> ## Content Index > Fetch the complete content index at: https://fomo.observer/llms.txt > Use this file to discover other available public pages before exploring further. # Skeleton Technologies becomes Estonia's latest unicorn - URL: https://fomo.observer/skeleton-technologies-becomes-estonias-latest-unicorn/ - Published: 2026-10-14T14:08:45.000Z - Updated: 2026-10-15T10:13:33.000Z - Author: Fiona Alston - Tags: News, Investing, Unicorn It appears that Estonia has a new unicorn...and its deeptech! The coveted title goes to supercapacitor and energy storage firm Skeleton Technologies. Its status has been raised due to a strategic investment from Siemens. Now valued at over $1 billion, Lift99 will have to get the glue gun out and stick Skeleton in its rightful position on the wall of fame. While the financial details of the investment have not been disclosed at this stage, Taavi Madiberk co-founder and CEO of Skeleton Technologies has described it as a nine figure round. The investment will primarily accelerate the expansion of Skeleton’s US manufacturing footprint and R&D activities in Silicon Valley to meet growing demand from hyperscalers for AI data-center power systems. The investment deepens a long-standing relationship between the pair as Siemens supported Skeleton’s expansion in 2023, while Siemens Digital Industries designed and automated the company’s Leipzig SuperFactory in Germany. > Announcing the deal on [LinkedIn ](https://www.linkedin.com/posts/madiberk%5Fdeeptech-aiinfrastructure-datacenters-share-7516076461498376192-MFKX/?ref=fomo.observer)earlier Madiberk remarked, "When we started Skeleton in 2009 in a small lab in Tartu, Estonia, I would never have thought that I would still be building it 17 years later. Or that my co-founders Oliver Ahlberg, Jaan Leis and Anti Perkson would still be at it with me. Hardware is hard. Deeptech is deep. There are no shortcuts to building something that truly matters." ### Making the most of your GPUs “AI is scaling faster than the power infrastructure behind it. The constraint is not how many GPUs you can buy, but how much compute you can extract from every GPU and every megawatt available,” said Madiberk. “In AI infrastructure, supercapacitors are becoming the new semiconductors. They will determine how much performance hyperscalers can deliver from their GPUs. Our systems remove power fluctuations as a constraint, enabling more compute faster while delivering up to 40% energy savings and double-digit improvements in GPU performance," he added. At the end of September, independent Toptech research estimated Skeleton's valuation at 499 million euros. [Security firm Blackwall tops €1 bln value on paper amid sector M&A frenzyCybersecurity provider Blackwall has achieved a €1.03 billion valuation in the TopTech 2026 rankings, riding a massive wave of global consolidation in the cybersecurity sector to become Estonia’s newest billion-euro tech firm on paper. Despite crossing the threshold in the independent ranking compiled by M&A![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/icon/Untitled--800-x-800-px-Video---1--ee6db5d4-8f2c-469f-bce5-0aec14976dfe.gif)Fomo.ObserverTarmo Virki![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/thumbnail/botguard-blackwall-raises-e45m-series-b-dd26d695-d760-4802-bf23-abf3810d806b.png)](https://fomo.observer/blackwall-toptech/) Shares in Skeleton's publicly listed shareholder Harju Elekter – which invested back in 2015 – rose 5% on a flat Tallinn bourse on Wednesday. The deal would make the 5.45% stake worth more than half of Harju Elekter's market cap. Harju Elekter said it would also sell part of its stake in Skeleton to Siemens International Holding B.V. for 5.7 million euros, covering its initial investment fully. "Following the partial disposal of its holding, Harju Elekter will remain a shareholder in Skeleton but sees the possibility of fully exiting the investment during 2028, subject to suitable opportunities and conditions," the company said in a stock exchange release. ### A run of unicorns lately The jury is still out on whether Blackwall beat Skeleton to become a unicorn; perhaps we could say that Blackwall entered through the back door and Skeleton came charging in the front? You decide. Read our write-up on Blackwall below. [Security firm Blackwall tops €1 bln value on paper amid sector M&A frenzyCybersecurity provider Blackwall has achieved a €1.03 billion valuation in the TopTech 2026 rankings, riding a massive wave of global consolidation in the cybersecurity sector to become Estonia’s newest billion-euro tech firm on paper. Despite crossing the threshold in the independent ranking compiled by M&A![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/icon/Untitled--800-x-800-px-Video---1--0a9d409f-ce49-4653-a156-a213083899a8.gif)Fomo.ObserverTarmo Virki![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/thumbnail/botguard-blackwall-raises-e45m-series-b-e48304eb-9c63-4b47-83ee-d939f4a58555.png)](https://fomo.observer/blackwall-toptech/) ## Sign up for Fomo.Observer Startup stories from Estonia. Free weekly newsletter. Subscribe Email sent! Check your inbox to complete your signup. No spam. Unsubscribe anytime. [Skeleton sets eyes on US IPO after €33 million roundBloomberg reports that Skeleton Technologies is setting its sights on a U.S. public debut following a fresh €31 million funding round led by Taiwania Capital.![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/icon/Untitled--800-x-800-px-Video---1--bb991fba-a016-482f-be40-1e24ef580b50.gif)Fomo.ObserverTarmo Virki![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/thumbnail/Fomo.Observer_Latitude59-4-58bb4184-24fc-4692-9af7-2aa8eb509996.jpg)](https://fomo.observer/skeleton-sets-eyes-on-us-ipo-after/) [Estonia needs to find its next advantageFor a country synonymous with tech unicorns, they have been pretty thin on the ground lately. We’ve been searching high and low for our next unicorn for several years now - circling Starship and Pactum for a while, and lately even tried giving Skeleton and Frankenburg a nudge too, but![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/icon/Untitled--800-x-800-px-Video---1--bfcbfbc1-2b00-4729-84f0-34e6ce12a539.gif)Fomo.ObserverTriin Hertmann![](https://storage.ghost.io/c/08/7f/087f88ab-cb17-44cc-928d-9cfca14a3fb9/content/images/thumbnail/triin_02-93e5f592-cc1e-463f-80b9-439f773291a6.jpg)](https://fomo.observer/estonia-needs-to-find-its-next-advantage/)