The country is home to an up-and-coming startup scene that is bursting with innovation. StartupBlink’s Startup Ecosystem Report found that Malta’s startup scene saw an increase in 2023 and had jumped three spots from 2022. In Western Europe, Malta ranks 20th in the startup ecosystem, and worldwide, the country ranks 56th. 

In this article, we will embark on a journey through Malta to explore the top startups that are flying the Maltese flag in the global tech ecosystem.

BrainTrip

BrainTrip was founded in 2019 by Jurij Dreo and David Sakić. The pair first bonded over their research work on dementia, and in 2019, they took this shared interest and founded BrainTrip.

BrainTrip has developed, tested, and validated an electroencephalogram (EEG) based algorithm for the reliable detection of dementia. The algorithm is paired with a third-party EEG and used in elderly care facilities as a screening tool for dementia. The BrainTrip Dementia Index (BDI) reflects current mental abilities. It is based on modern neuroscience and computer algorithms. It takes in brainwave data and returns a score from 0 to 100 - the lower the score, the higher the chance that the patient might be in the early stages of dementia.

Medical dementia diagnostic tests are expensive and invasive, therefore having a screening tool to determine whether these types of procedures are worthwhile is a great benefit to patients and physicians. This diagnostic tool has been more effective and rapid on a small scale than the standard dementia diagnosis.

FRVR

FRVR is a gaming platform, focusing on the development and distribution of casual mobile and web-based games. Founded in 2017 by Brian Meidell, a former Executive at Cape Copenhagen, and Chris Benjaminsen, previously working with Yahoo, FRVR has made significant strides in the gaming sector. The startup’s vision is to democratise game distribution by delivering great games for everyone, everywhere. They collaborate with various partners to push game distribution beyond traditional app stores, providing content, expertise, and technology.

FRVR's platform has achieved impressive milestones, having attracted over 1.5 billion players to date, with millions of active users daily. The platform's success is partly due to its focus on instant gaming and its ability to connect a vast number of players to captivating games.

FRVR has been successful in securing substantial investments to further its growth. In 2022, the company raised $76 million in a funding round led by Hiro Capital, with participation from existing investors Accel and Makers Fund. Previously, in 2018, FRVR secured $3 million in funding, which was utilized to expand into additional platforms, particularly mobile.

Solfy

Solfy is a fintech startup creating a distinctive ecosystem involving banks, merchants, and customers. The platform facilitates banks in offering loans to customers who then use the Solfy app and credit cards for purchases. These loans, interest-free and repaid in fixed monthly instalments, are financed by the merchants. Solfy's system aims to enhance bank credit product sales and reduce risks, boost client numbers, and augment retail transaction volumes. Merchants benefit from increased sales and stronger customer loyalty, while customers enjoy the advantage of interest-free shopping loans.

Founded in 2018, Solfy has raised €1.2 million in funding to date. Its innovative approach helps banks increase credit product sales, gain more clients, and enhance retail transaction volumes. Meanwhile, merchants benefit from boosted sales and customer loyalty, and customers enjoy the privilege of interest-free loans for their purchases​.

VAIOT

VAIOT is a startup that integrates AI and Blockchain technologies to develop a portfolio of business-oriented Intelligent Virtual Assistants. These assistants are designed to serve both consumers and businesses, offering new digital channels for selling and delivering products and services, as well as facilitating transactions.

The company's platform utilises Intelligent Contracts technology, which introduces a novel and intelligent service distribution channel. This technology allows businesses to access and distribute services in a way that adapts to modern customer needs. One of the key applications of VAIOT's platform is in the Insurtech sector, where its Virtual AI Assistant enhances customer experience in the insurance industry by simplifying sales processes and introducing a new level of security through blockchain technology.

VAIOT's roadmap has been marked by several milestones, including the launch of its private blockchain on Polygon Edge and the integration with Polygon's main net for its blockchain functions. The company has also been working on integrating technologies such as Microsoft's CLU and GPT-4 into its AI Legal Assistant, enhancing conversational flow and legal knowledge base capabilities. The VAI Token, functioning as the native digital currency within the VAIOT platform, plays a crucial role in incentivising users to utilise VAIOT’s solutions. It serves various purposes, such as a payment method for transactions, rewarding individuals who secure the platform, and being used as collateral for maintaining the stability of its value.

Xaya

Xaya has become a prominent player in the world of blockchain gaming, recognised for its approach to decentralised gaming infrastructures. Xaya is an open-source, permissionless blockchain, specifically designed to host complex, fully decentralised games and open metaverses. This platform is known for its focus on scalability, leveraging advanced technologies honed from over seven years of research and development in blockchain gaming.

One of the unique aspects of Xaya is its use of Game Channels technology, optimised for gaming to support real-time games with instant settlement and unlimited transaction capabilities. The platform allows for fully immersive gaming experiences that are provably fair, decentralised, unstoppable, censorship-resistant, and autonomous. In June 2020, Xaya was selected to join Ubisoft's Entrepreneurs Lab, showcasing its potential in the blockchain gaming sector. Furthermore, Xaya's collaboration with Polygon, an Ethereum-compatible sidechain, marks a significant step in increasing the scalability and accessibility of blockchain-based gaming.

Conclusion

Malta's startup ecosystem showcases a dynamic blend of innovation and entrepreneurial spirit. Among the top five startups, we see diverse sectors being revolutionised, from fintech to blockchain, to AI technologies. These startups, with their unique solutions and rapid growth, not only highlight Malta's potential as a tech hub but also its capacity to compete on the global stage. Their success stories are a testament to Malta's nurturing environment for tech entrepreneurs and a beacon for future innovators.

If this article has you wondering what the startup scene is like in Malta and why so many startups pick Malta as their headquarters, read our latest magazine’s Hotspot segment.