Lithuanian IoT startup Viezo raised €360K

Lithuanian Viezo, which develops IoT solution for the railway industry, has raised €360K from Lithuanian venture fund Coinvest Capital, 7 investors from business angel network LitBAN, and Amsterdam-based fund Rockstart.

Viezo develops an IoT solution for monitoring railway wagons' wheelsets. Viezo uses vibration energy harvesting technology, which converts vibrations into electricity to power sensors and is embedded in the hardware of Powerail. Powerail is a wireless sensor system that is attached to train carriages. Its sensors can work for 12 years without charging and maintenance. The raised funds will allow the company to reach market compliance in 2023 and scale its solution. 

The startup was founded in Vilnius in 2018 by Donat Ponamariov and Donatas Darkšas. In 2021, the startup raised over €1M, €480K of which was from Coinvest Capital. Viezo has partners from Europe and Australia who are currently testing the solution. In 2023, the startup plans to install about 7,5K solutions in wagons.

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.