The photonics industry in Benelux thrives at the intersection of light and technology, driving innovation across various sectors. Companies in this field focus on cutting-edge applications such as imaging systems, laser technologies, and optical communications. The region houses startups and established firms alike, leveraging advanced photonic solutions to enhance processes in healthcare, telecommunications, and manufacturing. As demand for efficient data transfer and precise imaging escalates, the industry is poised for significant growth. Recent advancements in integrated circuits and uncooled laser systems indicate an exciting future, highlighting Benelux’s role as a hub for photonics ingenuity.


The list features 16 notable investors strictly operating within the photonics sector across Benelux. These investors range from established venture capital firms to corporate giants, headquartered in key cities such as Amsterdam, Hasselt, and Brussels. Most investors are medium-sized, with a widespread focus on fostering innovation across various technologies. The year 2024 saw these investors collectively execute nearly 200 deals, signifying robust investment interest and activity. Founded between 1930 and 2023, they showcase a blend of experience and emerging perspectives in the investment landscape.


Top 16 Photonics Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers a range of funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. In the photonics sector, the EIC has been involved in notable transactions such as providing grants to Lumiphase and ALCYON PHOTONICS, with funding amounts reaching over $2 million. These investments demonstrate the EIC's active role in promoting innovation within the photonics industry, alongside its broader mission to foster technological advancement across various sectors.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides financial services such as loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. With a focus on promoting growth and job creation, the EIB serves both public and private organizations seeking funding for innovative initiatives. Notably, the EIB has been involved in significant transactions within the photonics context, including a Series B investment in Prophesee, a vision technology developer, where it led a $28 million financing round. This investment highlights EIB's engagement in the photonics industry. Additionally, EIB has supported companies like Canatu and TRUMPF, which, while not exclusively photonics-focused, operate in related technological domains. These transactions demonstrate EIB's active role in fostering innovation and development in the photonics sector.


3. PhotonDelta

  • Website: photondelta.com
  • Type: Corporate
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2018
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: photondelta

PhotonDelta is a technology company based in Eindhoven, North Brabant, Netherlands, specializing in integrated photonics. Founded in 2018, the firm focuses on the research, development, and manufacturing of photonic integrated circuits (PICs), providing investment opportunities in this sector. PhotonDelta's clientele spans various industries, including healthcare, telecommunications, and agriculture, all seeking advanced photonic solutions to enhance their operations. Notably, PhotonDelta has been actively involved in several significant transactions within the photonics industry. For instance, they led a €1.5 million Seed Round for Amazec Photonics, which is developing minimally invasive diagnostic devices for circulatory and heart failure detection. They also participated in the €10 million extended Series A funding round for Scantinel Photonics, a startup focused on Frequency Modulated Continuous Wave (FMCW) LiDAR devices. Additionally, PhotonDelta invested in PhotonFirst's €11 million Series A round, supporting the company's five-year business plan. These transactions highlight PhotonDelta's active role in fostering innovation and growth within the photonics sector.


4. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm specializes in investing in transformative ideas within the biotechnology and technology sectors, focusing on startups in healthcare, life sciences, and advanced technology. M Ventures provides funding and strategic guidance to help these startups achieve commercial success. Notably, M Ventures has participated in significant transactions within the photonics industry, such as their investments in Metalenz, a metasurface optics startup that raised $30 million in Series B funding to enhance 3D sensing solutions, and PxE Holographic Imaging, which raised $5.4 million in a Seed round for its holographic imaging technology. These investments highlight M Ventures' commitment to driving innovation in the photonics sector, alongside their broader investment strategy.


5. Brabantse Ontwikkelings Maatschappij (BOM)


The Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital firm based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM is dedicated to supporting startups and scale-ups in the Brabant region by providing funding, expertise, and networking opportunities to enhance business growth. They have been involved in various investment rounds, including seed and series funding. Notably, BOM has invested in companies like Anteryon, which specializes in optical systems, and Preceyes, which develops precision robotics for eye surgery, both of which are significant players in the photonics industry. Their diverse investment portfolio also includes companies in sustainable food and energy sectors, showcasing their broad approach to fostering innovation and business success.


6. Invest-NL

  • Website: invest-nl.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2020
  • Headcount: 51-200
  • Number of deals in 2024: 17
  • LinkedIn: invest-nl

Invest-NL is an impact investment firm based in Amsterdam, founded in 2020, that focuses on financing sustainable and innovative projects in the Netherlands. They support entrepreneurs with promising plans for societal transitions, particularly in the energy and technology sectors. By mobilizing capital from various sources, they aim to make impactful investments that contribute to a more sustainable economy. Notably, Invest-NL has been involved in several transactions relevant to the photonics industry, including a €3.5M investment in LioniX International, a company specializing in integrated photonics, and a €10.5M investment in Nearfield Instruments, which develops semiconductor metrology equipment. These investments highlight Invest-NL's commitment to supporting innovative technologies that align with their mission of fostering sustainability and innovation.


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 corporate investor based in Haaksbergen, Overijssel, Netherlands, founded in 1930. The company specializes in innovative solutions for automation, digitalization, and electrification, providing smart vision, manufacturing, and connectivity systems across various sectors. Notably, TKH Group has made significant strides in the photonics industry through strategic acquisitions. In 2019, they acquired SVS-Vistek GmbH, a manufacturer of machine vision cameras, which bolstered their capabilities in vision technology. More recently, in 2022, they acquired Nerian Vision GmbH, a company specializing in high-speed stereo vision systems. These acquisitions reflect TKH Group's commitment to enhancing their portfolio in smart vision systems, making them a relevant player in the photonics sector.


8. Capricorn Partners


Capricorn Partners is a venture capital firm based in Leuven, Flanders, Belgium, founded in 1993. The firm specializes in venture capital, growth capital, and quoted equity funds, with a focus on innovative companies in sectors such as digital technologies, health, and clean technologies. They are committed to responsible investing, aiming to create both financial returns and strategic value for their clients. Notably, Capricorn Partners led a €5M Seed funding round for VoxelSensors, a company specializing in 3D perception technology, which is relevant to the photonics industry. Additionally, they have been involved in funding rounds for Arkite NV, although the specific relevance of Arkite to photonics is less clear. Overall, their investment activities suggest a willingness to engage with companies that may operate within or adjacent to the photonics sector.


9. Lrm

  • Website: lrm.be
  • Type: Venture Capital
  • Headquarters: Hasselt, Flanders, Belgium
  • Founded year: 1994
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: lrmnv

LRM (Limburgse Reconversie Maatschappij) is a venture capital investment company based in Hasselt, Flanders, Belgium, founded in 1994. The firm focuses on sustainable economic growth in the Limburg region by providing financing and expertise to startups, scale-ups, and mature companies. LRM is involved in various sectors, including real estate development and the reconversion of old mining sites, contributing to the local economic ecosystem. Notably, LRM has participated in funding rounds for companies in the photonics industry, such as Silicon Line, which raised €8.2 million in a Series B funding round in 2018, and €6.3 million in a previous funding round in 2015. These investments highlight LRM's engagement in the photonics sector, particularly in companies that are innovating in optical technologies. Other investments include Hammer-IMS and Aerial Precision, which, while not directly related to photonics, showcase LRM's broader investment strategy in technology and innovation.


10. Barco

  • Website: barco.com
  • Type: Corporate
  • Headquarters: Kortrijk, Flanders, Belgium
  • Founded year: 1934
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: barco

Barco NV is a technology company based in Kortrijk, Flanders, Belgium, founded in 1934. It specializes in digital projection and imaging solutions across various sectors, including healthcare, entertainment, and enterprise. Barco's product offerings include medical displays, projection systems, and collaboration technology, all of which leverage advanced imaging and visualization technologies. Notably, Barco has made several strategic acquisitions to enhance its capabilities in the photonics domain. For instance, the acquisition of MTT Innovation in 2016 aimed to bolster their expertise in high dynamic range technology and advanced imaging algorithms. Additionally, Barco's acquisition of projectiondesign in 2012 allowed them to strengthen their position in the projector market, particularly for mid-venue solutions. Their recent acquisition of Cinionic's premium cinema products business in 2023 further emphasizes their commitment to the cinema industry, which heavily relies on advanced projection technologies. These transactions highlight Barco's active role in the photonics industry, making them a significant player in this field.


11. Capital-E Partners NV


Capital-E Partners NV is a venture capital firm based in Antwerp, Flanders, Belgium, founded in 2005. The firm specializes in providing early-stage capital to companies in the micro/nano-electronics and advanced materials sectors. They collaborate with research centers to support technology development and offer strategic consulting services to entrepreneurs. Notably, Capital-E has been involved in significant transactions within the photonics context, such as their investments in CMOSIS nv, which develops CMOS image sensor technologies, and Silicon Line, which focuses on optical communication technologies. These investments highlight Capital-E's commitment to fostering innovation and growth in high-tech industries, including those related to photonics.


12. PhotonVentures


PhotonVentures is a venture capital firm founded in 2023, located in Breukelen, Utrecht, Netherlands. The firm specializes in integrated photonics technology and is dedicated to investing in and supporting startups within this sector. PhotonVentures provides both capital and strategic guidance to help these companies grow and innovate. Their investment focus spans various industries, including Data & Telecom and Medical & Healthcare, addressing the need for innovative solutions in a rapidly evolving digital landscape. Notably, PhotonVentures has participated in funding rounds for companies such as MantiSpectra, which raised €4 million to scale its semiconductor platform, and Quantum Brilliance, which secured $18 million in funding. These transactions highlight PhotonVentures' active role in fostering advancements in photonics technology.


13. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across multiple sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Among their notable transactions, Gimv has invested in CoWare, a company that has raised significant funding over the years, indicating a focus on technology-driven solutions. Additionally, their acquisition of Luciad in 2013 highlights their interest in companies that may utilize advanced technologies, potentially including photonics-related applications in geospatial and imaging technologies. This diverse investment portfolio suggests that Gimv is open to exploring opportunities in the photonics sector, even if it is not their sole focus.


14. Progress Tech Transfer Fund


Progress Tech Transfer Fund is a venture capital investment fund based in Luxembourg, founded in 2019. The fund specializes in sustainable technologies and provides proof-of-concept financing to support start-ups and spin-offs in bringing innovative solutions to market. It collaborates with universities and research organizations to scout and develop deep tech opportunities, particularly focusing on addressing sustainability challenges. Notably, the fund has invested in Dynamic Optics, which raised $231,914 in a Seed Round on October 5, 2021. This investment highlights the fund's engagement in the photonics sector, alongside other transactions such as its involvement with Finapp, which raised funds in various rounds but is not directly related to photonics.


15. Qbic Fund | Venture Capital

  • Website: qbic.be
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: qbic

Qbic Fund | Venture Capital is a venture capital fund based in Ghent, Flanders, Belgium, founded in 2012. The fund specializes in seed and early-stage investments in innovative companies across various sectors, with a strong emphasis on creating impact by transforming technological breakthroughs into sustainable businesses. Qbic supports its portfolio companies throughout their growth, focusing on sectors such as biotechnology and technology. Notably, Qbic has invested in VoxelSensors, a company specializing in 3D perception technology, which raised significant seed funding in 2024 and 2023. Additionally, they invested in MOLECUBES, which is known for developing the world’s smallest desktop PET, SPECT, and CT scanners for 3D imaging of small animals, showcasing their commitment to advancing imaging technologies that are closely related to photonics. Their portfolio also includes Abscint, which raised funds in the seed stage, further indicating their active role in supporting innovative tech ventures.


16. DeepTechXL

  • Website: deeptechxl.com
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2021
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: deeptechxl

DeepTechXL is a venture capital firm based in Eindhoven, North Brabant, Netherlands, founded in 2021. The firm specializes in deep-tech investments, providing funding and support to startups in the technology sector. DeepTechXL leverages a strong network and expertise in deep-tech to empower entrepreneurs and drive innovation. One of their notable transactions includes a seed funding round for SuperLight Photonics, a spin-off from the University of Twente, which focuses on developing a wideband laser for various measurement and detection applications. This investment highlights DeepTechXL's commitment to supporting advancements in the photonics industry, showcasing their role in fostering innovation in this field.



Photonics Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
PhotonDeltaEindhoven, North Brabant, Netherlands11-5020181
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310
Invest-NLAmsterdam, North Holland, Netherlands51-200202017
TKH GroupHaaksbergen, Overijssel, Netherlands5001-1000019301
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
LrmHasselt, Flanders, Belgium51-20019941
BarcoKortrijk, Flanders, Belgium1001-500019341
Capital-E Partners NVAntwerp, Flanders, Belgium1-1020050
PhotonVenturesBreukelen, Utrecht, Netherlands1-1020230
GimvAntwerp, Flanders, Belgium51-20019808
Progress Tech Transfer FundLuxembourg1-1020195
Qbic Fund | Venture CapitalGhent, Flanders, Belgium1-1020125
DeepTechXLEindhoven, North Brabant, Netherlands1-1020211


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