The company grew from a team of 11 to 20 professionals over the course of last year, and in 2024 it plans to continue its expansion in 2024 in Lithuania and abroad. As proclaimed by Dr. Stanaitis, the plan is to strengthen the company’s position in neighbouring Poland, where an Inion Software consultant/salesperson has already started engaging in their work for the company.
To promote its development, Inion Software has attracted investments from venture capital funds Contrarian Ventures and CoInvest Capital. Accelerator 70 Ventures has also invested in the company’s success.
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“The renewables market has been dynamic and competitive for several years. It has only given customers a wider choice of products, while encouraging companies to develop and find the most efficient solutions. We are pleased at how our products are appreciated not only in Lithuania. Last year, we entered into a cooperation with Latvian and Romanian solar park operators, entered Sweden, and rapidly increased our sales in Spain. These results prove that, with the right attitude and a quality product, we really can contribute to the systematic development of renewable energy in Europe”, said Šarūnas Stanaitis, CEO of Inion Software.
Artificial intelligence helps customers
Inion Software, which started up five years ago, entered the market with an offer of equipment allowing for more efficient use of solar energy. The startup offers a solar power plant monitoring platform that allows for remote analysis of the performance of solar power plants. The Lithuanian company has also launched intelligent battery management systems, that make use of artificial intelligence algorithms to predict and select the most efficient scenarios for charging batteries and selling electricity to customers.
Inion Software’s success has not gone unnoticed. Inion Software was nominated in the Tech for Good category of the Vilnius TechFusion Startup Awards 23. This category recognises startups that use innovation to bring about a positive impact on the environment and promote more sustainable living. (hcn)