Deep Tech · VC Firm · Active
Elaia
Elaia is a Paris/Barcelona/Tel Aviv deep-tech VC, founded 2002, with ~€700M AUM. Digital Ventures 4 (€200M final close 2023) invests pre-seed to Series B across AI/ML, deep tech, enterprise SaaS,…
Investment thesis
Elaia is a Paris/Barcelona/Tel Aviv deep-tech VC, founded 2002, with ~€700M AUM. Digital Ventures 4 (€200M final close 2023) invests pre-seed to Series B across AI/ML, deep tech, enterprise SaaS, fintech and quantum. Cheques €300k-€15M, frequently leading. Strong link to Sorbonne Université and Paris-Saclay spin-outs.
Quantum positioning is high-conviction: Elaia led Alice & Bob's €27M Series A (2022) and reinvested in the €100M Series B (January 2025) alongside Future French Champions, AVP and Bpifrance — backing the cat-qubit (bosonic) architecture, a PROQCIMA selectee. Also backs SandboxAQ (ex-Alphabet quantum-AI spin-out, Series E 2024 at $5.3B valuation), giving Elaia dual exposure across hardware (fault-tolerant) and applied quantum-AI software.
Value-add draws from Partner Anne-Sophie Carrese's quantum coverage, Elaia's CNRS/INRIA spin-out pipeline, and pan-European deep-tech syndicate relationships (Breega, Supernova, Bpifrance).
Differentiated as the French deep-tech VC with the deepest quantum-hardware bet (Alice & Bob) and a parallel software bet (SandboxAQ) — rare barbell exposure across the HW/SW divide.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Passes on consumer or B2C deep tech: DTS3 fund is explicitly B2B Tech only across three pillars (computing, industry, life sciences)
- 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
- 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
- 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
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