Estonian nanotechnology company Gelatex Technologies has scored yet another win by securing second place in the prestigious KPMG Global Tech Innovator 2024 competition. Among nearly 1,500 participants and 23 finalists, Gelatex was bested only by Japanese thermal insulation technology developer Thermalytica Inc.
Gelatex has developed and patented what it calls the world’s most efficient nanofibre production technology, dubbed HaloSpin. This breakthrough innovation reduces nanofibre production costs by up to 90%, making industrial applications both cost-effective and sustainable. The technology enables nanofibre implementation in applications that were previously economically impractical.
“Everyone thinks that going green has to be expensive. But it doesn’t necessarily have to be that way,” explained Märt-Erik Martens, CEO and co-founder of Gelatex Technologies. “Out of all the nanofibre companies, our solution stands out because we have the unit economics that support this transition.”
Now this impact is once again highlighted on the big stage. “KPMG Global Tech Innovator is a prestigious international competition that brings together the world’s leading technology companies to recognize and support their innovative ideas,” said Helen Veetamm, KPMG partner and head of the startup division.
Founded in 2016 with an initial textile focus, Gelatex has pivoted to focus on biomedical applications of its nanofibres over the past three years. Their Muskel™ product line offers highly porous scaffolds for cultured meat production, and the company is already piloting with more than 60 cultured meat companies.
“We can do amazing things with cultured meat,” Martens says. “It still amazes me that technology and science have led us to the point where we know how muscle tissue grows, and we can create it artificially, without the whole animal attached.”
Beyond food production, Gelatex’s materials have applications in wound care, skin tissue regeneration, 3D cell culture, and tissue engineering. The technology could potentially eliminate the need for animal testing in the pharmaceutical and cosmetic industries.
Dmitri Ševoldajev, head of KPMG’s M&A division, noted that Estonian startups are globally recognised for developing innovative solutions. “It was no surprise to us that Gelatex achieved such a high result on Estonia’s first participation in the Global Tech Innovator competition,” he remarked, adding that participation in the contest opens many doors by connecting winners with key players and networks in the global technology sector.
“We are greatly honoured to be part of the KPMG Global Tech Innovator 2024 competition and to receive recognition for our team’s dedication and innovation. This achievement confirms our position as a technology company and motivates us to continue working toward even greater goals,” said Märt-Erik Martens.
For those interested, KPMG has already opened an application form for the 2025 Global Tech Innovator competition.
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