Our recent investments have been strategically centered on AI, yielding six key portfolio companies, including the Swedish unicorn Lovable, the AI-powered advertising tool Vibe, and the Lithuanian-founded Ace Waves.

While AI has definitely gone global in the last couple of years, we actually started exploring this space earlier. Back between 2021 and 2022, we were already backing AI solutions like CUBE3 and Cast AI, and even hosted Lithuania’s very first AI-focused hackathons. Our deep dive paid off: just this October, our portfolio company nexos.ai announced a massive €30 million Series A funding alongside Evantic Capital and Index Ventures.

One of our standout AI investments was made in February this year with Lovable, a Swedish AI. We backed Lovable before it became a unicorn, and by June, the company’s official valuation had reached $1.8 billion following a $200 million funding round, although market experts now unofficially value it at over $6 billion.

Access to this level of capital shows that Lithuania’s tech ecosystem is gaining global recognition — not just as a source of talent, but as an investor that can spot early potential. When selecting investments, our experts placed particular emphasis on technology — our ecosystem covers a wide spectrum, so we focused on how each company’s products meet existing market needs,” says Eglė Eidimtaitė, Head of Investments at Tesonet.

In addition to Lovable, we invested in five more AI companies over the past six months. One of them, Lithuanian-founded Ace Waves, is developing an AI-powered customer service platform, which is already being tested across our ecosystem companies.

We’re also leveraging products from two other recent investments: Vibe, a U.S.-based AI platform that enables brands to personalize and automate TV ads in real-time, and Lizzy AI, an AI solution that streamlines and optimizes employee recruitment.

In September, we invested in Wonderful.ai, a startup that helps teams create visual content several times faster using generative AI tools. We also made an investment in the security sector — backing a company that is still operating in stealth mode and developing AI-driven cybersecurity systems focused on threat detection and prevention.

Investments in AI are expected to increase in the coming years — both through company acquisitions and by nurturing talent, as well as developing partnerships and products. That’s why we’re also running a national initiative, Generation AI, providing Lithuanian schools with free access to AI tools. This past weekend, we hosted our second AI-focused hackathon, awarding prizes to the top four teams and offering them the opportunity to secure further funding.