Four Hungarian startups were selected as a "deep tech pioneer" at Hello Tomorrow Global Challenge, meaning that they get a chance to introduce themselves in front of investors, businesspeople, journalists, and the public at Hello Tomorrow Global Summit in Paris next year.
The four startups are Biopesticide, ITMedicine, Lupfe, and Jfermi.
Biopesticide, as the name suggests, is developing solutions related to agricultural pesticides. ITMedicine is working on a physiological diagnostic tool for gynecologists. Lupfeʼs team developed an extra-light generator-system that can supply electric aircraft. Jfermi came up with the idea of an affordable mini bioreactor, which may be used even at universities and high schools.
They were selected out of more than 5,000 global applicants. The summit will be attended by some 1,100 large enterprise leaders, 1,000 researchers and scientific innovators, 250 leading investors, and 150 journalists.
Hello Tomorrow has been directly present in Hungary since 2018, offering professional advice to startups and helping them enter the international market through its extensive international network of connections. Last year, two teams made it to the Global Challenge from Hungary: AerinX and TurbineAi.
According to a press release sent to the Budapest Business Journal, "deep tech" is becoming more profitable every year. On average, the amount of private investment into "deep tech" startups has been growing at a rate of more than 20% per year since 2014. The investment value reached USD 18 billion last year.
Startups operating in the segment aim at finding innovative solutions to the most significant industrial, social, and environmental problems of today through intensive research and development activity.
"It is a huge success that four Hungarian businesses could participate at the Hello Tomorrow Global Summit next year," says István Csatári, head of Hello Tomorrow Hungary. "The value of deep tech projects is increasing globally, as humanity has to face serious problems in fields like medicine, climate protection, and sustainability, which could be addressed by innovative deep tech companies. Hello Tomorrow Hungary is constantly looking for startups to apply for the program, and we are open to working closely with industry and government players, as we believe in a broad ecosystem-based approach to the success of domestic science technology projects."
Hello Tomorrow conducted an analysis of the 750 "deep tech pioneers" chosen for its program. Some 37% of these startups started out in college. Geographically, 54% came from Europe, 27% from North America, and 14% from Asia. Most startups have their headquarters in international hubs such as Berlin, Boston, London, Munich, Paris, and San Francisco.