European venture capital firm Elaia has announced the final close of its third deep tech seed fund, DTS3, reaching €134 million. The new vehicle represents a significant expansion of the firm’s commitment to early stage scientific innovation and is double the size of its previous deep tech seed funds. With the new fund, Elaia aims to accelerate investment in breakthrough technologies emerging from Europe’s research ecosystem and support startups developing next generation computing, industrial systems, and life science solutions.
The fund was developed in collaboration with several leading European research institutions, including PSL, INRIA, CNRS, the Barcelona Supercomputing Centre and the Max Planck Foundation. These partnerships are designed to strengthen connections between scientific research and venture capital, helping translate academic discoveries into commercial technologies.
Supporting Europe’s deep tech ecosystem
Deep tech companies often emerge from advanced scientific research and typically require significant early investment to transform laboratory discoveries into scalable products. These startups often operate in fields such as artificial intelligence, quantum computing, biotechnology, robotics, and advanced materials.
Elaia’s DTS3 fund is focused on investing at the earliest stages of company formation, providing capital and support to founders building technology driven companies across Europe. The fund plans to invest between €1 million and €13 million in pre seed and seed stage B2B startups.
By partnering with entrepreneurs early in their development, Elaia aims to help founders navigate the technical and commercial challenges associated with deep tech innovation.
Early investments across key sectors
Since its first close of €60 million in March 2024, the DTS3 fund has already deployed capital into 11 portfolio companies operating across computing, life sciences and industrial innovation.
Among these investments is Proxima Fusion, a German company developing stellarator based fusion power plants designed to deliver clean, safe and potentially limitless baseload energy. The company aims to position Europe as a global leader in commercial fusion technologies in the coming decades.
Another portfolio company, GetVocal from France, is building conversational artificial intelligence agents designed for enterprise customer support. The technology focuses on creating auditable AI systems that allow organisations to maintain transparency and oversight when deploying automated customer service tools.
In the life sciences sector, Elaia has also backed Biophta, a French company developing a topical ophthalmic insert designed to treat conditions such as glaucoma and macular edema. The solution aims to replace daily eye drops and invasive injections with a simpler and more patient friendly treatment option.
These investments illustrate the fund’s focus on technologies that address fundamental challenges across major industries.
Leveraging partnerships with research institutions
A key element of Elaia’s strategy is its close collaboration with European research institutions. Through partnerships with organisations such as PSL, CNRS, INRIA and the Max Planck Foundation, the firm gains early visibility into emerging scientific discoveries and research teams developing innovative technologies.
This approach builds on earlier initiatives launched by the firm, including the PSL Innovation Fund and the Elaia Alpha II Fund. These programmes have already produced successful outcomes, including companies such as Aqemia, Alice and Bob, and Mablink Bioscience, which was later acquired by Eli Lilly.
By strengthening links between academia and venture capital, Elaia aims to accelerate the commercialisation of European research while supporting the creation of globally competitive technology companies.
Investing across three technology pillars
Looking ahead, the DTS3 fund will continue deploying capital through 2026 with a focus on three core areas of technological development.
The first pillar targets the future of computing, including technologies such as artificial intelligence, cybersecurity, semiconductors, photonics and quantum computing. The second pillar focuses on the future of industry, supporting innovation in areas such as robotics, advanced materials, energy systems and physical AI.
The third pillar centres on the future of life sciences, covering sectors such as biotechnology, digital health and medical devices.
Through these investments, Elaia aims to support entrepreneurs building foundational technologies capable of reshaping industries and addressing global challenges.
Accelerating European innovation
The successful closing of the €134 million fund reflects growing momentum within Europe’s deep tech ecosystem. As research institutions, startups and investors collaborate more closely, the region is increasingly positioned as a global hub for advanced technology development.
With an active investment pipeline already underway and multiple portfolio companies advancing breakthrough technologies, Elaia’s DTS3 fund is set to play a key role in supporting the next generation of European deep tech companies as they scale their innovations and compete on the global stage.