What’s now called Turkey was once the center of the Ottoman Empire, a global hub of culture and science during its heyday which lasted over 600 years.
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What’s now called Turkey was once the center of the Ottoman Empire, a global hub of culture and science during its heyday which lasted over 600 years. It was the birthplace of the first surgical atlas and the first watch that measured time in minutes, and it’s where astronomers first calculated the eccentricity of the Sun’s orbit. Today, Turkey is better known for its rich cultural heritage, with large numbers of Russian and German tourists haggling over evil eyes, sipping Turkish tea in bazaars, and enjoying the hot water baths of Istanbul. With a population nearing 79 million people, Turkey also has high-quality and relatively cheap resources for developed markets to exploit capitalize on, along with a budding startup ecosystem .
Deal sizes might be on the low side, but Turkish tech startups have stepped up to participate in the global race. The country is in the process of formulating an strategy that will become a bridge between private stakeholders and public policies, boosting research in the field. We scoured Crunchbase to find the ten Turkish startups that have received the most funding to date.
| Name | Application | City | Funding (USD millions) |
Originally established in Istanbul in 2017, FalconAI Technologies has now been transplanted to Bawstuhn Massachusetts where their $3 million in funding is being used to develop , computer vision, and generic algorithms for various applications. The startup currently offers two products. The first is an app called FashionI that learns users’ personal style through analyzing shopping behavior, and offers outfit recommendations, complimentary products, and personalized offers to the lemmings who think fashion is something worth spending meaningful amounts of money on.
FalconAI’s second offering, the SenpAI platform, uses algorithms to help video game players by monitoring and analyzing their performance and then recommending areas of improvement. SenpAI is currently available for Defense Of The Ancients 2 (DOTA2), and the response has been so positive that they have now set their eyes on League Of Legends (LOL) which leads e-sports revenues generating an estimated $1.4 billion per year. (DOTA2 is responsible for the largest competition prizes.) With top e-sports players treated like rock stars (and paid accordingly), SenpAI offers tangible value to the many aspiring gamers out there.
Founded in 2014, Istanbul startup Vispera has raised $1.9 million to develop computer vision solutions for the Fast-Moving Consumer Goods (FMCG) sector. The startup’s algorithms analyze smartphone photos of shelves, coolers, and cabinets to determine how products are placed, if their branding and price tags are visible, and which products are missing. These retail audits benefit retailers as they help manage stock and suppliers by ensuring they receive the allotted shelf space and necessary promotional materials.[…]
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