Europe is packed with scientific talent, with 2.2 million researchers. France alone pours €60B a year into labs. But so much of that IP never leaves the lab. That’s where daphni steps in, spotting breakthroughs in life sciences, physics, and chemistry, and pairing them with AI and hardware to build the next wave of deeptech startups.
Today, daphni’s Blue fund closed at €260M, well above target. They’ve already backed nine startups spun out of places like INRIA, Institut Curie, INSERM, and Institut Langevin, aiming for 40 in total, with a dual focus on returns and ESG impact.
Pierre-Éric Leibovici, the founder and managing partner, shares with TFN, “Blue is anchored in France as an initial sourcing engine, because of the density of top-tier public research institutions and deeptech spinout activity. The strategy is built on long-standing collaboration with French and European academic hubs, including CEA, Université Paris-Saclay, INSERM, and many other labs.”
Why science + AI + hardware is the new edge
Pierre-Éric Leibovici, daphni’s founder, saw the gap: 330,000 researchers in France, tons of IP, but not enough making it to market. The big idea is that the next generation of winners will mix science, AI, and hardware for a real edge. That’s why daphni was set up: to bridge the lab-to-market gap, working with CEA, INSERM, and more to turn years of research into real companies.
How do they do it? daphni uses their Flamel platform and a 450-strong entrepreneur network to spot lab IP and back science-first projects. Instead of chasing every hot deal, daphni zeroes in on deeptech spinouts that most VCs miss.
Leibovici elaborates, “Blue positions itself precisely in this gap and has built a strong network of lab leaders committed to valuing their research and encouraging entrepreneurship among their PhD students. daphni’s model is based on a community of 450 entrepreneurs and its proprietary digital platform, Flamel, developed over 10 years. The program combines expert-led masterclasses with practical work and concludes with a Demo Day, where participants present theircipants present their venture, progress, and ambition.”
daphni’s track record include Pasqal and Epyr. The new Blue fund is already backing Owlo (3D microscopy for healthcare), EverDye (eco-friendly textile dyes), Karavela (brain models from INRIA data), and Neotis (therapies for ageing cells).
What about a diversity strategy?
On diversity strategy, Leibovici concludes, “daphni’s diversity and inclusion strategy is deeply embedded in its mission-driven model since day one.
As one of the first B Corp-certified venture capital firms in France, daphni pursues a dual performance approach, aiming to generate both strong financial returns and meaningful non-financial impact, with part of the Blue fund’s carried interest indexed to ESG criteria.
Beyond this alignment, daphni has also launched dedicated initiatives to support underrepresented founders, notably through Time4, a fund in collaboration with HEC, Les Déterminés and Live For Good to back entrepreneurs from diverse backgrounds and rural areas. In parallel, our endowment fund, Rainbo,w further reinforces this commitment by supporting broader social inclusion efforts.
Overall, D&I at daphni is not treated as a side program, but as a structural pillar.”
What’s next?
The planis 40 investments, tapping into Europe’s huge pool of public researchers, France’s Nobel laureates, and the next generation of scientists ready to launch.
daphni now manages €1B across 80+ companies (think Back Market, Swile), and they’re rolling out niche funds like Dastore (with Carrefour) and Time4, launched last October to support founders from underrepresented or rural backgrounds.
