Deep Tech · VC Firm

Innovation Industries

Largest Dutch deep tech VC (~EUR 900M AUM); co-led Groove Quantum's seed (Apr 2026), its first quantum equity, on a semiconductor-manufacturing thesis backed by SMART Photonics and Photon IP adjacencies.

Active Amsterdam, NetherlandsFounded 2017

Investment thesis

Innovation Industries is the Netherlands' largest deep tech VC (~EUR 900M AUM across Fund III, the EUR 100M Strategic Partners Fund and the Early Stars seed vehicle), investing EUR 2M to EUR 50M per company from seed to growth across industrial tech, med-tech and food & agri-tech, with offices in Amsterdam, Eindhoven and Munich. Quantum entered the portfolio in April 2026 when the firm co-led Groove Quantum's EUR 10M equity seed (with 55 North) to scale germanium spin-qubit processors through CMOS-compatible foundries, a thesis that sits squarely on the firm's semiconductor manufacturing DNA (partners ex-NXP, ASML, Philips). Around that single quantum position sits a dense ring of adjacencies: SMART Photonics (led the 2020 Series C, followed the EUR 100M 2023 strategic round), Photon IP (led the 2025 seed via Early Stars) and Axelera AI. For a quantum hardware founder with an industrialization story, this is a fund that can underwrite the full capital journey inside the Dutch semicon ecosystem.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. One quantum position, not a quantum thesis: Groove Quantum (Apr 2026) is the firm's only quantum equity among ~40 active positions; quantum computing is one of seven named focus areas inside Industrial Tech
  2. Industrialization bias: the fund backs what Dutch foundries can manufacture (spin qubits, photonics); a non-CMOS-compatible modality or pure software/algorithms play will not fit the filter
  3. Dutch-nexus gravity: LP base is dominated by Dutch pension funds and state vehicles (PME, PMT, ABP, Invest-NL, EIF); expect a preference for Benelux-Germany cap tables and EU sovereignty framing
  4. Long-hold, control-minded: 'long-term equity holdings and active ownership' is doctrine; up to EUR 50M per company means they price for board influence from the first check
  5. Generalist deep tech competition for attention: med-tech and agri-food deals (ViCentra, Orbem) absorb large slices of Fund III; quantum founders compete with later-stage, lower-risk deployments

Notable quantum portfolio

Full portfolio
Groove QuantumSMART PhotonicsPhoton IP

Frequent co-investors

  • 55 North
  • Verve Ventures
  • EIC Fund
  • PhotonDelta
  • ASML
  • NXP
  • Invest-NL