Lithuania's thriving startup ecosystem is far more than fintech with thriving unicorns and changemakers aplenty

Think Lithuanian startups and your first thought is fintech companies. After all, the country is home to over 280 fintech companies, so there are many reasons to call it the leader of fintech in the Baltics.

But its most successful businesses aren’t even fintech.

Lithuania is home to three unicorns. Online clothing marketplace Vinted. NORD Security (creators of my favourite virtual private network NordVPN) in 2022 received external funding for the first time in its 11 year history to the tune of $100 million at a $1.6 billion valuation. 

Then, earlier this year, Lithuanian Economy Minister Aušrinė Armonaitė ranked Baltic Classifieds Group, operating various classifieds portals in the Baltic state, as number three. 

Equally impressive in innovation and tenacity, the country also boasts a diverse pool of startups in health tech, industrial tech, connected devices and more. 

Here are some that are on my radar: 

Millo

Millo has developed a cordless blender. It operates on a brushless motor called the Magnetic Air Drive. A Tritan-plastic cup with integrated, stainless steel blades sits flush on the smooth, buttonless surface. It operates at the click of a button or via Bluetooth via the corresponding app,

The company is also working on connected accessories and a Magnetic Air Drive, which will integrate seamlessly into cooktops, opening up new possibilities for technologically enhanced food prep. 

Founded in 2015, Millo has raised €2 million, including €100,000 in crowdfunding. The company was an Amazon Launchpad Innovations Finalist award in 2021 and an IFA Technical Innovation Award winner, amongst many others.

Oxipit 

It is the first regulatory-approved AI medical imaging application to perform diagnostics autonomously. 

Fully autonomous ChestLink operations in a clinical setting will begin this year. The company closed a $4.9 million funding round led by Taiwania Capital, Practica Capital, Coinvest Capital and angel investors in January.

PVCase

PhotoVoltaic Computer Aided Solar Engineering (PVCase ) was founded in 2018 by a team of solar engineers who struggled to find a modern enginnering tool. 

The company has developed solar engineering software built for utility-scale power plant design. Seamlessly integrated within the AutoCAD environment, it streamlines the most time-consuming and challenging tasks of solar engineering. It helps companies design, estimate, and optimise commercial and utility-scale solar assets.

Viezo

Viezo is a cleantech startup that has developed vibration energy harvesting technology which means sensors and by which sensors and other IoT elements power without batteries.

In 2020 the company filed a patent application for its energy harvesting technology which utilises Piezoelectric PVDF material to convert vibrations into electricity.

Serving the rail industry, Viezo is self charging and tracks the health of rail parts such as wheels and bearings, converting vibrations into electricity without the need for batteries.

The vibrations turn into actionable data, increasing rail part functionality and longevity and lowering environmental waste and maintenance costs. 

Deeper

I see guys fishing in the Berlin spree every day from my office. But now, they no longer need to rely on guesswork to find the best place to catch fish.

Deeper has created a range of products that scan for fish via a small device attached to your fishing line and dropped into the water from a dock or cast out from the shore or a boat. 

Information from the device transmits to a corresponding mobile phone app via Bluetooth connectivity. 

The data enables you to monitor the water temperature and subsurface activity, such as the location of fish and vegetation and can distinguish between clumps of bait and actual fish. 

I had the pleasure of interviewing the company a few years ago. They’ve expanded from their early days to now offer several smart sonar models, one app, multiple fishing accessories and the bathymetry management platform, Fish Deeper™. Deeper fish finders are available in 50 countries with over 2 million Fish Deeper App downloads.

ColibirisODM

ColibirisODM has developed an online on-demand manufacturing platform for automatically quoting and ordering custom-made and serial metal parts in various quantities — even single units. Users can upload a 3D CAD file and order custom-made metal components.

They can access a one-stop-shop for on-demand manufacturing services such as cutting, forming, welding, machining, coating, and assembly.

The company raised €300k in venture funding in May.

Pulsetto

Pulsetto has developed wearable tech that helps you manage stress and anxiety and improve sleep by stimulating the vagus nerve, controlling the parasympathetic nervous system and regulating vital functions. The device is  FCC certified and therefore approved for well-being use and compliant with the strict laws of the Federal Communication Commission.

Vagus Nerve Stimulation has gained the attention of numerous startups as a drug-free treatment for various health conditions.

For instance, Spark Biomedical in the US has received FDA clearance for its use in opioid withdrawal in the US, while GammaCore, has NHS approval and funding to treat migraines and other debilitating headaches in the UK. We can expect to see more advancements in this field in the coming years.

Lead image: Julia Karnavusha.