Business News

These are the Latin American startups that influence the assorted industries within the area

12, 2021

7 min read

This article has been translated from our Spanish edition using AI technologies. Errors can occur due to this process.

COVID-19 entered the Latin America region in February 2019 when Brazil confirmed its first case. Since then, the region has been one of the hardest hit in the world. Brazil has registered more than 7 million cases so far. The virus struck an already fragile region and had a negative impact on economic growth and social development.

The consequences are clear and immediate. The Economic Commission for Latin America and the Caribbean (ECLAC) reported an increase in unemployment: 11.6 million more unemployed in 2020 compared to 2019. Some indicators show less encouraging figures: Increase in poverty by at least 4.4% (28, 7 million more people); The International Monetary Fund expected the region's economy to contract an estimated 8.1% this year, before the pandemic's GDP is expected to grow 1.8% in 2020.

Socially overcrowded living conditions that do not allow work from home, poor sanitary conditions that could potentially lead to more infections, an increase in informal work, often unregulated, and a lack of access to social security. In addition, an increase in unpaid domestic work, mainly done by women and girls, a reduction in family income, jeopardizing educational opportunities and forcing young people to enter the labor market early, are not very encouraging conditions that cause a serious situation to become one already vulnerable part of the Latin American population.

Driven by the pandemic, entrepreneurs want to be part of the solution to these problems. In addition, addressing the challenge of COVID-19 has given them additional motivation to help their local economies achieve new levels of development and change. Therefore, Seedstars is pleased to announce the local winners of the Seedstars World Competition 2020/21 for the Latin America region.

Image: Courtesy of Seedstars.

Business technology

Most companies in the Latin America region use contact-based biometric devices and spreadsheets to manage time and attendance. Organizations need to manually consolidate attendance data from log books or fingerprint scanners in order to process payroll. Due to the pandemic, contact-based fingerprint biometrics applications have declined as they have been identified as a focus of COVID-19 transmission in the workplace. For this reason, SIA, based in Panama and under the direction of Christian García, has developed user-friendly cloud software that supports companies with time management and planning, personnel requirements and connectivity between employees and employers via an application in which employees Record the data time with face recognition. The application runs on generic devices such as tablets and mobile phones. With the solution, companies should save between 2% and 8% per month on billing errors.

On the other hand, Javier Graterol from Chile brings with him Cuantix, a B2B company that helps socially conscious organizations understand, manage and communicate their social impact in a simple and accessible way through dedicated software and support. In doing so, Cuantix will also provide the beneficiaries themselves with the tools to get involved in the process and fill a gap that separates the people who want to do good from the people who need it.

COGNITIVA, the third successful startup in business technology, was founded with the aim of bridging the gap in industrial competitiveness in Latin America compared to Asia, Europe and North America, which in the medium and long term are barriers to stimulating employment, innovation and quality of life for all of Latin American society. The Ecuadorian company created a complete ecosystem of digital operations management tools based on IoT (Internet of Things), AI (Artificial Intelligence) and cyber presence to improve the performance, transparency, security and synchronization of industrial companies in the region. CEO Paúl Rivera leads a team of 4 passionate professionals (half of the women) who work to bring development and economic empowerment to the region.

Health technology

The World Health Organization (WHO) announces that half of the world's population still does not have access to basic health services. Despite increasing life expectancy and falling child mortality, access to health care remains uneven in the Latin America region. In some countries there is still a lack of adequate health workers, training or facilities. The cost of health care to family budgets is also clear, according to the economic study of Latin America and the Caribbean: households cover more than a third of health care costs through direct payments and nearly 95 million people have very high health care expenditures. In addition, 12 million are impoverished by these expenses.

Bitmec is entering the scene with a telemedical hardware and software package that facilitates access to quality healthcare. The company, managed by David Barac, the Guatemalan startup, collects data that is later turned into actionable information for decision-making by suppliers, intermediaries and governments through the integration of artificial intelligence. Clear information and data are critical in healthcare. For this reason, PEGASI strives to make medical information accessible, clear and useful for doctors and patients in developing countries while tracking epidemic diseases. and endemic, it also creates actionable information that helps strengthen health systems.

"In regions like Latin America, more than 70% of clinical information remains unstructured and adverse events affect 1 in 10 hospital patients because of unclear, inaccessible or uncertain information," says CEO Luis Santiago.

The startup developed a platform that improves patient access to better and more efficient healthcare while driving the improvement of collective healthcare through the use of data. Lowering public and private health care costs can also be significant and ultimately help streamline resources and facilities that are so scarce in particular communities.

Financial technology

In the fintech world and with the requirement to fight illiteracy, Alfi from Peru transforms users into sustainable financial customers with the help of gamification and behavioral economics. In a region where half the population is in debt and another part outside the financial system, the company's ultimate goal is to provide "financial education for all".

“We know that a lot of effort has gone into educating people, but there really has not been any long-term effects. Financial literacy is latent throughout people's lifecycles and encourages better financial choices to improve their wellbeing, ”says CEO Víctor Morales.

Tourism technology

The Dominican Republic's The Own The Trip winner wants to change the rules of the game about how people plan their leisure and business trips. The technology platform aims to improve the way people plan their trips while providing visibility to highly skilled travel professionals. The idea is to connect personalized travel inquiries with travel professionals who select, quote and submit quotes that travelers can book directly on the Own The Trip website. The website adds the factor of uniqueness and personalization to the equation while promoting the work of local tourism professionals and businesses and consequently contributing to increasing their income. The company, led by Avanthi Reddy Obulreddigari, currently operates in the Dominican Republic and Puerto Rico.

Educational technology

The pandemic drastically changed the way we learn by prioritizing distance and home study solutions, including tests / exams. And EduSynch from Brazil came in to help. By offering an online platform designed for educational institutions to conduct exams remotely, safely, and on a large scale. The system works hand in hand with education teams around the world to assess students in a variety of ways, from high-stakes admission tests that grant students admission to universities or colleges, to intermediate and final exams. As a result, this creation enables institutions to keep the student flow relatively normal, and enables students to take their exams and continue their courses normally, which prevents the educational system from stopping.

By improving industry competitiveness and productivity, delivering decentralized health services and analyzing essential health data, financially educating uninformed communities, enabling the tourism sector to access empowerment platforms and not disrupting education systems, these new businesses are driving solutions. This will serve not only those who directly use them, but the entire Latin American region. They create jobs, save fuel, promote knowledge, and ultimately these businesses, run by people for people, will help the region improve its standard of living.

15 startups from the Latin America region will compete to represent their country at the regional finals of the World Seedstars Competition. From February 8 to 10, you can use Seedstars on Facebook to see how these innovative startups are performing on the Seedstars regional stage.

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