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Innovation Industries
Innovation Industries is an Eindhoven/Amsterdam-based deep-tech VC founded 2017 with ~€500M AUM. Fund III €414M (2023 vintage).
Investment thesis
Innovation Industries is an Eindhoven/Amsterdam-based deep-tech VC founded 2017 with ~€500M AUM. Fund III €414M (2023 vintage). Invests Series A through growth across Dutch/European deep tech: photonics, semiconductors, AI, industrial tech. Cheques €2-15M, lead or co-lead.
Quantum-adjacent exposure: SMART Photonics (InP photonic foundry, relevant to photonic-quantum manufacturability), Photon IP (photonic integrated circuits design), Axelera AI (edge-AI semiconductor). No pure-play quantum hardware bets, but deep semiconductor-photonics infrastructure supporting the broader photonic-quantum ecosystem.
Value-add: structural anchor in the Dutch photonics ecosystem (PhotonDelta, Brainport Eindhoven); follow-on syndication with QDNL Participations.
Not a quantum specialist — photonics-semiconductor thesis adjacent to quantum computing rather than direct exposure.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Hyper-concentrated on Dutch and Benelux deep tech with strong TU Delft / QuTech / Eindhoven linkage, non-NL quantum teams without a Dutch nexus are typically out of scope regardless of quality
- Photonics and semiconductor process bias (per portfolio: SMART Photonics, Axelera, QuiX Quantum) means superconducting, trapped-ion, or neutral-atom approaches without a photonic angle are less likely to fit
- Long-hold patient-capital posture means they expect to lead or co-lead and take board seats, passive cap-table additions or crowded rounds are friction points
- Public messaging frames deep tech as sovereign European tech, founders pursuing US-first commercialization or US redomiciliation risk thesis misalignment
- Fund size discipline (Fund III ~EUR 500M reported) caps follow-on capacity for capital-intensive fab-style quantum hardware, pushing them to syndicate heavily
Notable quantum portfolio
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