btov Partners closes €80M fund aimed at industrial tech startups
European deep tech and “industrial tech” startups working in the field of industrial applications got a shot in the arm today with the news that btov Partners has secured €80 million ($90 million) in backing for the second close of its new btov Industrial Technologies Fund. btov Partners is a European venture capital firm with offices in Berlin, Munich, St. Gallen and Luxembourg.
The cash was raised from industry, strategic investors, family offices, foundations, a number of banks, the European Investment Fund and the management team itself. The fund aims to invest in European startups specifically targeting industrial applications.
These include AI for industrial process optimisation, so-called Industry 4.0, IIoT (Industrial Internet of Things), cyberphysical security, electronics and photonics, power generation and storage, as well as medical and quantum technologies.
DyeMansion, a Munich-based startup in which the fund invested in August 2018, specialises in just these kinds of technologies: the post-processing of 3D-printed polymer parts.
“We usually invest €1-3 million as lead or co-lead investor in Seed, Series A, possibly also Series B rounds and reserve significant further capital for subsequent rounds,” said partner Christian Reitberger. “We like to understand the underlying IP and favor cross-domain innovations, such as bringing maturing technologies to new industrial applications. For example, the application of new quantum technologies for sensor technology, the use of new computer architectures for hybrid high-performance computing, generative algorithms for design automation or photonic integration for medical technologies.”
The launch of the new btov Industrial Technologies Fund was supported by LfA Förderbank Bayern. Other public investors are NRW.BANK and the European Investment Fund. The fund is also supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe.