Artificial intelligence (AI) is one of the most transformative technologies of our time, reshaping industries and societies worldwide. Central and Eastern Europe (CEE) is emerging as a hub for AI innovation, with significant investments and groundbreaking developments.
According to The Recursive – State of AI in CEE 2024 report, AI startups in the region have secured over €1.4 billion in funding between 2023 and 2024. This report provides a deep dive into the latest AI advancements, leading startups, key investments, challenges, and future prospects.
AI Investments and Growth in CEE
Since 2015, the AI sector in Central and Eastern Europe has seen a rapid rise in startups. The report highlights that 83% of AI companies analyzed were founded after 2015, with a peak between 2018-2019.
Top AI Investment Countries in 2024
- Poland: Leading with €170 million in funding, including investments in Eleven Labs and Campus AI.
- Greece: Raising €123 million, primarily in the healthcare and fintech sectors.
- Croatia: Attracting €100 million, driven by Verne’s major investment.
- Romania: Securing €68 million in AI-related investments.
- Hungary: Receiving €25 million, with a focus on AI security and automation.
Key AI Sectors in CEE
- Healthcare & Life Sciences: AI is transforming diagnostics and biomedical data analysis.
- Marketing & Sales: AI-driven personalization is revolutionizing customer interactions.
- Finance & Banking: AI enhances fraud detection and operational efficiency.
- Manufacturing & Industry: AI-driven automation is optimizing production processes.
- Cybersecurity: AI algorithms are playing a crucial role in threat detection.
Challenges Facing AI in CEE
Despite strong growth, the AI sector in CEE faces key challenges:
- Lack of growth-stage capital
- Talent drain to Western Europe and the US
- Regulatory barriers due to the EU AI Act
- Limited technological infrastructure in some countries
Conclusion and Future Outlook
With strategic investments and the right policies, CEE has the potential to become a global AI leader in the coming decades.
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