2 Million in Investments Over the Last 2 Years: How Ukraine’s Largest Startup Competition Increases the Chances of Ukrainian Startups Becoming Unicorns

IT Arena is one of Ukraine’s largest and most influential tech events, featuring a dedicated Startup Competition This competition is designed to discover and support the most promising startups across various sectors, with a particular focus on defense tech in recent years. Since its inception, the competition has awarded hundreds of thousands of dollars in grants, helping to launch innovative projects.

In 2023, one of the standout winners in the Defense Tech category was HIMERA, a communication system capable of operating even under enemy electronic warfare. Over the past year, the project has grown significantly, securing $525,000 in investment.

This is the core purpose of the Startup Competition: to identify and spotlight promising startups. In 2023, another standout startup, S.Lab, secured additional investment of over $220,000 from three investors immediately following the competition.

Ukraine’s largest startup battle

This year, the IT Arena Startup Competition set a new record with 60 semifinalist startups, and over 100 representatives from investment funds. The competition serves as a unique platform where innovators can exchange experiences, gain valuable insights from investors, and build meaningful partnerships.

Another key, though often overlooked, aspect of the event is the media. Journalists from top Ukrainian outlets, as well as from Europe and the U.S., attend, with startups often falling within their areas of focus. This provides startups with valuable opportunities for media coverage and a chance to share their story.

Of course, there’s also the funding. The top startups in each category receive the following:

1st place – $15,000
2nd place – $10,000
3rd place – $5,000

As mentioned earlier, competition participants also have the opportunity to secure additional investments, which currently total $1.5 million and continue to grow.

Startup Competition 2024: med tech & defense tech winners

Tech teams competed in two categories: the general one and a special one for defense tech startups and cybersecurity projects. The winners in the first category were:

• Extra Vision – an AR app that uses artificial intelligence and machine learning to enhance pre-surgical planning for neurosurgeons.
• BlissBrain – an app aimed at improving mental health through personalized AI-powered meditation.
• Aspichi Luminify – an innovative VR solution for psychological rehabilitation, helping restore mental health through virtual reality technology.

In the defense sector, the winners were:

• Oko Camera – a developer of thermal imaging modules for UAVs.
• Vidar Systems – a startup in the field of acoustic technologies, working at the intersection of military defense and security systems.
• Norda Dynamics – software for the automatic targeting of drones.

Startups with the greatest social impact were also awarded special prizes by the ZMIN Foundation. LifesaverSIM, a gaming simulator for first aid and tactical medicine, received $15,000, while Syla, a company specializing in the production of bionic prosthetics, was awarded $10,000.

The IT Arena Startup Competition is a prime example of the synergy between the startup and investment ecosystems within a major tech event, where each side finds its partner and achieves the best possible results. Naturally, all of this takes place at a single location. Applications for the Startup Competition 2025 will open in the spring of next year.