Eindhoven-based PhotonVentures, a deep tech venture capital firm, announced on Thursday that it has launched a venture capital fund aimed at early-stage photonic chip startups and scale-ups.
As a part of the launch, the VC has already raised €60M in its first financing round with PhotonDelta as the lead investor alongside numerous private investors.
The Dutch deep tech VC plans to raise a total of €100M to €150M, with its final close set for the start of 2024.
The primary objective of the fund is to focus on Series A funding rounds, extending investments spanning €1M to €2.5M.
The fund aims to invest in 15 European deep tech companies with potential for international growth.
The selection criteria specify that startups must have an MVP based on integrated photonics and connected to the European ecosystem.
PhotonVentures: Spin-off and strategic partner of PhotonDelta
PhotonVentures is an independent deep-tech venture capital firm that emerged from PhotonDelta, a growth accelerator for the photonic chip industry.
The two organisations are strategic partners in supporting the rapid growth of Europe’s photonics industry.
PhotonVentures’ board consists of Joachim de Sterke, Pieter Klinkert, and Rijkman Groenink.
Joachim has a financial, legal, and technical background with long-term investment experience.
As co-founder and CFO of PhotonDelta, he was responsible for the entire investment process and guidance of the young companies in the ecosystem.
Pieter Klinkert joined PhotonDelta in 2021 and previously was an 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.
Joachim de Sterke, General Partner at PhotonVentures, says, “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 fulfils 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: Growth accelerator for the photonic chip industry
Founded in 2014, PhotonDelta is a growth accelerator for the photonic chip industry. Over the years, PhotonDelta has established an ecosystem of organisations that research, design, develop, and manufacture solutions with integrated photonics technology.
To date, the company has made significant investments in photonics companies and R&D over the last five years.
Last year, PhotonDelta secured €1.1B in public and private investment to scale up production, build 200 startups, create new applications for photonic chips, and develop infrastructure and talent.
René Penning de Vries, Chairman of the Supervisory Board of PhotonDelta, says, “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 of which we are proud to be a part. By transferring its existing portfolio, PhotonDelta was able to leverage its assets to attract more funds and kickstart the creation of PhotonVentures.”
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