Startup landscape in HungaryA considerable number of startups with a high growth potential are listed under the in the Information and Communications Technology (ICT) vertical, for instance AImotive, Bitrise, and Barion Payment. At the same time, several high-performing startups operate in the Finance and Insurance and the Biotech and Healthcare sectors.
Artificial Intelligence (AI) plays a crucial role in multiple ongoing projects, as in the case of AImotive – one of the largest independent teams focused on developing camera-first, automated driving technologies. In another field, the simulation-focused drug discovery company Turbine also utilizes AI in its product, designed to revolutionize cancer treatment by using simulated cell technologies.
Startup financingDeveloping the startup ecosystem in the country belongs to the government’s long-term goals, which reflects in its increasing involvement in startup financing. In 2021, eight in 10 startups benefitting from local venture capital investments raised money from state funds. Hiventures, a government-supported venture capital company, has been one of the major investors in the Hungarian startup market, with over 750 total investments made as of 2022.
The majority of Hungarian companies benefitting from VC and private equity investments in 2021 operated in the ICT and the Consumer Goods and Services sector, measuring at 70 businesses, respectively. During the same year, startups in the Consumer Goods and Services sector received the most funding from these sources. In 2022, the fraud prevention company SEON received the largest investment ever recorded on the Hungarian startup market, raising 94 million U.S. dollars' worth of funds in the second quarter of the year.