Lithuanian sensor innovator, Brolis Sensor Technology (BROLIS), is one of the first European companies to receive support from the European Investment Bank under a newly available venture debt instrument extended by the European Guarantee Fund (EGF). The EGF is a pan-European programme that supports SMEs with long-term viability who are growing their way out of ongoing financial uncertainties due to Covid-19. BROLIS is the second Lithuanian company to benefit from the EGF, and among the very first in Europe to access its “Venture Debt” instrument.
Under the agreement, BROLIS will get access to €7.5 million in funding to support the ongoing R&D and roll-out of its new sensor technology. Also, BROLIS has secured €7,5M investment from the previous investors, an investment group Zabolis Partners, a shareholder of Light Conversion, and several other private investors. The company has developed a wearable biosensor platform (wristband) that is able to non-invasively, continuously, and in real-time, to monitor and collect personalised health data. BROLIS’ micro sensor technology is based on laser spectroscopy. Each body molecule has a unique spectral signature, meaning this spectral signature can be used as a fingerprint for real-time, high-sensitivity, remote sensing.
Dominykas Vizbaras, CEO of BROLIS, commented: “At BROLIS our unique technology platform enables a new field of applications in the healthcare (transdermal blood constituent sensing both for personalized and remote patient monitoring), agriculture, veterinary, and many other industries. Right now, it’s rare to find young companies developing high-tech hardware technology due to the need for huge capital investments and extremely long product development cycles. After a decade of hard work BROLIS is close to commercialization, and EIB support is both welcome and critical. Guarantee funding means that BROLIS can bring novel products to the market, as well as keep critical semiconductor technology, manufacturing, know-how and cutting-edge innovation within EU borders.”
Thomas Östros, EIB Vice-President, added: “The EIB has financed quite a number of very advanced technologies in recent years, and are happy to add this one to our portfolio. The European Guarantee Fund allows us to move into territories that we are eager to support, but had limited capacity for, so far. BROLIS is a great example of the creative technical environment that is growing in the Baltic States and the EIB is glad to be there to help finance it.” “The EGF is a good means to help SMEs battle the challenges brought about by the Covid-19 pandemic. BROLIS is the second company in Europe to get this type of financing under the EGF, which clearly shows that Lithuania is on the rise as a creative and innovation hub,” said Aušrinė Armonaitė, Minister of the Economy and Innovation of the Republic of Lithuania.