In 2024, IT Arena hosted Ukraine’s largest and most prestigious startup event — the Startup Competition. Over two intense days, participants impressed the jury with groundbreaking innovations in fields such as cybersecurity, artificial intelligence, augmented reality, logistics, social development, mental health, and medicine. For the second consecutive year, teams also presented cutting-edge ideas in the defense technology sector under a special defense category. Winners received substantial cash prizes to further develop their startups, while participants secured the largest investments in the competition’s history.
A record number of semi-finalists
Each year, the number of applications for the Startup Competition grows rapidly. Despite the challenges of war, Ukrainian developers continue to innovate, demonstrating resilience and their ability to compete on the global stage. This year saw a record-breaking 151 applications, with 60 of the most promising startups advancing to the semifinals — the highest number ever. Half competed in the general category, while the other half focused on defense technologies.
Day One: exciting pitches and the race to the final
Each team had just 7 minutes to capture the attention of the professional jury, present their ideas, answer questions, and secure a coveted spot in the final. This year, the semi-finalists impressed with revolutionary products, in-depth competitor analysis, and precise calculations of the investments needed for further development. After fierce competition, 12 startups advanced to the finals — 6 in each category.
The best among general category innovations were Metatable.AI, xTiles, Humancreed, Aspichi Luminify, eXtra Vision and Bliss Brain.
In the defense category, Deftak, Oko Camera, UAV SOUL, Vidar Systems, NORDA Dynamics and Kraken advanced to finals.
Day Two: a grand finale and esteemed jury
The most anticipated event of the second day at IT Arena 2024 was the grand finale of the Startup Competition. The final pitches took place at the Lviv National Opera and Ballet, drawing a full house.
The event was hosted by Richard Walakira, Program Manager at the Alliance of Democracies Foundation and a rapper who uses music to promote social and democratic ideals. IT Arena attendees had an exclusive opportunity to learn about the significance of democratic principles in business and society, as well as listen to some of his manifesto songs before the Startup Competition winners were announced.
This year, the finalist startups were judged by technology leaders, entrepreneurs, and investors from the USA, Finland, France, the Czech Republic, Poland, and Ukraine.
Among the jury members in the general category were:
The top defense startups were judged by:
General category winners: solutions for a new tech future
The medical startup eXtra Vision secured first place in the general category and won the grand prize of $15,000. This AI-powered app creates 3D models from CT or MRI scans, which can be viewed through augmented reality glasses, effectively giving surgeons “X-ray vision”.
“Our team of doctors works in the operating room constantly, and we were looking for a solution to simplify our work. Initially, we experimented on our own, and when we found success, we decided to develop it into a startup,” said Co-Founder and CEO of eXtra Vision, neurosurgeon Vladyslav Kaliuzhka.
eXtra Vision is less than a year old, with a team of six dedicated to creating this innovative medical solution. The app has already facilitated 150 surgeries in Kyiv and Kharkiv.
“Currently, we have a queue in Lviv, Ternopil, Rivne, and several clinics in Kyiv, including the National Cancer Institute and the Institute of Neurosurgery. IT Arena was a fantastic opportunity to share our project with a broader audience. Additionally, participating in the Startup Competition allowed us to refine our pitching skills and make valuable connections. It’s truly been an invaluable experience,” added Vladyslav Kaliuzhka.
Next, the team plans to invest in improving their app so it no longer relies on the internet and to implement interaction with real surgical instruments.
Second place and $10,000 went to Bliss Brain, which developed a mobile app for personalized meditation.
Third place and $5,000 was awarded to Aspichi Luminify, a VR assistant for psychotherapists. The product helps combat psychological trauma through a platform that streams 360-degree spatial video in real time via a VR headset.
Defense category winners: innovative solutions for defense
Three startups from the Brave1 defense technology cluster emerged as winners in the defense category. First place and a prize of $15,000 went to Oko Camera, which specializes in developing and manufacturing thermal cameras for drones. The team has localized production in Ukraine, allowing drone manufacturers to acquire critical components without relying on imports from China.
“Chinese cameras face many challenges, and Western alternatives are often too expensive, requiring licenses that are only accessible to large players. We provide a solution with better terms at an optimal price. Our team includes veterans with combat experience, which helps us build the best product every day,” said Nazarii Nykolaichuk, Sales & Support Manager at Oko Camera.
The company actively collaborates with both large and small manufacturers, tailoring its solutions to meet specific needs. This approach not only fosters the creation of innovative products but also enables quick responses to market and military demands.
“Winning at IT Arena boosted us and motivated us to keep moving forward. We are constantly improving our system and hope that after IT Arena, we will attract even more new talent to our team to contribute to Ukraine’s victory,” said Denys Nikolaienko, CEO of Oko Camera.
$10,000 and second place went to Vidar Systems, an acoustic technology startup that detects enemy artillery by sound. The team impressed investors, securing an additional $200,000 from MITS Capital.
Third place and $5,000 went to Norda Dynamics, which specializes in developing autonomous piloting and targeting systems for UAVs. Norda Dynamics also secured additional investments of $200,000 from MITS Capital and $100,000 from United Angels Network.
All-time high investments and future prospects
This year, the Startup Competition participants raised an impressive $1,500,000 in investments during the event. The ZMIN Foundation awarded special prizes to the most socially impactful startups:
In addition to Vidar Systems and Norda Dynamics, Kraken, Aspichi Defense, and TENCORE received $200,000 each from MITS Capital.
Furthermore, this year, the startup expo showcased not only the semi-finalists but also other innovative startups. As a result, the team behind GrainMole, a smart grain condition monitoring system, won a free booth as the IT Meets champion and successfully raised $10,000 from investor Serhiy Kalinchuk.
The startups eXtra Vision and Bliss Brain also received direct invitations to the investment committee of Startup Wise Guys, where they could each attract €100,000.
Additionally, 1991 VC will collaborate with 10 promising startups for further discussions.
The prize fund for this year’s Startup Competition was $85,000, and participants secured $1,500,000 in investments, a number that continues to grow.
Organizer: Lviv IT Cluster.
Co-organizers of the Startup Competition: Startup Depot and Ukrainian Startup Fund.
Main event partners: UKRSIBBANK BNP Paribas Group, USAID, Google for Startups, UMAEF, u.ventures.
Exclusive partners: Sigma Software, Payoneer, Intellias.
Exclusive partner of the Startup Competition: ZMIN Foundation.
Exclusive automotive partner: BMW.
Gold partners: N-iX, IT Ukraine Association, EPAM, MODUS X, Linkup Studio, SoftServe, Diia.City.Union, SQUAD.
Gold partner of the Startup Competition: Keywords.Agency.
Main partner of Defense Expo: KSE Graduate Business School.
Partners: Ministry of Defense of Ukraine, Brave1, Defense Builder, D3, and MITS.Capital.
Media partners: AIN, AIN Capital; startup – Vector; tech – SPEKA; international – Сalibrated, defense – Армія ТВ.
In 2024, IT Arena hosted Ukraine’s largest and most prestigious startup event — the Startup Competition. Over two intense days, participants impressed the jury with groundbreaking innovations in fields such as cybersecurity, artificial intelligence, augmented reality, logistics, social development, mental health, and medicine. For the second consecutive year, teams also presented cutting-edge ideas in the […]
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