Dutch VC firm PhotonVentures has raised €60mn for its new fund aimed at stimulating Europe’s photonics industry. The capital targets startups and scaleups active in photonic chips — a crucial technology for applications in robotics, quantum computing, and autonomous vehicles.
Specifically, the fund will initially invest in 15 early-stage companies that show international growth potential and have an integrated photonics-based MVP connected to the European ecosystem.
It will prioritise Series A rounds, while investments will vary between €1mn and €2.5mn. The deep tech VC expects to raise an additional €40-90mn by the start of 2024.
Joachim de Sterke, General Partner at PhotonVentures, noted the need for investment and support to enable promising companies in the field to progress on their journey.
“[This] is the only fund geared directly towards photonic chip startups and scaleups. Our aim is to play an instrumental role in making Europe a global leader in integrated photonics,” he said.
The <3 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now!
PhotonVentures is a spinoff and strategic partner of PhotonDelta, a photonic chip manufacturer and an ecosystem builder for the integrated photonics industry in Europe.
In 2022, PhotonDelta landed €1.1bn in public and private investments to boost the semiconductor chip industry in the Netherlands. The funding will be used to build 200 startups, create new applications for photonic chips, scale up production, and develop talent and infrastructure. The company is also the lead investor behind PhotonVentures’ new fund.