New investments, Tech

VW chose Lithuanian start-up to develop blockchain solutions

June 21, 2018

Lithuanian start-up carVertical was granted a ticket to Volkswagen Future Mobility Incubator in Dresden, as the company became the winner of manufacturer’s pitch competition.

The decision was announced after numerous teams of entrepreneurs held their presentations at the event organised by German-Baltic Chamber of Commerce. As the expert jury noted, carVertical convinced them with the blockchain-based concept of recording vehicle histories.

carVertical gained a strong boost to their development activities after raising $20 million in funds back in January 2018. Company’s roadmap includes various applications based on decentralised vehicle history registry. The first application is a platform for vehicle history reports.

carVertical will begin work in Die Gläserne Manufaktur (VW’s innovation hub) in Dresden (Germany) in September 2018. The incubation program includes financial support of €15,000. In connection with the program, Die Gläserne Manufaktur also offers the assistance of mentors and coaches, an attractive working environment at the facility, high-quality IT infrastructure, contacts with Volkswagen research and development employees and decision-makers, professional advice by Sächsische Aufbaubank (SAB), close proximity to the start-up scene and both financial and personnel support from the City of Dresden.

The expected outcome is the joint development of blockchain-based solutions. That would enhance Volkswagen’s presence as the leader for future mobility applications and provide carVertical with valuable resources and expertise.

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Aistė Žebrauskienė
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    Aistė Žebrauskienė Press Officer
    Thank you!

    Thanks for reaching out to us, this means a lot! We will get back to you shortly.

    Meanwhile, we invite you to discover what’s new in the Lithuanian business landscape.

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