CEE Deals

Polish AI startup Pathway has raised additional funding at a $500 million valuation, bringing its total seed financing to $30 million, as it develops a new generation of AI models designed to move beyond the traditional Transformer architecture. Founded by Zuzanna Stamirowska and Adrian Kosowski, Pathway is focused on improving reasoning, memory and adaptation while reducing the computing costs of AI. The company will use the new funding to expand its compute capacity, including NVIDIA GB300 systems, and further develop its BDH models. Adam Kurzrok, former Group Product Manager for Gemini at Google DeepMind, has also joined the company as Chief Product Officer.

Serbian AI video startup Preview has raised $12 million to date, with Sequoia Capital leading its seed round. Founded by former Veed and Vizcom team members Stefan Fejes and Veljko Tornjanski, Preview is building an AI-native workspace for professional video production, combining generation, ideation, review and production tracking in a single platform. More than 100 studios are already using the product, including agencies working with Fortune 500 brands and Hollywood filmmakers. Sequoia sees the company as a potential core infrastructure layer for the next generation of AI-powered video production, as increasingly more creative work shifts from traditional production pipelines to AI-generated content.

Hungarian fleet-management startup Volteum has raised €3.25 million in a round led by Polish VC firm Movens Capital, with participation from Montis VC, WakeUp Capital and Aidiom, alongside existing investors including Techstars and Day One Capital. The company develops software for mixed fleets of electric and combustion-engine vehicles, bringing charging, mileage, maintenance and other operational data into a single platform. The new funding will support expansion across the UK, Benelux, DACH and CEE, including Poland, where the company plans to launch operations.

Bulgarian AI startup Builderly has raised a pre-seed investment from Vitosha Ventures after reaching €300,000 in organic revenue. Founded in 2022, the company initially relied on a bank loan and customer revenue rather than external funding. After its first product failed, the team rebuilt the business and developed an AI-powered platform designed to act as a “technical co-founder” for service businesses. Builderly had already reached break-even before securing the investment, which was one of the factors that attracted Vitosha Ventures. The new funding will support the further development of its AI technology and the acquisition of new customers.

Eldridge, the holding company led by Chelsea co-owner Todd Boehly, has acquired a significant ownership stake in Slovak AI firm Sudolabs, in a strategic partnership aimed at accelerating its US expansion. Sudolabs develops custom agentic AI systems and consulting services for enterprise clients, and will continue operating from its Slovakian headquarters. Financial terms were not disclosed. With around 70% of its client base already in the US, the deal is set to strengthen Sudolabs' American footprint, while giving Eldridge access to its AI expertise across its broader portfolio.

Across the world

Databricks has raised $5 billion in a new funding round at a $190 billion valuation, up from around $134 billion just six months ago. The round was led by existing investors including Coatue, Blackstone, MGX and funds advised by T. Rowe Price, with Sixth Street Growth joining as a new investor. The company plans to use the capital to develop AI-focused products including its Lakebase database, Genie AI assistant and Unity AI Gateway. Databricks says its annualized revenue has surpassed $7 billion, with revenue growing more than 80% year-on-year in Q2, further strengthening its position among the world's most valuable private technology companies.

Accel has raised $800 million for its ninth early-stage fund focused on Europe and Israel, in addition to another $2.7 billion for three other funds, just two years after its previous $650 million fund. The US-based VC has been actively backing European startups in areas including AI and defence. Accel has backed nearly 250 European companies over more than 25 years, including UiPath, Monzo and Doctolib, and has recently invested in companies such as Lovable, n8n, Cambridge Aerospace and Legora.

New space and defense R&D hub in Bulgaria

EnduroSat is expanding into a new scale of space infrastructure. The Bulgarian space company is developing a major space and defense R&D center in Dobroslavtsi, where it will assemble, test and qualify a new generation of satellites weighing between 1 and 3 metric tons, with deployed solar panels reaching roughly the length of a Boeing 737. The company says customers are already lined up for these platforms. In comments shared with The Recursive, EnduroSat said the new center will also serve as the foundation for a broader development and education campus, while its larger satellite platforms will allow the company to address a growing market for more capable spacecraft.

The project will also include a development and education campus for students in the Space Engineering and Technology Master’s program. Its first phase is planned over three years and will focus on restoring the former airport’s runway capabilities, creating a large green zone and developing the first section of the industrial park. The site will initially serve as EnduroSat’s base before gradually opening to other companies working across space and defense — an ambition the company describes as a European counterpart to Starbase, without the rocket launches.

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