African Startups Raise $1.5b in Equity, Yet Account for Only 0.6% of Global Total
Despite raising $1.5 billion in equity, African startups represent a mere 0.6% of global startup funding, highlighting a significant gap in investment opportunities.
Elliot Kim
A new defense tech startup, Origin, has emerged from Latvia, specializing in reusable, autonomous drones that can deliver munitions at a significantly lower cost than traditional solutions. The company's flagship product, BEAK, is an ISR drone with precision guidance technology, capable of autonomous flight and withstanding intense radio jamming.
Founded by Agris Kipurs and Ilya Nevdah, the team behind Airdog, which was acquired by Alarm.com, Origin has already secured commercial agreements with two unnamed NATO countries. The startup's technology is particularly appealing to smaller nations, which struggle to afford traditional warfare methods.
The BEAK drone stands out for its reusability, delivering munitions to targets while remaining intact, making it a cost-effective solution. According to Kipurs, the cost per strike is approximately 20 times lower than alternative solutions.
Origin has raised €2.4 million in an early-stage funding round led by Change Ventures, with additional €1.6 million in EU grants and support from the Latvian Ministry of Defence, taking its total funding to €4 million. The startup's innovative approach to defense technology has the potential to reshape the precision weapons market, making it an attractive investment opportunity.
Despite raising $1.5 billion in equity, African startups represent a mere 0.6% of global startup funding, highlighting a significant gap in investment opportunities.
Proxima Fusion publishes peer-reviewed design for a reliable and continuous nuclear fusion power plant, marking a significant step towards limitless clean energy.
Starlink, SpaceX's satellite internet service, has surpassed FiberOne Broadband to become Nigeria's second-largest internet service provider, despite its premium pricing.
Copyright © 2024 Starfolk. All rights reserved.