Events, data and analysis from the Baltic economies
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Vilnius-based technology startup Holo has secured €5 million in seed funding to develop its AI-powered marketing platform and expand its team in Lithuania. The investment round was led by European venture capital firm Market One Capital, with participation…
Canadian aerospace company Volatus Aerospace has agreed to acquire Lithuania’s AISPECO in a transaction valued at an initial US$10.5 million, bringing a Vilnius-based manufacturer of airborne sensor systems into its international operations. Under the agreement announced on 14…
Estonian energy-storage company Skeleton Technologies has joined the ranks of Europe’s unicorns after a new investment led by German industrial group Siemens lifted its valuation above $1 billion. The deal also gives Skeleton an exclusive global sales partner…
PhotoA satellite developed and tested in Vilnius has successfully reached orbit and established contact following its launch aboard SpaceX’s Transporter-18 mission. The First Customer Link satellite is a demonstration stage of NanoAvionics’ €122.5 million contract with Meridian Space…
International IT company ELEKS has acquired a controlling stake in Tallinn-based software developer ADM Interactive. Financial terms of the transaction were not disclosed. ADM’s existing shareholders and management will remain involved in the company, while ELEKS says it…
Lithuanian space technology company Blackswan Space has raised €2.5 million in its second investment round to expand sales in the United States and accelerate the commercialisation of its autonomous spacecraft navigation technology. The round was led by Iron…
Latvia has significantly eased access to its support programme for research-based startups, increasing public co-financing from 50% to 80% and widening eligibility to technologies that have reached TRL 8. The revised rules also allow Latvian branches of foreign…
Around 7,000 reportedly stolen employee passwords, deleted backups, a possible personal data breach and a state-owned company linked to election-system development: the cyberattack on Latvijas valsts meži (LVM) has moved beyond a normal company-level IT incident.
PhotoElon Musk’s xAI, the company behind the Grok chatbot, has left an unexpected European trace in Estonia. According to Follow the Money and Eesti Ekspress, xAI added an Estonian address to Grok’s terms of service in mid-February: Parda…
PhotoLatvia’s IT Procurement Case Expands Into a Wider Governance Risk What began as a criminal case around allegedly manipulated state IT procurements has already moved beyond one investigation. The affair now reaches VDAA, VARAM, election administration, contract continuity…
PhotoLatvia’s IT procurement scandal has moved well beyond the frame of a routine corruption case. According to the European Public Prosecutor’s Office, the investigation concerns at least six ERDF-funded projects worth up to €1.5 million and includes warnings…
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