Vilnius-based medtech startup Ligence raises €3M
Lithuania's Ligence, which helps improve cardiac diagnostics, has raised €3M from a syndicate of 53 business angels NGL, Lithuanian Coinvest Capital, Estonian Lemonade Stand, a business angel Rita Sakus, Poland's Simpact Ventures, the European Innovation Council and SMEs Executive Agency (EISMEA). Following this investment, Coinvest increased its stake in the company to 19.67% and remains the largest investor.
Founded in Vilnius in 2019 by Dovydas Matuliauskas, Ligence has developed AI-powered software for cardiac ultrasound image analysis. The software is designed to assist cardiologists by automating image analysis, providing more accurate measurements, and streamlining reporting. The tool includes an integrated cardiac viewer that improves clinical decision-making and supports more accurate and timely diagnoses.
The startup’s solution can be integrated with existing hospital systems and enables remote review and improvement of medical reports. It is used by customers in Lithuania, Poland, Switzerland, Germany, France, Spain, Portugal, and the United Kingdom, and is being tested in Morocco. Ligence is also conducting clinical trials of its software in the United States, Germany, and the Netherlands.
Ligence plans to use the investment to develop its software further to make cardiac ultrasound more accessible and accurate, as well as expand its reach.
Coinvest Capital is a VC fund fully capitalized with public funds from the Lithuanian state and the EU. It is 100% owned by the National Development Agency INVEGA, which, in turn, is owned by the Ministry of Finance, acting as a shareholder on behalf of the Republic of Lithuania. Coinvest Capital invests in startups and companies undergoing business development and growth in cooperation with groups of business angels or private venture capital funds. Its portfolio includes 37 startups, with a total co-investment of €35.9M.
NGL was founded in April this year in Lithuania by former LitBAN Managing Director Justinas Pasys and Ieva Dargyte-Pasiene as a family business. There are 92 members in the network. NGL has placed eight advisory board members in four startups.
Founded in Tallinn in 2019 by Siim Teller, Lemonade Stand invests in early-stage tech companies from the Baltic and East European regions. The initial ticket ranges from €25K to €300K.
