Lithuanian BSV Ventures leads €1.2M pre-seed round of Stockholm-based FirstQFM

Lithuanian BSV Ventures has led a €1.2M pree-seed round for the Stockholm-based quantum technology company FirstQFM. Other investors include Almi Invest, Further than Capital, and Luminar Ventures.

FirstQFM is a quantum technology company based in Stockholm. It develops fundamental machine learning models that improve the performance and scalability of quantum computers. FirstQFM was founded in 2021 by Vish Ramakrishnan and Isaiah Hull. 

The funding received will accelerate the development of FirstQFM's basic artificial intelligence models, for which a patent application has been filed.

BSV Ventures (formerly Baltic Sandbox Ventures) is a venture capital fund specializing in investments in high technology, biotechnology and dual-use technologies in the Baltic States and the rest of Europe. The fund was founded by Sandra Golbreich, Andrius Milinavičius and Erik Bhullar in 2022 in Lithuania. Last year fund has raised $15M from NATO Innovation Fund (NIF), Lithuanian ILTE fund (ex-Invega). BSV Ventures has offices in Lithuania, Estonia and Finland.

Almi Invest is a venture capital firm founded in 2009 in Stockholm, Sweden. The fund invests in startups located in Sweden in various sectors. Almi Invest focuses on companies with scalable business models and motivated entrepreneurs and typically invests between SEK 1M and SEK 10M in a single company.

Further than Capital is a company founded in 2021 in Stockholm that specializes in early-stage angel investments in technology-related companies.

Luminar Ventures is a venture capital firm founded in 2017 and based in Stockholm, Sweden. The company focuses on investing in early-stage startups. It mainly invests in digital companies from Scandinavia, with a particular interest in Sweden.