Eindhoven-based PhotonVentures, a deep tech venture capital company, revealed its launch of a venture capital fund targeting early-stage photonic chip startups and scale-ups.
In conjunction with the launch, the VC has successfully secured €60M in its inaugural funding round, led by PhotonDelta in partnership with various private investors.
This Dutch deep tech VC aims to accumulate a total of €100M to €150M, with the final closure anticipated at the beginning of 2024.The core objective of the fund is to concentrate on Series A funding rounds, extending investments within the range of €1M to €2.5M.
The fund’s ambition is to back 15 European deep tech enterprises with potential for international expansion.
Startups must meet specific selection criteria, including possessing an MVP rooted in integrated photonics and connected to the European ecosystem.
Coinciding with its launch, the VC has effectively secured €60M during its inaugural funding round, led by PhotonDelta in collaboration with various private investors.
This Dutch Deep Tech VC is striving to amass a total ranging between €100M to €150M, with the final closing expected to take place at the onset of 2024.
The fundamental objective of the fund revolves around prioritizing Series A funding rounds, extending investments within the bracket of €1M to €2.5M.
The fund’s aspiration is to back 15 European deep tech ventures exhibiting potential for international expansion.
Startups must fulfill specific selection criteria, including the possession of an MVP rooted in integrated photonics and connected to the European ecosystem.
Both organizations are strategic partners in bolstering the rapid growth of Europe’s photonics industry.
PhotonVentures‘ board is composed of Joachim de Sterke, Pieter Klinkert, and Rijkman Groenink.
Joachim brings to the table a financial, legal, and technical background coupled with extensive investment experience.
As a co-founder and CFO of PhotonDelta, he held the responsibility for the entire investment process and provided guidance to the emerging companies within the ecosystem.
Pieter Klinkert joined PhotonDelta in 2021 and previously served as an investment manager at OostNL, while also occupying positions in financing and corporate investment at diverse banks.
Rijkman Groenink, a former banker with considerable expertise in the financial sector, rounds out the team.
Joachim de Sterke, General Partner at PhotonVentures, states, “There are hundreds of incredibly promising startups and scale-ups driving development and application of photonic chips that need investment and support to take the next step on their journey. PhotonVentures fulfills this need, it is the only fund geared directly towards photonic chip startups and scale-ups. We aim to play an instrumental role in making Europe a global leader in integrated photonics. We will continue to expand our fund to enable us to invest in scores of startups over the next few years.”
PhotonDelta: Catalyzing Growth in the Photonic Chip Industry
Established in 2014, PhotonDelta serves as a growth catalyst within the photonic chip sector. Over time, PhotonDelta has nurtured an ecosystem of collaborating organizations that engage in research, design, development, and manufacturing utilizing integrated photonics technology.
Over the past five years, the organization has channeled substantial investments into photonics enterprises and research and development initiatives.
In the preceding year, PhotonDelta secured an impressive €1.1 billion in both public and private investments. This infusion of capital aims to facilitate production expansion, the establishment of 200 startups, the innovation of novel applications for photonic chips, and the advancement of infrastructure and talent development.
René Penning de Vries, Chairman of the Supervisory Board of PhotonDelta, remarks, “The rapidly expanding integrated photonics industry is in need of investors equipped with the knowledge and resources to support its ambitions. Thus, the creation of the specialized fund, PhotonVentures, represents a pivotal milestone for the photonics sector, and we take great pride in being a part of it. By transitioning its existing portfolio, PhotonDelta effectively leveraged its assets to attract additional funds and initiate the formation of PhotonVentures.”