Egle Eidimtaite, Head of Investments at Tesonet
Egle Eidimtaite, Head of Investments at Tesonet
Tesonet Head Quarters
Tesonet Head Quarters, Vilnius, Lithuania
Tesonet invests in six AI companies, including the Swedish unicorn Lovable, the AI-powered advertising tool Vibe, and Lithuanian-founded Ace Waves.
Although AI has become a major technology trend worldwide in recent years, Tesonet had been exploring this field earlier. Between 2021 and 2022, the group invested in AI solution companies CUBE3 and Cast AI, organized Lithuania’s first AI-focused hackathons, and in October, the company nexos.ai, built within the Tesonet ecosystem, announced it had secured €30 million in Series A funding alongside Evantic Capital and Index Ventures.
One of Tesonet’s standout AI investments was made in February this year with Lovable, a Swedish AI platform that enables anyone to create websites and mobile apps – no coding required. Tesonet backed Lovable before it became a unicorn. 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 structure 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, Tesonet has 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 Tesonet ecosystem companies.
The Tesonet ecosystem is 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, Tesonet invested in Wonderful.ai, a startup that helps teams create visual content several times faster using generative AI tools. Tesonet also invested 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.
According to Tesonet, 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. Tesonet is also running a national initiative, Generation AI, providing Lithuanian schools with free access to AI tools. This past weekend, the company hosted its second AI-focused hackathon, awarding prizes to the top four teams and offering them the opportunity to secure further funding.
About Tesonet
Founded in 2008, Tesonet is a founders-led group that builds, invests in, and accelerates products within cybersecurity, AI, web intelligence, sportech, edtech verticals, and beyond.
It scaled globally recognized companies as joint cybersecurity powerhouse and unicorn, Nord Security and Surfshark, a market-leading web intelligence collection platform Oxylabs, its newest addition nexos.ai. Tesonet is also an active investor in ventures like Hostinger, BC Žalgiris, BC London Lions, Artea, CASTAI, Eneba, Turing College and others.
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