Slovenský startup NEXINEO inovujúci počítačové učebne, získal miliónové financovanie a plánuje expanziu
Bratislava, June 1st, 2023 – The technology, which changes the outdated way of teaching in computer classrooms with a more effective solution from the NEXINEO, has caught the attention of private investors and investment funds. An investment of more than 1.3 million will go into the Slovak scale-up. This amount is the result of a partnership between Venture to Future Fund and private investors from the investment platform Crowdberry. The company plan to use the investment for the expansion of EdTech innovations from Slovakia to other foreign markets.
"The pandemic has accelerated digitization in education, and the demands for the use of digital technologies are constantly increasing. However, the market lacks solutions that would be easy to use by teachers and students, but at the same time cheap and accessible. I am glad that our public investors, who have put their trust and capital into the project, are also aware of this. Thanks to the amount invested through Crowdberry (and Venture to Future Fund), we can advance the technological level in schools not only in Slovakia and the Czech Republic, but also in other neighboring countries," says NEXINEO founder and CEO Stanislav Chlepko.
More than a million euros for better education
Currently, for the upcoming expansion of Nexineo, a partnership has been concluded with the Slovak investment platform Crowdberry, on which registered users can invest in local innovative companies on the Czech-Slovak market. NEXINEO was also supported in its growth activities by the Venture to Future Fund and, during the COVID-19 period, by Slovak Investment Holding, with a total capital of more than 1 million EUR. The Crowdberry platform has the opportunity to increase the investment by another 0.5 million EUR and therefore decided to keep the investment project active and available to other interested private investors who would like to further support the project.
"We decided to support NEXINEO because of their innovative idea, which will bring a more effective form of digital education not only to Slovakia. Education throughout Europe lags behind technology, and we are glad that Slovakia is developing software and hardware that is friendly not only to students, but also to teachers, and that moves digital education into the 21st century. In this EdTech project, we see great potential for international application and a possible increase in the quality of education for the next generation, not only in Europe," says Michal Ondrišek, partner of the Crowdberry investment platform.
Almost 30 private Crowdberry investors together with the Venture to Future Fund invest a total of EUR 1.3 million in a Slovak startup in a crowdfunding campaign. In total, Nexineo has received funding in the amount of almost EUR 2 million over the past two years.
Restarting technologies in education
According to the Ministry of Education, Science, Research and Sport of the Slovak Republic, the ongoing insufficient integration of digital technologies in schools affects the reduced motivation and confidence of pupils in formal education. It is not better even abroad. According to OECD data, there are on average up to 18 pupils per computer in the first grade of European primary schools. For older students and in secondary schools, accessibility is also increasing thanks to specialized computer science classes, but experts remind us that we need to get much more computer technology into schools. The optimal goal should be three students per PC, which European education wants to achieve by 2030. It is clear that a lot of new hardware must come to schools, but the challenge is not only its delivery, but also management and maintenance. The solution from NEXINEO is also a way for every student to have their own PC, hidden right in the bowels of their school desk.
NEXINEO helps with modern but affordable sustainable solutions for computer classroom management. The basis of the innovative hardware-software tool is a miniature display unit running the latest version of the Windows operating system and NEXINEO software specially adapted for collaborative work. Several tens of display units are managed from one central server. The teacher has a powerful central server available in each classroom, from which he can share his desktop with the students, or vice versa, view the students' desktops and check what they are currently working on. The system is an alternative to dozens of common computer cabinets, which create unnecessary noise and most teachers cannot manage their remote management or settings by themselves. A small and affordable device can save schools significant costs for operating the entire system, up to 70%. Miniature display units also reduce e-waste and CO2 emissions by up to 90% compared to conventional computers.
Over the past 6 years, the NEXINEO solution has been deployed in more than 530 schools in 4 countries of the European Union. The startup also won the Deloitte Technology Fast 50 CE award in the Impact Stars category. In addition, the company has currently signed its largest contract in history - a school involved in a project of the European Commission and the World Bank. In the first quarter of 2023 NEXINEO expects sales of more than EUR 600 000.
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About Nexineo
NEXINEO is a Slovak company founded in 2013 that deals with the development of virtualized computer equipment. It provides a unique software-hardware technological solution and a complete coverage of services from individual design to implementation and service. They have delivered virtualized computer classrooms to more than 530 schools in Central European countries and have ambitions for further expansion abroad. They currently operate in Slovakia, the Czech Republic and from 2020 also in Poland and Hungary.
About Crowdberry
Crowdberry represents a modern financing tool for fast-growing companies and projects. It focuses on a transparent approach to growth capital with the aim of creating long-term value for Czech and Slovak startups, small and medium-sized companies and real estate projects with investors. Crowdberry currently manages capital of almost 100 million euros and its portfolio includes more than 70 companies and real estate projects. Crowdberry's investors and investments have contributed to the growth of companies and projects such as GymBeam, MultiplexDX, Boataround, Ecocapsule, Footshop, Sensoneo, Isadore, medical facility Dobré časy and others.
About Venture to Future Fund (VFF)
VFF is the result of a joint initiative of the European Investment Bank (EIB) and the Slovak Ministry of Finance through Slovak Investment Holding. Due to its setup, it is the first venture capital fund of its kind in the Central and Eastern European region that has lured EIB´s capital. VFF is a long-term partner of Crowdberry and together they invested in other projects such as Sensoneo, nettle.ai or SEC Technologies. The fund's mission is to support Slovak innovative companies with the potential to become leaders in their segment and expand into new markets.