14 Apr 2016   |   News

Kaunas University spin out wins €1M investment

Lithuanian medical software specialist attracts VC backing, after developing its technology with backing from several EU grants

The IT company Softneta, which was founded by alumni of Kaunas University of Technology (KTU), has secured €1 million investment from the venture capital fund Practica Venture Capital.

The company has previously received a number of EU grants to help with the development of its products, including developing improved ultrasound diagnostics and for a feasibility study of a diagnostic images data bank.

“This investment will allow us to focus more on our long-term goals and make major improvements to our software products, rather than worrying about day-to-day problems,” said Vytautas Baublys, CEO. “We also plan to improve our sales operations by hiring new, highly-qualified employees. It was a much needed push for us: we expect a long-term and successful collaboration with Practica Capital.”

Practica Venture Capital has previous experience of working with health care businesses, and will be able to provide advice on how to grow the company.

“Softneta has a big advantage – a low cost home market, which allows it to offer high-quality products for a competitive price,” said Petras Mičiūnas, Partner at Practica Capital.

“Its future is really promising: the company has everything needed to get noticed and to find long-term reliable strategic partners. We have prepared a detailed action plan and are ready to work together,” Mičiūnas, said.

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