A new chapter in Cyprus’s tech scene is unfolding, as Electryone AI—founded by Cypriots Ioannis Kasinopoulos and Yiannis Zambas—secured €400,000 in funding from Nicosia-based 33East Venture Capital.

As reported by Matt Rees of the European Investment Bank, the startup develops AI-powered software that helps manage and optimise energy storage systems, supporting the green energy transition. After launching in 2023 without external capital, the founders, who previously worked at Meta, Palantir, and McKinsey, struggled to find backers in Cyprus—until 33East stepped in.

“We were happy to have people from Cyprus believe in us,” said Kasinopoulos. “Most investors didn’t understand software or venture capital. They wouldn’t take the risk.”

33East is funded by the Cyprus Equity Fund, managed by the European Investment Fund and backed by EU recovery funds. It targets early-stage startups with Cypriot ties, investing between €100,000 and €1 million.

According to EIF mandate manager Areti Roditi, the fund must make at least 12 investments in its first 18 months—a milestone already off to a promising start. Electryone AI is one of its first deals, and both it and the fund reflect a wider goal: reversing the brain drain by making Cyprus a viable startup hub.

While Kasinopoulos remains in London, his technical team is in Cyprus. “People want to come home,” he said.

Beyond capital, 33East offers mentorship and early-stage support—something the founders say made all the difference.

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