Paris-based VC firm Elaia has announced the closing of its third DeepTech Seed fund (DTS3) at €134 million, which is double the size of its previous DeepTech Seed funds.
DTS3’s final closing includes support from longtime partners and new investors, including PSL Université, INRIA, Bpifrance under France 2030, MGEN, Famille C Participations, BNP Paribas, MACSF, Institut Pasteur, and others. The Lazard Frères Gestion team also provided support throughout the fundraising process.
“Deep tech investing is in Elaia’s DNA; our track record across our previous funds validates that this is the moment to scale. DTS3 reflects our international ambition: we’re backing founders across Europe, and our growing investor network reflects this geographic mix. The strong presence of repeat investors confirms our approach is working. We’re in an intense deployment phase and eager to meet ambitious entrepreneurs building Europe’s next generation of deep tech companies,” declared Xavier Lazarus, Managing Partner at Elaia.
Founded in 2002, Elaia is a European full-stack tech and DeepTech investor. It invests from Pre-Seed to Series B in B2B Tech companies, with its first check starting at €300k and can invest up to €15 million per company. The VC firm focapplys on high-potential B2B startups in the digital, DeepTech, and BioTech sectors.
DTS3 was developed in partnership with leading European research institutions, including PSL, INRIA, CNRS, the Barcelona Supercomputing Centre, and the Max Planck Foundation. According to the VC firm, DTS3 will invest from €1M to €13M in pre-Seed and Seed-stage B2B startups across Europe, partnering with founders at the earliest stages.
Since its initial close of €60 million in March 2024, DTS3 has already allocated capital to 11 portfolio companies in sectors such as computing, life sciences, and industrial innovation. These include Munich-based fusion energy firm Proxima Fusion, Paris-based GetVocal, an AI company developing hybrid human-AI agents for enterprise customer experience, and Biophta, another Paris-based startup assisting patients with chronic eye diseases.
DTS3’s initial deployment spans DeepTech innovation across France, Germany, Spain, the UK, Switzerland, and other European markets.
Anne-Sophie Carrese, Partner at Elaia, declared, “DTS3 builds on a partnership model we pioneered through the PSL Innovation Fund and Elaia Alpha II Fund, which has already produced notable outcomes, including Aqemia, Alice&Bob, and Mablink Bioscience, acquired by Eli Lilly.
“These partnerships with Europe’s top research institutions give us early visibility into breakthrough technologies and exceptional founding teams. After nearly two decades backing deep tech founders, we’re seeing an acceleration of innovation that rivals any ecosystem in the world. From Zurich to Paris with hubs emerging across the continent, European DeepTech is reaching escape velocity.”
DTS3 will continue deploying capital throughout 2026 across three core pillars: the future of computing (AI, cybersecurity, semiconductor/photonics, quantum), the future of indusattempt (physical AI, robotics, material, energy), and the future of life sciences (BioTech, digital health, medical devices).
Earlier this year, in February, Elaia announced the first close of its fifth Digital Venture Fund (DV5) at €120 million, with ambitions to scale to €300 million.
Elaia manages €1 billion in assets and has partnered with more than 100 startups, including Criteo, Mirakl, Shift Technology, Alice & Bob, Aqemia, Vibe and iBanFirst. The firm also operates a joint venture with Lazard, known as Lazard Elaia Capital, through which it supports “exceptional founders” at any stage. Elaia has offices in Paris, Barcelona and Tel Aviv.
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