With the final close of its Blue fund, daphni will back science-driven ventures across Europe, supporting deeptech companies emerging from leading research institutions and focusing on long-term innovation with societal and environmental impact.
France-based daphni, a mission-driven venture capital firm, has completed the final closing of its Blue fund at €260 million, exceeding its initial target. The close reflects strong investor support for a strategy focused on translating European scientific research into entrepreneurial ventures that address major societal and environmental challenges.
Despite a broader slowdown in the venture capital market, daphni reached its final close within nine months. During this period, the fund has already invested in nine deeptech companies originating from leading French research institutions, including INRIA, Institut Curie, INSERM and Institut Langevin.
The pace of deployment highlights daphni’s growing maturity and the strength of its model, which combines a large entrepreneurial community with a dedicated digital platform. It also points to increasing investor interest in science-driven projects capable of delivering long-term, impactful innovation based on Europe’s research base.
The Blue fund is built on the conviction that many of the next major technological breakthroughs will emerge at the intersection of science, digital technologies, artificial intelligence and the physical world, and that long-term capital and specialised support are required to bring these innovations to market.
Pierre-Eric Leibovici, Founder and Managing Partner of daphni, noted that France and Europe generate a substantial volume of intellectual property through public and private research across disciplines such as biology, chemistry, physics and mathematics. However, he added that the transition from laboratory research to commercial application remains underdeveloped and underfunded.
This is precisely where the opportunity lies: transforming this exceptional scientific capital into technology-driven entrepreneurial ventures that create both economic and societal value,
Leibovici said.
First portfolio companies under the Blue fund
daphni Blue plans to support around 40 European companies. Start-ups such as Epyr, Moonwatt, Pasqal and Pruna AI, backed by daphni in previous funds, illustrate the firm’s experience in supporting science-based ventures and the value-creation potential of this approach.
The first investments made through the Blue fund that align closely with this strategy include:
- Owlo – originating from the Institut Langevin, is developing a real-time, non-invasive, label-free 3D microscopy technology for fertility and pharmaceutical research.
- EverDye – is advancing a patented textile dyeing technology based on green chemistry, compatible with existing equipment and designed to significantly reduce environmental impact.
- Karavela – spun out of INRIA, is developing a brain foundation model based on functional MRI data to enable new digital biomarkers and non-invasive brain–machine interfaces.
- Neotis – is pursuing immunotherapeutic approaches targeting pathological senescent cells to treat age-related chronic diseases, based on leading academic research.
In line with its mission-driven strategy, daphni targets both financial and non-financial performance. A portion of the fund’s carried interest is linked to ESG criteria, ensuring alignment between long-term impact and value creation.
