Austria is rapidly emerging as a hub for innovative startups, thanks to a strong economy and supportive business environment. With over 3,000 startups flourishing across various sectors, Austria ranks as one of the top startup-friendly countries in Europe. The nation aims for a strong 2.5% economic growth in 2024, driven by technology, research, and development investments.
Austria is home to over 30 venture capital firms dedicated to nurturing new businesses. The country also boasts numerous entrepreneurial accelerators and incubators that support startups. Government initiatives, such as the "Global Incubator Network" and "AWS Seed financing," play a significant role in fostering the growth of promising top startups. These initiatives offer important funding, mentorship, and international networking opportunities crucial for new enterprises' development.
Let's examine the top 15 startups to watch out for in 2024, each poised to significantly impact their respective industries and beyond.
1. DeepOpinion
Year Founded: 2020
HQ: Innsbruck, Tyrol
Size: 1-50
Founders: Stefan Engl and Stefan Ramershoven
DeepOpinion is an innovative Austrian startup in business process automation. It offers a No-Code B2B cognitive platform that automates tasks involving unstructured data, such as emails, documents, and forms. DeepOpinion allows users to create powerful AI applications without needing extensive technical expertise. This feature enables businesses to integrate AI-driven automation into their existing software environments to reduce manual workloads.
DeepOpinion's approach has proven highly effective, boasting impressive metrics like 90%+ straight-through processing rates for some clients. In 2020, DeepOpinion secured over €4.5 million ($4.95 million) in funding. This funding will enable it to improve its AI capabilities and product offerings, and support its growth strategy by entering new markets and attracting a larger customer base. The investment will also help DeepOpinion scale its operations and infrastructure to meet the increasing demand for automation solutions.
2. HeartBeat.bio
Year Founded: 2021
HQ: Vienna
Size: 1-50
Founders: Michael Krebs and Pablo Hofbauer
HeartBeat.bio is making strides in the field of cardiovascular drug discovery with its innovative 3D human tissue-based platform. HeartBeat.bio focuses on developing its Cardioid Drug Discovery Platform, which uses human cardiac organoids and AI to streamline the drug discovery process. This approach aims to overcome the high failure rates in clinical drug development for heart disease by providing more accurate models that mimic human heart physiology.
HeartBeat.bio covers all stages of drug development, from target identification and disease modeling to clinical trials-in-a-dish. In November 2023, it raised €6 million ($6.6 million) in a pre-Series A funding round. The investment, co-led by i&i Biotech Fund, Invest AG, aws Gründungsfonds II, and Tensor Ventures, will be used to complete and scale its Cardioid Drug Discovery Platform. The funds will also support proprietary and collaborative drug discovery programs targeting conditions such as genetic cardiomyopathies, myocardial infarction, and fibrosis.
3. Jentis
Year Founded: 2020
HQ: Vienna
Size: 51-200
Founders: Thomas Tauchner
Jentis is one of the Austrian startups focused on transforming data tracking with its server-side data collection technology. This approach is essential in an era where data protection and privacy regulations, such as GDPR, are increasingly strict. Unlike traditional client-side methods, Jentis's server-side tracking ensures higher data accuracy and consistency by bypassing common issues like cookie deletion and ad blockers. Its platform enables businesses to independently capture and control their web data, providing a significant edge in the digital landscape.
Jentis' customers have reported substantial performance improvements, including up to a 30% uplift in data and faster web page load times. In 2021, Jentis secured €14.7 million ($16.17 million) in Series A funding, led by Bright Pixel, 3TS Capital Partners, and Pragmatech Ventures. This investment will be used to expand its geographic footprint across key European and US markets and improve product development efforts.
4. Arkeon
Year Founded: 2021
HQ: Vienna
Size: 1-50
Founders: Dr. Günther Bochmann, Dr. Gregor Tegel, and Dr. Simon Rittmann
Arkeon Biotechnologies helps turn CO2 into high-quality protein ingredients through a unique fermentation process. It uses a specific strain of Archaea, microorganisms that thrive in extreme environments, to produce all 20 essential amino acids necessary for human nutrition. These amino acids are then secreted outside the cell, allowing for easy retrieval and use in various food products. This method bypasses many traditional agricultural challenges, offering a sustainable and efficient alternative to conventional protein production.
Arkeon Biotechnologies’s process is carbon-negative, utilizing CO2 from industrial sources like breweries and bioethanol plants. This approach requires 99% less land and 0.01% of the water used in conventional farming, making it a potentially transformative solution for the food industry. Recently, Arkeon secured $10.5 million in seed funding from investors, including Synthesis Capital and ReGen Ventures, to expand its pilot facility in Vienna and begin large-scale production.
5. Refurbed
Year Founded: 2017
HQ: Wien
Size: 200+
Founders: Peter Windischhofer
Refurbed is one of the Austrian startups that has significantly impacted the refurbished electronics market. It operates an online marketplace where consumers can purchase high-quality refurbished electronics at prices up to 40% lower than new items. Each product undergoes a rigorous 40-step refurbishment process and comes with a minimum 12-month warranty. This makes technology more affordable and promotes sustainability by reducing electronic waste and lowering carbon emissions. As of 2020, the company has grown threefold and achieved over €100 million in gross merchandise value.
Refurbed raised $131 million in a Series B funding round, held in August 2021, led by Evli Growth Partners and Almaz Capital, among other investors. The funding will help Refurb improve its product portfolio, solidify its leadership in the DACH region and expand its presence across Europe.
6. Enspired
Year Founded: 2020
HQ: Vienna
Size: 51-200
Founders: Jürgen Mayerhofer and Mario Schmoltzi
Enspired is among the Austrian startups specializing in AI-optimized power trading. Enspired's platform is the fastest in the European short-term power market, allowing customers to monetize the full potential of their flexibility with minimal time-to-market. It can fully automate power trading processes, making it accessible even for smaller market participants who would otherwise struggle with the complexities of short-term power exchanges.
Enspired has recently secured €33 million ($36.3 million) in Series B funding, led by Zouk Capital, with additional investments from PUSH VC, Banpu NEXT, Vopak Ventures, and others. This funding will be used to expand Enspired's innovative "trading-as-a-service" (TaaS) platform, which leverages artificial intelligence to optimize power generation, storage, and consumption assets on short-term power markets.
7. iDWELL
Year Founded: 2017
HQ: Vienna
Size: 51-200
Founders: Alexander Roth and Vladimir Kim
iDWELL is an innovative PropTech startup that offers a useful property management platform designed to streamline operations for real estate professionals. iDWELL integrates various property management functions into a single, user-friendly interface. This includes tools for communication, maintenance tracking, tenant management, and financial oversight. iDWELL's standout feature is its AI-driven assistant, which automates routine tasks and provides predictive maintenance alerts that reduce operational costs for property managers.
iDWELL supports seamless integration with various third-party applications to customize the platform. In May 2022, iDWELL secured a substantial funding round, raising $1.2 million. This investment aims to expand its market presence in Europe and accelerate the development of new features.
8. Kern Tec
Year Founded: 2019
HQ: Vienna
Size: 1-50
Founders: Michael Beitl, Luca Fichtinger, Sebastian Jeschko, and Fabian Wagesreither
Kern Tec is one of the only Austrian startups focusing on upcycling fruit pits from apricots, cherries, and plums, to create sustainable ingredients for plant-based dairy and confectionery products. Kern Tec uses proprietary technology to extract valuable oils and proteins from these pits, which are often considered waste by the fruit industry. By removing harmful amygdalin, Kern Tec ensures its products' safety and nutritional value. It has developed a range of plant-based alternatives, marketed under the brand Wunderkerzen in Austria, to help reduce food waste.
Kern Tec secured $13.6 million in Series A funding in September 2023. This funding, the largest ever for an Austrian food tech company, will allow Kern Tec to quadruple its production capacity, scale its value chain globally, and improve its product development efforts. The investment will also support the expansion of Kern Tec's team and the introduction of new technologies.
9. Walt.id
Year Founded: 2021
HQ: Vienna
Size: 1-50
Founders: Dominik Beron and Philipp Potisk
Walt.id is an Austrian startup focused on decentralized identity and wallet infrastructure. It aims to drive the mainstream adoption of decentralized identity by offering open-source enterprise solutions. Walt.id provides a strong identity infrastructure that allows developers to embed identity and trust into web applications. It supports various use cases, including secure digital identity verification, credential issuance, and verification processes. Walt.id's technology leverages blockchain and decentralized networks to improve users' and organizations' security, privacy, and data sovereignty.
Founded with the vision of creating a digital world where every interaction is effortless and worry-free, Walt.id stands out for its contributions to new EU identity standards and its engagement with the European Commission and national governments. It has recently raised undisclosed funding from one investor to further its mission and expand its solutions.
10. Prewave
Year Founded: 2017
HQ: Vienna
Size: 200+
Founders: Harald Nitschinger
Prewave specializes in AI-driven supply chain risk management, offering a platform that enhances supply chain transparency, compliance, and resilience. Using advanced AI technology, Prewave identifies and manages 140 types of global risks, including natural disasters, financial stress, and cyber risks. Its platform maps, scores, and monitors millions of supply chain nodes to provide real-time alerts and actionable insights. This approach ensures that businesses can proactively manage risks and meet the growing demands for regulatory compliance, such as the EU's Deforestation Regulation and Corporate Sustainability Due Diligence Directive.
Prewave secured €92 million ($101.2 million) in a Series B funding round in June 2024 led by Hedosophia, with participation from Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund. The money will be used to drive global expansion and further develop Prewave's AI technology.
11. Blackshark.ai
Year Founded: 2020
HQ: Graz
Size: 51-200
Founders: Michael Putz
Blackshark.ai is an Austrian startup specializing in AI-based geospatial analytics and 3D digital twins. Its platform generates real-time, photorealistic 3D models of the entire planet by processing satellite and aerial imagery with machine learning. Blackshark.ai's platform facilitates rapid and accurate object detection and classification at scale, enabling comprehensive analysis of land use and land cover without the need for extensive, costly, and time-consuming training data. These models are used for a wide range of applications, including simulation, visualization, and urban planning.
Blackshark.ai's technology is notably utilized in Microsoft Flight Simulator, providing a highly immersive experience by rendering over 1.5 billion buildings in 3D. Recently, Blackshark.ai closed an oversubscribed extension to its Series A funding round, totaling $35 million. This funding will be used to expand its global operations and enhance its AI technology.
12. TTTech Auto
Year Founded: 2018
HQ: Vienna
Size: 200+
Founders: Dr. Dirk Linzmeier
TTTech Auto is one of the few Austrian startups that provides safe software solutions for the automotive industry. It specializes in platforms for automated and autonomous driving. TTTech Auto operates in over 10 locations across Europe and Asia and employs around 1,100 people. Founded in 2018 by TTTech Group in collaboration with Audi, Infineon, and Samsung, TTTech Auto aims to advance the development of software-defined vehicles (SDVs).
Its flagship product, MotionWise, is a safety middleware platform designed to ensure real-time behavior and safety-critical systems in SDVs. In 2022, TTTech Auto raised €280 million ($308 million) from Aptiv and Audi, which it plans to use to expand its product portfolio, grow internationally, and pursue strategic mergers and acquisitions. This funding will support TTTech Auto's mission to accelerate the transition to semi-autonomous and fully autonomous driving, enhancing its capabilities and expanding its global footprint in the automotive industry.
13. GROPYUS
Year Founded: 2019
HQ: Wien
Size: 200+
Founders: Markus Fuhrmann, Bernd Oswald, Philipp Erler, Harald Mahrer, Alexander Fuhrmann, and Florian Fritsch
GROPYUS is an Austrian startup focused on transforming the construction industry with sustainable and affordable living solutions. It uses a unique approach integrating its proprietary building system, prefabrication elements, and a powerful building operating system. This end-to-end digitization of the real estate life cycle allows GROPYUS to create efficient, sustainable, and user-friendly living spaces. Its principal locations are in Vienna and Berlin, with additional sites in Austria, Germany, and Liechtenstein.
GROPYUS utilizes materials and production methods that conserve resources while offering an exciting and inclusive living experience. It employs over 300 specialists across its six sites, all dedicated to the core mission of creating sustainable living for everyone.
In January 2023, GROPYUS secured €170 million ($187 million) in a Series B funding round, which is being used to develop its technology further and expand its sustainable housing projects.
14. Froots
Year Founded: 2021
HQ: Wien
Size: 1-50
Founders: David Mayer-Heinisch and Dirk van Wassenaer
Froots.io is an Austrian startup that is redefining asset management for the future. Focusing on making asset management easy, profitable, and accessible, Froots.io offers a comprehensive platform designed to cater to both individual and institutional investors. Its innovative approach leverages advanced technology and data analytics to provide users with efficient and effective tools for managing their assets.
Froots.io allows users to track and manage their investments quickly. By providing real-time data and insights, Austrian startups like Froots.io allow investors to make informed decisions and maximize their returns. The user-friendly interface and robust feature set make it an attractive option for both novice and experienced investors. It offers a range of investment options and strategies tailored to different risk profiles and financial goals. It recently raised €6.9 million ($7.59 million) from three rounds, the most recent being in 2024, to expand its reach.
15. Neoom
Year Founded: 2018
HQ: Freistadt, Oberösterreich
Size: 200+
Founders: Walter Kreisel
Neoom is an Austrian startup focused on improving the energy sector with its innovative renewable energy management and storage solutions. Founded with a mission to create a sustainable future, Neoom provides cutting-edge technology with customized solutions to enable businesses and households to efficiently generate, store, and utilize renewable energy.
At the heart of Neoom's offerings are its intelligent energy storage systems. These systems are designed to optimize the use of renewable energy sources such as solar and wind power, ensuring that excess energy is stored and made available when needed.
Neoom's flagship product, the Neoom Kjuube, is a modular and scalable battery storage system that integrates seamlessly with existing energy infrastructures. It offers smart energy management software that provides real-time monitoring and control. It has raised over €53.9 million ($59.29 million) in funding in 2024. Neoom plans to use its funding to develop and expand its innovative energy solutions further.
FAQs
What are the strongest industries in Austria?
Austria's strongest industries include construction and building, electronics, tourism, food and drinks, logistics and transportation, automotive, and chemical industries. The construction sector alone contributes significantly to the GDP with various private and government projects. The electronics industry is notable for its high export ratio, and tourism remains a key economic driver since the 1950s.
What is the average investment in the startup industry in Austria?
The average investment in the startup industry in Austria has been growing steadily, with early-stage startups often securing funding in the range of €250,000 to €1 million. Larger scale investments for more established Austrian startups can reach up to €10 million or more, reflecting a dynamic and supportive investment environment.
How many startups are there in Austria?
As of recent estimates, there are approximately 3,400 startups in Austria.
How fast is the startup industry growing in Austria?
Austria has seen significant growth in its startup ecosystem, with over 3,400 startups established since 2012. This period also saw a rise in international founders, who now make up 17% of the startup community. Moreover, 73% of these Austrian startups operate on an international level while being based locally.
