Lithuanian tech company Litilit receives €3.5M from Taiwan’s fund
Vilnius-based tech company Litilit received an investment of €3.5 million from Taiwan. The funding becomes the first made by Taiwan’s $200 million Central and Eastern Europe Investment fund — its launch was announced in January 2022. Two more investments in Lithuania will follow this year or in early 2023 to bring the total of funding to €10 million.
- Founded in 2015 by Nikolaus Gavrilins and Kęstutis Regelskis, Litilit develops and manufactures lasers with exceptional properties, extremely short — femtosecond — optical pulses. This ultrafast laser technology enables the company to achieve telecom-standard reliability, manufacturing scalability, and a competitive price.
- The solution alone can be helpful in a wide variety of industries, including: medical equipment, bioimaging, consumer electronics, advanced manufacturing, and 3D printing, as well as laser surgery, and fundamental science.
“Taiwan, being the world leader in the semiconductor market, occupies a significant place in the laser industry. Therefore, this investment shows not only their faith in the potential of the lasers developed by Litilit, but also international recognition of the innovations we create. This opens up opportunities for us to grow even faster, expand production capacity and establish new trade relations,”Nikolajus Gavrilinas, co-founder and CEO at Litilit, comments.
- The investment comes first after the announcement of Taiwan’s $200 million National Development fund made in January this year, which will focus on Lithuania, Slovakia, and the Czech Republic.
- In 2020, Litilit attracted the €1.6 million investment from Iron Wolf Capital. In the same year, it attracted another €2.5 million as part of the European Union subsidy for research and development.
- The company will continue to increase production efficiency and next year plans to launch a new, semi-automated production line that will produce two femtosecond lasers per day.