Bitlake Technologies: LIAA goes in-depth into companies’ needs rather than simply going through the motions

Bitlake Technologies, a deep-tech company founded in Latvia, operates in a high-value-added niche, developing software solutions for specialised microchips used in image processing for camera systems, including in the space industry. The company already collaborates with clients in several European countries, develops new products in partnership with the European Space Agency, and is gradually increasing its revenue, which reached approximately EUR 300 000 last year. 

Bitlake Technologies notes that the business incubation programme offered by the Ventspils office of the Investment and Development Agency of Latvia (LIAA) was particularly helpful during the company’s early development stage, helping to consolidate operations and lay the foundation for future growth. 

“The financial support that became available to us upon joining the LIAA business incubation programme was invaluable. Our company has grown from research to participation in international projects, so during the initial development phase, participation in the programme helped with the purchase of computer equipment, the provision of various technologies, office space rental, and other practical needs,” says company co-founder Jānis Šate. 

The company also welcomes the available co-financing for innovation and new product development. “From the company’s perspective, 70% co-financing is a huge advantage. It allows us to grow faster, make decisions on new projects more quickly, and invest more confidently in the next steps of our development,” says Mr Šate. 

Since the company operates in a very specific technology niche, the partner’s ability to understand the company’s business model and needs is also crucial. “It is often difficult for us to briefly explain what we do, as our niche is very specific. That is why we highly appreciate that LIAA has taken the time to delve into and understand our company’s needs. They don’t just offer solutions for the sake of it—they offer what is truly useful and appropriate for us. This helps us save time and focus on development,” Mr Šate says. 

Information material prepared with the support of the European Regional Development Fund