Bulgarian Development Bank’s CIFund to invest 2 mln euro in AI start-up Barin Sports

SOFIA (Bulgaria), November 25 (SeeNews) – Capital Investments Fund (CIFund), a growth investment arm of the Bulgarian Development Bank (BDB), said on Friday that it will inject capital of 4 million levs ($2.1 million/2.04 million euros) ) in local artificial intelligence-enabled electronic performance-tracking technology developer Barin Sports.

The investment will support Barin Sports in further product development and in its imminent expansion to new key markets, CIFund said in a press statement.

You can download the 2022 Annual AI report Bulgaria here

Founded in 2015 by current CEO Vladimir Grozdanov, Barin Sports launched its first product in 2018. At present, its 10-strong team exclusively on electronic performance tracking in football, Grozdanov told SeeNews in a phone interview. He declined to name the prospective markets which the company is currently exploring.

Barin Sports has developed a high-tech portable device that monitors in real time players’ physical condition and their performance on the field, collecting over 12,000 data points per second from each player. After processing, the indicators are
used to review and improve the performance of individual players and the team. The technology is assisted by long-range communication, a mobile application and a tablet, while data is stored and accessed in the cloud.

The start-up works with six teams from the professional football league and three sports academies, as well as Bulgaria’s national men’s and under-21 football teams.

Sofia-based Barin Sports also has a presence in Poland, the United Arab Emirates, Portugal and North Macedonia, where it works with the latest National Cup winner.

(1 euro = 1.95583 levs)

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