Looking to further catalyse the burgeoning European photonics industry, Eindhoven-based PhotonVentures has revealed its inaugural fund, raising €60 million in its debut financing round.
Naturally, as with all things European photonics-related, the omnipresent PhotonDelta led the list of LPs via the transfer of its portfolio to PhotonVentures, alongside a consortium of undisclosed private investors. PhotonVentures aims to raise €100 to €150 million by the end of 2024,
The fund will focus on series A round investments, offering ticket sizes between €1 million to €2.5 million, and initially plans on investing in 15 European deeptech companies that have an integrated photonics-based minimum viable product connected to the European ecosystem.
PhotonVentures is an independent deeptech venture capital firm that has emerged from PhotonDelta, the photonic chip organisation that secured a €1.1 billion investment from the Dutch government via the National Growth Fund alongside a number of undisclosed investors.
The PhotonVentures board consists of PhotonDelta co-founder and CFO Joachim de Sterke, former investment manager at OostNL Pieter Klinkert, and former CEO of the Dutch bank ABN AMRO, Rijkman Groenink.
On the establishment of the fund, the chairman of the supervisory board of PhotonDelta, René Penning de Vries said:
“The integrated photonics industry is growing quickly but is short of investors with the knowledge and funding to back the sector’s ambitions. This is why creating the specialised fund PhotonVentures marks a significant milestone for the photonics industry and one which we are proud to be a part of. By transferring its existing portfolio, PhotonDelta was able to leverage its assets to attract more funds and kickstart the creation of PhotonVentures.”
Lead image: Photo montage provided by PhotonVentures