Georgia’s Innovation and Technology Agency (GITA) of the Ministry of Economy and Sustainable Development is offering co-financing grants of GEL 15,000, GEL 100,000 and GEL 650,000 to startups to support innovation.
A company team, competitive advantage, product or technology that solves a significant problem with an innovative method and gives the startup the potential to commercialize in a global market – this is an incomplete list of GITA 100,000 co-financing grant evaluation criteria.
An assessment criteria of the 650,000 GEL grant program are relatively extensive, which, among other requirements, asks the bidder to demonstrate innovation of technology, product or service, clear IP position and potential, competitive position and commercialization potential, et al.
Forbes Georgia will introduce you to Georgian startups, the winners of GITA grant programs, which were able to attract the highest amount of investments beyond the grant in 2019-2020. Eight out of fourteen startups – Pulsar, Cryptx IQ, Cargon, BioChimPharm, Appidea, Phubber, Optio.Ai and Influence Georgia – are the winners of the second round of the Agency’s 650,000 GEL grant program, and the other six are the winners of the 100,000 GEL grant program.
Activity: Pulsar works on creation of fully automated communication between the client and the car dealer, using artificial intelligence. The company aims to create technology that will enable car dealers to quickly and efficiently serve potential customers via email, text messaging or web chat. Pulsar AI is the first Georgian startup to have already attracted a US$ 1.2 million investment from investors of the Silicon Valley, which will contribute to its establishment on the US market and increase of the team in Georgia.
Founders: Zaal Gachechiladze, Dachi Choladze, Sopo Chkoidze, George Arison
Volume of Investments: GEL 3, 740, 000
Activity: Appidea is one of the first Georgian companies, developing free to play mobile games for iOS and Android platforms. It was founded in 2014 and has studios in Tbilisi, Kyiv, and London. Its portfolio consists of 16 games and 2 apps. Appidea’s most successful game “Pixel Sword Fish io” has been downloaded more than 10 million times. The majority of users come from the USA. The company’s games are also popular in Asia and the EU countries.
For the Innovation Matching Grants program, the company intends to develop two free to play games. The first version of the game called “Hero Wings” is already available on the Appstore.
Founder – Zurab Inaishvili
Volume of Investments: GEL 2, 975, 000
Activity: Cryptal – innovative software connected to 10+ crypto exchanges and wallet services, enabling users to buy and sell crypto assets with favorable prices on the preferred exchange. When using Cryptal, traders will not have to log in to different exchanges and wallets separately. Everything is unified under one platform. The software provides Smart Bot services which make trading more efficient. Additionally, Cryptal offers the full capability for account management, meaning that its customers will get full portfolio management, reports, and KPI analysis.
Founder: Ioseb Bolkvadze
Volume of investments: GEL 2, 500, 000
Activity: Cargon is a digital electronic platform, which connects the shippers and carriers by pressing a few buttons, using an intelligent algorithm.
Founders: Vano Chaladze, Niko Turabelidze, Shalva Jalabadze
Volume of Investments: GEL 2,500,000