Latvian AR startup Lightspace Technologies raises €750K
24 May, 2022, 16:59
Lightspace Technologies has raised another €750,000 investment from the Ardelta fund and several business angels. The round brings a total of €14 million in support, Labs of Latvia informs.
- Founded in 2014 by Ilmars Osmanis, the company offers 3D photonics and optical solutions. Lightspace develops augmented reality glasses capable of 3D data visualization with sub-millimeter accuracy, which can be used in medicine and the military.
- This round’s investors include business angels, existing shareholders, and the investment fund Ardelta. Ardelta SIA is a Latvian fund focusing on growing successful, stable, and lasting businesses in Latvia and the Baltic region.
- In 2021, the startup raised a €1.25 million convertible investment loan, totaling now at €2 million before listing on the stock exchange. In 2020, Lightspace Technologies raised a €2.25 million grant from European Commission.
- The fresh funding will finance the development and launch of Lightspace Technologies’ existing and new products. The company plans to deliver 200 augmented reality glasses to its partners in 2022.
- Additionally, Lightspace is cooperating with Fundly to supply 50 systems worth more than €3 million to the Ukrainian army.