Hackathon "Fire Shield 2024": even more attention and funds for defense innovation

The cyber defense and security innovation hackathon "Ugninis skydas 2024," initiated by the Lithuanian Rifle Association, will take place in Kaunas on October 4-6. Kaunas Science and Technology Park "Tech Park Kaunas" and three investment funds joined forces in organizing the hackathon. The initiative is sponsored by the Ministry of Economy and Innovation.

The goal of the Hackathon "Ugninis skydas 2024" organizers - the Lithuanian Rifle Association and the technology park "Tech Park Kaunas" - is to unite specialists with different competencies so that they share their knowledge and experience and create new products designed to solve the security challenges facing the state.

At the hackathon, specialists in electronics, engineering, cyber security, artificial intelligence, drone operators, and researchers who can gather in teams are especially welcome. Individual participants who are indifferent to their country's security will be able to join the formed teams.

This year, it is planned to allocate forty-five thousand euros to the teams that performed best at the hackathon, and the most promising startups will be given tickets to the pre-accelerators of ScaleWolf and Baltic Sandbox Ventures. There, the participants will improve their products and have the opportunity to attract the first investments.

Coinvest Capital representatives also plan to closely monitor the teams' progress during the hackathon. According to Viktorija Trimbel, head of the fund, Coinvest Capital was the first venture capital fund in the Baltic States fully authorized to invest in defense startups.

"The need is defined by the market, so together with partners and other funds, we have already invested 4.8 million. euros to four start-ups operating in the field of defense, dual-use, space and aviation, we are preparing new deals and looking for other potential start-ups for new investments by the Fund. When analyzing and evaluating innovations for deterrence and defense, we take into account the strategic priorities of NATO and the Republic of Lithuania in the field of defense, when evaluating investments, we cooperate with experts in the field of defense," says the Managing Director of Coinvest Capital.

Read more: www.coinvest.lt/post/hackathon-fire-shield-2024-even-more-attention-and-funds-for-defense-innovation

The registration of participants of the Hackathon "Fire Shield 2024" is open until September 27 at www.sauliuhakatonas.lt