Supercharging Europe’s photonics startups
05.09.2023 - New fund backed by PhotonDelta aims to more than double in size by the start of 2024.
PhotonVentures has launched a venture capital fund aimed at early-stage photonic chip startups and scale ups. 60 million euros were raised in its first financing round with PhotonDelta as the lead investor alongside numerous private investors.
PhotonVentures plans to raise a total of 100 to 150 million euros, with its final close set for the start of 2024. It will prioritize Series A rounds, with the aim of providing investments between 1 and 2.5 million euros. PhotonVentures’ investment strategy leverages on the Dutch PhotonDelta ecosystem to accelerate European startups and scale-ups.
PhotonVentures is an independent deep tech venture capital firm that has emerged from PhotonDelta, the pioneering force behind the Dutch integrated photonics ecosystem. The two organizations are strategic partners with the aim of supporting the rapid growth of Europe’s photonics industry. Photonic chips are critical in a range of applications like quantum computing, robotics, sustainable agriculture, and autonomous vehicles.
The fund is planning to initially invest in fifteen European deep-tech companies that have potential to grow into international winners in their sectors. The startups should have an integrated photonics-based MVP connected to the European ecosystem.
Founded in 2014, PhotonDelta has made significant investments in photonics companies and R&D over the last five years. In backing the fund, PhotonDelta has taken another step forward in its goal of building a world leading industry for integrated photonics in the Netherlands and Europe. Last year, PhotonDelta secured € 1.1 B in public and private investment to scale up production, build 200 startups, create new applications for photonic chips and develop infrastructure and talent. It is a lead investor in the fund via the transfer of its portfolio to PhotonVentures.
The PhotonVentures board consists of Joachim de Sterke, Pieter Klinkert and Rijkman Groenink. Pieter Klinkert joined PhotonDelta in 2021 and previously was investment manager at OostNL and held positions in financing and corporate investment at various banks. Rijkman Groenink is a former banker with vast experience in the financial sector.
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