ProtonMail, one of the most famous cyber security companies, has opened its new office in Vilnius. This Swiss startup was the first company to offer a private and secure email that can be used by people without any technological background. According to the company’s representatives, the decision to expand to Lithuania was made because of many talented specialists here. ProtonMail was created in 2014 at the European Organization for Nuclear Research (CERN). The idea of encrypted email has appealed to thousands of people – the company attracted more than half a million dollars of crowdfunding in only a few months. Today, more than 12 million users worldwide use the products ... More

Satalia, a British artificial intelligence and data science company, has fully acquired Data Dog, a Kaunas-based IT company. For several years, both firms have been cooperating to develop business optimisation systems for clients like PwC and Tesco. With the merger, they will expand to developing a product portfolio of their own. Satalia span out of University College London (UCL) in 2008 and today applies the latest AI technologies to solve optimisation problems for some of the world’s best-known companies. In recent years, and in collaboration with Data Dog, it has developed a leading capability in vehicle routing, workforce optimisation, infrastructure planning, churn analysis an... More

The LBChain project has garnered significant attention among European FinTech companies: with 21 registrations from countries such as Belgium, Poland, Lithuania, the Netherlands, Finland, Serbia and Sweden, no more than 6 applicants will be deemed eligible to move forward. “The initiative of the Bank of Lithuania to develop blockchain-based products and solutions has been well received. This is also evidenced by the rather considerable amount of applications that were sent in,” said Andrius Adamonis, Project Manager at the Bank of Lithuania. The LBChain project is divided into three stages. Participants eligible to move to the second will be announced by mid-March this year... More

2018 was another hugely successful year for Fintech in Lithuania and saw the country cement its status as one of Europe’s leading Fintech hubs. The sector expanded by 45% and saw big names in the industry like Revolut and Google receive licences from the Bank of Lithuania. In order to accurately quantify the sector’s successes so far, Invest Lithuania and Rise Vilnius conducted a detailed survey of the companies present in Lithuania at the end of 2018. This research has highlighted a number of important characteristics of Lithuania’s Fintech ecosystem and point towards some trends going forward. The first striking feature of Lithuania’s Fintech sector that the rese... More

SMART FDI ELIGIBLE ACTIONS: R&D development; Investments for company‘s creation or development of R&D infrastructure (pilot line included) Activities related to process and organizational innovations installation. GRANT AMOUNT: 50 000 - 3 000 000 EUR (Action 1). 50 000 - 6 500 000 EUR (Action 2). 50 000 - 500 000 EUR (Action 3). FUNDING INTENSITY:   Without partner Action Large company Medium company Small or very small company Research 1 action 50 percent 60 percent 70 percent Development 1 action 25 percent 35 percent 45 percent Creation or development of... More