Practica Capital Invests 200,000 EUR to Space Start-Up Company NanoAvionics
2015 May 12
All necessary agreements were signed to make Practica Seed Capital and Practica Venture Capital funds managed by Practica Capital a 200,000 EUR seed investment in NanoAvionics, JSC, which is the first Lithuanian space technologies start-up and one of the first space start-ups in Eastern Europe to obtain a venture capital investment.
The founders of NanoAvionics are members of the successful project LituanicaSAT-1, which was not only the first Lithuanian CubeSat but also one of the first two European CubeSats launched from the International Space Station. The company is currently dealing with the first commercial order from a foreign customer and, together with Vilnius University, running the LituanicaSAT-2 3U CubeSat project which is part of international QB50 mission. In the near future, the company is planning to launch a next generation CubeSat bus, which combines the flight computer, ADCS and communication system on a single PCB. Additionally, the company is developing CubeSat UAV TT&C solutions and propulsion technologies for small satellites based on non-toxic “green” monopropellants. This August, the company will present its products and technologies at Small Satellite Conference 2015 in the USA.
“With Practica Capital financial backing and help, we are able to take another step in arranging our ideas and providing novel small-satellite-technology solutions to the global market,” said Vytenis Buzas, CEO and co-founder of NanoAvionics.
“NanoAvionics focuses on the prospective and rapidly growing small-satellite market. On the LituanicaSAT-1 mission, the key members of the company proved that space technologies can be developed even in such a small country as Lithuania,” said Dontas Keras, Partner in Practica Capital.
NanoAvionics, JSC, is an aerospace company founded as a spin-off of Vilnius University in Lithuania in 2014. The company has won a pre-seed grant from the National Agency for Science, Innovation and Technology of Lithuania to commercialise a highly integrated CubeSat bus. The founders of the company are members of the successful project LituanicaSAT-1, which was not only the first Lithuanian CubeSat project but also one of the first two European CubeSats launched from the International Space Station.