Startups Weekly Recap: Big Funding Rounds and Acquisitions Dominate the Scene
Catch up on the latest startup news, featuring major funding rounds, acquisitions, and notable developments in defense, cybersecurity, and health.
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.
Catch up on the latest startup news, featuring major funding rounds, acquisitions, and notable developments in defense, cybersecurity, and health.
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