Riga-based AI-powered career assistant Orbit8 raises €155K
Latvian AI-based career assistant Orbit8 has raised €155K out of its €200K target. Latvian fund and accelerator Buildit and a syndicate of Latvian business angels via investment funds ASP Asset Management AIFP and CR Capital (launched by Orbit8 founder Voldemars Bredikis) have already secured the funding. The expected valuation of Orbit8 after fundraising is €1M.
Founded in Riga in 2023 by Pauls Irbins and Voldemars Bredikis, Orbit8 has developed a platform and an AI-powered career assistant that helps assess the career preferences of the participant based on data collected from answering questions related to their aptitudes, personality, interests, and values. The solution can be used by parents, universities, and companies.
For parents, it can be a tool to help their children make career choices. For universities, the platform can identify the best match between student aptitudes and their field of study to ensure motivation and reduce dropout rates. For companies, the Orbit8 career assistant can automate the hiring process in advance by selecting and interacting with potential talent while they are still at university.
Once the assessment is complete, participants receive options on the best courses to study, the best industries to work in, and the work environment or role that best suits their personality. In the future, parents will be able to communicate with a personalized chatbot to get more recommendations, such as how to spend time with their children based on their preferences and what would motivate them to study more.
The startup is still training its large language model (LLM) to use client data for personalized interaction. In addition, the company is storing users' answers for future revisits, and it is suggested that users revisit their answers at least every six months.
The startup plans to make personality (psychometric) assessments more interactive and game-like. It is building this option in its MVP.
Orbit8 will use the investment to build the MVP, develop sales activities, and sell solutions to universities and schools worldwide.
ASP Asset Management AIFP is a registered alternative investment fund management company with the Latvian Bank. The company offers clients to form investment syndicates to invest in high-risk projects.
Buildit is a hardware and IoT startup accelerator. It provides between €10K to €50K in pre-seed investment to the best-performing startups and up to €250K in seed investment. Buildit's partners are Matīss Neimanis, Rene Tõnnisson, and Aleksander Tõnnisson.
