Tracxn - Belgium Tech - Top Business Models - May 2021

TRACXN TOP BUSINESS MODELS REPORT
May 03, 2021
BELGIUM TECH

Belgium Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Contents
BelgiumBelgium Tech Funding - Overview 3
Top Funded Business Models 4
One pagers 9
Appendix 59
2

Belgium Tech - Funding in last 1 year
3
Immunology $99.8M
Biopharma Outsourcing $99.8M
Diabetes $70.1M
Food Tech $69.1M
Alternative Lending $57.2M
Electric Vehicles $49.6M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
PMV
LRM
Belfius
3
2
2
Early
Stage
PMV
Vives Fund
Capricorn Partners
6
5
4
Late
Stage
SRIW
SFPI
Redpoint Ventures
2
2
1
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Univercells
(2013, Gosselies)
$85.2M - Series C
AgomAb Therapeutics
(2017, Ghent)
$74.0M - Series B
Deliverect
(2018, Ghent)
$65.0M - Series C
UnifiedPost
(2002, La Hulpe)
$53.6M - Series D
Indigo
(2016, Ghent)
$44.3M - Series B
eTheRNA
(2013, Niel)
$38.2M - Series B
Silverfin
(2013, Ghent)
$30.0M - Series B
Miracor Medical
(2008, Awans)
$28.7M - Series E
ExeVir Bio
(2020, Zwijnaarde)
$27.0M - Series A
Cowboy
(2017, Brussels)
$26.6M - Series B
Imcyse
(2010, Liege)
$25.8M - Series B
Qover
(2016, Brussels)
$25.0M - Series B
Ghent (29%)
Brussels (13%)
Gosselies (11%)
Zwijnaarde (8%)
La Hulpe (6%)
Others (32%)

Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Belgium Tech - Top Business Models Report
Belgium Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1▲4
Life Sciences Platforms and Tools > Research
Services
$85.2M 1 Univercells | $85.2M | Series C Link
2-- Fibrosis Drugs $74.0M 1 AgomAb Thera.. | $74.0M | Series B Link
3▲10
Food Tech > Technology Enablers > Restaurants >
Online Ordering Solutions
$65.0M 1 Deliverect | $65.0M | Series C Link
4-- RPA in Finance & Accounting $53.6M 1 UnifiedPost | $53.6M | Series D Link
5-- COVID-19 Drugs $49.6M 2 ExeVir Bio | $27.0M | Series A Link
6--
Non-Invasive Continuous Glucose Monitoring
Devices
$44.3M 1 Indigo | $44.3M | Series B Link
7--
Disease Self Management > Diabetes > Monitoring >
Glucose > Device > Wearable
$44.3M 1 Indigo | $44.3M | Series B Link
8--
Finance & Accounting Tech > Tools for Finance
Professionals > Accountants
$30.0M 1 Silverfin | $30.0M | Series B Link
9--
Cardiac and Vascular Disorders > Medical Devices >
Therapeutic Devices > Heart Attack
$28.7M 1 Miracor Medi.. | $28.7M | Series E Link
10▲16 Electric Bicycle Manufacturers $26.6M 1 Cowboy | $26.6M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5
11▼2 Diabetes Drugs $25.8M 1 Imcyse | $25.8M | Series B Link
12--
MarketingTech > Mobile Marketing > App Marketing
> App Store Optimization
$22.0M 1 AppTweak | $22.0M | Series B Link
13-- App Store Optimisation Platforms $22.0M 1 AppTweak | $22.0M | Series B Link
14-- Four Wheelers Motor $19.6M 1 Magnax | $19.6M | Series A Link
15-- Crop Biologicals $16.6M 1 Aphea.Bio | $16.6M | Series B Link
16--
Biopharma Outsourcing > CRO > Preclinical Studies >
Diversified > InVivo
$14.6M 1 reMYND | $14.6M | Series B Link
17--
Life Sciences Platforms and Tools > Research Assays
> Drug Discovery > High Throughput Screen..
$14.6M 1 reMYND | $14.6M | Series B Link
18-- Database Performance Monitoring $13.9M 1 Soda | $13.9M | Series A Link
19-- Database Performance Monitoring $13.9M 1 Soda | $13.9M | Series A Link
20-- VR for Patient Treatment $11.8M 1 Oncomfort | $11.8M | Series A Link

6
21--
Neurology > Medical Devices > Therapeutic Devices
> Psychiatric
$11.8M 1 Oncomfort | $11.8M | Series A Link
22-- Clinical Trial Supply Management $11.8M 1 N-SIDE | $11.8M | Series B Link
23--
Diagnostics (by Technology) > Diagnostic Software >
Biophysical Markers > Pulse
$10.9M 1 FibriCheck | $10.9M | Series B Link
24--
Cardiac and Vascular Disorders > In-Vitro
Diagnostics > Arrhythmia
$10.9M 1 FibriCheck | $10.9M | Series B Link
25--
Gastroenterology > Medical Devices > Therapeutic
Devices > Upper GI Disorders
$9.7M 1 Endo Tools Th.. | $9.7M | Series D Link
26-- Building Energy Management Systems $9.0M 1 E-peas | $9.0M | Series B Link
27-- Energy Harvesting $9.0M 1 E-peas | $9.0M | Series B Link
28--
Analog and Mixed Signal ICs > Power > Power
Management ICs
$9.0M 1 E-peas | $9.0M | Series B Link
29-- Building Energy Management Software $9.0M 1 E-peas | $9.0M | Series B Link
30--
Road Transport Tech > Mass Transit > Consumer
Transit Applications > Ticketing
$7.9M 1 Skipr | $7.9M | Series A Link

7
31▲21
Online Grocery > B2C Ecommerce > Multi Category
> Retailer > Outsourced Delivery > Organic
$7.3M 1 Kazidomi | $7.3M | Series A Link
32--
Crop Tech > Farm Inputs > Seeds > Field Crops >
Hybrid
$7.1M 1 Protealis | $7.1M | Seed Link
33--
Business Intelligence > Data Discovery and
Visualization > Reporting and Dashboarding > GUI
B..
$7.0M 2 Cumul.io | $4.2M | Series A Link
34--
Livestock Tech > Health Management >
Pharmaceuticals > Vaccines
$6.6M 1 ViroVet | $6.6M | Series B Link
35-- Customer Feedback Management $6.5M 1 Hello Customer | $6.5M | Series A Link
36▲11 Cryptocurrency Market Makers $5.1M 1 Keyrock | $5.1M | Series A Link
37-- Sensors > Industry Applications > Energy $4.7M 1 Ampacimon | $4.7M | Series A Link
38--
Smart Grid > Grid Management > Grid Network
Monitoring > Dynamic Line Rating
$4.7M 1 Ampacimon | $4.7M | Series A Link
39-- Security Testing $4.6M 1 intigriti | $4.6M | Series A Link
40-- Big Data Warehouse $4.3M 1 Vaultspeed | $4.3M | Series A Link

8
41-- Sensors for Industrial Equipment Monitoring $4.1M 1 Sensolus | $4.1M | Series A Link
42-- IoT Sensors $4.1M 1 Sensolus | $4.1M | Series A Link
43-- Network Routing Software $4.1M 1 Tessares | $4.1M | Series A Link
44--
Veterinary HealthTech > Biopharmaceuticals >
Livestock
$4.0M 1 Animab | $4.0M | Seed Link
45-- Dermatology > Drugs > Sarcopenia $3.8M 1 Rejuvenate Bi.. | $3.8M | Series A Link
46▼6
Investment Tech > Wealth Management IT > White
Label Robo Advisors
$3.7M 1 InvestSuite | $3.7M | Series A Link
47--
Alternative Lending > Online Lenders > Consumer
Loans > Diversified > Marketplace > P2P
$3.5M 1 mozzeno | $3.5M | Series A Link
48--
Tech for Digital Publishers > Content Creation >
Graphics
$3.4M 1 CHILI publish | $3.4M | Series B Link
49--
Smart Grid > Distributed Energy Resources >
Microgrid > Control System
$3.3M 1 Enervalis | $3.3M | Series A Link
50-- Station Management Solution $3.3M 1 Enervalis | $3.3M | Series A Link

Recent Funding Rounds
Life Sciences Platforms and Tools > Research
Services - Belgium
01
9
Back to index
Life Sciences Platforms and Tools (Promethera)
(# Cos: 85 | $487M)
Research Services (Univercells)
(# Cos: 48 | $363M)
Taxonomy
$ Invested in last 1 year in Belgium
Tech
Key Stats
# Funding Rounds in last 1 year in
Belgium Tech
$85.2M (▲48.4%)
1(▼75%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$363M
24
1
48
5
Univercells
(2013, Gosselies, $146M)
Promethera
(2009, Mont-saint-guib.., $131M)
Syndesi Therapeutics
(2018, Louvain-la-neuve, $21.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Univercells (2013, Gosselies)
$85.2M - Series C - Dec 2020

AgomAb Therapeutics (2017, Ghent)
$74.0M - Series B - Mar 2021
Fibrosis Drugs - Belgium
02
10
Back to index
Immunology (ASIT biotech)
(# Cos: 13 | $211M)
Drugs (Galapagos)
(# Cos: 8 | $211M)
Fibrosis (AgomAb Therapeutics)
(# Cos: 1 | $97.5M)
Taxonomy
Tech
Key Stats
Belgium Tech
$74.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$97.5M
1
-
1
1
AgomAb Therapeutics
(2017, Ghent, $97.5M)

Food Tech > Technology Enablers > Restaurants > Online
Ordering Solutions - Belgium
03
11
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$65.0M (▲269%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$90.0M
1
-
2
1
Food Tech (mealhero)
(# Cos: 67 | $119M)
Technology Enablers (Growzer)
(# Cos: 18 | $92.5M)
Restaurants (APICBASE)
(# Cos: 15 | $92.5M)
Online Ordering Solutions
(Deliverect)
(# Cos: 2 | $90.0M)
Deliverect
(2018, Ghent, $90.0M)
Flyx
(2019, Brussels)
Deliverect (2018, Ghent)
$65.0M - Series C - Apr 2021

RPA in Finance & Accounting - Belgium
04
12
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$53.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$102M
1
1
1
0
Robotic Process Automation (Routty)
(# Cos: 5 | $102M)
Enhanced Automation (Metamaze)
(# Cos: 4 | $102M)
Multi-Industry (Automagica)
(# Cos: 4 | $102M)
Finance & Accounting
(UnifiedPost)
(# Cos: 1 | $102M)
UnifiedPost
(2002, La Hulpe, $102M)
UnifiedPost (2002, La Hulpe)
$53.6M - Series D - Jul 2020

ExeVir Bio (2020, Zwijnaarde)
$27.0M - Series A - Jul 2020
ExeVir Bio (2020, Zwijnaarde)
$22.7M - Series A - Mar 2021
COVID-19 Drugs - Belgium
05
13
Back to index
Infectious Diseases (Imcyse)
(# Cos: 8 | $176M)
Drugs (Aelin Therapeutics)
(# Cos: 5 | $176M)
COVID-19 (ExeVir Bio)
(# Cos: 1 | $49.6M)
Taxonomy
Tech
Key Stats
Belgium Tech
$49.6M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$49.6M
1
-
1
1
ExeVir Bio
(2020, Zwijnaarde, $49.6M)

Indigo (2016, Ghent)
$44.3M - Series B - Jul 2020
Non-Invasive Continuous Glucose
Monitoring Devices - Belgium
06
14
Back to index
Diabetes (Imcyse)
(# Cos: 4 | $110M)
Monitoring Devices (Gecet)
(# Cos: 2 | $52.6M)
Non-Invasive (Indigo)
(# Cos: 1 | $52.6M)
Taxonomy
Tech
Key Stats
Belgium Tech
$44.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$52.6M
1
-
1
1
Indigo
(2016, Ghent, $52.6M)

Indigo (2016, Ghent)
$44.3M - Series B - Jul 2020
Disease Self Management > Diabetes > Monitoring > Glucose
> Device > Wearable - Belgium
07
15
Back to index
Disease Self Management (Epihunter)
(# Cos: 36 | $76.1M)
Glucose (Diabase)
(# Cos: 2 | $52.6M)
Wearable (Indigo)
(# Cos: 1 | $52.6M)
Taxonomy
Tech
Key Stats
Belgium Tech
$44.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$52.6M
1
-
1
1
Indigo
(2016, Ghent, $52.6M)

Silverfin (2013, Ghent)
$30.0M - Series B - Jun 2020
Finance & Accounting Tech > Tools for Finance Professionals
> Accountants - Belgium
08
16
Back to index
Finance & Accounting Tech (Cashforce)
(# Cos: 87 | $89.7M)
Tools for Finance Professionals (Booqee)
(# Cos: 5 | $34.9M)
Accountants (Silverfin)
(# Cos: 4 | $34.9M)
Taxonomy
Tech
Key Stats
Belgium Tech
$30.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$34.9M
2
-
4
1
Silverfin
(2013, Ghent, $34.5M)
Booqee
(2017, Brussels, $351K)
Accounton
(2019, Antwerp)

Cardiac and Vascular Disorders > Medical Devices >
Therapeutic Devices > Heart Attack - Belgium
09
17
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$28.7M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$117M
1
-
1
1
Cardiac and Vascular Disorders (FibriCheck)
(# Cos: 12 | $193M)
Medical Devices (Byteflies)
(# Cos: 10 | $177M)
Therapeutic Devices (Celyad)
(# Cos: 6 | $174M)
Heart Attack (Miracor Medical)
(# Cos: 1 | $117M)
Miracor Medical
(2008, Awans, $117M)
Miracor Medical (2008, Awans)
$28.7M - Series E - Sep 2020

Electric Bicycle Manufacturers - Belgium
10
18
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$26.6M (▲450%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$45.9M
3
-
8
1
Electric Vehicles (Punch Powertrain)
(# Cos: 63 | $119M)
Automaker (Swyff)
(# Cos: 23 | $47.2M)
Two Wheelers (Ahooga)
(# Cos: 12 | $45.9M)
Bicycles (Cowboy)
(# Cos: 8 | $45.9M)
Cowboy
(2017, Brussels, $45.9M)
Ahooga
(2015, Brussels)
Swyff
(2009, Waregem)
Cowboy (2017, Brussels)
$26.6M - Series B - Jul 2020

Diabetes Drugs - Belgium
11
19
Back to index
Diabetes (Indigo)
(# Cos: 4 | $110M)
Drugs (Imcyse)
(# Cos: 2 | $57.3M)
Taxonomy
Tech
Key Stats
Belgium Tech
$25.8M (▼17.8%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$57.3M
1
-
2
1
Imcyse
(2010, Liege, $57.3M)
Beta-Cell
(1998, Diepenbeek)
Imcyse (2010, Liege)
$25.8M - Series B - Feb 2021

AppTweak (2012, Etterbeek)
$22.0M - Series B - Apr 2021
MarketingTech > Mobile Marketing > App Marketing > App
Store Optimization - Belgium
12
20
Back to index
MarketingTech (CHILI publish)
(# Cos: 131 | $119M)
Mobile Marketing (UXpro)
(# Cos: 9 | $22.5M)
App Store Optimization (AppTweak)
(# Cos: 1 | $22.5M)
Taxonomy
Tech
Key Stats
Belgium Tech
$22.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.5M
1
-
1
1
AppTweak
(2012, Etterbeek, $22.5M)

App Store Optimisation Platforms -
Belgium
13
21
Back to index
Technology Enablers (Run Autopilot)
(# Cos: 2 | $22.5M)
App Store Optimization (AppTweak)
(# Cos: 1 | $22.5M)
Taxonomy
Tech
Key Stats
Belgium Tech
$22.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.5M
1
-
1
1
AppTweak
(2012, Etterbeek, $22.5M)
AppTweak (2012, Etterbeek)
$22.0M - Series B - Apr 2021

Magnax (2015, Kortrijk)
$19.6M - Series A - Jan 2021
Four Wheelers Motor - Belgium
14
22
Back to index
Electric Vehicles (Cowboy)
(# Cos: 63 | $119M)
Components (Punch Powertrain)
(# Cos: 5 | $61.8M)
Four Wheelers (Magnax)
(# Cos: 1 | $19.6M)
Taxonomy
Tech
Key Stats
Belgium Tech
$19.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$19.6M
1
-
1
1
Magnax
(2015, Kortrijk, $19.6M)

Crop Biologicals - Belgium
15
23
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$16.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$25.2M
1
-
1
1
Crop Tech (BIGH)
(# Cos: 49 | $139M)
Farm Inputs (Biobest)
(# Cos: 12 | $134M)
Biologicals (Biotalys)
(# Cos: 7 | $126M)
Diversified (Aphea.Bio)
(# Cos: 1 | $25.2M)
Aphea.Bio
(2017, Zwijnaarde, $25.2M)
Aphea.Bio (2017, Zwijnaarde)
$16.6M - Series B - Nov 2020

Biopharma Outsourcing > CRO > Preclinical Studies >
Diversified > InVivo - Belgium
16
24
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$14.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$29.1M
1
-
1
1
Biopharma Outsourcing (Univercells)
(# Cos: 86 | $196M)
CRO (ImmunXperts)
(# Cos: 39 | $30.1M)
Preclinical Studies (NeuraTest)
(# Cos: 5 | $29.1M)
Diversified (BARC Global Central Laboratory)
(# Cos: 3 | $29.1M)
InVivo (reMYND)
(# Cos: 1 | $29.1M)
reMYND
(2002, Leuven, $29.1M)
reMYND (2002, Leuven)
$14.6M - Series B - Jan 2021

reMYND (2002, Leuven)
$14.6M - Series B - Jan 2021
Life Sciences Platforms and Tools > Research Assays > Drug
Discovery > High Throughput Screening (HTS) - Belgium
17
25
Back to index
Life Sciences Platforms and Tools (Univercells)
(# Cos: 85 | $487M)
Research Assays (CellSine)
(# Cos: 4 | $29.1M)
High Throughput Screening (HTS)
(reMYND)
(# Cos: 1 | $29.1M)
Taxonomy
Tech
Key Stats
Belgium Tech
$14.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$29.1M
1
-
1
1
reMYND
(2002, Leuven, $29.1M)

Soda (2014, Brussels)
$13.9M - Series A - Feb 2021
Database Performance Monitoring -
Belgium
18
26
Back to index
Database Technology (Dbizers)
(# Cos: 5 | $13.9M)
Database Administration (Hackolade)
(# Cos: 4 | $13.9M)
Performance and Monitoring (Soda)
(# Cos: 1 | $13.9M)
Taxonomy
Tech
Key Stats
Belgium Tech
$13.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.9M
1
-
1
1
Soda
(2014, Brussels, $13.9M)

Soda (2014, Brussels)
$13.9M - Series A - Feb 2021
Database Performance Monitoring -
Belgium
19
27
Back to index
IT Operations (Nodeum)
(# Cos: 11 | $13.9M)
ITOM (internetVista)
(# Cos: 8 | $13.9M)
Database Monitoring (Soda)
(# Cos: 1 | $13.9M)
Taxonomy
Tech
Key Stats
Belgium Tech
$13.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.9M
1
-
1
1
Soda
(2014, Brussels, $13.9M)

VR for Patient Treatment - Belgium
20
28
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$11.8M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$11.8M
2
-
5
1
Virtual Reality (Around Media Group)
(# Cos: 40 | $13.2M)
Applications (Raven-Bruges)
(# Cos: 27 | $11.8M)
Healthcare & Fitness (VR Medics)
(# Cos: 5 | $11.8M)
Patient Treatment (Oncomfort)
(# Cos: 5 | $11.8M)
Oncomfort
(2017, Wavre, $11.8M)
VR Medics
(2019, Houthalen)
Het Vliegend Bed
(2018, Temse)
Oncomfort (2017, Wavre)
$11.8M - Series A - Sep 2020

Neurology > Medical Devices > Therapeutic
Devices > Psychiatric - Belgium
21
29
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$11.8M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$11.8M
2
-
2
1
Neurology (Syndesi Therapeutics)
(# Cos: 20 | $69.3M)
Medical Devices (Cefaly)
(# Cos: 11 | $22.0M)
Therapeutic Devices (Synergia Medical)
(# Cos: 8 | $22.0M)
Psychiatric (Oncomfort)
(# Cos: 2 | $11.8M)
Oncomfort
(2017, Wavre, $11.8M)
NeuroTECH
(1994, Louvain-la-neuve)
Oncomfort (2017, Wavre)
$11.8M - Series A - Sep 2020

Clinical Trial Supply Management -
Belgium
22
30
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$11.8M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$11.8M
1
-
1
1
Life Sciences Tech (ONTOFORCE)
(# Cos: 48 | $70.7M)
Research & Development (Ovizio)
(# Cos: 44 | $67.7M)
Clinical Trials (MDCPartners)
(# Cos: 14 | $12.9M)
Study Implementation (Healthentia)
(# Cos: 8 | $12.9M)
Clinical Trial Supply Management (N-
SIDE)
(# Cos: 1 | $11.8M)
N-SIDE
N-SIDE (2000, Louvain-la-neuve)
$11.8M - Series B - Mar 2021

Diagnostics (by Technology) > Diagnostic Software >
Biophysical Markers > Pulse - Belgium
23
31
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$10.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$12.6M
1
-
1
0
Diagnostics (by Technology) (Biocartis)
(# Cos: 45 | $579M)
Diagnostic Software (Cartagenia)
(# Cos: 7 | $23.2M)
Biophysical Markers (Ectosense)
(# Cos: 2 | $14.4M)
Pulse (FibriCheck)
(# Cos: 1 | $12.6M)
FibriCheck
(2016, Hasselt, $12.6M)
FibriCheck (2016, Hasselt)
$10.9M - Series B - Feb 2021

Cardiac and Vascular Disorders > In-Vitro
Diagnostics > Arrhythmia - Belgium
24
32
Back to index
Cardiac and Vascular Disorders (Celyad)
(# Cos: 12 | $193M)
Arrhythmia (FibriCheck)
(# Cos: 1 | $12.6M)
Taxonomy
Tech
Key Stats
Belgium Tech
$10.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$12.6M
1
-
1
0
FibriCheck
(2016, Hasselt, $12.6M)
FibriCheck (2016, Hasselt)
$10.9M - Series B - Feb 2021

Gastroenterology > Medical Devices > Therapeutic Devices >
Upper GI Disorders - Belgium
25
33
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$9.7M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$18.7M
1
-
1
1
Gastroenterology (Normaphar)
(# Cos: 4 | $18.7M)
Medical Devices (VIPUN Medical)
(# Cos: 3 | $18.7M)
Therapeutic Devices (Prion Medical)
(# Cos: 2 | $18.7M)
Upper GI Disorders (Endo Tools
Therapeutics)
(# Cos: 1 | $18.7M)
Endo Tools Therapeutics
(2008, Gosselies, $18.7M)
Endo Tools Therap.. (2008, Gosselies)
$9.7M - Series D - Jan 2021

Building Energy Management Systems -
Belgium
26
34
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.1M
3
1
7
1
Energy Efficiency Tech (Smappee)
(# Cos: 59 | $94.7M)
Energy Management System (REstore)
(# Cos: 22 | $82.7M)
Building Automation Systems
(TrendMiner)
(# Cos: 14 | $36.2M)
Suite (E-peas)
(# Cos: 7 | $13.1M)
E-peas
(2014, Brussels, $13.1M)
Option
(1986, Leuven)
KNX
(1990, Diegem)
E-peas (2014, Brussels)
$9.0M - Series B - Jul 2020

Energy Harvesting - Belgium
27
35
Back to index
Energy Storage Tech (Borit)
(# Cos: 28 | $30.1M)
Energy Harvesting (E-peas)
(# Cos: 1 | $13.1M)
Taxonomy
Tech
Key Stats
Belgium Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.1M
1
-
1
1
E-peas
(2014, Brussels, $13.1M)

Analog and Mixed Signal ICs > Power > Power
Management ICs - Belgium
28
36
Back to index
Analog and Mixed Signal ICs (CMOSIS)
(# Cos: 12 | $42.0M)
Power (CISSOID)
(# Cos: 4 | $13.1M)
Power Management ICs (E-peas)
(# Cos: 4 | $13.1M)
Taxonomy
Tech
Key Stats
Belgium Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.1M
3
-
4
1
E-peas
(2014, Brussels, $13.1M)
CISSOID
(2000, Mont-saint-guib..)
Mindcet
(2011, Leuven)

Building Energy Management Software -
Belgium
29
37
Back to index
Facility Management Tech (E-peas)
(# Cos: 43 | $53.8M)
Building Management (Proxyclick)
(# Cos: 37 | $47.2M)
Building Energy Management (REstore)
(# Cos: 29 | $28.6M)
Taxonomy
Tech
Key Stats
Belgium Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$28.6M
11
1
29
2
REstore
(2010, Antwerp, $11.9M)
E-peas
(2014, Brussels, $13.1M)
Opinum
(2014, Mont-saint-guib.., $3.6M)

Road Transport Tech > Mass Transit > Consumer Transit
Applications > Ticketing - Belgium
30
38
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$7.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.9M
1
-
3
1
Road Transport Tech (CommuniThings)
(# Cos: 91 | $13.8M)
Mass Transit (Mobiflow)
(# Cos: 7 | $7.9M)
Consumer Transit Applications
(NextRide)
(# Cos: 5 | $7.9M)
Ticketing (Skipr)
(# Cos: 3 | $7.9M)
Skipr
(2019, Brussels, $7.9M)
Mobiflow
(2016, Ghent)
MOBIB
(2007, Brussels)
Skipr (2019, Brussels)
$7.9M - Series A - Jun 2020

Online Grocery > B2C Ecommerce > Multi Category > Retailer
> Outsourced Delivery > Organic - Belgium
31
39
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$7.3M (▲553%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$8.6M
1
-
1
1
Online Grocery (Belgiuminabox)
(# Cos: 48 | $8.9M)
B2C Ecommerce (Foodbag)
(# Cos: 46 | $8.9M)
Multi Category (eFarmz)
(# Cos: 11 | $8.9M)
Retailer (Cirkle)
(# Cos: 9 | $8.9M)
Outsourced Delivery (Kosher4u)
(# Cos: 4 | $8.6M)
Organic (Kazidomi)
(# Cos: 1 | $8.6M)
Kazidomi
(2016, Brussels, $8.6M)
Kazidomi (2016, Brussels)
$7.3M - Series A - Dec 2020

Crop Tech > Farm Inputs > Seeds > Field Crops >
Hybrid - Belgium
32
40
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$7.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.1M
1
-
1
0
Crop Tech (Biobest)
(# Cos: 49 | $139M)
Farm Inputs (Biotalys)
(# Cos: 12 | $134M)
Seeds (Storm Seeds)
(# Cos: 2 | $7.1M)
Hybrid (Protealis)
(# Cos: 1 | $7.1M)
Protealis
(2021, Ghent, $7.1M)
Protealis (2021, Ghent)
$7.1M - Seed - Apr 2021

Business Intelligence > Data Discovery and Visualization > Reporting and
Dashboarding > GUI Based Query > Multiple Data Sources - Belgium
33
41
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$7.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$17.2M
4
-
6
1
Business Intelligence (Collibra)
(# Cos: 31 | $368M)
Data Discovery and Visualization (Datylon)
(# Cos: 12 | $17.2M)
Reporting and Dashboarding (D-Sight)
(# Cos: 9 | $17.2M)
GUI Based Query (EMAsphere)
(# Cos: 9 | $17.2M)
Multiple Data Sources (Cumul.io)
(# Cos: 6 | $17.2M)
Cumul.io
(2015, Leuven, $4.7M)
EMAsphere
(2013, Mont-saint-guib.., $10.2M)
D-Sight
(2010, Brussels, $2.1M)
Cumul.io (2015, Leuven)
$4.2M - Series A - Nov 2020
EMAsphere (2013, Mont-saint-guibert)
$2.8M - Series A - Jul 2020

Livestock Tech > Health Management >
Pharmaceuticals > Vaccines - Belgium
34
42
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$6.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.6M
1
-
1
1
Livestock Tech (Porphyrio)
(# Cos: 11 | $20.8M)
Health Management (Bio-Sourcing)
(# Cos: 6 | $19.9M)
Pharmaceuticals (Zoetis)
(# Cos: 3 | $19.9M)
Vaccines (ViroVet)
(# Cos: 1 | $13.6M)
ViroVet
(2015, Leuven, $13.6M)
ViroVet (2015, Leuven)
$6.6M - Series B - May 2020

Customer Feedback Management -
Belgium
35
43
Back to index
Customer Success Management (Q1.6)
(# Cos: 13 | $8.8M)
Feedback Platforms (Hello Customer)
(# Cos: 5 | $8.8M)
Taxonomy
Tech
Key Stats
Belgium Tech
$6.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$8.8M
1
-
5
1
Hello Customer
(2015, Ghent, $8.8M)
CheckMarket
(2002, Turnhout)
SeerUs
(2013, Namur)
Hello Customer (2015, Ghent)
$6.5M - Series A - May 2020

Cryptocurrency Market Makers -
Belgium
36
44
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$5.1M (▲310%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.4M
1
-
1
1
Cryptocurrencies (NGRAVE)
(# Cos: 44 | $7.7M)
Financial Services (BlackTurtle)
(# Cos: 31 | $7.4M)
Investment Industry (Delta)
(# Cos: 24 | $7.4M)
Crypto Market Makers (Keyrock)
(# Cos: 1 | $7.4M)
Keyrock
(2017, Brussels, $7.4M)
Keyrock (2017, Brussels)
$5.1M - Series A - Oct 2020

Ampacimon (2010, Hollogne)
$4.7M - Series A - Aug 2020
Sensors > Industry Applications > Energy
- Belgium
37
45
Back to index
Sensors (CMOSIS)
(# Cos: 34 | $28.1M)
Industry Applications (Sensolus)
(# Cos: 12 | $18.3M)
Energy (Ampacimon)
(# Cos: 1 | $4.7M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.7M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.7M
1
-
1
1
Ampacimon
(2010, Hollogne, $4.7M)

Ampacimon (2010, Hollogne)
Smart Grid > Grid Management > Grid Network Monitoring >
Dynamic Line Rating - Belgium
38
46
Back to index
Smart Grid (REstore)
(# Cos: 21 | $24.5M)
Grid Management (EnergieID)
(# Cos: 3 | $4.7M)
Dynamic Line Rating (Ampacimon)
(# Cos: 1 | $4.7M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.7M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.7M
1
-
1
1
Ampacimon
(2010, Hollogne, $4.7M)

intigriti (2016, Antwerp)
$4.6M - Series A - Jun 2020
Security Testing - Belgium
39
47
Back to index
Software Testing Tools (Quamotion)
(# Cos: 12 | $4.6M)
Testing Types (TestingBot)
(# Cos: 4 | $4.6M)
Security Testing (intigriti)
(# Cos: 2 | $4.6M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.6M
1
-
2
1
intigriti
(2016, Antwerp, $4.6M)
Yaro
(2020, Leuven)

Big Data Warehouse - Belgium
40
48
Back to index
Big Data Infrastructure (BigBoards)
(# Cos: 2 | $4.3M)
Big Data Warehouse (Vaultspeed)
(# Cos: 1 | $4.3M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.3M
1
-
1
0
Vaultspeed
(2018, Leuven, $4.3M)
Vaultspeed (2018, Leuven)
$4.3M - Series A - Mar 2021

Sensolus (2013, Ghent)
Sensors for Industrial Equipment
Monitoring - Belgium
41
49
Back to index
Sensors (CMOSIS)
(# Cos: 34 | $28.1M)
Industry Applications (FillFactory)
(# Cos: 12 | $18.3M)
Industrial Process Monitoring (Sensolus)
(# Cos: 4 | $7.4M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.4M
3
-
4
1
Sensolus
(2013, Ghent, $7.4M)
Quad Industries
(1998, Sint-niklaas)
Zensor
(2013, Brussels)

Sensolus (2013, Ghent)
IoT Sensors - Belgium
42
50
Back to index
Internet of Things Infrastructure (Tangent Works)
(# Cos: 31 | $50.0M)
IoT Devices (Accelleran)
(# Cos: 3 | $10.8M)
Sensors (Sensolus)
(# Cos: 1 | $7.4M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.4M
1
-
1
1
Sensolus
(2013, Ghent, $7.4M)

Network Routing Software - Belgium
43
51
Back to index
Enterprise Networking (Inmanta)
(# Cos: 6 | $8.5M)
Routing Software (Tessares)
(# Cos: 1 | $7.8M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.8M
1
-
1
1
Tessares
Tessares (2015, Louvain-la-neuve)

Animab (2020, Ghent)
$4.0M - Seed - Oct 2020
Veterinary HealthTech > Biopharmaceuticals >
Livestock - Belgium
44
52
Back to index
Veterinary HealthTech (Veterinary Medicine Electronic
Library)
(# Cos: 5 | $4.0M)
Biopharmaceuticals (Global Stem cell
Technology)
(# Cos: 3 | $4.0M)
Livestock (Animab)
(# Cos: 1 | $4.0M)
Taxonomy
Tech
Key Stats
Belgium Tech
$4.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.0M
1
-
1
0
Animab
(2020, Ghent, $4.0M)

Rejuvenate Biomed (2017, Hasselt)
Dermatology > Drugs > Sarcopenia -
Belgium
45
53
Back to index
Dermatology (Devroye Instruments)
(# Cos: 5 | $3.8M)
Drugs (Auriga international)
(# Cos: 2 | $3.8M)
Sarcopenia (Rejuvenate Biomed)
(# Cos: 1 | $3.8M)
Taxonomy
Tech
Key Stats
Belgium Tech
$3.8M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.8M
1
-
1
0
Rejuvenate Biomed
(2017, Hasselt, $3.8M)

InvestSuite (2018, Leuven)
$3.7M - Series A - Dec 2020
Investment Tech > Wealth Management IT >
White Label Robo Advisors - Belgium
46
54
Back to index
Investment Tech (Tricount)
(# Cos: 59 | $13.6M)
Wealth Management IT (Gambit Financial
Solutions)
(# Cos: 4 | $11.0M)
White Label Robo Advisors (InvestSuite)
(# Cos: 1 | $11.0M)
Taxonomy
Tech
Key Stats
Belgium Tech
$3.7M (▲67%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$11.0M
1
-
1
1
InvestSuite
(2018, Leuven, $11.0M)

Alternative Lending > Online Lenders > Consumer Loans >
Diversified > Marketplace > P2P - Belgium
47
55
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$3.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.7M
1
-
1
0
Alternative Lending (Koalaboox)
(# Cos: 16 | $168M)
Online Lenders (UnifiedPost)
(# Cos: 13 | $146M)
Consumer Loans (Buy Way)
(# Cos: 3 | $4.7M)
Marketplace (C Finance)
(# Cos: 2 | $4.7M)
P2P (mozzeno)
(# Cos: 1 | $4.7M)
mozzeno
(2015, Brussels, $4.7M)
mozzeno (2015, Brussels)
$3.5M - Series A - Sep 2020

CHILI publish (2010, Aalst)
Tech for Digital Publishers > Content Creation >
Graphics - Belgium
48
56
Back to index
Tech for Digital Publishers (Twixl Media)
(# Cos: 6 | $10.2M)
Content Creation (Tappable)
(# Cos: 3 | $10.2M)
Graphics (CHILI publish)
(# Cos: 2 | $10.2M)
Taxonomy
Tech
Key Stats
Belgium Tech
$3.4M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.2M
2
-
2
1
CHILI publish
(2010, Aalst, $10.2M)
Drawify
(2020, Antwerp)

Enervalis (2013, Houthalen)
Smart Grid > Distributed Energy Resources >
Microgrid > Control System - Belgium
49
57
Back to index
Smart Grid (REstore)
(# Cos: 21 | $24.5M)
Distributed Energy Resources (nanoGrid)
(# Cos: 2 | $7.8M)
Control System (Enervalis)
(# Cos: 1 | $7.8M)
Taxonomy
Tech
Key Stats
Belgium Tech
$3.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.8M
1
-
1
1
Enervalis
(2013, Houthalen, $7.8M)

Station Management Solution - Belgium
50
58
Back to index
Taxonomy
Tech
Key Stats
Belgium Tech
$3.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.8M
2
-
4
1
Electric Vehicles (Punch Powertrain)
(# Cos: 63 | $119M)
Charging Solutions (MobilityPlus)
(# Cos: 14 | $7.8M)
Station Network (PlugInvest)
(# Cos: 11 | $7.8M)
Charging (eCloud Company)
(# Cos: 11 | $7.8M)
Station Management IT (Enervalis)
(# Cos: 4 | $7.8M)
Enervalis
(2013, Houthalen, $7.8M)
MobilityPlus
(2016, De Pinte)
UZE.ENERGY
(2020, Antwerp)
Enervalis (2013, Houthalen)

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Tracxn - Belgium Tech - Top Business Models - May 2021

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