From a network of 30 Lithuanian companies to a platform for information technology development and software products uniting more than 1,600 European companies - few businesses can boast of such a leap in growth that Kaunas-based start-up Aciety has made in a decade of its operation.

Company Aciety founded by three ambitious young people, which generated around EUR 30,000 in crowdfunding at the beginning of its operations, has now received nearly EUR 3 million in EU investment for eleven completed or ongoing projects. These include six projects which are implemented in cooperation with the Lithuanian Business Support Agency (LBSA).

Follow the vision with untied hands

According to one of the company’s founders, Dovydas Bulanavičius, EU investments helped the company not only to grow strongly but also to maintain the operating financing model chosen at the very beginning.

‘They have untied our hands. First of all, we can develop technology solutions without giving part of ourselves to 'business angels' or other institutional financiers who usually have their own vision of how to use capital. But we wanted new horizons - we had our own vision - and the EU investment helped us turn it into reality’, says Bulanavičius.

Aciety has received EU investments under the following measures implemented by LBSA: Business Cluster LT, InoConnect, Dizainas LT (Design LT), Eksperimentas (The Experiment). The project funded by the latter measure, with a total value of almost one and a half million euro, is an artificial intelligence solution that will raise the company’s efficiency and productivity to a higher level and significantly increase its market value.

A system that has no analogues in the market is being developed with the aim of providing a maximally automated, securely managed and efficient platform. This will connect programming service providers or software product (code) managers present in the market with the customers - recipients of such services or products.

The key to success lies in technology

According to Bulanavičius, one of the main reasons for the efficiency of the network is the possibility to increase the flow of its suppliers and generate customers from them because if you do not have customers, you are not interesting to suppliers and if you do not have suppliers, you cannot find customers.

A company that calls itself a successful project can today offer over 400 IT software products to its customers. Once it has identified the customer’s need, it selects 3-5 most suitable companies from which the customer may choose a partner.

At the same time, the number of employees has remained almost unchanged over the decade - about 10 people and so far, there is no need to expand the team. The efficiency-driven platform in the IT market takes advantage of technology that has led to a project success rate of 95% compared to the market average of 85%.

According to Bulanavičius, the company maintains a start-up mentality, uses its resources scrupulously and tries to get the most out of every euro. Therefore, it follows new calls for EU investments in order to be able to implement more projects for its customers.

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