The Bulgarian IoT company for remote consumption monitoring of water, gas, and electricity ThingsLog raised close to €1M in a seed round led by our fund manager Morningside Hill. The round was joined by the US-based ReconArt. The investment will be used for further product & technology development and marketing activities. ThingsLog service now has a mobile application in several languages - Bulgarian, English, Russian, Greek, German and Spanish. The company works with major local partners, including Sofiyska Voda AD and Telenor Telecom.
The financial instruments unit fi-compass at the European Investment Bank featured the story behind the Sofia-based company Nasekomo as a good example for the successful deployment of innovation and circular economy. The Bulgarian agrotech utilizes the incredible biological abilities of the larvae of black flies (the so-called Black Soldier fly) to turn organic waste into protein animal food. Two venture capital fund managers of the Fund of Funds – Morningside Hill and New Vision 3 have supported Nasekomo with resources under Operational Programme “Innovation and Competitiveness” 2014-2020. The investment supported Nasekomo to deploy its proprietary robotized insect rearing technology and move from a pilot- to a semi-industrial production line. Don’t miss out on the video!
The outsourcing sector in Sofia is expecting yet another global player – the Indian Tata Consultancy Service, which will open a shared services center in the city through its subsidiary Tata Consulting Company Bulgaria EOOD. The investor is part of the multinational conglomerate Tata Group, owner of Jaguar and Land Rover. The company plans to open 300 new IT jobs in the next three years, commented Invest Sofia’s CEO Dr. Maria Hristova for Economic.bg. The shared services unit in Sofia will cover a wide range of activities in the field of IT, including services and software development.
Evelix Bulgaria, the local subsidiary of the Swedish Ewellix, will continue to increase its production in Bulgaria. After production lines from Sweden, Switzerland and Germany were relocated to its plant in Sofia, Ewellix now plans to transfer products from its production unit in France, Capital newspaper reports. The company started operations in 2019 and already has a team of 160 people. Evelix Bulgaria manufactures electromechanical drives, lifting columns and linear drive systems for components in various industries. See more about the expanding production capacity of the plant near “Iliensko Shosse” in the publication here.
The Sofia-based company Chaos Group, a world leader in photorealistic 3D visualization, and Enscape – a leading US developer of real-time visualization software, will merge into a new company. It will retain the name Chaos. The merger creates a global leader in 3D visualizations and visualization development software in architecture, engineering and construction, visual effects and product design. All products from the portfolio of both companies will continue to operate and be available under their respective name, including leading products, Enscape, V-Ray, and Corona.