Oves Enterprise aims for 20 million euro revenue in 2024, with nearly 3 million euro investments in innovation products

• The company continues to heavily invest in research and development, focusing on the Nemesis AI platform
• Accelerated growth has been supported by strategic partnerships and a diversified client portfolio

OVES Enterprise, a Romanian software development company with expertise in creating complex software solutions and AI innovations for aerospace, defense, and cybersecurity industries, estimates a revenue of approximately €20 million for 2024, nearly double compared to the previous year (cumulatively across all its entities in the seven countries where it operates).

This performance is the result of global expansion, diversification of its client portfolio, and significant growth in Software as a Service (SaaS) and Technology as a Service segments, particularly for the defense sector.

“The results achieved in 2024 reflect the direct impact of our global expansion strategy and investments in innovation. We increased our initially estimated €2.5 million budget for research and development, ultimately investing close to €3 million. Most of this funding was allocated to Nemesis AI, an artificial intelligence platform that plays a crucial role in structuring, labeling, and preparing data from conflict zones, later used for training and implementing AI models in complex systems like autonomous drones and aircraft. Investments were also directed towards optimizing flight logic, real-time data integration, and developing customized hardware, such as single-board computers, thereby strengthening our clients’ technological capabilities in critical areas like national security”, said Mihai Filip, CEO of OVES Enterprise.

Investments in Nemesis AI enable the company to develop advanced technological solutions that address critical needs in strategic industries like defense and energy. By offering integrated and customized technologies, OVES Enterprise solidifies its position as an essential partner for governments and global organizations.
In addition to Nemesis AI, the company has allocated significant funds to develop advanced hardware technologies, supporting the efficient integration of artificial intelligence solutions across various applications.

Global Expansion and Sector Diversification
This year, OVES Enterprise continued to attract clients from industries such as green energy and fintech, offsetting the reduced demand from the automotive sector. Additionally, the company experienced a return of clients who, after exploring alternatives in Asia, chose to return due to the high quality of services offered.

“Our global strategy focuses on strengthening relationships with existing partners while exploring new high-potential markets. At the same time, sector diversification provides the necessary stability in the face of economic and geopolitical shifts”, added Mihai Filip.

Outlook for 2025
Global expansion remains a priority for OVES Enterprise in 2025, with plans to open new offices in strategic regions. The U.S. and U.K. markets continue to be the primary revenue sources, generating the largest share of the estimated turnover.
For the coming year, OVES Enterprise plans to expand the functionalities of Nemesis AI, by launching modules dedicated to government institutions and international organizations. Simultaneously, the company will continue investing in attracting and training specialists in artificial intelligence, robotics, and aerospace engineering.

About OVES Enterprise
OVES Enterprise is a Romanian software development company with expertise in creating complex software solutions and AI innovations for aerospace, defense, and cybersecurity industries, founded in 2015 in Cluj-Napoca. Since 2019, OVES’s strategy has included offering more complex software development services for projects in automotive, eCommerce, fintech, telecom, and international government institutions, becoming a technological partner for complex and technologically sophisticated projects. Last year, OVES Enterprise expanded its activities with a new business line focused on drone production.

Currently, more than half of the company’s revenue is generated by international projects integrating new technologies in artificial intelligence and big data. OVES Enterprise currently has over 200 employees and offices in Romania, Germany, the United Arab Emirates, the United Kingdom, the United States, and Norway.