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The Venture Codex

EUREKA! Venture SGR

Via Manfredo Camperio 4/A, Milan, Lombardia, 20123, Italy

Overview

EUREKA Venture SGR is an independent Venture Capital firm authorized by the Bank of Italy and focused on deeptech investments, i.e. deep science investment and digital tech investment. The company manages €110M: the first Alternative Investment Fund, "Eureka! Fund I - Technology Transfer," was launched in July 2020 and invests in proof-of-concepts, spin-offs, startups and companies aimed at exploiting the results of Italian scientific research activity in the field of Advanced Materials and more generally Materials Science and Engineering. The second Fund, BlackSheep Fund, launched in August 2021, invests in digital technologies such as AI and big data applied to the MadTech (Marketing & Advertising) sector

Total investments
21
Lead investments
9
Investments · 12mo
6
Active investors
4

Sector focus

  • Venture Capital
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Investment portfolio

  • WISE

    Participated · Series D · Jun 2026

    WISE develops implantable, stretchable electronic electrodes using its proprietary Supersonic Technology to create ultra-thin elastomeric foils that aim to improve tissue conformability, softness, adhesion and signal sensing versus rigid electrodes. Its lead product in the round, the Heron lead, is a spinal cord stimulation device designed to deliver targeted directional stimulation via a minimally invasive percutaneous implant technique and to combine the precision of paddle leads with the procedural ease of cylindrical leads. WISE also markets the WISE Cortical Strip, a soft and stretchable electrode for intraoperative neurophysiological monitoring that has CE marking under MDR, FDA clearance, and is commercially available in Europe, the U.S., and Australia. The company plans to use the Series D proceeds to complete the Heron lead’s regulatory certification pathway, fund a first-in-human study, and scale commercialization of its electrode portfolio across target markets. The company positions its technology to support higher energy efficiency, improved anatomical coverage, better neural signal sensing, and reduced lead migration. The financing coincided with governance updates, including the appointment of Laura Iris Ferro as Chairperson and the addition of Giuseppe Corvino to the board.

  • CareGlance

    Participated · Seed · Apr 2026

    CareGlance develops optical sensing technologies—specifically 3D infrared sensors based on OCT—for monitoring and control of production processes in advanced manufacturing. The company combines photonics, software and system engineering to build its sensing solutions. It operates from offices in Milan and Bari and is led by CEO and founder Maria Chiara Ubaldi. With the newly raised seed capital, CareGlance plans to accelerate industrialization of its proprietary technology, advance product development and consolidate its presence across the national territory. The article does not report revenue, user metrics or prior funding rounds.

  • BeNewtral

    Participated · Equity · Feb 2026

    BeNewtral is a cleantech company creating ReBind, a proprietary alternative binder engineered to replace Portland cement in concrete without sacrificing strength or durability. The material is produced through low-energy chemical and physical processes that reduce CO₂ emissions by as much as 90% and rely on widely available waste streams rather than quarried minerals. With the new capital, the company has purchased a plant in Pavia that will serve as its first pilot facility and lift production capacity to more than 25,000 tons per year, positioning BeNewtral as Italy’s first industrial-scale producer of alternative binders. Plans also include establishing an advanced R&D laboratory staffed by roughly 20 researchers and forging strategic partnerships with Italian universities and foreign research centers. Commercially, BeNewtral intends to build a network of alliances with leading concrete producers to integrate ReBind into existing supply chains and accelerate market adoption. Founded by Nicolò Verardi and Riccardo Frezzato, the startup has now raised a total of €11 million.

  • Principled Intelligence

    Led · Seed · Jan 2026

    Founded in November 2025 by Simone Conia and Edoardo Barba after years of research at La Sapienza University of Rome, Principled Intelligence builds technology that lets enterprises define their own operational principles and translate them into verifiable criteria for AI behavior. Its platform simulates realistic interactions, continuously monitors model outputs, and provides natural-language explanations for any violations, enabling transparent and controllable AI governance even for non-expert staff. The company previously created Minerva LLM, the first family of large language models trained from scratch on Italian data, which has logged more than 300,000 downloads across universities, companies and developers. Unlike existing governance tools, Principled Intelligence emphasizes easy customization via natural language and deep explainability, aiming to reduce reputational, regulatory and operational risks tied to generative AI deployment. Proceeds from the current financing will be used to expand the team and accelerate the rollout of its enterprise SaaS governance platform, targeting highly regulated industries. The founders argue that robust trust and oversight mechanisms will be critical for large-scale AI adoption, positioning the company to become a European standard-setter in AI control.

  • Caracol

    Participated · Series B · Oct 2025

    Caracol provides turnkey robotic manufacturing systems, branded Heron AM and Vipra AM, that integrate in-house hardware, advanced software and robotics to print large-scale parts in polymers and metals. The company has installed more than 100 robotic platforms worldwide and supports hundreds of customer projects, delivering outcomes such as 70 % cost savings for yacht builder Ferretti Group and 50 % lead-time reductions for composites specialist Duqueine. Headquartered in Milan with hubs in Austin and Dubai, Caracol employs over 100 people and maintains a footprint in 50-plus countries. Revenues have more than doubled year-over-year for the past five years, a trajectory that continued through the first half of 2025. Fresh capital will be used to fortify its leadership in Europe, the United States and the Middle East, expand into Asia-Pacific, and deepen its multi-process, multi-material platform with enhanced software, automation and AI-driven process control. The company also plans to accelerate its metal additive manufacturing offering for regulated industries while scaling its polymer solutions across transportation, construction and architecture. Recent strategic moves include expanding a Texas headquarters and acquiring the additive robotic IP of Germany’s Hans Weber Maschinenfabrik to bolster its European technology base.

Team