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Politics

Mitsotakis Touts Greek High-Tech US Buyouts Success Stories

ATHENS – Still hoping to lure foreign investors in the aftermath of the winding-down COVID-19 Coronavirus pandemic, Prime Minister Kyriakos Mitsotakis said buyouts of two technology companies by United States giants in the field showed Greece’s potential.

Softomotive, which provides Robotic Process Automation solutions was acquired by Microsoft while the Patras-based Think Silicon, which develops high performance graphics IP technology for ultra-low power and area limited digital devices for world wide semiconductor technology customers was taken over by Applied Materials.

The participating companies belong to the network of the business support organization Endeavour Greece.

Mitsotakis spoke at a video conference with the founders of Greek technology companies that succeeded in attracting foreign investment during the pandemic, as well as representatives of multinational firms that placed their trust in the Greek startups..

Microsoft spokesperson Charles Lamanna said the company plans to establish an RPA (Robotic Process Automation) development centre in Greece. As Microsoft's first research and development center in the country, it will further reinforce the impact of the acquisition on the local economy, it was said, reported Kathimerini.

Mitsotakis also praised DeepSea, which managed to raise 3 million euros ($3.34 million) from the English investment group ETF Partners. The company was the first to convince a major foreign fund to invest in Greece during the pandemic.

"This is a really great development, which, in fact, came about during a very difficult time for the country. However, I believe that it also demonstrates that we can do so much more to support the environment of our startups and to create the conditions that will attract more capital to the country, create new jobs and showcase the ecosystem of Greek startups abroad," Mitsotakis said.

DeepSea’s Artificial Intelligence platform monitors vessel (or fleet) performance and operational data, sharing the information in real time with owners and charterers. With the underlying data, DeepSea makes recommendations on how to increase efficiency and reduce carbon emissions, reported Tech.eu.

The maritime logistics startup was founded in 2017 by a pair of Oxbridge graduates, Konstantinos Kyriakopoulos and Roberto Coustas, whose family heritage lies in shipping and whose studies focused on machine learning.

“We saw a big opportunity to apply next-generation technology to an industry that we know well,” Coustas, the company’s CEO told the site.

“This is even more true today, as the recent global pandemic will encourage the industry to adopt best-in-class operating models, as traditional supply chains are redrawn and ultimately strengthened,” he added.

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