Kaunas University of Technology and Practica Capital have signed a co-operation agreement.
Kaunas University of Technology (KTU) and Lithuania-based venture capital firm Practica Capital have signed an agreement to join forces on the development and commercialisation of services and products. The two new partners will also co-invest in early-stage companies.
As part of the agreement, Practica Capital will open an office at KTU’s integrated science, studies and business centre.
Practica is also awarding a scholarship of LTL5,000 ($1,800) to Mindaugas Badokas, developer of Desys. The product is a motion detector for the performing arts based on wi-fi, and can analyse movements to recreate them as sounds. The firm expects to invest a further LTL100,000 by the end of 2014 before taking the product to a crowdfunding website.
Practica currently manages a €6m ($7.6m) seed capital fund and a €15.7m venture capital fund, both established under the EU’s Joint European Resources for Micro to Medium Enterprises (Jeremie) initiative.
Petras Baršauskas, rector at KTU, said: “It is just one more important step in developing, commercialising and realising innovative products and services created by startup companies in order to promote mentoring of university students and scientists. Co-operation with Practica Capital will contribute to the improvement of study programmes and to the organisation of student internships.”
