Targomo Wins Award in Europe’s Flagship Deep Tech Competition

Location Intelligence specialist Targomo has been awarded as one of Europe’s best deep tech scaleups in the EIT Digital Challenge. The competition took place for the 7th consecutive year and had attracted 403 applications from 32 countries. The winners were selected during an online event where the best 20 deep tech scaleups pitched in front of an expert jury, consisting of innovation leaders from European corporates and investors.

In addition to Targomo, the following four companies were awarded: Icometrix (Belgium), Deepomatic (France), SwipeGuide (The Netherlands) and Wishibam (France).

The awards come with support from the EIT Digital Accelerator to attract customers across Europe and raise funding for international expansion. EIT Digital is part of the EIT (European Institute of Innovation and Technology), an EU body which promotes innovation and entrepreneurship. The EIT Digital Challenge focuses on scaleups with deep tech products that leverage highly sophisticated technologies and fuel digital transformation.

„With this competition, the goal is for EIT Digital to identify fast growth European scaleups in the digital space and to support them to become dominant global companies,” said Shehryar Piracha, Head of EIT Digital Accelerator, on LinkedIn.

After winning the award, Targomo CEO Patrick Schoenemann said: “We are very proud to have won this prestigious award. With the expertise of EIT Digital Accelerator we can double down on growing our business in Europe and abroad, and follow our mission make location intelligence available to any kind of business.”

Targomo has already helped dozens of organizations in Europe and overseas to effectively use location intelligence, which combines data with AI-powered analytics. Established businesses such as Oxford Retail Consultants in Britain, French real estate platform SeLoger (part of German media group Axel Spring), German beverages retailer Getränke Hoffmann, and Oslo’s public transportation company Ruter benefit from Targomo’s services. They either use Targomo’s plug-and-play location analytics platform, or the company’s API services, which is software to integrate Targomo’s solutions into their own platforms.

Recently, Targomo has released a new platform version that allows businesses to conduct location analytics free of charge. “Location intelligence has such a great potential to improve operations and people’s daily lives. But for many organizations and people the entry barriers are too high. We are changing this and making location intelligence accessible to everyone,” said Patrick Schoenemann.

The EIT Digital Accelerator program will give Targomo access to a team of 30 business developers and fundraising experts to help the company secure target customers and raise capital, operating from 17 cities across Europe as well as a hub in Silicon Valley. Since 2012, the Accelerator has supported over 300 startups which have raised a total of €900 million ($1.1 billion) in venture capital.