Tesonet Announces Six New AI-Focused Investments, Including a Unicorn

Tesonet invests in six AI firms, together with the Swedish unicorn Lovable, the AI-powered promoting software Vibe, and Lithuanian-founded Ace Waves.

Although AI has turn out to be a main know-how development worldwide in recent times, Tesonet had been exploring this discipline earlier. Between 2021 and 2022, the group invested in AI resolution firms CUBE3 and Cast AI, organized Lithuania’s first AI-focused hackathons, and in October, the corporate nexos.ai, constructed inside the Tesonet ecosystem, introduced 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 yr with Lovable, a Swedish AI platform that permits anybody to create web sites and cellular apps — no coding required. Tesonet backed Lovable earlier than it grew to become a unicorn. By June, the corporate’s official valuation had reached $1.8 billion following a $200 million funding spherical, though market specialists now unofficially worth it at over $6 billion.

”Access to this degree of capital construction reveals that Lithuania’s tech ecosystem is gaining world recognition — not simply as a supply of expertise, however as an investor that may spot early potential. When deciding on investments, our specialists positioned explicit emphasis on know-how — our ecosystem covers a huge spectrum, so we centered on how every firm’s merchandise meet present market wants,” says Eglė Eidimtaitė, Head of Investments at Tesonet.

In addition to Lovable, Tesonet has invested in 5 extra AI firms over the previous six months. One of them, Lithuanian-founded Ace Waves, is growing an AI-powered customer support platform, which is already being examined throughout Tesonet ecosystem firms.

The Tesonet ecosystem can also be leveraging merchandise from two different current investments: Vibe, a U.S.-based AI platform that permits manufacturers to personalize and automate TV advertisements in real-time, and Lizzy AI, an AI resolution that streamlines and optimizes worker recruitment.

In September, Tesonet invested in Wonderful.ai, a startup that helps groups create visible content material a number of instances sooner utilizing generative AI instruments. Tesonet additionally invested within the safety sector — backing a firm that’s nonetheless working in stealth mode and growing AI-driven cybersecurity techniques centered on risk detection and prevention.

According to Tesonet, investments in AI are anticipated to extend within the coming years — each by way of firm acquisitions and by nurturing expertise, in addition to growing partnerships and merchandise. Tesonet can also be operating a nationwide initiative, Generation AI, offering Lithuanian faculties with free entry to AI instruments. This previous weekend, the corporate hosted its second AI-focused hackathon, awarding prizes to the highest 4 groups and providing them the chance to safe additional funding.

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