Lithuanian startup AISPECO, which develops advanced geospatial data platforms, has secured €2.4 million in funding from the European Innovation Council (EIC) to launch a new product line integrating artificial intelligence (AI) into its cutting-edge solutions, Vestbee reported.

About AISPECO

  • AISPECO is a Vilnius-based startup which was founded in 2020 by Rokas Adiklis and Mantas Vaskela. The company manufactures advanced geospatial data collection platforms with multi-sensor payloads, combining LiDAR and hyperspectral imaging for airborne, mobile, and stationary applications.

  • The startup’s customizable solutions cater to industries such as surveying, forestry, and mining, enabling clients to lower costs, boost operational efficiency, and quickly adjust sensor configurations to fit their unique requirements.

"Receiving such a high level of trust at the European level is an acknowledgment we have never received before. To be noticed and appreciated among them is proof of the professionalism and hard work of the AISPECO team, as well as the significance of the solutions we develop in both the European and global context," told Mantas Vaskela, CEO of AISPECO.

Investment details

The €2.4 million round was led by the European Innovation Council (EIC), established under the EU Horizon Europe program with a budget of €10.1 billion. 

  • The European Innovation Council (EIC) aims to support game changing innovations throughout the lifecycle from early stage research, to proof of concept, technology transfer, and the financing and scale up of start-ups and SMEs.

  • The strategy and implementation of the EIC is steered by the EIC Board, which has independent members appointed from the world of innovation (entrepreneurs, researchers, investors, corporates and others from the innovation ecosystem).

The startup will use the funds to develop a next-generation product line that integrates AI, enhancing self-service capabilities and enabling entry into new market segments, driving growth and strengthening its position in the global geospatial market.

Previously, AIN informed that EIC and Tera Ventures jointly invested €10 illion in Estonian fintech Mifundo.