Sorainen has advised Oxipit on a EUR 3.5 million investment from Taiwanese venture capital company Taiwania Capital. Walless advised Taiwania.
According to Sorainen, “the Taiwanese investment fund Taiwania Capital is one of Taiwan’s measures to develop economic relations with Lithuania, following economic pressure from China. The finances are dedicated to creating joint ventures, investment projects, and start-ups in the field of high technology: for semiconductors, lasers, and biotechnologies."
Oxipit is a Lithuanian computer vision software start-up specializing in medical imaging.
“Last year, we received regulatory approval to use artificial intelligence to provide radiologists’ findings without needing a doctor,” Oxipit CEO Gediminas Peksys commented. “The product is highly accurate and has undergone clinical trials in many countries. This investment will allow us to expand the team, the number of clients, and the company’s overall growth.”
According to Sorainen, “in this round, together with investments from other investors, including venture capital fund Practica Capital, the startup plans to raise EUR 4.8 million in total.”
In 2019, Sorainen advised Oxipit on a EUR 1.5 million investment from Practica Capital (as reported by CEE Legal Matters on July 25, 2019).
Sorainen’s team included Partner Mantas Petkevicius, Senior Associate Matas Maciulaitis, Associates Izabele Petrikaite and Goda Jakubauskaite, and Assistant Lawyers Nedas Tamasauskas, Barbora Bernatonyte, and Greta Lebedeva.
The Walless team included Partner Andrius Ivanauskas and Senior Associate Domas Sileika.