Polytechnique Ventures, the venture capital arm of the prestigious École Polytechnique, has announced a strategic pivot towards earlier-stage investments. The firm will allocate 5% of its Polytechnique Ventures II fund, currently valued at €28 million, to support pre-seed deeptech startups. This move is designed to nurture disruptive technologies from their earliest stages, reinforcing the fund's commitment to fostering groundbreaking innovation within its ecosystem.
A Strategic Shift to Early-Stage Investment
This new "super angel" strategy involves investment tickets ranging from €50,000 to €200,000, a significant departure from the fund's typical seed and Series A investments. Usually, Polytechnique Ventures II injects between €250,000 and €1 million, with follow-on investments reaching up to €2 million. This adjustment allows the firm to engage with ambitious projects at a critical validation phase, providing essential capital to bridge the gap to larger funding rounds.
The Denis Lucquin Catalyst Initiative
The pre-seed program has been named the "Denis Lucquin Catalyst Initiative" in a heartfelt tribute to the fund's late co-founder. Denis Lucquin, a prominent figure in French biotech investment who also led Sofinnova Partners, passed away earlier this year. Cécile Tharaud, co-founder and Managing Partner, stated that the initiative honors his legacy by strengthening their ability to make early bets on ambitious deeptech startups.
Inaugural Investment in Quantum Computing
The initiative has already made its first investment, committing €150,000 to Qolombus as part of the startup's €1.5 million funding round. Qolombus is developing a new generation of hybrid quantum processors that leverage the stability of silicon qubits and the connectivity of superconductors. This investment underscores the fund's focus on supporting technologies with the potential for significant industrial disruption and global impact.
Fostering Deeptech Innovation
To qualify for this early-stage funding, startups must meet stringent criteria, ensuring a high potential for success and impact. Candidates must demonstrate a clear connection to the École Polytechnique ecosystem, possess a team of exceptional talent, and be developing a core deeptech innovation. A key requirement is the articulation of a clear promise for creating a breakthrough in their respective industrial sector.
Impact on the French Tech Ecosystem
This strategic move by Polytechnique Ventures addresses a well-known funding gap between the prototype stage and a structured seed round in the French tech landscape. By providing capital and the credibility of the Polytechnique brand, the initiative helps de-risk these ventures for future investors. The fund, which focuses on sectors like AI, health, and decarbonized energy, also reinvests 10% of its gains into the Fondation de l’X.
Polytechnique Ventures' new pre-seed focus marks a significant enhancement of its support for the deeptech ecosystem. The Denis Lucquin Catalyst Initiative not only provides crucial early capital but also perpetuates a legacy of backing transformative scientific and technological advancements. This strategic allocation is poised to accelerate the journey of promising startups from the laboratory to industrial application, strengthening France's position in global innovation.