Latvian-founded Lightspace Group was acquired by Finnish Summa Defence Oy

Lightspace Group, an augmented reality technology developer, founded by Latvian Ilmārs Osmanis, has been acquired by Finnish defense and security technology group Summa Defence Oy. The amount of the deal was not disclosed. 

This was an exit for all business angels, funds, and companies that invested in Lightspace Group's subsidiary company - Lightspace Technologies. In 2022, Latvian Ardelta invested €750K with other business angels. Latvian electronics manufacturer HansaMatrix, private equity fund BaltCap, European Innovation Council (EIC) Accelerator, Latvian Imprimatur Capital Technology Venture Fund, Imprimatur Capital Seed Fund, also invested in Lightspace Technologies.                                           

In 2021, HansaMatrix held a 67.7% in Lightspace Technologies, BaltCap - 17.44%,  Ilmārs Osmanis - 8.23%, Imprimatur Capital Technology Venture Fund - 5.03%, and Imprimatur Capital Seed Fund - 1.61%.

Registered in Delaware and owned by Latvian Ilmārs Osmanis (founder of HansaMatrix), Lightspace Group is a deep technology company focused on augmented reality (AR) and virtual reality (VR). It develops solutions for the defense and healthcare industries. In Latvia, it is known under the brand Lightspace Technologies, registered in 2014, and is headquartered in the UK. After the acquisition, the company will continue to operate under its name.

The startup has developed augmented reality (AR) glasses capable of displaying true 3D coordinates. In 2022, it started producing multifocal AR glasses designed for surgical use. In the summer of 2024, Lightspace Technologies partnered with the UK defense company Rheinmetall Electronics to jointly develop and produce multifocal augmented reality systems for military applications. Their solutions are designed to improve situational awareness of military operations, decision-making, and operational efficiency. 

Lightspace Technologies has AR glasses in production that can be integrated into the helmets of armored combat vehicle crews, providing the user with a 360-degree view. Lightspace is also developing AR glasses that are used to operate military drones.

Founded in 2024 in Helsinki, Summa Defense Oy focuses on dual-use technologies. Its products include multipurpose vessels, food processors, intlog containers, modular spaces, and drones. CEO of Summa Defense Jussi Holopainen.

Established in 2017 in Riga, Ardelta Investment Company is a private investment company focusing on pre-seed and seed-stage startups from the Baltics and Europe. The CEO is Miks Ulmanis.  

Launched in 1995, BaltCap focuses on buyout deals, growth, venture, and infrastructure investments. It has offices in all the Baltic countries, Finland, Sweden and Poland.                                                                                                                                                                                                                                    Based in Riga and co-founded by Toby Moore, Imprimatur Capital Fund Management is a seed-stage VC firm that invests in early-stage startups from the Baltic and Nordic regions. 

Founded in 1999 in Marupe by Ilmars Osmanis, HansaMatrix provides electronics manufacturing services for sectors like transportation, telecommunications, and IoT. It also offers electronic prototyping services.