Early Game Ventures (EGV) invested in Adiem, a newly established Romanian company, which develops technologies based on heart rate variability (HRV) and biometric derivatives. Adiem uses data collected through wearable devices such as smartwatches, bracelets, rings, glasses, and other connected equipment. DLA Piper Dinu provided the legal assistance of the transaction.
“Adiem uses the data collected from wearable devices, not for fitness or medical purposes but to increase the productivity and integration of each of us in the groups we interact with. We speak here of both the professional and private areas, a dynamic and continuous cycle. This new approach and the important stake that the technology developed by Adiem has made us decide to invest,” said Cristian Munteanu, Managing Partner of EGV.
The Adiem team is made up of data scientists, engineers, psychiatrists, cardiologists, and marketing people and is led by Victor Anastasiu, Adiem CEO. He said: “We are pleased to have found in EGV a partner with whom to develop Adiem technologies in the future. We have an intense period ahead, in which we shall focus on refining the algorithms and developing the new ecosystem in order to launch the first versions of the mobile application for iOS and Android until the end of the year. ”
Early Game Ventures (EGV) intends to invest in innovative companies that build the technological infrastructure of the future. These startups will provide the data services or the hardware support that other companies will use in the coming years. From this perspective, Adam uses vast amounts of data to find new insights, create value, and open up new industries and new verticals.
Early Game Ventures is a venture capital firm funded mostly through the Competitiveness Operational Program 2014-2020, co-funded by the European Regional Development Fund.
The European Investment Fund (EIF) is part of the European Investment Bank Group and is the leading risk financier for Europe’s SMEs through venture capital, collateral, and microfinance instruments. In Romania, the EIF implements financial instruments co-financed through structural and investment funds, such as JEREMIE 2007-2013, SME Initiative, ROP, JOP, NRDP.
The Competitiveness Operational Program 2014-2020 (POC) makes investments to address the needs and challenges raised by the low levels of economic competitiveness, in particular with regards to (a) insufficient support for research, development and innovation and (b) underdeveloped infrastructure for Information and Communication Technology. POC benefits from a € 1.33 billion allocation from the European Regional Development Fund.