December’s final days brought some exciting news for the team at Polyteda Cloud, a Ukrainian startup that develops advanced physical verification solutions for microchip manufacturers.
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The company was the only Ukrainian startup to attract investment from Horizon 2020 SME Instrument, a European Commission’s special program, which aims at supporting SMBs. According to the data presented to the public in the last few days, Polyteda Cloud succeeded in gaining EUR 1,220,888 from Horizon 2020.
How does Horizon 2020 work?
Horizon 2020 SME Instrument distributes its EUR 3 billion fund between European startups that focus on developing hi-tech business solutions. Throughout its operation, the program supported a variety of European startups, most of which originated in Germany, Spain and Italy. Ukrainian companies before Polyteda Cloud, however, seem to leave this opportunity yet unexploited.
This year, Horizon 2020 received more than 1,000 applications, only 51 of which were selected for the final stage of the review process. The winners were granted EUR 500,000 to EUR 2,5 million.
Polyteda Cloud: innovative solutions for microchips industry
Even advanced tech users may find it hard to fully grasp the idea behind Polyteda Cloud. Oleksandr Grudanov, CEO, aims at explaining things as simply as possible on the example of Samsung Galaxy Note 7 which became notorious for the device’s frequent explosions:
“As it became known to us, Samsung gadget exploded because its internal components were located too close to each other [as the battery was heating, it warmed the other components which caused an explosion – editorial]. This is a miscalculation on the part of microchips manufacturers. Our product can calculate the optimal location of the chip correctly and with a geometrical precision”.
The company’s business model is pay-per-use which, according to Grudanov, is greatly called for in today’s market. “Both factories and customers will no longer need to buy expensive licenses per year. Instead, they will be able to only pay for the actual use of our products. This facilitates advancement of young startups by lowering their costs for circuit checks”.
The company has already signed up its first customer, Pvcloud. The goal for the upcoming year is to sign up at least three new customers and enter the global market.
Ukraine is well-known for its IT potential and being among the world’s top exporters of IT services as well as annually presenting creative solutions for various industries.