Revolutionizing AI and Biotech: How Belgrade and Novi Sad Are Powering a Global Tech Renaissance

Serbia’s revenue from ICT exports reached record levels in 2024: $4.31 billion, up 20% year-over-year. Looking further back, Serbia’s revenue from ICT exports increased tenfold between 2012 and 2024 — a testament to the country’s commitment to innovative growth, powered by the economic engines of Belgrade and Novi Sad.

Backing the Bold: How Serbia Supports Its Earliest Innovators

Both Belgrade and Novi Sad benefit from systematic infrastructure and programmatic support. Integrated support for the development of startups begins at age 14 through the Markers Labs in 25 high schools and goes to commercialization with 29 incubators, 16 innovation centers, and four science and technology parks (with two more under construction).

Among many programs backing the ecosystem, Innovation Fund-organized Kataputl and Smart Start lead the charge. Katapult is a prominent accelerator that provides funding, mentoring, training, and networking opportunities for early-stage startups. The Smart Start program financially supports promising teams of entrepreneurs in validating their innovations through prototypes and Minimum Viable Products. 

Raising Starts, a program offered by Belgrade’s renowned Science Technology Park in partnership with Science and Technology Parks in Niš and Čačak, and  with the strong support from the Swiss Government, is a unique pre-seed accelerator that focuses on teams in the earliest stages of innovation development, nurturing visionary ideas to become viable products and services. Through a pool of local and international mentors providing global exposure, these programs create a robust network of resources that support the next generation of founders and innovators, ensuring that a steady flow of innovative ideas emanates from the region.

Overall, Novi Sad and Belgrade have nurtured a young, innovative, and diverse talent pool, with the largest age group of startup founders (42.8%) being between 30 and 39 years old. Additionally, 26.3% of startups have one woman on the founding team, higher than the average for startups from Central and Eastern Europe (25%).

Going Global with AI Leading the Charge

Serbia’s status as a powerhouse in Artificial Intelligence is driven by this world-class talent and strong government support for tech-driven growth. A strong ICT sector of 115,000 employees is bolstered by a $55 million investment from the Innovation Fund supporting 169 projects - 35% of which are in the field of ICT, representing $20.1 million allocated to 59 projects. In 2024, Innovation Fund issued a public call to stimulate the creation of VC funds targeting high-growth AI startups. Kolo Ventures was selected for support, with the Fund’s Management Board approving a Framework Investment Agreement that includes a $5.6 million conditional commitment. Set to launch in 2025 with a total fund size of $28 million, the fund will invest in Seed to Series A startups developing transformative global AI applications.

According to the Digital Serbia Initiative (DSI), 41% of Serbian startups exist in the field of AI; 24% in Biotechnology, medical technology, food production, or agriculture; and 19% in data processing and analytics. Serbia was elected to chair the Global Partnership on Artificial Intelligence (GPAI) for a three-year period starting in 2024. Belgrade hosted the GPAI Summit in December 2024, bringing together global AI experts and industry leaders to chart a course for sustainable, responsible AI development. 

In April 2025, Serbia announced a $56 million investment to bolster AI infrastructure, including a $40 million supercomputer with software and Mistral models of generative AI, and $15.7 million dedicated to the development of AI in healthcare, electronic administration, energy, and transport. The investment aims to improve public administration, research, industrial growth, startup work, and the overall AI ecosystem in Serbia.

Serbia, with Belgrade and Novi Sad as leading centers, plays a prominent role in shaping AI policy in the region. The first national strategy for the development of AI in Serbia was adopted as a pioneering document in this part of Europe and was originally set to remain in effect until 2025. However, in response to the rapid technological advancements and transformative impact of AI, a new, second national Strategy for the Development of Artificial Intelligence in the Republic of Serbia has been adopted for the period 2025–2030. This strategic framework reflects the country’s commitment to fostering responsible and innovative use of AI technologies, supporting ecosystem development, and enhancing Serbia’s positioning in the evolving global AI landscape.

Engineering the Future: Belgrade and Novi Sad’s STEM Advantage

Complementing its strengths in AI, Belgrade, Novi Sad, and the greater Serbia startup ecosystem are incubating an incredibly competitive talent pool, supported by leading universities and a focus on STEM education. Coding is a mandatory elementary school subject, AI is integrated into curricula at all education levels, and 29% of students graduate with STEM degrees. The region’s workforce reflects this emphasis on education, with more than 110,000 people employed in the ICT sector in 2024. 

Serbia’s unique convergence of research excellence, government-led investment, and entrepreneurial momentum are pushing its leadership in Biotech forward. Universities such as the University of Belgrade and the University of Novi Sad are producing highly-skilled talent in molecular biology, genetics, and biomedical engineering, while internationally-recognized research institutions like the Institute of Molecular Genetics and Genetic Engineering and the Vinča Institute of Nuclear Sciences contribute cutting-edge research in areas such as microbiology, oncology, and genomics.

A key driver of Serbia’s Biotech ascent is its ambitious national innovation agenda. The government’s flagship BIO4 Campus project, currently under construction in Belgrade, is designed to co-locate Biotech research under one collaborative ecosystem. Once operational, BIO4 will be among the most advanced scientific and tech campuses in Europe, positioning Serbia as a regional anchor for Life Sciences. This is bolstered by targeted funding mechanisms like the Science Fund of the Republic of Serbia, which supports applied research in the field.

The country actively participates in EU programs like Horizon Europe and EUREKA, and maintains partnerships with leading international institutions such as the European Molecular Biology Laboratory. Precision health initiatives like the Serbian Genome Project aim to map the genetic structure of the population to improve diagnostics, treatment, and public health strategies.

Success Stories: Regional Startups Performing on the Global Stage

No startup ecosystem success story would be complete without calling out homegrown heroes. Several startups from Belgrade and Novi Sad have achieved significant milestones.

Nextesy, a Swiss-Serbian AI-powered enterprise software provider and Katapult beneficiary, recently closed nearly $4 million in total pre-seed funding. The company was founded in late 2023, and thanks to thousands of pre-signed customers, Nextesy is projected to achieve profitability in 2025. Lupa Technology, a Katapult startup, closed a $1.5 million round of seed funding in 2024. The startup is known for its AI-driven data intelligence platform that serves the construction industry.

High-potential companies are emerging in diagnostics, computational biology, and healthtech. Notable examples include DN Analytics, which applies AI to bioinformatics and personalized medicine, and PanonIT Biotech, a spinoff delivering automation solutions for clinical labs.

These ambitious startups are just a few of the tech-focused stars that illuminate the region’s ability to nurture globally-competitive businesses that attract notable investment.

Where Local Vision Transforms Into Global Impact

The rise of the Serbian startup ecosystem is a testament to the power of vision, ambition, public-private collaboration, and strategic investment.

With a remarkable pipeline of young, diverse talent; an AI-infused education system; a leading Biotech campus on the horizon; and plenty of programmatic support for founders, Belgrade and Novi Sad are supercharging Serbia’s transition into an international innovation hub capable of competing on the global stage. These cities are the twin engines powering a nation where bold ideas are born and the next generation of global innovators will thrive