What impresses me most about this new wave is not only the number of projects, but the maturity of strategic thinking from day one. We are no longer talking about vague ideas looking for a business model. We are talking about technological solutions focused on concrete problems, with European or global ambition since the foundation.

Let's look at some examples.

In Porto, ADECI Group is applying artificial intelligence to operational forecasting in restaurants and retail, helping companies predict sales, consumption and staff needs up to 31 days in advance. It's not just software. It's efficiency, waste reduction, and data-driven management.

In energy, Lisbon continues to assert itself as a strong pole. BM2Solar works on the integration of batteries in large-scale solar plants, with no initial investment for operators. Combines storage with real-time market optimisation algorithms. It has already raised almost three million euros and operates in several European markets. This shows how Portugal is positioning itself at the centre of the energy transition.

In healthcare, BloodFlow develops an AI-based platform for the automatic interpretation of clinical analyses, fully integrated into hospital systems and respecting data sovereignty. At a time when hospital efficiency is critical across Europe, this type of solution is structural.

In biotechnology, ChainReactor is betting on 3D printed bioreactors to reduce costs and risks on an industrial scale. It is a clear example of how the new generation is not afraid to enter highly technical and capital-intensive sectors.

In marketing and data, DOJO AI and Jsonify show that artificial intelligence applied to market analysis and digital performance is gaining sophistication. These are tools that allow for faster and more informed decisions, which is essential in a global competitive environment.

In real estate and construction, Litehaus simplifies residential construction processes with an integrated digital approach. In domestic energy, Manie automates the change of contracts to reduce costs for families. And in immigration, NextBorder uses technology to facilitate visa processes and international mobility, something especially relevant in a country that attracts more and more foreign talent.

What unites these companies is clear. Data, artificial intelligence, operational efficiency, technological integration and international ambition.

Portugal is creating startups that are born with a European mentality, often with international teams and models prepared to scale across borders. The ecosystem has become more sophisticated, with better access to seed capital and greater proximity to foreign markets.

They are still young. Many will have challenges ahead. But this new generation shows something important: Portuguese innovation is no longer episodic. It is continuous.

And that, more than any single investment round, is the true sign of an ecosystem's maturity.