Efforts of Bank-supported Commercialization deliver first tangible results
Schaeffler Group, a leading global integrated automotive and industrial supplier, has acquired Latvian company Naco Technologies. Naco Technologies has unique expertise in the development of innovative nano-coating technology.
Naco Technologies was the first science-based start-up established under the wing of Commercialization Reactor. Commercialization Reactor was founded with the aim of launching start-ups based on scientific and technological achievements. Baltic International Bank has consistently supported Commercialization Reactor over many years since the platform’s foundation. Naco Technologies succeeded to raise private equity capital provided as seed funding. Within the international giant, Naco Technologies will continue to operate in Latvia as an employer and taxpayer and as high-technology exports-orientated company.
Over the past five years, 30 high-tech enterprises have been established under Commercialization Reactor. During the first four years of the platform’s operation, new science-based companies received nearly EUR 3 million in funding. During the past year, the start-ups saw considerably greater investments of approximately EUR 2 million.