UK-based Amadeus Capital Partners and Austria-based Apex Ventures are pooling their collective venture capital (VC) resources into a new fund specifically targeting emerging deep-tech startups.
The duo raised an initial €28 million ($30 million) for the Amadeus Apex technology fund, with plans to close it at €80 million ($85 million).
The fund has also already made its first investment and participated in a yet-to-be-disclosed second close of $1 million in seed funding for German space startup Okapi-Orbits.
The fund’s core investment team includes Amadeus co-founders Anne Glover and Hermann Hauser, joined by Apex partners Andreas Riegler and Wolfgang Neubert.
The Amadeus Apex Technology Fund aims to invest €1-1.5 million in seed and Series.
Technology
A-stage Startups with “unique and defensible technology” and will include AI, quantum computing, mobility and space, robotics and other deep technology areas.
In addition, the fund’s main focus will be on the so-called DACH region, comprising Germany, Austria and Switzerland, although there is room to pivot into nearby markets – although this will not include the UK.
“The partnership also enables early-stage investment in other European markets outside the UK, such as Poland, Denmark and the Netherlands, which are on our radar for everything from quantum technology to photonics and artificial intelligence,” Riegler explained to TechCrunch.
Region
“We focused on this region because we recognize it as the perfect breeding ground for early stage deep technology innovation with top universities and a large developer pool.
At the same time, deep technology funding is still low, which represents a huge opportunity for growth.”
Founded in 1997, Cambridge, UK, Amadeus Capital Partners has made more than 260 investments over the past 25 years, divesting its name including network security company Forescout, which was bought by a private equity duo for $1.9 billion 2020 and self-driving startup FiveAI, which Bosch bought last year. Apex Ventures, meanwhile, has made about 40 investments since it was founded in Vienna six years ago, most recently joining a €2.7 million funding round in German biophotonics startup Refined Laser Systems.
So while the two venture capital firms have different histories, each has until now invested in deep tech of its own accord – so why partner with this new fund?
Investor
“We’ve worked with Hermann Hauser [Amadeus Capital] for many years he was an investor in our [Apex’s] first fund and a member of the firm’s advisory board, and we have several investments together,” Riegler said. “This subsequently led to a close relationship with the Amadeus Capital Partners team. The Amadeus team wanted to expand their early-stage presence in Europe and approached Apex Ventures for our local expertise, deal flow and syndication experience.”
And for Apex, a relative newcomer to the VC scene compared to Amadeo, it has a quarter-century of investment experience. Today’s startups need more support from their investors, and deep tech businesses in particular need to have investors who go beyond capital, sharing expertise and knowledge that supports the growth of the founders and the team. By combining our expertise with the Amadeus team in this fund, we hope to have a significant impact on the European deep technology ecosystem.”
Amadeus is a pioneering global venture capital investor with a long history of supporting technology entrepreneurs. Amadeus brings the know-how and network to help entrepreneurs build great companies, from early stages in the UK to global growth in Europe and Latin America, focusing on AI and machine learning, cyber security, digital health/medtech, fintech, insurtech , business software and semiconductors/hardware.
APEX Ventures focuses on early-stage companies that are driven by deep technologies. It has invested in more than 40 deep technology ventures across AI for medical applications, quantum and laser technology, automation and robotics, computer vision, space technology and medical technology.
The fund’s investment committee includes Amadeus co-founders Anne Glover and Hermann Hauser and APEX partners Andreas Riegler and Wolfgang Neubert.
Sources: Techcrunch | amadeuscapital