NanoAvionics, a VU spin-off receives a significant financial backing
NanoAvionics, JSC, the key founder of which is the team of Vilnius University – the one which successfully launched the first Lithuanian satellite "LituanicaSAT-1" last year, is the first Lithuanian space technologies start-up and one of the first space start-ups in Eastern Europe to receive a venture capital investment. A 200,000 EUR seed investment was provided by Practica Seed Capital and Practica Venture Capital funds, managed by Practica Capital.
"With Practica Capital financial backing and help, we are able to take another step in arranging our ideas and providing novel small-satellite-technology solutions to the global market," said Vytenis Buzas, CEO and co-founder of NanoAvionics.
NanoAvionics is currently dealing with the first commercial order from a foreign customer and, together with Vilnius University, running the LituanicaSAT-2. In the near future, the company is planning to launch a next generation CubeSat bus, which combines the flight computer, ADCS and communication system on a single PCB. Additionally, the company is developing CubeSat UAV TT&C solutions and propulsion technologies for small satellites based on non-toxic "green" monopropellants. This August, the company will present its products and technologies at Small Satellite Conference 2015 in the USA.
NanoAvionics, JSC, is an aerospace company founded as a spin-off of Vilnius University in 2014, while accomplishing a project from the National Agency for Science, Innovation and Technology of Lithuania "Promotion of Innovative business" (INOVEKS).
Practica Capital is a venture capital company established in 2011 and managing Practica Seed Capital fund of 6 million EUR and Practica Venture Capital fund of 15.7 million EUR, both established under the JEREMIE initiative, managed by EIF and financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania. The funds provide early and later stage financing to Lithuanian SMEs, focusing on innovative businesses with high-growth potential.