COBALT advised Practica Capital, a group of venture capital companies managing venture capital funds Practica Seed Capital and Practica Venture Capital, on their EUR 0.2 million investment in UAB NanoAvionika, which is the first Lithuanian aerospace technologies startup and one of the first such startups in Eastern Europe having attracted a venture capital investment.
NanoAvionika is an aerospace technologies company founded as a spin-off from Vilnius University, Lithuania in 2014. Its members belong to the successful LituanicaSAT-1 project. LituanicaSAT-1 is not just the first Lithuanian CubeSat but also one of the first two European CubeSats launched from the International Space Station. Currently, the company is dealing with the first commercial order from a foreign customer and together with Vilnius University is implementing LituanicaSAT 3U-2 satellite project, which is part of international QB50 mission. In August NanoAvionika will present their products and technologies at Small Satellite Conference in the USA.
“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 NanoAvionika.
The work of COBALT lawyers included drafting of transaction documents, representing Practica Capital during negotiations, conducting due diligence and advising on other transaction related matters. The team was led by Rūta Balkevičiūtė-Mačeikienė, Associate at COBALT.