Practica Seed Capital and Practica Venture Capital funds managed by Practica Capital will invest €0.5M into advanced robotics maker Rubedo Sistemos.
Rubedo Sistemos, a Lithuania-based pioneer company of mobile robotics solutions, focuses on bringing to the market its AI software and services that enable self-driving vehicle development, deployment and fleet operation. The funding will support product launch and commercialization.
“We are excited about our shared values and understanding of the market potential in the brand new area of mobile robotics,” said Dainius Karkauskas, CEO of Rubedo Sistemos. “As early as in 2013, when we started to focus on it and took our first steps towards investing into mastering the technology, the mobile robotics applications were something yet to be discovered by many. Since then we have been observing a tenfold increase in consumer interest as well as business acceptance of the general idea that certain services could as well (and better still!) be provided by safe mobile robots, thus opening new niches of value creation. Needless to say, the financial support and expertise of Practica Capital will help us accelerate Rubedo Sistemos’s commercial launch.”
Based in Kaunas Science and Technology Park, Rubedo Sistemos has a team of experienced systems engineering professionals in the areas of robotics and medical systems who have already built the FDA-compliant solution supplied to the medical device company Elekta and installed worldwide. The team is also developing novel unmanned missioning solutions for autonomous vehicles, which dominate the fastest-growing end-user robotics applications from logistics, security & surveillance to assistive living.
“We are excited to contribute to the development of the new robotics products and the business expansion of the company. As a hands-on venture partner, in addition to the funding, we plan to contribute to the management and shaping of the strategic direction and goals of Rubedo Sistemos. We will also tap into our networks to attract talents, advisors and follow-on funding to the company with an aim of reaching those goals. Our team has experience in device manufacturing, its development, business expansion and exit to strategic buyers, which we will use here too. Moreover, we will advise on B2B sales growth and the new market entries, where we are also good at.” – said Silvestras Tamutis, Partner of Practica Capital.
About Rubedo Sistemos:
Rubedo Sistemos specializes in the area of mobile robotics (navigation of self-driving vehicles, computer vision, unmanned missioning, and artificial intelligence). The company develops unmanned missioning and computer vision solutions for industrial applications. It is well regarded for its FDA-compliant robotic precise tumour targeting solution designed exclusively for an image guided radiation therapy product of Elekta, a medical device manufacturer listed on NASDAQ OMX NORDIC. Rubedo Sistemos is the co-founder of Lithuanian Robotics Association, holding a stake in shaping the regional robotics landscape. The company is ISO 9001 certified; ISO 13485, ISO 14971, ir IEC 62304 complient. For more information visit: rubedos.com
About Practica Capital:
Practica Capital is a venture capital & private equity firm established in 2011 by investment professionals and entrepreneurs who exited their businesses. The firm manages EUR 8m Practica Seed Capital fund and EUR 16m Practica Venture Capital fund, both established under the JEREMIE initiative, administered by the European Investment Fund (EIF), Ministries of Economy and Finance and financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania. The funds provide a broad range of financing from early stage venture to SME growth, focusing on innovative and high-growth potential businesses. Practica Capital also runs business accelerator Startup.lt, which helps to convert new ideas into businesses with expansion potential. To-date, Practica Capital has invested over €17 million into 40 companies. For more information visit www.practica.lt and www.startup.lt