Lithuania: A vibrant and rapidly growing innovation hub

Lithuania's tech ecosystem is vibrant and a rapidly growing hub of innovation, attracting attention from around the world. Known for its emphasis on education and digital literacy, Lithuania boasts a highly skilled workforce, especially in the fields of IT and engineering.

Lithuania's capital, Vilnius, is often referred to as the “Silicon Valley of the Baltic,” reflecting its dynamic tech scene and entrepreneurial spirit. Furthermore, Lithuania's strategic location, excellent digital infrastructure, and strong connections within the European Union make it an ideal gateway for tech companies looking to expand into European markets.

The combination of talent, innovation and supporting infrastructure makes Lithuania an exciting and promising player on the global tech stage.

Here we profile 10 companies driving innovation and fostering a dynamic ecosystem that will drive technological advancement and economic growth in Lithuania.

1. Small and medium-sized enterprise financing

Industry: Fintech Amount raised in 2023: 140 million

SME Finance is a financial technology company focused on providing comprehensive financing solutions to small and medium-sized enterprises (SMEs).

The company leverages advanced technology to provide customized financial services, including factoring, business loans and invoice financing, aimed at supporting the growth and operational needs of small and medium-sized businesses.

Known for its innovative solutions and commitment to supporting local businesses, SME Finance has quickly grown into a major player in the fintech industry in the Baltic Sea region.

2. Nord Security

Industry: Security 2023 funding: $100 million

Nord Security is a cybersecurity company known for its powerful and innovative solutions designed to protect individuals and businesses online.

The company offers a range of security products, including NordVPN, a widely acclaimed virtual private network service, NordPass for secure password management, NordLocker for encrypted cloud storage, and NordLayer for advanced network access protection.

With a mission to make the Internet safer for everyone, Nord Security provides cutting-edge cybersecurity to millions of users around the world, with a focus on privacy, security and ease of use.

3 PV Case

Industry: Cleantech 2023 funding: $100 million

PVcase is a next generation PV software company revolutionizing solar design work worldwide.

With a strong engineering foundation and cutting-edge development team, PVcase aims to set a new industry standard for utility-scale solar layout design, emphasizing automation and accuracy from the early planning stages. Their software, incorporating 3D terrain data, helps customers achieve higher revenues and win more projects.

The company continues to innovate, aiming to optimize other aspects of planning and evaluation of commercial- and utility-scale PV projects.

4. Cast AI

Industry: Cloud 2023 funding: $55 million

Cast AI is a leading technology company specializing in cloud optimization solutions, helping businesses manage and optimize their cloud infrastructure for improved performance and cost efficiency.

The company offers an advanced platform that leverages artificial intelligence to deliver automated cloud cost management, real-time optimization and comprehensive insights.

Cast AI simplifies cloud operations and ensures optimal resource allocation, enabling businesses to realize significant cost savings and performance improvements.

5. Cube 3.AI

Industry: Fintech Amount raised in 2023: $8.2 million

CUBE3.AI will strengthen Web3 security by making real-time transaction security a necessity, facilitating a more decentralized future.

The company's mission is to accelerate the global adoption of decentralized technologies and contribute to a more transparent, efficient, and inclusive digital economy.

CUBE3.AI provides advanced cybersecurity solutions for smart contracts, enabling businesses and communities to confidently adopt Web3 technologies and ensure their digital assets are protected from threats, fraud and compliance risks.

6. Green Genius

Industry: Energy 2023 Procurement: 6.9 Million

Green Genius is a leading renewable energy company committed to developing and managing sustainable energy projects across Europe.

The company specializes in renewable energy solutions including solar, biogas and wind power, striving to reduce carbon emissions and promote environmental sustainability. Green Genius is known for its innovative approach that combines cutting-edge technology and expertise to deliver efficient and reliable renewable energy solutions.

The company aims to accelerate the transition to a greener future by providing clean energy alternatives, supporting local communities and contributing to the global fight against climate change.

7 Genus AI

Industry: Software Amount raised in 2023: $6 million

Genus AI is a company specializing in artificial intelligence solutions aimed at enhancing customer engagement and driving business growth.

The company leverages advanced AI and machine learning to help businesses understand and predict customer behavior, personalize interactions, and optimize marketing strategies.

Genus AI uses data-driven insights to help automate creative production, target ideal audiences, and analyze and improve ad performance, improving campaign results while saving time and budget.

8. Genomics

Website: Industry: Deep Tech Amount raised in 2023: 5 million

Genomika is a company specializing in genetic testing and personalized healthcare solutions.

The company provides advanced genomics services, including DNA sequencing, genetic diagnostics and personalized medicine, with the aim of improving health outcomes and advancing medical research.

Genomika provides accurate and comprehensive insights into genetic profiles to help individuals and medical professionals make informed decisions.

9. Heavy Finance

Industry: Fintech Amount raised in 2023: 4 million

HeavyFinance is a climate technology company providing sustainable finance and investment solutions for agriculture.

The company generates verified agricultural carbon credits, providing additional financial incentives to farmers as they transition to more sustainable soil management practices.

To ensure the positive impact of the external funding provided to farmers, Heavy Finances’ soil scientists and agronomists collect soil samples and carry out advanced laboratory tests to measure the levels of CO2 removed from the atmosphere.

10 Oxypit AI

Industry: Healthtech Amount raised in 2023: 3.5M

OxipitAI is a medical technology company specializing in artificial intelligence solutions for radiology.

The company develops advanced AI-powered software to increase the accuracy and efficiency of medical imaging diagnostics. OxipitAI's innovative tools assist radiologists by providing automated image analysis, abnormality detection, and comprehensive report generation to improve diagnostic confidence and patient outcomes.

OxipitAI is focused on integrating cutting-edge AI technology into clinical practice, aiming to revolutionize radiology by ensuring timely and accurate medical diagnoses.

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