Estonian startup Bitskout raises €500k in pre-seed from SMOK
The Tallinn-based data automation startup Bitskout has raised €500,000 in a pre-seed funding round led by SMOK Ventures. The Portugal-based VC firm Shilling and London-based VC firm Octopus Ventures also participated.
- Founded in 2020 by Alexey Zelenkin and Ilia Zelenkin, Bitskout develops a no-coding UI-based platform allowing users to create AI-powered plugins and add them to their SaaS tools. The solution helps teams automate manual data entry to their tools, thus reducing the admin workload.
“At minimum, one Bitskout plugin run saves around three minutes of an employee’s time. For many of our customers, we’ve already saved months. That time could then be invested in high-level activities like talking to customers or having more calls instead of doing administrative work,”Bitskout CEO and co-founder Ilia Zelenkin talks about the startup.
- SMOK Ventures led the pre-seed round, Shilling and Octopus Ventures also participated. SMOK is a US-based venture capital firm investing in early-stage startups in the CEE region. Its average ticket size is €100,000-€1 million. In June 2022, the firm led the investment round for the Polish startup Heroify and backed the XR startup ExplodedView in May 2022.
- Last December, UNESCO’s International Research Center on Artificial Intelligence honored Bitskout by adding it to the annual Top 100 AI projects, a list that highlights solutions that can address the UN Sustainable Development Goals.
- The fresh funding will speed up company growth by improving customer experience and increasing integrations to other project management tools.