What happened: Fall/Winter 2025

That’s why the cover photo features two prominent AI founders from our portfolio, Tomáš Gogár (Rossum) and Martin Schmidt (Equilibre). Two of our new investments in recent months have also been in AI projects.

PangeAI

A startup founded at Stanford by Johanna von der Leyen and Marek Miltner is transforming how companies and public institutions work with geospatial data. PangeAI got off the ground thanks to grants from Stanford University and has already attracted investments from the US and Europe. In the Czech Republic, the company received an investment from us as well, as we led its pre-seed round. Among US investors are Plug and Play, Vocal VC, and RTP Global, all with the support of strategic angel investors. Altogether, PangeAI has raised $1M.

Read more in the press release.

Bandits

Even though companies are well aware that AI can significantly improve their efficiency, most of them don’t get further than providing employees with a paid ChatGPT account. While the motivation to try new approaches is there, most fail at the implementation stage. The problem lies in the way companies approach AI—treating it like traditional software. And this is exactly where Bandits comes onto the scene, a new project by Jiří Štěpánek, Kryštof Mitka and Miton.

Read more in the press release.

Nelisa (exit)

Alma Career (the owner of Jobs.cz) has acquired Nelisa, a project we have been involved with from the very beginning as co-founders. It is another example of our co-build approach, which we value at Miton. In the words of our Tomáš Jiroušek: “When we founded Nelisa, the original mission was to fundamentally transform how candidates and companies connect, using digital footprints and smart matching. Not everything went according to the original plan, however. That was when the resilience of CEO Honza Paulas and his team really showed. They changed direction and built a SaaS tool for automating recruitment campaigns using their own programmatic engine. In a short period of time, it became a popular solution for large Czech and multinational brands.”

More on Tomáš’s LinkedIn.

Miton AI Newsletter

Our AI Newsletter is published every two weeks and offers a readable, curated summary that keeps you up to date even if you don’t have time to follow other AI sources. You can subscribe here, along with more than 2,300 other readers.

This autumn, we sent out our 100th issue, and to mark the occasion we prepared something very special: a continuously updated overview of Czech and Slovak AI startups worth knowing.

Miton AI Times

A recurring series with a growing community of predominantly technical people (already 1,300 members!), organized by the head of AI at GLAMI, Tonda Hoskovec. Join the MeetUp group so you don’t miss any upcoming events.

One special episode was created as part of Miton AI Times, when we recorded an interview with the founders from the cover photo. What is it like to build an AI startup? And does it even make sense in the context of current events?

Crypto had a good year too. Just like in previous years, at the end of 2025 the MitonC team decided to distribute funds among meaningful projects. Specifically, it was 4 million CZK. Everyone could nominate one organization. The recipients were: Aliance pro moderní stát, the Red Cross, Otevřeno, Člověk v tísni, Psyon, Nemonice Motol, Pro Ukrajinu, and Nepanikař.

From the happenings in the crypto portfolio, MitonC partner Filip Široký highlighted the following: 

MegaETH

We invested in MegaETH already two years ago during its seed round, which was also attended by Ethereum founder Vitalik Buterin. Last year, MegaETH successfully completed an ICO that was 28x oversubscribed, with $1.4B in commitments in a $50M round at a $1B valuation.

GTE

A decentralized exchange aiming to be the fastest of all and to compete with Coinbase or Hyperliquid, GTE closed a $15M Series A round in the first half of the year, led by the top crypto VC investor Paradigm. Through MitonC, we had already invested in GTE during its pre-seed and seed rounds in 2024.

Accountable

The project, which focuses on real-time verification of financial funds, secured a strategic $7.5M investment last year from one of the world’s largest crypto funds, Pantera. We had invested a year earlier, serving as one of the two lead investors in the pre-seed round.

Confirmo

Confirmo, where MitonC has been the majority shareholder since 2024, surpassed an annualized processed volume of $1B. It also became the first company founded in the Czech Republic to obtain a MiCA license from the Central Bank of Ireland.

Firefish

A marketplace for Bitcoin-backed loans closed a $1.8M seed round in the first half of the year. Through MitonC, we had already invested in Firefish in 2023, and this year the lead investor was Braiins. Thanks to Firefish, approximately a quarter of a billion dollars worth of value was collateralized in Bitcoin in 2025. 

"Not everything worked out, but a good year," Filip literally commented on 2025:)

Changes at Miton

• David Špinar has ended his tenure at Miton. David, I hope you’re still reading this!
• Bonami has a new CEO.
• Instead of a dinner, we went playing padel and ice skating.

Who we are looking for

• Curious and smart people for our portfolio projects.
• Here is an overview of AI positions in our portfolio companies.