Lithuanian SpaceTech startup Astrolight raises €2.8M

Lithuanian startup Astrolight has closed a seed round at €2.8M led by tech investor Balnord. Other key investors were EIFO, Coinvest Capital, NGL Ventures and a member of Lithuanian Business Angel Network LitBAN Rita Sakus.

These funds will enable Astrolight to accelerate the development of its end-to-end laser-based communications platform that connects satellites to Earth.

Astrolight was founded in Lithuania in 2019 by Laurynas Maciulis, Julianas Zeludevičius, Dalius Petrulionis, Martynas Milasevičius and Andrius Stankevičius. The company develops and manufactures optical communication terminals for space-to-Earth, space-to-space, ship-to-ship and terrestrial links in the aerospace and defense industries, leveraging the full vertical integration of its technology stack to ensure high productivity and faster development cycles.

Coinvest Capital, an early stage venture capital fund established in 2018 by the national development bank ILTE, invests EU and Republic of Lithuania public funds, in promising Lithuanian startups. The managing director of Coinvest Capital is Viktorija Trimbel.

NGL was founded in April 2024 year in Lithuania by former LitBAN Managing Director Justinas Pasys and Ieva Dargyte-Pasiene as a family business. The company's portfolio includes VUGENE, Walk15, Cyber Upgrade and MELP.

EIFO is Denmark's national development bank and export credit agency combined in one financial institution. With operations in more than 100 countries and a total business volume of more than 25 billion euros, EIFO provides financial solutions for Danish companies and their partners around the world and invests in start-ups and funds.

Balnord is an investment firm focused on deep technology and data-driven software, including dual-use applications. The company was founded in 2024 and is based in Luxembourg.