European Innovation Council

Established in 2020, the European Innovation Council supports innovative startups and researchers with promising ideas, focusing on early-stage companies with positive environmental, social, or governance impacts. It co-invests alongside private investors.

David Malo Jean

Director

Past deals in Baltics

AISPECO

Grant in 2024
AISPECO is a Lithuanian company specializing in geospatial monitoring systems for helicopters, planes, UAVs, and terrestrial vehicles.

Ligence

Convertible Note in 2023
Ligence is a Deep Tech startup based in Lithuania that combines medical expertise with artificial intelligence to automate echocardiography image analysis. The company develops tools for automatic recognition of heart image views, measurement, and report generation, accessible via a web-based platform and designed to integrate with hospital information systems. Its flagship solution, Ligence Heart, aims to reduce manual measurements by physicians and enhance consistency in heart ultrasound examinations through automated analysis. The offering targets clinicians and healthcare providers seeking to streamline cardiovascular imaging workflows.

Naco

Grant in 2023
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.

Nanordica Medical

Grant in 2022
Nanordica Medical is an Estonian medical technology company that develops wound care solutions based on patented nanotechnology, combining copper and silver in nanofibers to remove infection and support healing in chronic wounds. The company has launched a veterinary wound dressing and is developing a first-in-class human dressing for hard-to-heal wounds such as diabetic foot ulcers. Clinical data suggest superior efficacy of the Nanordica dressing compared with conventional silver-based dressings. The underlying technology uses silver nanoparticles blended with other components to broaden antibacterial activity, including against drug-resistant strains.

Ligence

Grant in 2022
Ligence is a Deep Tech startup based in Lithuania that combines medical expertise with artificial intelligence to automate echocardiography image analysis. The company develops tools for automatic recognition of heart image views, measurement, and report generation, accessible via a web-based platform and designed to integrate with hospital information systems. Its flagship solution, Ligence Heart, aims to reduce manual measurements by physicians and enhance consistency in heart ultrasound examinations through automated analysis. The offering targets clinicians and healthcare providers seeking to streamline cardiovascular imaging workflows.

Ligence

Venture Round in 2021
Ligence is a Deep Tech startup based in Lithuania that combines medical expertise with artificial intelligence to automate echocardiography image analysis. The company develops tools for automatic recognition of heart image views, measurement, and report generation, accessible via a web-based platform and designed to integrate with hospital information systems. Its flagship solution, Ligence Heart, aims to reduce manual measurements by physicians and enhance consistency in heart ultrasound examinations through automated analysis. The offering targets clinicians and healthcare providers seeking to streamline cardiovascular imaging workflows.

Lightspace Labs

Grant in 2020
Lightspace Technologies SIA specializes in the development of advanced optical solutions and technologies for augmented reality (AR) and virtual reality (VR) displays. Incorporated in 2014 and based in Mārupe, Latvia, the company focuses on creating multifocal, accommodating AR headsets and future glasses-free 3D image displays. Their portfolio includes innovative products such as a multilayer liquid crystal switching diffuser, VR/AR near-eye display architecture, and a unity 3D rendering software plugin designed for volumetric displays. Lightspace's volumetric 3D monitor is particularly significant in sectors like medicine and security, providing real-time 3D displays with optically deep images. This technology facilitates applications such as three-dimensional microscopy, image-guided surgery, and diagnostics, enhancing both image quality and eye comfort for professionals across various fields. Recognized as a leading contributor to volumetric 3D display technologies, Lightspace continues to advance optical reality solutions by reducing the optical hardware requirements for light field display technology significantly.

Lightspace Labs

Venture Round in 2020
Lightspace Technologies SIA specializes in the development of advanced optical solutions and technologies for augmented reality (AR) and virtual reality (VR) displays. Incorporated in 2014 and based in Mārupe, Latvia, the company focuses on creating multifocal, accommodating AR headsets and future glasses-free 3D image displays. Their portfolio includes innovative products such as a multilayer liquid crystal switching diffuser, VR/AR near-eye display architecture, and a unity 3D rendering software plugin designed for volumetric displays. Lightspace's volumetric 3D monitor is particularly significant in sectors like medicine and security, providing real-time 3D displays with optically deep images. This technology facilitates applications such as three-dimensional microscopy, image-guided surgery, and diagnostics, enhancing both image quality and eye comfort for professionals across various fields. Recognized as a leading contributor to volumetric 3D display technologies, Lightspace continues to advance optical reality solutions by reducing the optical hardware requirements for light field display technology significantly.

NanoAvionics

Grant in 2019
NanoAvionics is a manufacturer of small satellite bus systems and a mission integrator with operations in the US, UK, and Lithuania. The company specializes in providing comprehensive small satellite solutions, catering to both single missions and larger constellations. Its small satellite platform integrates flight computers, attitude determination and control systems (ADCS), and communication subsystems on a single printed circuit board, along with non-toxic propulsion systems. This design approach allows for the optimization of hardware, launch, and operational costs, making it economically viable for various businesses and organizations to deploy small satellite missions. With a proven track record of over 85 successful satellite missions and commercial projects, NanoAvionics emphasizes modularity in its systems architecture, ensuring adaptability for diverse applications in the commercial space market.

Rubedo Sistemos

Grant in 2017
Rubedo Sistemos, based in Kaunas, Lithuania, specializes in the design and manufacture of self-driving robots and process control solutions for various industrial applications. Founded in 2009, the company develops 3D visual perception and navigation technologies tailored for free-ranging, vision-guided robotics, serving sectors such as manufacturing, material handling, and healthcare. Among its notable offerings is the VIPERTM system, which enhances visual perception for robots and industrial vehicles. Rubedo Sistemos is recognized for its innovative solutions, including a FDA-compliant robotic system specifically designed for precise tumor targeting in image-guided radiation therapy, collaborating with leading medical device manufacturers.

Ortho Baltic

Grant in 2017
Started in 2001, JSC Baltic Orthoservice, better known by its brand name Ortho Baltic, has grown into one of the biggest producers of individual orthopedic devices in Europe. Whole company‘s activity is about custom-made products for the foot. We combine the expertise of footwear technicians, footwear engineers-technologists, physicians, orthopaedists, and IT engineers. The modern technologies such as human body scan, computer designing of production forms, CAM carving and our own unique business management software are employed. Our clients, B2B companies, are offered the complete solution for serving their own patients that includes our know-how, online ordering system, all stages of design and production, quick service and the possibility to use our 3D lower limb scanning systems. By offering the execution of all production stages in one company – guarantees a perfect final result, since the requirements for the entire production cycle are known from the very beginning.

Ortho Baltic

Grant in 2016
Started in 2001, JSC Baltic Orthoservice, better known by its brand name Ortho Baltic, has grown into one of the biggest producers of individual orthopedic devices in Europe. Whole company‘s activity is about custom-made products for the foot. We combine the expertise of footwear technicians, footwear engineers-technologists, physicians, orthopaedists, and IT engineers. The modern technologies such as human body scan, computer designing of production forms, CAM carving and our own unique business management software are employed. Our clients, B2B companies, are offered the complete solution for serving their own patients that includes our know-how, online ordering system, all stages of design and production, quick service and the possibility to use our 3D lower limb scanning systems. By offering the execution of all production stages in one company – guarantees a perfect final result, since the requirements for the entire production cycle are known from the very beginning.
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