France-based venture capital firm daphni has completed the final close of its Blue fund at €260 million, surpassing its initial target and reinforcing investor confidence in science-driven innovation across Europe. The fund will focus on supporting deeptech companies emerging from leading research institutions, with an emphasis on long-term technological progress and measurable societal and environmental impact.
The close comes despite a challenging venture capital environment and was achieved within nine months, underlining both daphni’s growing maturity and the strength of its mission-led investment model.
A fund built around Europe’s scientific strength
The Blue fund is based on the belief that many of the next generation of transformative technologies will be created at the intersection of science, digital technologies, artificial intelligence and the physical world. daphni’s strategy is to provide patient capital and specialised support to help these innovations move from laboratory research into scalable commercial ventures.
During the fundraising period, daphni has already deployed capital into nine deeptech startups originating from prominent French research institutions, including INRIA, Institut Curie, INSERM and Institut Langevin. This early deployment reflects strong deal flow from Europe’s research ecosystem and a clear appetite for science-based entrepreneurship.
Bridging the gap between research and entrepreneurship
According to daphni founder and managing partner Pierre-Eric Leibovici, Europe generates a significant volume of intellectual property across fields such as biology, chemistry, physics and mathematics. However, he notes that the pathway from academic discovery to market-ready technology remains underdeveloped and underfunded.
The opportunity, Leibovici argues, lies in transforming this scientific capital into technology-driven companies that can deliver both economic value and positive societal outcomes. daphni positions itself at this transition point, working closely with researchers and founders to build ventures capable of long-term growth.
A growing portfolio of science-led startups
daphni Blue plans to support around 40 European companies. The firm’s previous investments include science-based startups such as Epyr, Moonwatt, Pasqal and Pruna AI, which illustrate the commercial potential of deeptech ventures rooted in academic research.
The first investments made through the Blue fund that closely reflect its strategy include:
- Owlo, a spin-out from the Institut Langevin, which is developing real-time, non-invasive, label-free 3D microscopy technology aimed at fertility and pharmaceutical research.
- EverDye, which is advancing a patented textile dyeing process based on green chemistry. The technology is compatible with existing industrial equipment and designed to significantly reduce environmental impact.
- Karavela, originating from INRIA, which is building a brain foundation model using functional MRI data to enable new digital biomarkers and non-invasive brain–machine interfaces.
- Neotis, which is developing immunotherapeutic approaches targeting pathological senescent cells to treat age-related chronic diseases, based on leading academic research.
Together, these companies highlight the diversity of scientific disciplines and application areas that the Blue fund aims to support.
daphni portfolio highlights
Beyond its Blue fund investments, daphni has built a diverse portfolio of science‑driven and impact‑focused startups across deeptech, climate, health and digital infrastructure. The firm has consistently backed companies emerging from European research ecosystems and frontier technologies with global relevance.
Notable portfolio companies include Pasqal, a quantum computing company developing neutral‑atom quantum processors for industrial and research use; Pruna AI, which focuses on AI model optimisation and compression to improve performance and energy efficiency; and Moonwatt, a climate‑tech startup working on next‑generation energy storage solutions.
In healthcare and life sciences, daphni has supported ventures such as NephroPlus and other biology‑led startups translating academic research into scalable medical solutions. The firm has also invested in sustainable materials, circular economy and industrial innovation companies, reflecting its long‑term commitment to environmental and societal impact.
Across its portfolio, daphni combines capital with hands‑on support, drawing on its entrepreneurial community and digital platform to help founders move from laboratory breakthroughs to commercially viable businesses.
Combining capital, community and digital infrastructure
Beyond funding, daphni operates a large entrepreneurial community supported by a dedicated digital platform. This model is designed to connect founders, researchers, operators and investors, accelerating knowledge transfer and collaboration across the ecosystem.
The firm believes this combination of capital, community and technology gives science-driven startups a stronger foundation during the critical early stages of development, when access to expertise and networks can be as important as funding.
Aligning financial returns with long-term impact
In line with its mission-driven approach, daphni targets both financial and non-financial performance. A portion of the Blue fund’s carried interest is linked to environmental, social and governance criteria, ensuring that long-term impact remains aligned with value creation.
This structure reflects growing investor interest in funds that can deliver competitive returns while addressing pressing challenges such as climate change, health and sustainable industry.
Positioning Europe for the next wave of deeptech growth
With the final close of the Blue fund, daphni is positioning itself as a key player in Europe’s deeptech landscape. By backing science-driven ventures at an early stage and supporting their journey from research to market, the firm aims to strengthen Europe’s ability to commercialise its scientific excellence.
As competition intensifies globally around strategic technologies, funds like daphni Blue highlight the role of long-term, mission-led capital in turning research breakthroughs into impactful European companies.
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