Tech
Beyond Lovable and Mistral: 21 European startups to watch
Europe should be known for BottleCap AI, not bottle cap memes. With its tongue-in-cheek name, this Prague-based AI startup is one of the teams that VCs think you should know.
It is not that European startups never cut through the noise — Lovable and Mistral AI are proof of it. But there are many more that don’t have nine digits in annual recurring revenue yet and that insiders are still tracking very closely.
That’s where this list comes in. Over the last few weeks, we asked investors at some of Europe’s best known venture funds to recommend two startups each: one from their portfolio (because they liked the startup well enough to invest) and one outside of it (because they are the startup experts but can’t invest in them all). We also threw in a few picks of our own.
From pre-launch to unicorn, these startups are at different stages in their journey, and from different sectors. Due to our methodology, they may not reflect where the region’s hottest hubs are, but they do reflect how deep tech talent could help Europe play its own cards in the AI race.
Alta Ares
Recommended by Julien Codorniou, general partner, 20VC.
What it does: Alta Ares develops AI-powered counter-drone systems.
Why it’s worth watching: Defense tech has gone from pariah to trending, particularly in Europe, where the war in Ukraine was a wake-up call for armies to modernize. Alta Ares’ interceptors answer a need for cheaper solutions to detect and fight drone incursions.
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Apron
Recommended by Jan Hammer, partner, Index Ventures (investor).
What it does: Apron provides invoice management for small business owners.
Why it’s worth watching: SMBs can be a lucrative segment for fintech companies; business owners are willing to spend at least some money to save time, and there are millions of them.
Botify
Recommended by Claire Houry, general partner, Ventech (investor).
What it does: Botify helps brands increase their visibility in AI searches.
Why it’s worth watching: Companies are still scrambling to replace SEO with generative engine optimization (GEO) — but this Disrupt NY 2016 alum has already embraced the shift. Botify has competitors in its new field, such as Otterly.AI and Profound, but also big customers, from Macy’s to The New York Times.
BottleCap AI
Recommended by Julien Codorniou, general partner, 20VC (investor).
What it does: BottleCap AI develops efficiency-focused foundational LLMs and apps.
Why it’s worth watching: With a founding trio that includes an entrepreneur who sold his previous company to Meta and two AI researchers, BottleCap adopted a dual approach. The startup is building its own models and releasing apps built on top of them, including Pulse, an AI-powered news app.
Cailabs
Recommended by Flavia Levi, investment manager, Join Capital.
What it does: Cailabs develops photonics for aerospace, defense, and industrial applications.
Why it’s worth watching: Cailabs is based on advanced research on the science of light, which it now applies to faster and more robust data transmission. Backed by public and private investors, it plans to deploy 50 optical ground stations to support growing demand for laser communications with satellites.

Cala
Recommended by TechCrunch’s Anna Heim.
What it does: Knowledge graph for AI agents.
Why it’s worth watching: Cala plans to build the knowledge layer that AI agents are missing. Its founder is Elisenda Bou-Balust, a high-profile Spanish entrepreneur and AI expert who sold her previous company Vilynx to Apple in 2020.
Flower
Recommended by Pär-Jörgen Pärson, partner, Northzone (investor).
What it does: Renewable energy management.
Why it’s worth watching: Wind and solar energy are inherently variable. Flower leverages AI and battery energy storage systems to make their use more predictable. This Swedish company also recently raised over $60 million in bonds to keep on scaling.
Fundamental
Recommended by Jonathan Userovici, general partner, Headline (investor).
What it does: Foundation AI for big data analysis.
Why it’s worth watching: Fundamental’s foundation model, Nexus, focuses on helping enterprises draw insights from their data. The company just emerged from stealth in February, but it is already valued at $1.4 billion following a $255 million Series A.
Gradium
Recommended by Jonathan Userovici, general partner, Headline.
What it does: AI voice models.
Why it’s worth watching: Gradium’s AI models can be used for real-time text-to-speech that gives AI agents a voice in multiple languages. A spinout of French AI lab Kyutai, this ElevenLabs challenger raised a $70 million seed round of its own.
HappyRobot
Recommended by Pablo Ventura, general partner, Kfund.
What it does: AI agents for complex use cases.
Why it’s worth watching: HappyRobot, a startup backed by a16z and Y Combinator, is one of many building AI agents, but its focus is on making sure that these can be deployed and deliver ROI. It is headquartered in the U.S., but its three co-founders and part of its team are Spanish.

Inbolt
Recommended by Claire Houry, general partner, Ventech.
What it does: Physical AI for factories.
Why it’s worth watching: Mixing AI and robotics, Inbolt improves and expands automation in manufacturing, from the automotive industry and electronics to home goods production lines. The startup says it is already active in more than 70 factories.
Legora
Recommended by Pär-Jörgen Pärson, partner, Northzone.
What it does: AI platform for lawyers.
Why it’s worth watching: With increased competition from mainstream LLMs, legal tech will also be about marketing. Grab the popcorn for Harvey v. Legora after Legora one-upped its rival by enlisting Jude Law to be the face of its brand. That’s one point for the Swedish-born startup, which is now headquartered in New York but is still one of Stockholm’s rising AI stars.
Macrodata Labs
Recommended by Floriane de Maupeou, principal, Serena Data Ventures.
What it does: AI training data infrastructure.
Why it’s worth watching: “Every strong model starts with great data,” Macrodata Labs claims on its “coming soon” landing page. But the startup won’t build that data; its upcoming platform will provide other companies with tooling to create solid training datasets.
Multiverse Computing
Recommended by TechCrunch’s Julie Bort.
What it does: Offers compressed versions of open weight models like OpenAI, Meta, DeepSeek, and Mistral AI.
Why it’s worth watching: Multiverse Computing‘s tech takes a proven model and makes it smaller and less expensive to operate, especially on a company’s own hardware. Co-founded by CTO Román Orús, a professor at the Donostia International Physics Center, the Spanish startup has raised $250 million.
Optics11
Recommended by Flavia Levi, investment manager, Join Capital (investor).
What it does: Fiber-optic sensing systems.
Why it’s worth watching: Optics11’s technology makes it possible to monitor equipment underwater and in similarly harsh conditions. Its potential in preventing disruptions to subsea infrastructure and energy grids helped the startup secure venture debt from the European Investment Bank.
Pennylane
Recommended by Jan Hammer, partner, Index Ventures.
What it does: Finance management platform for SMBs.
Why it’s worth watching: Pennylane started out with accounting, but it has bigger plans. Like many other growth-stage fintechs, this French unicorn has expanded its scope, with the ambition to build a unified financial operating system for SMBs in Europe.
PLD Space
Recommended by TechCrunch’s Anna Heim.
What it does: Launches rockets.
Why it’s worth watching: PLD Space is part of Europe’s push for space autonomy. After successfully launching a suborbital rocket in 2023, it is currently developing a reusable orbital launcher for small satellites. Last month, the Spanish company secured a $209 million Series C round led by Mitsubishi Electric that brought its funding to more than $350 million.

Proxima Fusion
Recommended by Daria Saharova, general partner, World Fund.
What it does: Nuclear fusion.
Why it’s worth watching: The race for an alternative to nuclear fission is on, and Proxima Fusion is one of Europe’s strongest contenders. The VC-backed company recently secured $460 million from the state of Bavaria to support its plans to build a fusion power plant in Europe, starting with a demonstration stellarator near Munich.
Roofline
Recommended by Floriane de Maupeou, principal, Serena Data Ventures (investor).
What it does: Software for AI model deployment on advanced chips.
Why it’s worth watching: University spinout Roofline bridges the gap between AI and an increasingly fragmented hardware layer with software that lets users deploy models efficiently on different types of chips.
Space Forge
Recommended by Daria Saharova, general partner, World Fund (investor).
What it does: Space Forge manufactures semiconductor components in space.
Why it’s worth watching: In-space manufacturing is on the rise — for pharmaceutical applications and for chips, which are Space Forge’s focus. With extra tailwinds from geopolitics, the startup is already forging ahead: It recently generated plasma in low Earth orbit.
Theker
Recommended by Pablo Ventura, general partner, Kfund (investor).
What it does: Robots as a service.
Why it’s worth watching: Theker is one of several startups backed by Zara owner Inditex through a dedicated fund managed by Mundi Ventures. Theker’s AI-enabled robots could help the retail giant improve its logistics, but the startup is also pursuing use cases in waste management and food and beverage production.
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Tech
PNOE’s new face mask wants to make lab-grade breath testing a self-serve affair
At first glance, the newest device from PNOĒ looks like something a comic-book villain might wear. The mask, which covers the nose and mouth and straps around the back of the head, bears more than a passing resemblance to the one worn by Bane, Batman’s hulking nemesis. But its purpose is far more benign; it measures how much oxygen you consume and how much carbon dioxide you exhale, then turns that data into advice about how to eat, train, and, the company hopes, live longer.
PNOĒ, which is based in Malden, Massachusetts, and has operations in Athens, Greece, is preparing to launch the PNOĒ 2.0 on October 1. The big change from its current device is that users can administer the test themselves. According to co-founder and CEO Apostolos Atsalakis, someone can walk into a gym, “just wear the mask, push the button, sit down,” and breathe for eight minutes. “That’s it. It’s that easy,” he said recently, talking with this editor over a Zoom call from the company’s Athens location.
That matters because PNOĒ’s current device requires a trained operator, which limits where it can be used. A self-serve version could open the door to fitness centers without dedicated staff and potentially even pharmacies, Atsalakis said.
The science behind PNOĒ isn’t new. Metabolic testing, which analyzes the gases in a person’s breath to gauge how their body produces energy, has been around for more than a century. For decades, it has been the gold standard for measuring VO₂ max, the maximum amount of oxygen the body can use during exercise and a widely used measure of cardiorespiratory fitness. But the tests have traditionally required bulky, expensive equipment found mainly in sports labs and hospitals, which is why they’ve largely been the province of elite athletes and executive wellness programs.
What 10-year-old PNOĒ promises is the same accuracy in a portable package, paired with software that translates the results into recommendations. “We made it accessible to everyone,” Atsalakis said.
The company says its test captures 23 biomarkers, including (beyond measuring VO₂ max) one’s resting metabolic rate (how many calories the body burns at rest), and metabolic flexibility (how well the body switches between burning fat and carbohydrates). Atsalakis argues that these metrics answer questions that blood tests can’t, such as how many calories a person needs or how they should train.
The timing is good for PNOĒ. VO₂ max has become a buzzword among longevity enthusiasts, thanks in part to research linking higher cardiorespiratory fitness to lower mortality. Atsalakis calls VO₂ max the strongest predictor of human longevity, and he sees his company’s data as a kind of scorecard for the booming wellness industry.
The new device is smaller and more compact than its predecessor, with fewer parts, which Atsalakis said makes it more reliable. It was designed with Milan-based Design Group Italia over what Atsalakis described as “a lot, a lot, a lot of iterations,” since a self-administered metabolic testing device hadn’t been done before.
It also addresses a question that post-pandemic users are likely to ask: who wore it last? The answer: it doesn’t matter, as the electronics detach from the silicone mask and straps, so multiple people can share the costly hardware while each user keeps their own mask.
For all its clinical ambitions, PNOĒ is careful about what it claims. The device isn’t cleared by the U.S. Food and Drug Administration, and Atsalakis said that “we do not provide medical recommendations.” Instead, PNOĒ considers itself a wellness device. “It’s like a body composition device, like a scale,” he said. “A doctor cannot prescribe medication based on our results.”
That could change down the road. Researchers have long explored whether compounds in human breath can signal diseases such as cancer, and Atsalakis believes the company’s growing trove of data could eventually help it flag health issues. But he acknowledged that full diagnoses are “definitely a couple of years away,” with regulatory hurdles likely stretching that timeline further. “We’re not there yet,” he said.
PNOĒ traces its roots to Atsalakis’s PhD work in sensing technologies at the University of Cambridge, when wearables were taking off and he became fascinated by what the breath could reveal about the body. He co-founded the company with Panos Papadiamantis, a childhood friend who is now the company’s chief product officer.
The startup went through Y Combinator’s Winter 2019 batch, back when “longevity” was not yet the industry it is today. It has since raised about $22 million, including a recently closed $11 million round, from investors including 50 Years and Google Maps co-founder Lars Rasmussen, who is himself now based in Athens.
PNOĒ sells only to businesses, which then offer the test to their customers. Its clients include Equinox, where it’s available at almost all clubs, said Atsalakis, as well as Four Seasons hotels, Red Bull, the NBA, the Mount Sinai Health System, and the med spa chain Restore Hyper Wellness.
About 85% of its business comes from the U.S., which Atsalakis described as “by far the most advanced market globally” for longevity. The company is now expanding in Europe and, through partners, in Latin America and Asia.
Businesses pay a subscription ranging from $400 a month to more than $1,000, which covers the hardware, software, training, and marketing materials, a package Atsalakis calls a “business in a box.” PNOĒ also links its results to the services a business sells, so a gym or spa can recommend specific offerings based on a customer’s test. Many clients use the test during onboarding, Atsalakis said, positioning it somewhere between a full clinical workup and the estimates people get from their smartwatches.
That middle ground is increasingly crowded. Apple, Garmin, and Whoop all estimate VO₂ max from heart-rate data, while consumer devices like Lumen analyze breath to gauge fat and carb burning. At the high end, traditional metabolic carts remain the standard in labs and hospitals.
PNOĒ, which employs 110 people, says it recently turned profitable, while growing more than 100% a year. Atsalakis said the company plans to raise a Series B within the next six to 12 months as it tries to put its mask — Bane comparisons and all — in front of more faces.
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Tech
Google tests buying from Walmart-owned Flipkart through Gemini and AI Mode in India
Google has started testing a way for shoppers in India to buy products from Walmart-owned Flipkart directly through Gemini and AI Mode, as the search giant looks to expand its AI services from product discovery into transactions.
Users in the test see a “Buy” button on select Flipkart product listings appearing in Gemini and Google’s AI Mode, which takes them directly to a Flipkart checkout flow without leaving the AI interface, according to people familiar with the matter and an experience seen by TechCrunch.
The early test is limited to some users and a small selection of products, including smartphones, electronics, and mobile accessories, the people told TechCrunch. Other users continue to see regular product listings from Flipkart in Gemini and AI Mode without the option to buy them directly from the AI interface.
Google plans to roll out the experience more broadly later in October, ahead of India’s festive shopping season, one of the people said.
The test comes as Google and rivals including OpenAI are adding commerce capabilities to their AI offerings, striving to move beyond answering shopping queries and recommending products to playing a more direct role in online purchases.
Asked about the Flipkart test, a Google spokesperson told TechCrunch the company is “always testing new features and experiences to help people discover and connect with businesses more easily.” The company regularly runs experiments and has no further details to share, the spokesperson added.
Google has separately been building technology aimed at making purchases possible through its AI services. Earlier this year, it introduced the Universal Commerce Protocol (UCP) as an open standard designed to let AI agents interact with retailers across the shopping journey, including checkout. Google said at the time that the technology would allow shoppers to buy eligible products through Gemini and AI Mode using a Google-hosted checkout experience. The company has since expanded UCP with other capabilities, including allowing shoppers to transfer items to a retailer’s site to complete a purchase.
The Flipkart test seen by TechCrunch appears different from the Google-hosted checkout experience the Gemini maker demonstrated earlier. It brings up a Flipkart-branded checkout flow when a user taps the Buy button. It is not clear what technology powers the test.
Earlier this month, Google said Flipkart was among the merchants partnering with it to bring what it calls “agentic” shopping experiences to consumers in India, but it had not disclosed details of the test or its rollout timeline.
Notably, Google has a financial relationship with Flipkart — alongside its technology partnership with the e-commerce company. It invested about $350 million in the e-commerce company in 2024 as part of a funding round led by the U.S. retailer, taking a minority stake.
India, the world’s second-largest internet market with more than a billion internet subscribers, sees Flipkart and Amazon compete fiercely for online shoppers. That competition intensifies further during the country’s festive season, when e-commerce companies roll out some of their biggest sales and promotions of the year.
For now, the Buy option is not appearing across all retailers surfaced by Google’s AI services. In the experience seen by TechCrunch, listings from rivals including Amazon appeared alongside Flipkart products but did not offer the option to purchase directly through the AI interface.
Flipkart did not immediately respond to an email requesting for comment.
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Tech
Insurers claim AI is already increasing healthcare costs
Hospitals’ use of artificial intelligence tools as they submit insurance claims led to an additional $942 million in healthcare spending over a two-year period, according to an analysis by the Blue Cross Blue Shield Association.
The BCBSA analysis found “a sharp increase in patients being documented as having complex conditions,” but argued there is a “clear disconnect between [medical] coding and treatment,” as there’s “no evidence of corresponding change in care delivered.”
The New York Times pointed the analysis as just the latest sign that AI is contributing to an increase in healthcare costs. While battles between hospitals and insurers over treatments and payments are nothing new, the NYT said the use of AI on both sides seems to be making it worse.
Dr. Shiv Rao, founder of AI startup Abridge, acknowledged that the use of AI could lead to “a horrible dystopic future nobody wants to live in,” with “bots fighting bots, agents fighting agents.” But Rao said it might also reduce tensions and cut costs.
And the BCBSA’s senior vice president Luke Chalker resisted characterizing the situation as a battle, claiming, “It’s not a war. It’s a completely one-sided blood bath,” with insurers on the losing side.
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