Idea Cup 2022 awards 12 startups with €40k. Latvian Suhona AI took first place
Riga-based Suhona AI, an autonomous railway maintenance startup, has won €10,000 in the Idea Cup 2022 competition. A total of €40,000 was awarded to the 12 finalists who wanted to develop their business ideas, Labs of Latvia reports.
- Founded in 2022, Suhona AI develops railway diagnostics robot. It is remotely controlled via a web-based platform. The innovation aims to improve the quality of diagnostics as well as to make railway operations safer.
“There will be a technological railway, state-of-the-art signalling systems, digitalisation platforms to control train movements and switches, as well as other railway elements. A robot would be an addition. There will be a full range of digitisation, so that we could not only manage it electronically, but also check it. This would make everything safer and more efficient,”Ņikita Stepanovs, co-founder of Suhona AI, explains.
- The startup got recognised as the most innovative business idea in the Idea Cup 2022. The annual competition is organised by the Investment and Development Agency of Latvia (LIAA). This year over 275 applications were filled, of which 126 ideas made it to the second round. The 20 best ideas made it to the final round, competing for prizes ranging from €1,500 to €10,000 to start a business.
- Second place and €7,000 in prize money went to Textok, a solution automating adherence to tone of voice guidelines in corporate communication. The legal document generator Ligalio received the third place and €5,000.
- The startups Stapes, ForQueenBee, Fat Cat Leaves received €3,000 each. While the rest of the prize money in the form of €1,000 went to Akountly, Medon, Radīts kustībai, Saikne, Thought Tower, and FireSand.