Led · Series A · Jul 2026

Subra develops superconducting cable technology aimed at enabling zero-loss power transmission and supporting fusion energy applications. Following the Series A raise, Subra is acquiring THEVA to combine its cable technology with THEVA's manufacturing expertise and proprietary material science, including high-temperature superconductors and thin-film deposition. The integration is intended to create industrial-scale production capabilities and vertically integrate R&D and manufacturing. The combined company will be headquartered in Denmark while maintaining operations in Germany to scale production and serve international markets. Subra plans to focus on applications across energy systems, infrastructure, research, and industrial markets as it seeks to become a European leader in superconductors.

Participated · Series A · Jul 2026

QuantumDiamonds develops and plans to manufacture advanced measurement and test systems for the semiconductor industry using novel quantum sensors that enable high-resolution, three-dimensional inspection of modern chips. The company is building the first production site for these quantum-sensor-based systems in the EU, with an announced investment plan of €152 million. It secured a €76 million direct grant approved by the European Commission and expects additional public support from the German federal and Bavarian state governments. QuantumDiamonds has made operational commitments tied to the public support, including prioritizing orders during shortages, offering early access to parts of the facility to startups and academic labs, and sharing excess project-related profits with Germany. The project is positioned as contributing to European semiconductor supply security and to strengthening the EU value chain under the European Chips Act.

Participated · Series A · Jul 2026

Proxima Fusion is Europe’s leading stellarator company and the first spin-out from the Max Planck Institute for Plasma Physics, developing commercial fusion power plants using the QI-HTS stellarator concept. The company is building Alpha, a net-energy stellarator demonstrator targeted for the early 2030s, and plans a follow-on commercial plant called Stellaris later in the decade. Proxima leads the Alpha project in partnership with the state of Bavaria, the Max Planck Institute for Plasma Physics and industrial partners including RWE, supported by an Alpha Alliance of more than 50 companies. Headquartered in Munich with offices in Zurich and Oxford, Proxima employs around 200 people across engineering, science and operations. Financially, Proxima has secured more than €650 million in funding to date, including about €95 million in public grants, and plans to expand engineering, manufacturing and magnet production capabilities as it advances toward demonstrator completion.

Participated · Series A · Jul 2026

smartbax pursues novel small-molecule antibiotics with a lead program that was in-licensed from AiCuris and targets an unexploited step in lipopolysaccharide (LPS) biosynthesis. The lead candidate has demonstrated in vivo efficacy, including against multidrug-resistant pathogens, and shows potential for oral administration; the company plans to complete preclinical work and submit an IND. In parallel, smartbax is developing proprietary programs that activate bacterial hydrolases to trigger bacterial self-digestion, targeting both Gram-positive and Gram-negative pathogens and showing efficacy against biofilms with no observed development of resistance so far. The company was founded in 2021 with scientific origins at the Technical University of Munich and benefitted from early support including €700,000 from BIVF and recognition tied to the m4 Award. Financially, smartbax has expanded its pre-Series A to €6.3 million to fund IND-enabling studies and pipeline development.

Participated · Seed · Jun 2026

Maple Aviation develops unmanned aerial vehicle technology to transport medication and laboratory samples between hospitals and laboratories. Founded in 2022 and based in Ottobrunn, Germany, the company is building a medical cargo drone network focused on time-sensitive healthcare deliveries. It plans to move into commercial deployment and scale its logistics network to offer faster, more efficient transfers of medical supplies. Financially, Maple Aviation recently closed a €4 million seed round from a syndicate of investors and also received grant funding from the Regierung von Oberbayern and the European Space Agency. The company’s immediate use of funds is to accelerate rollout and operational readiness of its healthcare-focused drone services.