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# CEE Startup & Tech Weekly: Bulgarian Startup Paypercut Raises Seed Round Backed by Regional VCs
- URL: https://www.therecursive.com/cee-startup-tech-weekly-bulgarian-startup-paypercut-raises-seed-round-backed-by-regional-vcs/
- Published: 2026-06-05T14:14:32.000Z
- Updated: 2026-06-05T14:14:32.000Z
- Description: The Recursive’s weekly roundup aims to cover key tech developments across Central and Eastern Europe, as well as the growing impact of CEE-born founders on the global stage. Take a look at the latest news in funding, startup milestones, and emerging trends tied to the region’s innovation potential.
- Author: The Recursive
- Tags: CEE Weekly

**Polish** Ingenix.ai has raised a **€13 million** seed round led by Sofinnova Partners, with participation from Inovo.vc and OTB Ventures. The funding aims to scale their Biological Reasoning Engine and extend the team's work with pharma and biotech partners through the Qualified Access Program, which is now open for applications.

**Hungarian**\-founded Kodesage, an on-premise AI platform that helps enterprises understand, document and modernise critical legacy software systems, has raised a **$6.6 (€5.67) million** [seed round](https://www.therecursive.com/hungarian-kodesage-raises-eur5-67m/) led by Greek VentureFriends. Pre-Seed lead investor Portfolion joined the round, alongside notable angel investors including Christian Szegedy, co-founder of xAI, and Mario Götze, the German footballer and World Cup winner.

**Sofia**\-based fintech Paypercut [has secured a **€5 million** seed round](https://www.therecursive.com/bulgarian-fintech-paypercut-raises-eur5m-to-expand-its-payments-platform-across-cee/) co-led by Concentric, Passion Capital, and Araya Ventures, bringing its total funding to €7M. Additional investors in the round included SMOK Ventures, Portfolio Ventures, BrightCap Ventures, BlackWood, SABAH.fund, MFG Invest, Main Set, and payments entrepreneur Matt Doka, bringing Paypercut's total funding to €7M.

Molfar Defence Technologies, a **Polish-Ukrainian** defense tech company developing tactical radar systems for the detection of small unmanned aerial systems, today announced the close of the first tranche of its **€2 million** funding round. Front Ventures, a Swedish investment company, has committed €1.5 million as the lead and first institutional investor.

### M&A deals

**North Macedonian** entrepreneur Vanja Josifovski, former CTO of Airbnb and Pinterest, has achieved a major exit after Nvidia acquired Kumo.ai, the predictive AI startup he co-founded and leads as CEO. According to reports, the deal is worth at least $400 million, although Fortune, [which confirmed the acquisition](https://fortune.com/2026/06/03/nvidia-snaps-up-kumo-ai-in-latest-acquisition/?ref=therecursive.com) through two sources, said the financial terms were not disclosed and Nvidia declined to comment.

**Romanian** entrepreneur Chris Ţurlică [has achieved one of the largest founder-led exits](https://economedia.ro/un-roman-intra-in-clubul-exiturilor-de-miliarde-autodesk-cumpara-compania-fondata-de-chris-turlica-cu-36-miliarde-de-dolari.html?ref=therecursive.com) by a Romanian-born entrepreneur after software giant Autodesk announced the acquisition of his company, MaintainX , in an all-cash deal worth approximately $3.6 billion. Founded by Ţurlică in San Francisco in 2018, MaintainX develops software that helps companies manage maintenance operations and industrial assets.

### CEE VCs investing cross borders

US defense-tech startup Picogrid has raised $45 (€38.63) million in a Series A funding round led by Bessemer Venture Partners, with additional backing from Washington Harbour, GSBackers, and existing investors, including **Czech VC fund Credo Ventures**. The capital will be used to speed up product development, broaden Picogrid’s integration platform into additional operational areas, and support larger-scale deployments with US and allied military organizations.