Deep Tech · VC Firm

Elaia

French deep-tech specialist with a rare hardware-to-software quantum barbell: cat-qubit hardware (Alice & Bob), quantum-AI and post-quantum software (SandboxAQ), and photonic QRNG (Quantum Dice). Deep Tech Seed Fund III explicitly targets computing including quantum.

Active Paris, FranceFounded 2002

Investment thesis

Elaia is a Paris, Barcelona and Tel Aviv deep-tech VC, founded 2002, with about €850M AUM. Its Deep Tech Seed Fund III (DTS3, €134M, final close 2026) backs pre-seed to Series A deep tech including quantum, while the generalist Digital Venture funds (DV4, €200M, 2023) cover broader tech. Cheques €300k to €15M, frequently leading. Strong link to PSL, Inria and Paris-Saclay spin-outs.

Quantum positioning is high-conviction: Elaia co-led Alice & Bob's €27M Series A (2022, with Bpifrance and Supernova Invest) and re-invested in the €100M Series B (January 2025, led by Future French Champions, AVP and Bpifrance), backing the cat-qubit (bosonic) architecture, a PROQCIMA selectee. Its portfolio also includes SandboxAQ (ex-Alphabet quantum-AI and post-quantum cryptography) and Quantum Dice (Oxford photonic QRNG), giving Elaia a rare hardware-to-software barbell.

Value-add draws from Managing Partner Anne-Sophie Carrese's deep-tech and quantum coverage, Elaia's PSL and Inria spin-out pipeline, and pan-European deep-tech syndicate relationships (Bpifrance, Supernova, Future French Champions).

Differentiated as the French deep-tech VC with the deepest quantum-hardware bet (Alice & Bob) plus parallel software bets (SandboxAQ, Quantum Dice), a rare barbell across the hardware and software divide.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Passes on consumer or B2C deep tech: DTS3 fund is explicitly B2B Tech only across three pillars (computing, industry, life sciences)
  2. Passes on growth-stage rounds: first checks are 300k to 13M EUR pre-seed and seed, so post-Series B quantum hardware mega-rounds fall outside the DTS3 mandate
  3. Strong preference for science with a tier-1 European lab anchor (PSL, Inria, partner universities), quantum or photonics startups with no credible research-institution linkage have a structurally lower hit rate
  4. Pillar-disciplined: bets cluster around future-of-computing (AI, semiconductor / photonics, quantum, cybersecurity), adjacent quantum-flavoured plays without a clear computing / industry / life-sciences fit get filtered out

Notable quantum portfolio

Full portfolio
Alice&BobQuantum DiceSandboxAQ

Frequent co-investors