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Start-ups in Romania
22 tech companies founded in Romania, from UiPath and Bitdefender to seed-stage start-ups, scored on 22 conditions: the radar’s 14 and 8 that verify the evidence.
Questions the analysis answers
- How does Romania compare with the region (Central and Eastern Europe)?
- Which Romanian start-ups are worth following on the same 14 conditions?
- What exits have there been, and at what valuations?
The Romanian start-ups on the radar
22 companies founded in Romania, scored on 22 conditions: the 14 conditions used for the global start-ups (80% of the score) and 8 verification conditions (20%), which check whether the figures can be confirmed independently: outside audit or ranking, official registers, agreement of sources, track record, third-party confirmation, warning signs, resilience under stress and independence from 22Radar. Each score rests on public sources; a company's own claims do not count as proof. The scores are frozen in the snapshot of 5 November 2026 (fingerprint in the .sha256 file); the earlier 14-condition snapshot stays published: startups-ro-2026-11-05.json. Price conditions cannot be assessed for unlisted companies: they get 5 (neutral) in the score and do not count as met.
| # | Company | Stage | Field | Conditions | Verification | Score | Substance / form |
|---|---|---|---|---|---|---|---|
| 1 | Bitdefender | Private, listing postponed | Cybersecurity | 19/22 | 8/8 | 7.86 | Substance without form |
| 2 | UiPath | Listed (NYSE: PATH) | Software automation and AI agents | 17/22 | 7/8 | 7.41 | Substance without form |
| 3 | Digitail | Private (Series B, 2025) | AI software for veterinary clinics | 17/22 | 7/8 | 7.23 | Substance without form |
| 4 | Veridion | Private (Series A, 2026) | AI-built data on companies worldwide | 17/22 | 7/8 | 7.18 | Substance without form |
| 5 | Instant Factoring | Private (equity + securitisation) | Digital factoring for small companies | 16/22 | 8/8 | 7.13 | Substance without form |
| 6 | Pentest-Tools.com | Private, no outside investors | Cybersecurity (automated testing) | 15/22 | 5/8 | 7.02 | Substance without form |
| 7 | FintechOS | Private (Series B + 2026 funding) | Software for banks and insurers | 14/22 | 7/8 | 6.57 | Substance being confirmed |
| 8 | Bible Chat | Private (Series A, 2025) | AI mobile app for the Christian community | 13/22 | 5/8 | 6.98 | Substance without form |
| 9 | SeedBlink | Private (Series A) | Start-up investment platform | 13/22 | 6/8 | 6.58 | Substance without form |
| 10 | Kinderpedia | Private (growth round, 2026) | AI platform for running schools and kindergartens | 12/22 | 6/8 | 6.39 | Substance without form |
| 11 | DRUID AI | Private (Series C, 2025) | Conversational AI agents for companies | 12/22 | 8/8 | 6.37 | Substance being confirmed |
| 12 | dotLumen (.lumen) | Private (EU grants + seed round) | Mobility glasses for blind people | 12/22 | 6/8 | 6.30 | Substance being confirmed |
| 13 | Neurolabs | Private (Series A, 2025) | AI visual recognition for store shelves | 11/22 | 6/8 | 6.44 | Substance being confirmed |
| 14 | Pago | Private (Series A, 2024) | Paying utility bills in one app | 11/22 | 6/8 | 6.42 | Substance without form |
| 15 | FlowX.AI | Private (Series A) | Modernising banking applications with AI | 11/22 | 5/8 | 6.23 | Substance being confirmed |
| 16 | TypingDNA | Private (Series A) | Authentication by typing pattern | 9/22 | 5/8 | 6.14 | Substance being confirmed |
| 17 | Unfrosen | Private | Selling fashion brands’ excess stock | 9/22 | 3/8 | 6.06 | Substance without form |
| 18 | Questo | Private (seed) | Location-based tourism and games | 8/22 | 5/8 | 6.04 | Substance being confirmed |
| 19 | Frisbo | Private | Warehousing and delivery for online shops | 7/22 | 4/8 | 6.00 | Substance being confirmed |
| 20 | Genezio | Private (pre-seed) | Brand visibility in AI assistants | 7/22 | 4/8 | 5.44 | Substance being confirmed |
| 21 | Qognifly | Private (first round, 2026) | Drones and counter-drone systems | 4/22 | 2/8 | 5.55 | Substance being confirmed |
| 22 | MultiversX (EGLD) | Listed token (EGLD) | Blockchain (formerly Elrond) | 4/22 | 3/8 | 4.02 | Substance being confirmed |
Each company, condition by condition
Bitdefender · Private, listing postponed · 19/22 · verification 8/8 · score 7.86 · Substance without form
Revenue of USD 480 million in 2025 (+11%) and operating profit of USD 57 million. The US listing, expected for June 2026, was moved to the end of 2028 from a comfortable financial position: the radar’s “launch from strength” pattern. Ordinary investors cannot buy the shares yet.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 9 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 10 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 9 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 9 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 8 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 7 | Organic community: people came for the product. |
| C9 | Obvious problem | 9 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 7 | Low risks: no lawsuits, scandals or major geopolitical exposure. |
Verification (C15–C22)
Its products are tested constantly by independent labs (AV-Test, AV-Comparatives); accounts filed in Romania and more than 20 years of record, with growth even in hard years.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 9 | Independently verified: a recent audit, certification or outside ranking. |
| C16 | Data in official registers | 8 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 8 | Several independent sources say the same. |
| C18 | Track record over time | 10 | Results confirmed over several years. |
| C19 | Third-party confirmation | 8 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 9 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Financiarul: 2025 revenue and the postponed listing (6 July 2026)
UiPath · Listed (NYSE: PATH) · 17/22 · verification 7/8 · score 7.41 · Substance without form
Founded in Bucharest, now headquartered in New York. Revenue of USD 1.61 billion in fiscal 2026 (+13%), ARR of USD 1.85 billion, USD 1.69 billion in cash and USD 329 million of buybacks in a year. It listed in 2021 near the market peak, at USD 56 a share; it now trades around USD 14, more than 75% below the listing price, with a high free-cash-flow yield for a software company. The main risk is that the AI agents of the large companies replace classic automation.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 9 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 4 | Rushed to market or listing, usually when enthusiasm peaked. |
| C3 | Healthy funding | 9 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 9 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 7 | Well-distributed supply: few new shares or tokens ready to flood the market. |
| C8 | Organic community | 6 | A real community, mixed with speculators. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | 8 | Good entry price: cheap versus rivals, its peak or what it produces. |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | 0 | The price is falling or erratic, without support. Data: the share price -9.6% in two months (Yahoo Finance, PATH) |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Listed on the NYSE, with audited annual reports filed with the SEC since 2021 and large named clients. A shareholder class action after the share-price fall is a signal to watch.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 10 | Independently verified: a recent audit, certification or outside ranking. |
| C16 | Data in official registers | 10 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 10 | Several independent sources say the same. |
| C18 | Track record over time | 9 | Results confirmed over several years. |
| C19 | Third-party confirmation | 9 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 6 | A few signals to watch. |
| C21 | Resilience under stress | 7 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: UiPath, fiscal 2026 results (official release); UiPath, 10-K annual report (SEC)
Digitail · Private (Series B, 2025) · 17/22 · verification 7/8 · score 7.23 · Substance without form
Founded in 2018 in Iași. A USD 23 million Series B in November 2025, led by Five Elms Capital, with Atomico, Partech and Gradient coming back; total funding is above USD 37 million. It replaces old software in veterinary clinics, especially in North America, where its business doubled in a year. The market has large, consolidated competitors.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 8 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 7 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 8 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 8 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 8 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 6 | A real community, mixed with speculators. |
| C9 | Obvious problem | 9 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 7 | Low risks: no lawsuits, scandals or major geopolitical exposure. |
Verification (C15–C22)
Rounds from 2019 to 2025 with top investors (Atomico, Five Elms) and growth confirmed by several sources; no public audit.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 5 | An old or partial outside assessment. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 9 | Several independent sources say the same. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 9 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 8 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Digitail: USD 23 million Series B (official release); BetaKit: Digitail grows its Toronto hub
Veridion · Private (Series A, 2026) · 17/22 · verification 7/8 · score 7.18 · Substance without form
Founded in Bucharest (formerly Soleadify). A USD 20 million Series A in September 2026, led by Hoxton Ventures, with all earlier investors coming back (Underline, OTB, GapMinder, Day One, LAUNCHub). Customers using its data have a combined market value above USD 1.7 trillion, according to the company. It competes with large business-data providers.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 8 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 7 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 8 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 8 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 8 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 6 | A real community, mixed with speculators. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 7 | Low risks: no lawsuits, scandals or major geopolitical exposure. |
Verification (C15–C22)
Rounds in 2020, 2023 and 2026, with all earlier investors coming back, confirmed by many sources; recurring revenue tripled in 2023, a hard year for start-ups.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 5 | An old or partial outside assessment. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 9 | Several independent sources say the same. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 9 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 8 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Veridion raises USD 20 million (Sept 2026); Vestbee: Veridion, USD 20 million Series A
Instant Factoring · Private (equity + securitisation) · 16/22 · verification 8/8 · score 7.13 · Substance without form
A non-bank financial institution registered with the National Bank of Romania. It financed about EUR 104 million of invoices in 2025, up from EUR 84 million in 2024, across Romania, Spain and Serbia, and secured a funding structure of up to EUR 30 million through a securitisation fund in Spain. The model depends on the cost of money and on credit quality.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 8 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 7 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 6 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 8 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 7 | Well-distributed supply: few new shares or tokens ready to flood the market. |
| C8 | Organic community | 6 | A real community, mixed with speculators. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 5 | A few risks to watch, nothing serious. |
Verification (C15–C22)
A financial institution registered and supervised by the National Bank of Romania, with funding from the European Investment Fund and a securitisation fund supervised in Spain; more than 7 years of record.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 9 | Independently verified: a recent audit, certification or outside ranking. |
| C16 | Data in official registers | 9 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 8 | Several independent sources say the same. |
| C18 | Track record over time | 9 | Results confirmed over several years. |
| C19 | Third-party confirmation | 9 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 7 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Outsourcing Today: EUR 104 million financed in 2025; Romania Insider: EUR 30 million funding structure (Nov 2025)
Pentest-Tools.com · Private, no outside investors · 15/22 · verification 5/8 · score 7.02 · Substance without form
Built without outside investors, profitable, with paying customers in more than 100 countries. With no funding rounds, nobody can sell heavily; on the other hand, there is no public way to invest.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 7 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 8 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 9 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 6 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 8 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 8 | Well-distributed supply: few new shares or tokens ready to flood the market. |
| C8 | Organic community | 6 | A real community, mixed with speculators. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 8 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 8 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 7 | Low risks: no lawsuits, scandals or major geopolitical exposure. |
Verification (C15–C22)
Public accounts and almost 10 years of profitable activity without investors; but almost all the information comes from the company itself, with no outside verification.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 4 | No verification by a third party. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 5 | One independent source confirms part of the figures. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 6 | A few third parties confirm, without detail. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 7 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Pîrvănescu: Romanian tech startups to watch in 2026
FintechOS · Private (Series B + 2026 funding) · 14/22 · verification 7/8 · score 6.57 · Substance being confirmed
Raised USD 28 million in September 2026 (equity from existing investors and credit from Santander), after turning profitable in the first half of 2026. Recurring revenue grew 40%, and the US business 130%. Breakeven came later than the company had announced for 2024.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 7 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 7 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 7 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 6 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 6 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 5 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 7 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Accounts filed in Romania, named institutional investors (IFC, Santander CIB, Molten) and rounds from 2019 to 2026; profitability came later than it had promised.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 6 | An old or partial outside assessment. |
| C16 | Data in official registers | 8 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 8 | Several independent sources say the same. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 8 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 8 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 7 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: The Next Web: FintechOS raises $28M after turning profitable (22 Sept 2026); Pîrvănescu: Romanian tech startups to watch in 2026
Bible Chat · Private (Series A, 2025) · 13/22 · verification 5/8 · score 6.98 · Substance without form
A USD 14 million Series A in February 2025, led by Silicon Valley’s True Ventures. The Romanian company behind the app reported 2025 revenue of RON 72 million, three times the 2024 level, with more than 10 million users. Revenue comes from subscriptions (around 5% of users), and dependence on the app stores and on advertising is the risk.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 9 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 7 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 8 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 6 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 8 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 8 | Organic community: people came for the product. |
| C9 | Obvious problem | 7 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 5 | Moderate press attention. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Its 2025 revenue is in the accounts filed in Romania and confirmed by several sources; but the app is young and untested in a hard period.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 6 | An old or partial outside assessment. |
| C16 | Data in official registers | 8 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 9 | Several independent sources say the same. |
| C18 | Track record over time | 5 | A few years of record. |
| C19 | Third-party confirmation | 8 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 5 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Bible Chat raises USD 14 million (Feb 2025); StartupCafe: 2025 revenue tripled
SeedBlink · Private (Series A) · 13/22 · verification 6/8 · score 6.58 · Substance without form
A Bucharest-founded platform that lets small investors join start-up rounds alongside funds, with a secondary market for selling stakes. It has hosted rounds for FlowX.AI, Pago and Kinderpedia. Revenue depends on the number of rounds, which fell in the region in 2025, and European crowdfunding regulation is strict.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 7 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 7 | Organic community: people came for the product. |
| C9 | Obvious problem | 7 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 6 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
A platform working under European crowdfunding rules, with a record since 2019 and named VC partners; the volume of rounds depends on the market.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 6 | An old or partial outside assessment. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 7 | Several independent sources say the same. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 7 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 6 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: The Recursive: SeedBlink, EUR 38 million in its first two years; FF News: the SeedBlink secondary market
Kinderpedia · Private (growth round, 2026) · 12/22 · verification 6/8 · score 6.39 · Substance without form
Founded in 2017. It raised EUR 2.2 million in February 2026, part of a EUR 3.5 million round led by the Polish fund Simpact Ventures, with Early Game Ventures. The platform connects schools, teachers and parents and is available in more than 15 languages. School budgets are small and selling to institutions is slow.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 6 | Has users or revenue, but demand is not fully proven yet. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 6 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 7 | Organic community: people came for the product. |
| C9 | Obvious problem | 7 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 6 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 7 | Low risks: no lawsuits, scandals or major geopolitical exposure. |
Verification (C15–C22)
Rounds in 2020, 2021 and 2026, with named investors (Simpact, Early Game); no outside verification of the figures.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 4 | No verification by a third party. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 7 | Several independent sources say the same. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 8 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 6 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Kinderpedia raises EUR 2.2 million (Feb 2026)
DRUID AI · Private (Series C, 2025) · 12/22 · verification 8/8 · score 6.37 · Substance being confirmed
A USD 31 million Series C in September 2025, led by Cipio Partners; annual recurring revenue grew 2.7 times in 2024, with more than 300 customers. It brought in an experienced CEO (the former CEO of Sumo Logic). The AI-agent category is very crowded, and the large AI companies compete directly.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 7 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 8 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 6 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 5 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 6 | A real community, mixed with speculators. |
| C9 | Obvious problem | 7 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 6 | Moderate press attention. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 4 | Too many have already bet on it: little room for new buyers. |
| C14 | Low risks | 5 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Included by Gartner in the 2026 Magic Quadrant for conversational AI platforms, with named investors (Cipio Partners) and growth confirmed by several sources.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 8 | Independently verified: a recent audit, certification or outside ranking. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 8 | Several independent sources say the same. |
| C18 | Track record over time | 7 | Results confirmed over several years. |
| C19 | Third-party confirmation | 7 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 7 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: DRUID AI, Series C release (BusinessWire, Sept 2025)
dotLumen (.lumen) · Private (EU grants + seed round) · 12/22 · verification 6/8 · score 6.30 · Substance being confirmed
An obvious problem and little competition: glasses that guide blind people without a guide dog. Funding from European grants (EIC) and a EUR 5 million round in 2024, EUR 1 million of it through SeedBlink. The product is at the start of commercialisation, so real customers are still few.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 4 | No users or revenue yet to prove demand; it is mostly a promise. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 4 | Activity looks bought with rewards or subsidies, not organic. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 5 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 7 | Organic community: people came for the product. |
| C9 | Obvious problem | 10 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 8 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
A project evaluated and funded by the European Commission (EIC) and awarded at CES 2026; still before large sales, so commercially untested.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 8 | Independently verified: a recent audit, certification or outside ranking. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 8 | Several independent sources say the same. |
| C18 | Track record over time | 6 | A few years of record. |
| C19 | Third-party confirmation | 8 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 6 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: European Commission, EIC: the .lumen project; Romania Insider: EUR 5 million round (July 2024)
Neurolabs · Private (Series A, 2025) · 11/22 · verification 6/8 · score 6.44 · Substance being confirmed
Founded by Romanians in Edinburgh in 2018, with an office in Cluj. A USD 7.8 million Series A in April 2025, led by Nauta Capital, with earlier investors coming back; total funding above USD 12 million. Its technology uses synthetic data to recognise products on shelves. Revenue is still small relative to the funding.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 6 | Has users or revenue, but demand is not fully proven yet. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 7 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 6 | Customers are real, but part of the activity is artificially boosted. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 7 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 6 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Filings in the UK (Companies House), rounds from 2020 to 2025 with named investors; revenue is still small.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 5 | An old or partial outside assessment. |
| C16 | Data in official registers | 8 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 8 | Several independent sources say the same. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 8 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 6 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Tech.eu: Neurolabs raises USD 7.8 million (Apr 2025)
Pago · Private (Series A, 2024) · 11/22 · verification 6/8 · score 6.42 · Substance without form
An app used monthly by more than 500,000 Romanians to pay bills to over 430 providers, with partnerships with Banca Transilvania and BCR (George). A EUR 2.3 million Series A in 2024, raised through SeedBlink from more than 220 investors. In 2025 shareholders converted about EUR 0.5 million of loans into equity, a sign the business still needs funding. Banks can offer the same features.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 7 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 5 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 5 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 5 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 6 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 7 | Organic community: people came for the product. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 6 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Banca Transilvania has been a shareholder, and the conversion of loans into equity appears in the Official Gazette; almost 10 years of activity, but the business still depends on money from shareholders.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 5 | An old or partial outside assessment. |
| C16 | Data in official registers | 8 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 8 | Several independent sources say the same. |
| C18 | Track record over time | 9 | Results confirmed over several years. |
| C19 | Third-party confirmation | 8 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 5 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Pago raises EUR 2.3 million (Oct 2024); Pago: the round page for investors
FlowX.AI · Private (Series A) · 11/22 · verification 5/8 · score 6.23 · Substance being confirmed
Romania’s largest Series A round (USD 35 million, led by Dawn Capital), with customers such as Banca Transilvania and OTP. Published revenue is still small (USD 1.55 million in 2022, the latest figure available), so commercial traction has yet to be confirmed.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 6 | Has users or revenue, but demand is not fully proven yet. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 7 | Healthy funding: no investors able to flood the market. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 5 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 7 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 5 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Filed accounts and named investors, but a short record (since 2021) and few published revenue figures.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 5 | An old or partial outside assessment. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 7 | Several independent sources say the same. |
| C18 | Track record over time | 6 | A few years of record. |
| C19 | Third-party confirmation | 7 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 6 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: bne IntelliNews: FlowX.AI raises $35mn, Romania’s largest Series A
TypingDNA · Private (Series A) · 9/22 · verification 5/8 · score 6.14 · Substance being confirmed
Founded in Oradea in 2016, with its headquarters moved to New York. A USD 7 million Series A led by Gradient Ventures, Google’s AI fund; clients are mainly universities and financial institutions. It has not announced large rounds for several years, and passwordless sign-in (passkeys) is changing the market.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 5 | Has users or revenue, but demand is not fully proven yet. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 6 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 6 | Customers are real, but part of the activity is artificially boosted. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Filed accounts and named investors (Gradient Ventures), but no important news in recent years, so the recent record is hard to verify.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 5 | An old or partial outside assessment. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 7 | Several independent sources say the same. |
| C18 | Track record over time | 6 | A few years of record. |
| C19 | Third-party confirmation | 7 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 5 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Google’s AI fund leads the TypingDNA round
Unfrosen · Private · 9/22 · verification 3/8 · score 6.06 · Substance without form
A Romanian-founded B2B platform that helps fashion brands sell leftover stock in a controlled way. It reported sales of EUR 6.5 million in 2025, across 13 European markets. The business grows from revenue, but depends on a few large brands and on the clothing-retail cycle.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 7 | Genuinely used: real users or revenue, not just promises. |
| C2 | Launch from strength | 7 | Did not rush: launched (or delays launching) from strength, not out of need for money. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 5 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 6 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
The sales figures come from a single press release picked up by the media; the accounts can be consulted, but there are no independent confirmations.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 3 | No verification by a third party. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 3 | The figures come mainly from its own press releases. |
| C18 | Track record over time | 4 | Too new, or no verifiable record. |
| C19 | Third-party confirmation | 4 | Only its own claims about clients and partners. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 5 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Unfrosen, 13 European markets (Jan 2026)
Questo · Private (seed) · 8/22 · verification 5/8 · score 6.04 · Substance being confirmed
App-guided tours and games in more than 100 cities, with revenue from tickets and corporate contracts; a EUR 1.8 million seed round. A smaller and more seasonal market than business software.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 5 | Has users or revenue, but demand is not fully proven yet. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 5 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 6 | Customers are real, but part of the activity is artificially boosted. |
| C6 | Credible team | 6 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 6 | A real community, mixed with speculators. |
| C9 | Obvious problem | 6 | The problem is real, but not very pressing. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 8 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 7 | Low risks: no lawsuits, scandals or major geopolitical exposure. |
Verification (C15–C22)
Public accounts and several years of activity, including getting through the pandemic, a hard test for tourism; few outside confirmations.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 4 | No verification by a third party. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 6 | One independent source confirms part of the figures. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 5 | A few third parties confirm, without detail. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 8 | It held up or grew through the last hard period. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Pîrvănescu: Romanian tech startups to watch in 2026; Mean CEO: Startups in Romania news, October 2026
Frisbo · Private · 7/22 · verification 4/8 · score 6.00 · Substance being confirmed
Founded in Brașov, Romania’s first full e-fulfilment provider: it handles storage, packing and delivery of online shops’ orders, with next-day delivery and expansion into Bulgaria and Moldova. Margins are thin, and large logistics players and platforms (eMAG) offer similar services.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 6 | Has users or revenue, but demand is not fully proven yet. |
| C2 | Launch from strength | 5 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 5 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 5 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 7 | Customers come naturally and pay, not only for rewards. |
| C6 | Credible team | 6 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 8 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 6 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 6 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Filed accounts and many years of activity, with a named investor (Neogen); few recent sources and no outside verification.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 3 | No verification by a third party. |
| C16 | Data in official registers | 8 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 5 | One independent source confirms part of the figures. |
| C18 | Track record over time | 8 | Results confirmed over several years. |
| C19 | Third-party confirmation | 6 | A few third parties confirm, without detail. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 6 | It suffered but recovered, or has not yet been tested. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Spotmedia: Frisbo expands into five countries; Shopify: the Frisbo European Fulfillment app
Genezio · Private (pre-seed) · 7/22 · verification 4/8 · score 5.44 · Substance being confirmed
Founded in 2023 by former managers of Vector Watch, Fitbit and UiPath. It raised USD 2 million pre-seed in 2024 from GapMinder and Underline, then pivoted to tracking how AI assistants mention brands, with another EUR 575,000 in 2025. The pivot is recent, and the category is new and crowded.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 4 | No users or revenue yet to prove demand; it is mostly a promise. |
| C2 | Launch from strength | 5 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 6 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 4 | Activity looks bought with rewards or subsidies, not organic. |
| C6 | Credible team | 7 | Credible team: has delivered and has no scandals. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 6 | The problem is real, but not very pressing. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 7 | Balanced attention: neither ignored nor in euphoria. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 5 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 5 | A few risks to watch, nothing serious. |
Verification (C15–C22)
Named investors (GapMinder, Underline), but the product changed completely in 2025, so there is no record for the current business.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 3 | No verification by a third party. |
| C16 | Data in official registers | 7 | Official accounts or filings available for anyone to check. |
| C17 | Agreement of sources | 6 | One independent source confirms part of the figures. |
| C18 | Track record over time | 3 | Too new, or no verifiable record. |
| C19 | Third-party confirmation | 7 | Named clients, partners or investors confirm publicly. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 3 | It fell in the last crisis and did not recover. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Genezio, USD 2 million pre-seed; Ziarul Financiar: Genezio, EUR 575,000 after the pivot (Jun 2026)
Qognifly · Private (first round, 2026) · 4/22 · verification 2/8 · score 5.55 · Substance being confirmed
A defence company that launched Drone Wall in March 2026, an autonomous system to detect and intercept drones, tested in Ukraine, together with a factory in Bucharest. Its first outside round, EUR 2 million, came from a strategic partner. Demand for counter-drone defence is obvious, but state contracts are slow and European competition is growing fast.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 6 | Has users or revenue, but demand is not fully proven yet. |
| C2 | Launch from strength | 6 | The launch timing says nothing special, good or bad. |
| C3 | Healthy funding | 5 | Reasonable funding, with some risk of large sales. |
| C4 | Attracts skilled people | 7 | Skilled people and partners move toward it: value recognised from the inside. |
| C5 | Real customers | 5 | Customers are real, but part of the activity is artificially boosted. |
| C6 | Credible team | 6 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 6 | Balanced supply, with some unlocks or issuance to watch. |
| C8 | Organic community | 5 | A real community, mixed with speculators. |
| C9 | Obvious problem | 9 | Obvious problem: explained in one sentence, and people feel it. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 6 | Moderate press attention. |
| C12 | Healthy price and volume | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C13 | Few on the same bet | 5 | Some investors are positioned, but it is not crowded. |
| C14 | Low risks | 4 | High risks: lawsuits, scandals, regulation or geopolitics. |
Verification (C15–C22)
A company founded in 2025: almost no record, the investor is not publicly named, and the testing “in Ukraine” is its own claim, not independently verified.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 3 | No verification by a third party. |
| C16 | Data in official registers | 5 | Basic register data, few figures. |
| C17 | Agreement of sources | 5 | One independent source confirms part of the figures. |
| C18 | Track record over time | 2 | Too new, or no verifiable record. |
| C19 | Third-party confirmation | 5 | A few third parties confirm, without detail. |
| C20 | No warning signs | 9 | Nothing worrying in public registers. |
| C21 | Resilience under stress | 3 | It fell in the last crisis and did not recover. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Romania Insider: Qognifly, EUR 2 million for the Bucharest factory (Mar 2026); Romania Insider: the Drone Wall launch (Mar 2026)
MultiversX (EGLD) · Listed token (EGLD) · 4/22 · verification 3/8 · score 4.02 · Substance being confirmed
A blockchain founded by Romanians (formerly Elrond). In 2026 it announced integrations with payment protocols for AI agents (Google, OpenAI, Stripe), but real activity is small: the value locked in its apps was only a few tens of millions of USD in early 2026. The token hit an all-time low in June 2026, has inflation of about 9% a year and has been delisted from some exchanges (Bitfinex).
| # | Condition | Score | In plain words |
|---|---|---|---|
| C1 | Actually used | 3 | No users or revenue yet to prove demand; it is mostly a promise. |
| C2 | Launch from strength | 4 | Rushed to market or listing, usually when enthusiasm peaked. |
| C3 | Healthy funding | 4 | Large investors can sell a lot quickly, which can weigh on the price. |
| C4 | Attracts skilled people | 5 | Attracts talent and partners at a normal pace. |
| C5 | Real customers | 3 | Activity looks bought with rewards or subsidies, not organic. |
| C6 | Credible team | 5 | Credible team, but without a long track record. |
| C7 | Well-distributed supply | 3 | Many shares or tokens may soon hit the market and dilute holders. |
| C8 | Organic community | 4 | The community came mostly for quick gains. |
| C9 | Obvious problem | 4 | The problem it solves is hard to explain or unclear. |
| C10 | Good entry price | — | Cannot be assessed yet (for example, the asset is not publicly traded). |
| C11 | Balanced media | 5 | Moderate press attention. |
| C12 | Healthy price and volume | 0 | The price is falling or erratic, without support. Data: the share price -31.9% in two months (CoinGecko, elrond-erd-2) |
| C13 | Few on the same bet | 7 | Few on the same bet: still room for new buyers. |
| C14 | Low risks | 3 | High risks: lawsuits, scandals, regulation or geopolitics. |
Verification (C15–C22)
A token files no accounts; on-chain data (DefiLlama) and exchange data agree with each other, but show little activity, delistings and a fall of more than 80% in a year.
| # | Condition | Score | In plain words |
|---|---|---|---|
| C15 | Independent verification | 4 | No verification by a third party. |
| C16 | Data in official registers | 2 | Almost nothing in public registers. |
| C17 | Agreement of sources | 7 | Several independent sources say the same. |
| C18 | Track record over time | 7 | Results confirmed over several years. |
| C19 | Third-party confirmation | 5 | A few third parties confirm, without detail. |
| C20 | No warning signs | 4 | Serious litigation, sanctions or signs of insolvency. |
| C21 | Resilience under stress | 1 | It fell in the last crisis and did not recover. |
| C22 | Independence from us | 10 | No relationship with 22Radar. |
Sources: Bitfinex: the EGLD delisting notice; Yellow: MultiversX, activity and risks (2026)
The data behind the scores
What the analysis shows
Bitdefender meets the most conditions (19 of 22). 20 of 22 companies are not listed, so an ordinary investor cannot buy them directly; we follow them because they are the next candidates for a listing or for large funding rounds. The strongest pattern in the ecosystem is Bitdefender: solid revenue and profit, with the listing postponed from strength, not out of need.
The Romanian ecosystem is small: in 2025, start-up investment fell 20% in volume and 49% in number of deals, and the follow-on round rate was 28% (Poland: 137%), according to the How to Web report cited by Mean CEO. This is not investment advice.
How we apply the 14 conditions here
The same algorithm as for crypto, companies and commodities: each condition gets a score from 0 to 10 and is met from 7. The weights are identical in every domain; only what we measure in practice changes.
| # | Condition | What we measure | Weight |
|---|---|---|---|
| C1 | Actually used | Real revenue, users or demand, not promises. | 16% |
| C2 | Launch from strength | The best don’t rush: they launch when ready. | 6% |
| C3 | Healthy funding | No investors who can sell heavily right away. | 6% |
| C4 | Attracts skilled people | Talent, partners and builders move toward it. | 8% |
| C5 | Real customers | Natural activity, not bought or subsidised. | 6% |
| C6 | Credible team | A record of finishing things, no scandals. | 8% |
| C7 | Well-distributed supply | Few shares or tokens waiting to flood the market. | 8% |
| C8 | Organic community | People who came for the product, not quick gains. | 4% |
| C9 | Obvious problem | Explainable in one sentence. | 6% |
| C10 | Good entry price | Room to grow versus rivals or versus cost. | 6% |
| C11 | Balanced media | Media euphoria has historically marked the top. | 6% |
| C12 | Healthy price and volume | A steady price while usage grows. | 6% |
| C13 | Few on the same bet | The less crowded, the better. | 6% |
| C14 | Low risks | No lawsuits, scandals or major geopolitical risk. | 8% |
Questions about the reasoning
Do you disagree with a score, or want to know why an asset is where it is? Ask. We answer with the weekly update, with sources, by email and, if you agree, here on the page.
Answered questions
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Sources
- Radar weekly database (CoinGecko and Yahoo Finance closes) (retrieved on 2026-11-05)