Lithuanian MedTech Villimed secures $300K from Coinvest Capital and LitBAN

Lithuanian Villimed, which develops medical devices designed to reduce hand tremors, secures $300K from Lithuanian venture fund Coinvest Capital and business angel network LitBAN. The new financing will be used to promote sales.

The investment from Coinvest Capital was made through Co-investment fund II which has financing from European regional development funds.

Villimed was launched in 2019 in Kaunas, Lithuania. It develops Villi ball - a device that helps people with essential tremors (involuntary shaking of the hands) or Parkinson's to reduce hand tremors. The device emits mechanical vibrations of a certain frequency and shape, and for a patient, it is a medical therapy making for him easier processes such as eating, drinking, writing, and other activities.

Coinvest Capital was established in Vilnius in 2017. It invests in startups at the beginning of their business development. The fund works in cooperation with groups of business angels.

Vilnius-based LitBAN (Lithuanian Business Angel Network) is a group of business angels. It was founded in 2017. LitBAN focuses on early-stage venture investment in Latvia and the Baltics.