CAST AI, a Florida-based developer of cloud computing solutions, has announced the establishment of a development office in Lithuania. The company, which has already raised $4.8M at begining of 2020, plans to expand its Vilnius-based team to 100 people in the next three years. Established in the end of 2019, the company seeks to solve a common issue in cloud computing – running multiple clouds with several providers. The latest report by Gartner shows that 81% of cloud users rely on multiple providers, but there is no solution for seamless and simultaneous synchronization. CAST AI will allow organizations to deploy and automatically optimize applications across any combination of cl... More

Sonect, the location-based matchmaking platform that connects people who have cash with people who need cash, has obtained its Electronic Money Institution licence from the Bank of Lithuania, which enables the company to operate in all EEA countries. This marks a starting point for pan-European expansion for Sonect. My matching cash withdrawal with cash deposit, Sonect builds a community around local businesses and helps them generate physical leads. It has taken the Swiss FinTech a mere 18 months to become the largest single cash withdrawal network in Switzerland and is now ready to enter new markets in Europe and beyond. Sonect plans to replicate its success story in several European ma... More

ProtonMail, one of the most famous cyber security companies, has opened its new office in Vilnius. This Swiss startup was the first company to offer a private and secure email that can be used by people without any technological background. According to the company’s representatives, the decision to expand to Lithuania was made because of many talented specialists here. ProtonMail was created in 2014 at the European Organization for Nuclear Research (CERN). The idea of encrypted email has appealed to thousands of people – the company attracted more than half a million dollars of crowdfunding in only a few months. Today, more than 12 million users worldwide use the products ... More

Satalia, a British artificial intelligence and data science company, has fully acquired Data Dog, a Kaunas-based IT company. For several years, both firms have been cooperating to develop business optimisation systems for clients like PwC and Tesco. With the merger, they will expand to developing a product portfolio of their own. Satalia span out of University College London (UCL) in 2008 and today applies the latest AI technologies to solve optimisation problems for some of the world’s best-known companies. In recent years, and in collaboration with Data Dog, it has developed a leading capability in vehicle routing, workforce optimisation, infrastructure planning, churn analysis an... More

The LBChain project has garnered significant attention among European FinTech companies: with 21 registrations from countries such as Belgium, Poland, Lithuania, the Netherlands, Finland, Serbia and Sweden, no more than 6 applicants will be deemed eligible to move forward. “The initiative of the Bank of Lithuania to develop blockchain-based products and solutions has been well received. This is also evidenced by the rather considerable amount of applications that were sent in,” said Andrius Adamonis, Project Manager at the Bank of Lithuania. The LBChain project is divided into three stages. Participants eligible to move to the second will be announced by mid-March this year... More