"With Practica Capital financial backing and help, we are able to take another step in arranging our ideas and providing novel small-satellite-technology solutions to the global market," said Vytenis Buzas, CEO and co-founder of NanoAvionics.
NanoAvionics is currently dealing with the first commercial order from a foreign customer and, together with Vilnius University, running the LituanicaSAT-2. In the near future, the company is planning to launch a next generation CubeSat bus, which combines the flight computer, ADCS and communication system on a single PCB. Additionally, the company is developing CubeSat UAV TT&C solutions and propulsion technologies for small satellites based on non-toxic "green" monopropellants. This August, the company will present its products and technologies at Small Satellite Conference 2015 in the USA.
"NanoAvionics focuses on the prospective and rapidly growing small-satellite market. On the LituanicaSAT-1 mission, the key members of the company proved that space technologies can be developed even in such a small country as Lithuania," said Donatas Keras, Partner in Practica Capital.
NanoAvionics, JSC, is an aerospace company founded as a spin-off of Vilnius University in 2014. The company has won a pre-seed grant from the National Agency for Science, Innovation and Technology of Lithuania to commercialise a highly integrated CubeSat bus. The company specializes in products and services for small-satellites.
Practica Capital is a venture capital company established in 2011 and managing Practica Seed Capital fund of 6 million EUR and Practica Venture Capital fund of 15.7 million EUR, both established under the JEREMIE initiative, managed by EIF and financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania. The funds provide early and later stage financing to Lithuanian SMEs, focusing on innovative businesses with high-growth potential.
