Lithuanian developer of charges for electric cars Inbalance Grid raised €1,3M
Lithuanian developer of charging solutions for smart electric cars Inbalance Grid has raised €1,3M from Lithuanian venture fund Business Angel Fund, Lithuanian fund Orion Ventures (an investment arm of banking firm Orion Securities), Lithuanian company Civinity (engaged in the construction, management, and maintenance of real estate objects), and Spanish electro-mobility fund EIT.
Inbalance Grid designs and produces charges for electric vehicles (EV) and manages them through cloud-based software and controllers integrated into their charging points. The company uses the existing infrastructure for charging EV, for example, in office buildings, shopping centers, or hotels that do not fully utilize their electricity supply.
The startup will use the money for the development of technology. According to the company, it will strengthen its expertise with the help of new investors who work in the real estate industry and have experience in Poland. Earlier, it announced that it planned expansion in other countries, primarily in Latvia, Estonia, and Poland.
In January, Inbalance Grid raised €1,5M from Lithuanian private investment company Equite to install 600 public charging access points in Lithuania. With that deal, Equite became a co-owner of electric vehicle charging infrastructure.
Business Angel Fund (BAF) is a Lithuanian venture company that manages two funds (BAF I and BAF II). BAF I is in the final lifecycle stage and makes exits of portfolio companies. BAF II invests together with business angels in early-stage startups and small companies in Baltic countries and Poland, with a focus on Lithuania. The ticket size is €50K-€600K, and the same amount is provided by business angels. The size of the fund is more than €10M.
Orion Ventures is a finance department of Lithuanian investment banking firm Orion Securities. The fund invests in early-stage Lithuanian early-stage startups. In its portfolio Lithuanian Oxus.AI (develops speech analytics software for customer services). Orion was established in 2021.
