Firstpick invests nearly 4 million euros in seven startups

The Lithuanian investment fund "Firstpick" has announced investments totaling nearly 4 million euros across seven early-stage startups. The fund primarily targets companies developing artificial intelligence (AI) solutions for diverse business areas, ranging from food production and intellectual property protection to restaurant and other business management.

Andra Bagdonaitė, the fund's managing partner, emphasized that "Firstpick" does not invest in AI solely for the technology itself. Instead, they seek teams addressing real-world problems, many of which naturally leverage AI. The fund also sees value in sectors such as fintech, deep tech, health, B2B software, and climate technology.

Among the significant investments, over 1 million euros were allocated to a startup developing an AI-powered solution for detecting intellectual property infringements, with more details expected in the fall. Lithuanian startup "Superpal" secured 500,000 euros for its AI collaborator platform operating within the Slack environment. Estonian startup "Display.dev" received 470,000 euros for its AI-adapted development and management platform. Another Estonian startup funded by "Firstpick" is working on a supply chain disruption prediction solution.

Looking ahead, "Firstpick", in collaboration with other private partners, plans to invest in 100 early-stage startups within the next year. This follows a previous allocation of 9.3 million euros to the fund by ILTE in March of this year. The fund has also attracted investments from business angels and founders of prominent companies like "Tesonet," "Oberlo," and "Kilo Health." Over its seven-year operational history, "Firstpick" has invested in nearly 100 startups in the Baltic region, contributing early to the growth of companies such as Samphire Neuroscience, Copla, and "Holo."