PhotonVentures’ second fundraising round brings total to €75 million
The venture capital fund is aiming to raise a further €25 million by the end of the year, which it will use to accelerate photonic solutions in applications from datacoms to diagnostics
PhotonVentures, the deep tech venture capital fund focused on startups and scale-ups developing solutions with photonic chips, has announced that its second fundraising round of over €15 million has been successfully completed, bringing the fund's total to the targeted €75 million. The organisation says that the enthusiasm in the market for participating in this round underscores the confidence in its mission to support growth and capitalise on the rapidly developing integrated photonics semiconductor industry. The fund targets essential applications in data transmission, health diagnostics, and smart sensor systems, while also aligning with major global trends such as AI, AR, and VR.
According to PhotonVentures, the recent close gives it a significant boost and strengthens its position within the Dutch and European ambitions in this strategically important emerging market. Private and strategic investors, together with the support of Brabant Development Agency (BOM), Oost NL, TNO, and the University of Twente, have made this funding round possible, following on from the first €60 million round, which was led by PhotonDelta and private investors.
Moving forward, the organisation hopes to raise over €100 million for the closure of its initial fund by the end of 2024. This fund focuses on Seed to Series A investments, with participation ranging from €1 million to €2.5 million. With strategic support from the Dutch National Growth Fund and the European Chips Act for the Dutch and European ecosystem, PhotonVentures says it creates the conditions for the growth of 20 deep-tech frontrunners to position themselves as international leaders within the European ecosystem.
“We are proud that BOM, Oost NL, TNO and University Twente came on board,” said Ewit Roos, general partner at PhotonVentures. “It proves their belief that PhotonVentures is creating value for investors and sustainable economic impact for the Netherlands and the rest of Europe. We also thank our new private and strategic investors for their trust and commitment to make this happen.”
Marc Jansen, managing director of investments at BOM, said: “The further development of photonics is crucial for the future of the Dutch semiconductor ecosystem. It’s no coincidence that photonics is one of the key technologies for BOM. To scale innovative companies in this sector, funds like PhotonVentures are indispensable. We anticipate collaborating intensively with all partners.”
Freek Welling, director Capital at Oost NL, added: “Photonics is an important enabling technology. Many Dutch photonics companies are located around the universities in Eindhoven and Enschede. But also, the Noviotech Campus in Nijmegen is an important driver for innovations in photonics. PhotonVentures has previously invested in companies from our region such as Surfix and PHIX. We are pleased to have joined with other parties because we see the importance of the growth of photonics in our region, the Netherlands, and Europe.”
