New Nordic Ventures invested in Green Growth.

Green Growth provides a real-time precise yield monitoring solution for Agribusinesses. The company solves a crucial issue for farmers, who cultivate grain varieties. After the integration of Green Growth solution agribusiness will be able to create a map of yield and to see how much of the harvest was gathered from every quadratic meter of the field, which will show the problematic areas and will help to make right decisions on how to optimize the use fertilizers for the following season.

Green Growth customers: any size agribusinesses who cultivate grain varieties, legumes etc. and have different varieties of equipment which do not have a function of yield mapping.

Founders have relocated to Riga and have started expansion of Green Growth on the European market. Various Agribusinesses confirm that their solution is quite a hot topic for the majority of farmers. The company has started its expansion in the markets of the EU, and we are going to help them with it, as one of the main strategies of New Nordic Ventures is to help talented teams from CIS to grow their business internationally and to relocate.

Green Growth team: 8 people, extensive experience in the field of HW and SW R&D.

More information: greengrowth.tech

Our portfolio company MONQ Lab. raises 1 million EUR follow-on round.

Our portfolio company Monq Lab has recently raised 1 million EUR in a follow-on round from Co-founder and ex-CEO of Veeam Ratmir Timashev.

Monq Lab helps to automate IT monitoring and IT incidents investigation for tech and retail businesses with complex and distributed IT infrastructure. Monq Lab operates on a large and fast-growing market. It is expected to reach 644 billion USD by 2026 and growing 20-30% per year.

New Nordic Ventures invested in Monq Lab in June 2021 and since that Monq has been demonstrating strong operational and commercial performance, including signing up first target customers from Nordic Europe, launching new product version and closing the new investment round. The new investment will be used to finance Monq’s expansion in Europe and to enter the US market.

Prior to obtaining the investment from New Nordic Ventures and entry into European market, Monq Lab built notable commercial traction in CIS region. However, after relocating to Latvia and obtaining its first investment from the EU based VC fund, Monq Lab attracted impressive interest from international cooperation partners, including world leading IT monitoring companies, large international IT integrators etc.  

Nikolay Ganyushkin, CEO @MONQ Lab about cooperation with New Nordic Ventures:

When you start international expansion it is crucial to chose a reliable and valuable partner that will bring credibility to your company on the new market. Now after half a year of our cooperation with New Nordic Ventures, our results show that we made a right decision when we agreed to accept their offer and start our European journey with New Nordic Ventures.

Our investor brought us to a new level of recognition. They helped us to gain our first European customers with high reference value in Baltics, introduced us to several potential cooperation partners and helped us to set-up a company that is attractive to international investors. The whole investment structuring process was very transparent and smooth, we received very professional support in legal aspects, including incorporation, bank account opening etc. So we were fully equipped. As a result, it took us less then a week to close the follow-on round with the US investor after we agreed on the financial terms.”

New Nordic Ventures invested in Enot.ai

ENOT.ai is a company that developed neural network optimisation tool for AI developers and Edge AI companies. ENOT developed a unique technology that helps to achieve outstanding optimisation ratios – acceleration up to 20x and compression up to 25x, resulting in costs savings of 70% of total computing resources (hardware) costs.

ENOT customers: Edge AI companies – ENOT optimised neural networks for the well known smartphone and other smart device manufacturer, leading smart camera manufacturer etc. AI software companies – ENOT launched a product for AI engineers that helps to optimise neural network in “few clicks”.

ENOT started selling its technology to Edge-AI companies. Despite successful projects with tech giants, ENOT tried to explore more dynamic market. ENOT launched a product for AI companies (including AI startups) that helps its customers to achieve significant efficiency improvement (in terms of costs savings and much faster product launch), as a result it reduced its sales cycle from several months to one call.

ENOT.ai team: 7 engineers, including PhDs in computer science. Global award winners of low power AI challenge, outperformed MIT team. 

More information: www.enot.ai

New Nordic Ventures invested in MONQ Lab.

Monqlab is an AIOps platform for instant detection and prevention of IT failures and effective IT infrastructure management. Monqlab is the most efficient solution that helps to automate detection of IT incidents and reduce incident resolving time.

Monqlab customers: businesses with complex IT infrastructure e.g. telcos, banks, retail, airlines etc.

After gaining large customers in CIS region, MONQ Lab started its international expansion and we are happy to support MONQ Lab on its journey. We see that European companies like MONQ Lab’s product due to its flexible architecture and reasonable pricing. MONQ Lab is the only feasible solution for those customers who need to consolidate their IT monitoring in one system, but who cannot afford super expensive “all-in-one monitoring” products e.g. IBM or Microfocus. 

Monqlab team: 20+ engineers

More information: www.monqlab.com