The defense electronics industry in Benelux is a crucial sector that supports national security through advanced technological solutions. Companies in this realm develop various equipment, including communication systems, radar technology, and surveillance tools for military applications. As conflicts evolve, there is a growing demand for innovative solutions that enhance security, precision, and efficiency on the battlefield. The industry is expected to expand further, integrating artificial intelligence and autonomous systems into defense strategies, reflecting the rapid advancement in technology and heightened focus on defense preparedness within the region.


Our list features a mix of venture capital firms, corporate investors, and private equity groups, primarily based in Luxembourg and the Netherlands. Spanning small to large teams, these investors range from founded in 2005 to newly established in 2021. Notably, their deal counts for 2024 showcase an impressive commitment to the defense electronics sector, with significant funding directed toward innovative technology companies, reflecting their strategic focus on sustaining growth in this critical industry.


Top 11 Defense Electronics Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. In recent years, EIB has engaged in transactions that intersect with the defense electronics sector, such as providing €10 million in funding to Quantum-Systems GmbH, a leader in small Unmanned Aircraft Systems (sUAS), which are critical for surveillance and mapping in defense contexts. Additionally, EIB has participated in venture debt financing for companies like GomSpace and Spire Global, which are involved in satellite technology that can have defense applications. These transactions highlight EIB's role in supporting technological innovation that may be relevant to defense electronics, despite its broader focus on sustainable development.


2. Boundary Holding


Boundary Holding is a venture capital firm based in Luxembourg, founded in 2016, specializing in deep tech investments that drive the 4th industrial revolution. They provide funding and strategic support to startups primarily in the technology sector. Notably, Boundary Holding has invested in several companies relevant to defense electronics, including CerbAir, a French defense and security company that raised €5.5 million to enhance its anti-drone solutions. Other investments include infiniDome, Elistair, and Aeraccess, which, while not exclusively focused on defense, contribute to technologies that can intersect with defense applications. Their clientele consists of innovative businesses seeking to scale and innovate, positioning them as a significant player in the tech investment landscape.


3. SES Satellites

  • Website: ses.com
  • Type: Corporate
  • Headquarters: Betzdorf, Grevenmacher, Luxembourg
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: ses

SES S.A. is a satellite telecommunications provider based in Betzdorf, Luxembourg, founded in 1985. The company operates a fleet of over 70 satellites, offering a range of services including video broadcast and data connectivity solutions across various sectors such as broadcasting, government, and maritime. Notably, SES has made significant strides in the defense electronics industry through its subsidiary SES Government Solutions. In August 2022, SES acquired DRS Global Enterprise Solutions from Leonardo DRS for US $450 million, aiming to enhance its satellite communications capabilities for the US Government. Additionally, SES Astra acquired a 74.9% stake in ND Satcom in 2006, further strengthening its position in the government market. These transactions highlight SES's commitment to providing reliable connectivity solutions that support defense operations and enhance communication capabilities.


4. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant acquisitions relevant to the defense electronics sector, including the acquisition of Ontic Engineering and Manufacturing, Inc. for $1.365 billion in 2019, which specializes in aerospace parts. Additionally, CVC acquired Praesidiad, a company that provides security solutions, further indicating their interest in sectors that intersect with defense. These transactions highlight CVC's strategic positioning within industries that are critical to defense and aerospace, making them a relevant player in the defense electronics landscape.


5. Alpha Intelligence Capital


Alpha Intelligence Capital is a venture capital firm based in Luxembourg, founded in 2018, that specializes in investing in AI-first companies. They provide funding and strategic guidance to startups in the artificial intelligence and machine learning sectors, helping them to innovate and grow. Their focus on deep technology investments positions them as a key player in the AI landscape. Notably, Alpha Intelligence Capital has been involved in several transactions relevant to the defense electronics sector, including investments in Lassen Peak, which is developing a handheld radar system for concealed weapon detection, and ZeroEyes, which offers an AI-enabled weapons detection solution. These investments highlight their engagement in technologies that intersect with defense applications, showcasing their potential relevance in the defense electronics industry.


6. OTB Ventures

  • Website: otb.vc
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: otb-ventures

OTB Ventures is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. The firm specializes in early-stage investments in deep-tech startups, focusing on sectors such as SpaceTech, AI, FinTech, and CyberSecurity. OTB Ventures provides capital and strategic support to help these startups scale and succeed in global markets. Notably, OTB Ventures has participated in significant funding rounds for companies like ICEYE, which raised substantial amounts in Series B, C, and D funding rounds, highlighting its commitment to investing in technologies with potential defense applications. Additionally, OTB Ventures was involved in the funding of Synthara, a semiconductor innovator, which may also have implications for defense electronics through advancements in embedded computing applications. Overall, OTB Ventures' investment strategy aligns with sectors that intersect with defense technologies, making it a noteworthy player in the defense electronics investment landscape.


7. TKH Group

  • Website: tkhgroup.com
  • Type: Corporate
  • Headquarters: Haaksbergen, Overijssel, Netherlands
  • Founded year: 1930
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: tkh-group-n.v.

TKH Group is a technology company based in Haaksbergen, Netherlands, specializing in innovative solutions for automation, digitalization, and electrification. Founded in 1930, the company operates globally, providing smart vision, manufacturing, and connectivity systems across various sectors. Notably, TKH Group has made several strategic acquisitions that enhance its capabilities in areas relevant to defense electronics. For instance, the acquisition of Commend International in 2015, a leader in mission-critical intercom systems, positions TKH Group within the defense communication landscape. Additionally, their acquisition of Nerian Vision GmbH in 2022, which specializes in high-speed stereo vision systems, further strengthens their portfolio in smart vision technologies that can be applied in defense scenarios. These transactions reflect TKH Group's commitment to integrating advanced technologies that can enhance security and operational efficiency, making them a noteworthy player in the defense electronics sector.


8. Mainport Innovation Fund


Mainport Innovation Fund is a venture capital fund based in Amstelveen, North Holland, Netherlands, founded in 2009. The fund focuses on accelerating innovation in sustainable mobility, logistics, and aviation, providing funding and support to startups that aim to create climate impact solutions. Notable transactions include investments in Robin Radar Systems and Eye on Air, the latter of which received EUR 1.8 million for developing technology for fast screening for explosives, highlighting the fund's engagement in defense-related technology. Additionally, the fund has participated in funding rounds for Aiir Innovations, which provides AI-based software solutions for aircraft engine inspection, further emphasizing its focus on aviation technology.


9. Ilavska Vuillermoz Capital


Ilavska Vuillermoz Capital is a venture capital firm founded in 2019, based in Luxembourg and the Czech Republic. The firm specializes in venture capital and impact investing, focusing on creating positive economic impacts through strategic investments. They partner with institutional and private investors to provide tailored investment solutions. Notably, they participated in a funding round for CerbAir, a French defense and security company that raised €5.5 million to enhance its anti-drone solutions, positioning itself as a leader in this niche of the defense electronics market. Additionally, they have invested in Ametrine Technologies, although this company does not appear to be directly related to defense electronics. Their involvement in CerbAir highlights their capability and interest in the defense sector.


10. Orbital Ventures

  • Website: orbital.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2021
  • Headcount: 1-10

Orbital Ventures is a Luxembourg-based venture capital firm founded in 2021, specializing in logistics and technology solutions. The firm has a small team and has been involved in several significant transactions, particularly in the aerospace and telecommunications sectors. Notably, they participated in the Series B funding rounds for ALL.SPACE, raising a total of $74 million across two rounds in 2021. Additionally, they were involved in a funding round for Isotropic Systems, which secured £29.2 million and included participation from major players in aerospace and telecommunications, as well as government funding. This involvement suggests that Orbital Ventures is engaged in sectors that intersect with defense electronics, particularly through their investments in companies that may develop technologies applicable to defense applications.


11. Keen Venture Partners


Keen Venture Partners is a venture capital firm based in Amsterdam, Netherlands, founded in 2014. The firm specializes in investing in early-stage technology companies across Europe, with a focus on sectors such as Productive AI, Defense Tech, and Financial Operations. In 2024, they have already made seven investments, including notable transactions in the defense technology sector. For instance, they participated in funding rounds for companies like Rescale, which is involved in high-performance computing and has applications in defense and aerospace. Their strategic support and capital investment aim to help startups grow and succeed, particularly in innovative fields like defense electronics.



Defense Electronics Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
Boundary HoldingLuxembourg11-5020160
SES SatellitesBetzdorf, Grevenmacher, Luxembourg1001-500019852
CvcLuxembourg1001-5000200516
Alpha Intelligence CapitalLuxembourg11-5020186
OTB VenturesAmsterdam, North Holland, Netherlands11-5020176
TKH GroupHaaksbergen, Overijssel, Netherlands5001-1000019301
Mainport Innovation FundAmstelveen, North Holland, Netherlands11-5020090
Ilavska Vuillermoz CapitalLuxembourg11-5020193
Orbital VenturesLuxembourg1-1020210
Keen Venture PartnersAmsterdam, North Holland, Netherlands1-1020147


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