Lithuanian medtech Vilimed secures €300k from CoInvest Capital

Kaunas-based medtech startup Vilimed has secured €300,000 in funding from the Lithuanian fund CoInvest Capital and the LitBAN angels. The startup develops a unique therapeutic device that reduces hand tremors for people with related diseases.

• Founded in 2019 by Mantas Venslauskas, Vilimed develops and sells a special therapeutic device that reduces hand tremors for people with Essential Tremors or Parkinson’s Disease. Using the device makes it easier for these people to carry out everyday tasks, like eating, drinking, writing, and using various technologies.
• The company started developing the device in 2017 and certified it in 2021. Most devices — about 70% — are bought by buyers from European Union countries, about 15% — Middle Eastern countries, 10% — the US, and about 5% — buyers from Lithuania.

“This is not our first investment in the medtech segment, but every time it is a new experience. Technologies developed in Lithuania help people identify and solve serious problems that make life difficult. So we are happy to offer such solutions to as many people as possible around the world. Vilimed is also unique because its founders quickly went through the difficult path from an idea to a certified product. We wish them success and rapid development,”

Viktorija Vaitkevičienė, CoInvest Capital’s manager, comments.

• CoInvest Capital provided the majority of the capital. It is a Lithuanian fund investing in startups during business development and growth stages. The fund usually co-invests with groups of local business angels. This time, the fund co-invested with the angels from Lithuanian Business Angel Network.
• Vilimed will use the fresh funds to promote sales and expand geographically to new markets. The funds will also help to fasten the development and certification of similar products.