Hello Tomorrow is proud to announce the signing of a Memorandum of Understanding (MoU) with the Investment and Development Agency of Latvia (LIAA), marking a major milestone in our shared commitment to accelerating deep tech innovation across Latvia, Europe and beyond.
This partnership aims to identify, support, and promote high-potential deep tech startups and foster deeper connections between science, industry, and entrepreneurship with the shared goal of increasing European deep tech opportunities.
Latvia: A Rising Deep Tech Powerhouse in Europe
Latvia hasn’t always been in the spotlight of the global deep tech scene — yet it is becoming one of Europe’s most promising hubs. Despite its small size, with a population of just 1.88 million, the country is quickly becoming a rising deep tech hub, thanks to a combination of world-class STEM talent, strong academic research, and forward-thinking public support.
The Baltic deep tech ecosystem has grown by 360% in the last five years (one of the fastest rates in Europe) with Latvia at the heart of this transformation. Since 2019, Latvia’s startup ecosystem witnessed a 5.3x increase in enterprise value – the highest growth rate among the Baltic states.
What’s Driving Latvia’s Deep Tech Ecosystem?
The Latvian deep tech ecosystem is powered by a close-knit network of research institutions, startup support platforms, and government-led initiatives.
On the research side, the University of Latvia, Riga Technical University (RTU), and the Latvian Institute of Organic Synthesis (LIOS) are world-class centers for research in quantum computing, robotics, as well as materials science, and biomedicine.
Some of the country’s notable achievements in these fields include:
Quantum algorithms: Approximately 10% of quantum algorithms worldwide have been developed by Latvian researchers, representing a remarkable figure largely driven by Professor Andris Ambainis, a leading expert known for his pioneering work on quantum walk algorithms and quantum query complexity.
High-speed infrared data transmission: In cooperation with their international partners, RTU researchers have recently achieved a data transmission speed of 60 Gbit/s using long-wavelength infrared lasers, which surpasses previous records by a factor of five and presents a substantial leap in free-space optics (FSO) communication capabilities.
Cancer treatments: The LIOS developed the active compound in Belinostat, one of the few anti-cancer drugs approved by the U.S. Food and Drug Administration (FDA) for treating peripheral T-cell lymphoma.
Building on the strengths of its universities, several incubators & accelerators are active in Latvia, including the Commercialization Reactor, which has launched over 100 science-based startups by connecting researchers with entrepreneurs and investors, as well as ESA BIC Latvia, launched in 2024, supporting space tech startups in scaling across Europe.
Furthermore, public support, led by LIAA, also plays a central role in developing the ecosystem – offering funding, matchmaking programs, and flagship events like the Deep Tech Atelier. Latvia also offers a Startup Visa designed to attract non-EU founders who aim to develop innovative, scalable businesses in the country.
Meet Latvia’s Deep Tech Pioneers
Over the years, many Latvian startups have been recognised as Deep Tech Pioneers in the Hello Tomorrow Global Challenge, including:
Naco Technologies (2023) in the advanced materials and energy sector, which develops nanocoatings for hydrogen fuel cells, reducing the use of rare metals;
Cellbox Labs (2021) in the biotech and medtech sector, which develops miniature organ replicas — called organs-on-chips — to help pharmaceutical companies perform preclinical tests on human-like tissues;
Eventech (2017 finalist) in the space sector, which pioneered timing devices now used in 70% of global satellite laser ranging systems.
These companies exemplify the scientific depth and commercial ambition that characterise Latvia’s next generation of innovators.
With these scientific advancements creating an accelerating deep tech runway, Hello Tomorrow is proud to solidify our commitment to the advancement of revolutionary startups in Latvia.
Join us at Deep Tech Atelier 2025
Want to explore Latvia’s deep tech scene firsthand? Meet Hello Tomorrow at Deep Tech Atelier 2025, the Baltics’ largest deep tech event, happening on 15-16 May 2025 in Riga, Latvia.
