International partnerships have created Portuguese companies already worth hundreds of millions of euros
The international partnerships programs established a decade ago between the Portuguese government and US Universities such as Carnegie Mellon, have helped to create companies that are now worth more than many listed in PSI 20. This information was released by Diário Notícias Newspaper, in a piece published a week after the renewal up to 2030 of the collaboration agreements between Portugal and some leading international institutions including Carnegie Mellon University (CMU), the Massachusetts Institute of Technology (MIT), the University of Texas at Austin (UT Austin) and Fraunhofer Society (FhG), among others. Some companies, such as Veniam and Feedzai, are here to showcase the success of the collaboration with CMU.
Veniam – a software company founded in Portugal that develops technologies for network communication between vehicles – is already working with large constructers for autonomous cars to be able to leave the manufacturers with their software already integrated.
According to João Barros, CEO of Veniam, the company is valued at about 118 million euros and is easily spotted as one of the many success cases of the international partnerships program. With more than 100 registered patents, Veniam was founded within the framework of the international partnerships launched in 2007 by then-Minister Mariano Gago between CMU and FCT (Fundação para a Ciência e a Tecnologia). Last year, Veniam was considered the 34th most innovative company in the world, ahead of brands like Spotify and Dropbox.
Feedzai is another success story worth following. Considered the first start-up founded by the CMU Portugal Program, it also operates in the Internet of Things (IoT), using artificial intelligence, and has developed resources that allow financial institutions to fight fraud in payments. Feedzai is already valued around 508.5 million euros, above four PSI 20 quotations and on an equal basis with CTT, making it the most valuable company created from these partnerships.
According to Nuno Nunes from the CMU Portugal program, the country has now “a new generation of people who create companies, not by necessity but by opportunity. They detect a gap and start building companies that compete from their foundation into the global market,” and adds “this is a major difference from what the status quo was.”
