuel sources into emission-free energy and vice versa.
The technology will not only reduce commercial costs but also help customers achieve their net-zero targets by providing affordable energy solutions.
Sunley
Industry: Energy
Amount raised in 2023: €30 million
Sunly is a renewable energy company focused on developing and investing in sustainable energy projects.
With a strong commitment to environmental responsibility, Sunly specializes in solar, wind and other clean energy solutions. The company aims to accelerate the transition to renewable energy by providing innovative and efficient power generation technologies.
Through its projects, Sunly supports creating a greener and more sustainable future by reducing carbon emissions and promoting the adoption of clean energy in various sectors.
Icosagen
Industry: Health Tech
Amount raised in 2023: €18 million
Icosagen is a biotechnology company focused on the discovery, development and manufacturing of innovative biopharmaceuticals and diagnostic tools.
The company offers a range of services including custom antibody manufacturing, protein engineering and cell line development.
Icosagen’s advanced technology and expertise helps the pharmaceutical and biotechnology industries accelerate research and bring new therapies to market. The company’s mission is to provide high-quality, reliable solutions that advance scientific discovery and improve health outcomes worldwide.
Binaryize
Industry: Security
Amount raised in 2023: €17.7 million
Binalyze is a cybersecurity company specializing in digital forensics and incident response solutions.
The company provides advanced software tools that enable organizations to quickly identify, analyze and respond to cyber threats.
Binalyze’s innovative technology streamlines the forensic investigation process and helps minimize damage and downtime during security incidents. With a focus on efficiency and reliability, Binalyze helps businesses protect their digital assets and maintain strong cybersecurity defenses.
Range Force
Industry: Security
Amount raised in 2023: €16.9 million
RangeForce is a cybersecurity training company that provides an immersive, hands-on training platform designed to improve the skills of IT and security professionals.
The interactive training modules simulate real-world cyber threats and scenarios, allowing users to practice and improve their defensive tactics in a safe environment.
RangeForce’s solutions help organizations build a resilient cybersecurity workforce by providing ongoing, on-demand training that keeps up with the evolving threat landscape.
Sys Group
Industry: E-commerce
Amount raised in 2023: €14 million
Sisu Group is a company committed to creating the world’s leading iGaming products and platforms.
With a focus on innovation, the company’s 100% cloud-based iGaming platform is designed to scale across geographies and brands, and integrates advanced BI and CRM capabilities. The company prioritizes data-driven decision-making and manages the value chain to ensure a superior customer experience.
ReSpin.com, Sisu Group’s first brand, introduces a lightning-fast online casino with personalized rewards.
QAN Platform
Industry: Fintech
Amount raised in 2023: €14 million
QANplatform is a cutting-edge blockchain platform designed to enable easy, fast and secure development and deployment of decentralized applications (dApps).
Founded with the determination to revolutionize blockchain technology, QANplatform leverages quantum-resistant encryption to ensure strong security for users.
With a focus on ease of use and scalability, the platform supports a wide range of industries and applications, enabling developers to efficiently build decentralized solutions.
Thunder
Industry: Cleantech
Amount raised in 2023: €9.9 million
Raiku is a forward-thinking company dedicated to revolutionizing the outdoor adventure industry with innovative, eco-friendly products.
The company’s mission is to provide outdoor enthusiasts with high-quality gear that is functional, durable and sustainable. From backpacks to camping equipment, all Raiku products are meticulously designed and manufactured to enhance the outdoor experience while minimizing the impact on the environment.
With its commitment to craftsmanship and environmental stewardship, Raiku is paving the way for a more sustainable approach to outdoor gear, striving to make every adventure both fun and environmentally conscious.
