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Elaia’s Deep Tech Seed Fund DTS3 Soars to €134 Million, Doubling Down on Europe’s Next Wave of Innovation

In a bold move that signals Europe’s rising dominance in deep tech innovation, Paris-based venture capital firm Elaia has closed its third deep tech seed fund (DTS3) at an impressive €134 million—double the size of its previous deep tech seed funds. This substantial increase reflects not just growing investor confidence but the accelerating pace of breakthrough technologies emerging from European research institutions.

The fund’s first close of €60 million in March 2024 has already translated into action, with DTS3 deploying capital across 11 portfolio companies spanning computing, life sciences, and industrial innovation. With investments ranging from €1 million to €13 million in pre-seed and seed-stage B2B startups across Europe, Elaia is positioning itself at the forefront of the continent’s deep tech revolution.

Strategic Partnerships Powering Europe’s Innovation Engine

What makes DTS3 particularly noteworthy is its development in partnership with leading European research institutions, including PSL, INRIA, CNRS, the Barcelona Supercomputing Centre, and the Max Planck Foundation. This collaborative approach gives Elaia early visibility into breakthrough technologies and exceptional founding teams—a competitive advantage that has already produced notable outcomes through previous funds.

The partnership model, pioneered through the PSL Innovation Fund and Elaia Alpha II Fund, has yielded impressive results, including companies like Aqemia, Alice&Bob, and Mablink Bioscience (acquired by Eli Lilly). These successes demonstrate the power of connecting deep scientific research with entrepreneurial ambition.

Portfolio Companies: Where Science Fiction Meets Reality

DTS3’s portfolio already showcases the fund’s ambitious scope and Europe’s potential to lead in transformative technologies:

Proxima Fusion (Germany) is developing stellarator-based fusion power plants that promise clean, safe, and limitless baseload energy. By positioning Europe as a leader in commercial fusion by the 2030s, Proxima Fusion isn’t just building a company—it’s working to reshape the global energy landscape and combat climate change at its core.

GetVocal (France) is tackling one of AI’s biggest challenges: trust. Their fully auditable conversational AI agents for enterprise customer support enable companies to build trustworthy hybrid human-AI workforces with real-time oversight and transparent governance. In an era where AI skepticism runs high, GetVocal’s approach to transparency could be the key to widespread enterprise adoption.

Biophta (France) is revolutionizing eye care with a topical ophthalmic insert that replaces daily eye drops and invasive injections with a simple, patient-friendly solution for conditions like glaucoma and macular edema. This innovation addresses a massive patient compliance problem while improving quality of life for millions suffering from chronic eye conditions.

Europe’s Deep Tech Ecosystem: Reaching Escape Velocity

According to Anne-Sophie Carrese, Partner at Elaia, the current moment represents something extraordinary: “After nearly two decades backing deep tech founders, we’re seeing an acceleration of innovation that rivals any ecosystem in the world. From Zurich to Paris with hubs emerging across the continent, European deep tech is reaching escape velocity.”

This “escape velocity” metaphor is particularly apt. For years, European deep tech has been building momentum, often overshadowed by American and Asian counterparts. But the combination of world-class research institutions, increasing access to capital, and a new generation of ambitious founders is creating a perfect storm of innovation.

Geographic Ambition Meets Global Impact

Xavier Lazarus, Managing Partner at Elaia, emphasizes the fund’s international ambition: “DTS3 reflects our international ambition: we’re backing founders across Europe, and our growing investor network reflects this geographic mix. We’re in an intense deployment phase and eager to meet ambitious entrepreneurs building Europe’s next generation of deep tech companies.”

This geographic diversity isn’t just about spreading risk—it’s about tapping into Europe’s unique strengths across different regions. From quantum computing in the UK to semiconductor innovation in Germany, from biotech in France to AI research in Spain, Europe’s deep tech ecosystem is proving that innovation doesn’t require Silicon Valley’s zip code.

Three Pillars of Transformation

With 11 investments completed and strong momentum, DTS3 will continue deploying capital throughout 2026 across three core pillars:

1. The Future of Computing: AI, cybersecurity, semiconductor/photonics, quantum computing
2. The Future of Industry: Physical AI, robotics, materials science, energy innovation
3. The Future of Life Sciences: Biotech, digital health, medical devices

This tripartite focus reflects the interconnected nature of deep tech innovation. Advances in computing power enable breakthroughs in life sciences; new materials revolutionize industrial processes; and energy innovations power it all.

The European Deep Tech Moment

The €134 million fund size isn’t just a number—it’s a statement. It represents growing confidence in Europe’s ability to compete globally in deep tech, where development cycles are longer, capital requirements are higher, and technical risks are greater than in traditional software startups.

More importantly, it signals belief in a model where scientific excellence, entrepreneurial ambition, and patient capital can create companies that don’t just generate returns but address humanity’s greatest challenges: climate change, disease, energy scarcity, and the ethical deployment of artificial intelligence.

As DTS3 continues its deployment phase, the question isn’t whether European deep tech will produce the next generation of category-defining companies—it’s how many, how fast, and how significantly they’ll reshape our world. With €134 million in committed capital and a portfolio already showing remarkable promise, Elaia is betting big on Europe’s deep tech future. The rest of the world might want to pay attention.

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European deep tech is reaching escape velocity
Fusion power by the 2030s
Trustworthy AI with transparent governance
Revolutionizing eye care with simple solutions
World-class research institutions backing breakthrough technologies
Patient capital for longer development cycles
Scientific excellence meets entrepreneurial ambition
Addressing humanity’s greatest challenges
Europe’s unique strengths across different regions
Category-defining companies emerging from Europe
Reshaping the global energy landscape
Building trustworthy hybrid human-AI workforces
Connecting deep scientific research with entrepreneurial ambition
The perfect storm of European innovation
Patient-friendly solutions for chronic conditions
Clean, safe, and limitless baseload energy
Real-time oversight and transparent governance
Simple, patient-friendly solutions for complex problems
Europe’s next generation of deep tech companies
The future of computing, industry, and life sciences
Quantum computing, semiconductor innovation, and AI research
Addressing climate change at its core
The ethical deployment of artificial intelligence
World-class research institutions
Longer development cycles, higher capital requirements
Scientific excellence, entrepreneurial ambition, patient capital
Humanity’s greatest challenges: climate change, disease, energy scarcity
The interconnected nature of deep tech innovation
The European deep tech moment
Betting big on Europe’s deep tech future
The rest of the world might want to pay attention

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