A. Armonaitė discusses the company's development plans in Lithuania with technology start-up CAST AI
Minister of the Economy and Innovation Aušrinė Armonaitė met with the management of technology start-up CAST AI and US venture capital representatives to discuss the company's expansion plans and investment opportunities in Lithuania's technology sector.
"Our country's technology sector is growing rapidly, and US technology companies operating in Lithuania and developing advanced solutions, including CAST AI, a global leader in its field, are making an important contribution to this growth. We are listening to the expectations of the business community so that we can improve the business environment for faster development and implement new initiatives that will further strengthen the country's technology sector," said Minister of the Economy and Innovation A. Armonaitė.
During the meeting, the Minister gave a comprehensive presentation to CAST AI management and US investors on the technology sector and the main advantages of foreign technology companies setting up and expanding in Lithuania. Representatives from Invest Lithuania also presented the country's investment environment.
US start-up CAST AI, which has its headquarters and technology centre with more than 50 specialists in Lithuania, develops cloud computing solutions. The automated cloud management and optimisation platform developed by the company is used by customers around the world. At the end of 2023, CAST AI was recognised as one of the fastest growing technology companies in Europe.
As one of the reasons for choosing Lithuania, CAST AI cited a large supply of highly skilled professionals capable of developing innovative and globally competitive solutions.
There are more than a thousand start-ups in Lithuania, a large number of which are in the technology sector. Lithuania is the second largest country in Central and Eastern Europe in terms of attracting venture capital investment, with technology companies being the most active in attracting this investment.
Last year, the US was Lithuania's fourth largest trading partner, with a trade turnover of €4.76 billion. US investment in Lithuania amounts to €390 million. To foster closer cooperation between innovators in both countries and to attract US technology companies, a Lithuanian Innovation Centre was opened in Silicon Valley this year.