Dear readers,

This week, we take a closer look at how Croatia is exploring its ambitions to build a maritime robotics industry around autonomous vessels, underwater technology, and smart marine infrastructure. 

We speak with MARBLE's Andelko Katalenic about the challenge of moving research out of university laboratories and into commercial applications, and why Croatia could have the engineering talent and maritime heritage to make it happen.

We also examine where the smartest VC money is going in 2026, with investor Silvija Gelevski sharing her views on AI, industrial automation, valuations, and what makes a startup worth backing. And, as more investors look towards SEE, we ask the uncomfortable question: does the region need more capital, or better ideas?

Enjoy!
Bojan Stojkovski
Editor-in-Chief, IT Logs

Meet MARBLE, the Croatian organisation bringing maritime robotics out of the lab

Source: MARBLE

Croatia has long built its international reputation around the Adriatic Sea. Its coastline, islands and historic coastal towns have made tourism one of the country's most recognisable economic strengths. But there is another side to its relationship with the sea that could become increasingly important in the coming years: maritime technology.

From autonomous vessels and underwater robotics to smart sensors capable of monitoring marine ecosystems, a number of Croatian engineering projects are now exploring how technology can reshape the maritime industry. At the centre of this effort is MARBLE, a research and technology organisation founded in 2024 with ambitions that extend well beyond academic research.

Created as a spin-off of the Faculty of Electrical Engineering and Computing (FER) at the University of Zagreb, MARBLE is attempting to bridge a gap that has traditionally separated scientific research from commercial applications.For Croatia, this also represents an opportunity to build on something that already exists: a maritime identity, a history of engineering and a growing pool of robotics talent.

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"Croatia has a good foundation to succeed. If somebody hears about a company that makes maritime robots from Croatia, they think, 'Yeah, that makes sense.' You have the maritime heritage, the sea and the engineering capabilities. Combining those two things is quite natural."  Andelko Katalenic, MARBLE's associate director for business, tells IT Logs.

But turning that potential into an internationally competitive industry requires more than good ideas. It requires research infrastructure, access to testing facilities, commercial partnerships and, perhaps most importantly, a way to move technologies out of laboratories and into actual operations. And that is precisely the space MARBLE wants to occupy.

From university research to a maritime technology company

MARBLE's origins go back more than 15 years, when researchers at FER began developing underwater technologies, robotics and sensing systems. Over time, the research group became increasingly successful at securing European research projects and collaborating with international partners.

Source; MARBLE

However, its success eventually created a structural problem. Operating within a university meant working under employment and administrative rules that made it difficult to expand the team, pursue commercial activities and respond to industrial demand with the flexibility required by private-sector partners.

The turning point came through the EU’s Teaming for Excellence programme, a highly competitive initiative designed to establish new research organisations in countries with less developed scientific infrastructure. The FER research group secured a €30 million grant, providing the financial foundation for a new organisation.

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"Basically, the research lab grew too big to sustain all that activity within the university structure. If you are part of a university, there are certain rules regarding employment. You are not flexible enough to employ all these people and conduct commercial activities in the way you would like."  Katalenic explains.

Its current model is somewhere between a conventional research institute and a tech company. It conducts scientific research, participates in EU-funded projects and develops new technologies, but also works directly with industrial partners to mature those technologies into commercially viable solutions.

"The point of MARBLE is to really put the technology on the market and mature it together with industrial partners," Katalenic says.

The organisation currently employs around 30 people, including researchers with PhDs and engineers responsible for turning scientific developments into working systems. It plans to expand to at least 50 employees.

Rather than concentrating everything in one location, MARBLE is building a network of research and testing facilities across Croatia. Its headquarters are based in Zagreb, in the former facilities of the shipbuilding institute, an institution that once represented part of the country's industrial and maritime engineering heritage before going bankrupt.

The organisation is renovating these facilities while developing additional infrastructure along the coast. In Šibenik, MARBLE has offices and a pilot site across the Šibenik Canal, including an underwater laboratory and an area where autonomous vessels can be tested. Nearby, it is developing a floating smart mussel and fish farm that will combine office facilities with marine production and technology testing.

There is also a floating facility in Rijeka, called Smart Marina, which can be used for testing submarines, vessels and other maritime equipment. These facilities are intended to give researchers and companies something that is often difficult to access: an environment where technologies can be tested outside the laboratory, in actual marine conditions.

When maritime heritage meets robotics talent

Croatia's relationship with shipbuilding has not always been an easy one. The country inherited a substantial maritime industrial base from Yugoslavia, but much of that industry struggled in the decades that followed. Several major shipbuilding companies went bankrupt, while others have been undergoing restructuring or attempts at revival.

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Katalenic describes the recent history of the sector as difficult, although he believes there are signs of renewed activity. "There is still a lot of know-how present in people who were once employed by these big companies, but a lot was lost," he says, adding that at present, MARBLE is not trying to recreate the traditional shipbuilding industry. 

The focus now is narrower and more specialised: robotics, sensors, autonomous navigation and the technologies that can make smaller vessels and maritime operations more intelligent.

Companies such as Gideon Brothers, known for autonomous mobile robots, have helped develop expertise in areas that can be transferred to maritime applications. Katalenic himself previously worked at Gideon Brothers and believes that experience with autonomous ground vehicles can provide a foundation for developing autonomous vessels.

"If you take a person who worked at Gideon Brothers on autonomous navigation for forklifts, that person can immediately start developing autonomous ships. A lot of the technology is very transferable." he tells IT Logs. 

The same applies to other engineering disciplines, from electronics and sensor development to mechanical engineering. Croatia also has research groups working on robotics and specialised applications, creating a talent pool that MARBLE hopes to draw from as it expands.

Source: MARBLE

The organisation already cooperates with Croatian industrial companies, including shipyards, as well as international partners. Among its collaborators are Norwegian University of Science and Technology (NTNU), Italy's National Research Council (CNR) and the Ruđer Bošković Institute.

The commercial opportunity beneath the surface

The potential applications for maritime robotics extend across several industries, but Katalenic identifies two particularly important commercial markets: defence and the offshore energy sector. The latter includes oil and gas infrastructure, offshore wind farms and other installations that require regular inspection, maintenance and monitoring.

These environments are particularly suitable for underwater robots and autonomous systems. Instead of sending human divers or deploying expensive vessels for every inspection, operators can increasingly use robotic platforms to monitor infrastructure and collect data.

Norway offers an example of how such an ecosystem can develop. With a substantial offshore energy industry and significant maritime expertise, the country has become an important centre for maritime robotics companies and research projects. 

MARBLE's Norwegian partnerships provide access to this experience. "Oil and gas has a lot of infrastructure at sea, and this infrastructure needs maintenance, repair and monitoring. Robots fit quite nicely there as a solution," Katalenic says.

He adds that these customers can also afford to invest in technologies that are not yet fully mature, helping researchers and companies improve systems through real-world deployment.

Croatia, however, has a different industrial landscape. Its offshore oil and gas sector is smaller, and it does not currently have offshore wind farms, limiting some of the opportunities available in northern Europe.

Defense and maritime security could therefore become more significant markets. Underwater monitoring systems, for example, could help ports detect suspicious activity beneath the surface, while autonomous vessels and underwater drones could support surveillance and inspection operations.

Source: MARBLE

The increasing interest in unmanned systems across military environments is also creating demand for technologies that can operate for extended periods without direct human intervention. Still, Katalenic cautions that autonomous shipping is not yet a fully mature industry. 

"There is still no legal framework for autonomous ships. If you want to have a product that is an autonomous ship travelling between islands, that is currently not legally possible." he says.

For now, many applications remain limited to pilot projects and controlled environments, such as autonomous systems operating around offshore installations. Nevertheless, defense customers are often willing to finance the development of emerging technologies even when they are not yet ready for widespread commercial deployment.

MARBLE is also exploring applications that have little to do with defense or energy. One area involves underwater acoustic sensors designed to monitor marine life. These systems can detect fish, estimate their size and potentially identify different species, while also helping researchers study communication between marine mammals.

Another project focuses on smart marinas, combining automation with environmental monitoring. Croatia's extensive charter and recreational boating industry creates environmental pressures, including pollution that can be difficult to detect and address quickly.

Building an ecosystem, not just another technology company

Perhaps one of MARBLE's more interesting ambitions is its intention to support other companies rather than develop and sell every technology itself. The organisation wants to position itself as a technological partner for startups and smaller businesses that have promising ideas but lack the infrastructure, equipment or expertise to turn them into products.

That could involve providing testing facilities, access to specialised equipment, assistance with research and development or support in preparing applications for European funding.

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Katalenic describes this as part of MARBLE's underlying strategy. "We do not want to be the company that puts a product on the market. We do not want to be an OEM. We want to support others technologically to develop products, while other companies put these products on the market and provide after-sales support."  he says.

There are already several examples. One is SmartBuoy, a small company developing smart mooring buoys. Its software allows users to reserve a buoy and detect whether a vessel is properly connected to it. MARBLE is helping the company develop the physical buoy technology and test it using its facilities.

Another is Anchor Technologies, which is developing a system to detect whether an anchor has moved. MARBLE is also supporting a university team working on a robotic lifeguard system designed to detect people in danger of drowning and deploy a rescue robot. The technology is still under development, but the organisation is helping the team prepare a funding proposal that could support its next stage.

For Katalenic, these initiatives are also an important part of what MARBLE is supposed to become. The organisation can provide the scientific and engineering expertise that smaller companies might struggle to afford independently, while startups and industrial partners can concentrate on developing products, reaching customers and building commercial operations.

Regional cooperation will be another important part of that strategy. MARBLE already works with the University of Montenegro and has established collaborations with partners in Italy, Greece and Cyprus, particularly through EU-funded projects. Additionally, Katalenic sees further opportunities to expand cooperation across the Adriatic and the wider Mediterranean, including Albania and other neighbouring countries.

From research projects to products

The ultimate goal however, is for MARBLE to demonstrate that its model can work commercially. The initial European funding provides an important foundation, but it is not intended to finance the organisation indefinitely. As an independent limited liability company, MARBLE will eventually have to cover its operating costs through commercial activities and research projects, Katalenic emphasizes.

Source: MARBLE

He identifies two main measures of success: developing products that are actually sold on the market and achieving long-term financial sustainability. The organisation is already working towards two particularly important technological objectives.

One is an autonomous vessel system that could be integrated into existing ships, allowing them to perform autonomous operations. The other involves underwater sensing technologies using sonars, hydrophones and other equipment to detect activity, monitor marine environments and identify potential threats.

MARBLE's role would be to develop the underlying technology, including the autonomy stack, rather than necessarily manufacturing the entire vessel. There is also an emerging opportunity in extending the operational endurance of maritime drones, Katalenic points out.

By using a larger mothership as a mobile platform, smaller autonomous vehicles could operate nearby, return to recharge and continue their missions. Such a configuration could enable operations lasting 24 hours or longer, opening up possibilities for persistent maritime monitoring.

These are ambitious objectives, particularly for an organisation that is still building its infrastructure and expanding its team. And while tourism will undoubtedly remain central to the Croatian economy, the same sea that attracts millions of visitors every year can also serve as a testing ground for autonomous vessels, underwater sensors, marine research and new industrial technologies.

Across the region…

  • Bulgarian cargo drone developer Dronamics has signed a definitive business combination agreement with publicly traded special purpose acquisition company GP-Act III Acquisition Corp, paving the way for a potential Nasdaq listing. The transaction remains subject to shareholder and regulatory approvals and is expected to close in the first half of 2027. If completed, Dronamics would become the first Bulgarian-origin company to list on the US stock exchange.

  • Romanian VC Vest Ventures plans to invest €1 million across four startups: Smartsy, BioSync, Jobful, and PeMarket.ro, selected as finalists of the PROWpeller startup competition held during the PROW Conference in Timișoara on October 30. The investments are expected to be made over the next six months, with the startups spanning pet tech, healthtech, recruitment software, and digital marketplaces. Individual investment amounts and deal terms have not been disclosed.

  • Bulgarian investment company MFG Invest has invested $150K in US-based construction AI platform Structo. The investment was made through a simple agreement for future equity (SAFE), which will convert into shares during a subsequent funding round. California-based Structo develops an AI platform designed to verify payment requests in the construction industry.

Rumor has it…

  • As more VCs turn their attention to SEE, a key question remains: does the region lack capital, or genuinely investable ideas? While funding is becoming more accessible, investors remain divided over whether the biggest bottleneck is limited financing or a shortage of startups with the ambition, traction, and scalability to attract serious investment.

    More tech rumors? Send them to us at [email protected]

The Investor take… 

Silvija Gelevski, executive advisor and investor at Zephyr Angels

IT Logs: Where do you think the smartest money is going this year?

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Silvija Gelevski: The smartest money in 2026 is going where technology creates a measurable economic advantage, rather than simply where the most excitement is.

AI remains one of the biggest opportunities, but I think the interesting shift is from companies building AI technology to companies using AI to fundamentally change the economics of an industry. I'm particularly interested in vertical AI, industrial automation, B2B SaaS, cybersecurity, healthcare infrastructure, and businesses that solve expensive, persistent problems in traditional sectors.

I also see significant opportunities in companies that can make European industries more competitive, particularly in energy, manufacturing, and critical infrastructure. For me, some of the best investments are in markets that aren't particularly fashionable but have enormous inefficiencies and room for innovation.

What matters most is whether a company is solving a real problem, creating measurable value, and building a competitive advantage that will be difficult to replicate.

IT Logs: Bigger bets on fewer startups, or smaller checks spread wider?

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I think the answer depends on the stage of investment, but my approach is to diversify early and concentrate capital as conviction grows. At the earliest stages, it makes sense to invest across different founders, sectors, and ideas because even experienced investors cannot consistently predict which companies will become exceptional.

As companies demonstrate execution, customer demand, and the ability to scale, I believe in increasing investment in the strongest performers. One of the biggest mistakes investors make is treating every portfolio company equally. Some businesses demonstrate the potential to become market leaders and deserve additional capital, while others may not justify further investment.

At the same time, conviction needs to be supported by evidence. I would rather increase my investment in a company that is consistently delivering results than continue funding a business simply because I believed in its original vision. For me, successful investing is as much about knowing when to increase your commitment as it is about making the initial investment.

IT Logs: What is moving valuations more in 2026: real traction, AI buzz, or solid unit economics?

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AI buzz can still attract attention and drive premium valuations, particularly in competitive funding rounds. But for me, real traction and strong unit economics carry much more weight. I want to see customers who are willing to pay, who stay, and who see genuine value in the product. Strong unit economics tell me whether that demand can translate into a sustainable and scalable business.

Leadership is equally important to me, and it's something I pay close attention to when evaluating an investment. A strong product or an attractive market can only take a company so far. The quality of the leadership team often determines whether a business can turn early potential into long-term success.

I look for founders who have a clear vision, understand their business inside out, make difficult decisions when necessary, and know how to build and lead strong teams. Markets change, technology evolves, and strategies need to adapt. The ability to navigate those changes is what separates exceptional founders from the rest.

Ultimately, valuations should reflect more than current performance or market excitement. I place the greatest value on businesses with proven demand, sound economics, and leadership teams capable of delivering sustainable growth.

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