The deep tech venture fund linked to Imec has raised $166m for its second fund, more than halfway to its $277m target.
Imec.xpand, the Belgium-based deep tech venture fund aligned with research institute Imec, achieved a first close of €150m ($166m) for its second fund yesterday thanks to a mix of new and returning limited partners.
Fidimec, an investment fund of the Flemish government, supplied $36.7m in May 2021, while “most” limited partners from the first Imec.xpand fund returned, according to local newspaper De Tijd.
Imec.xpand partner Tom Vanhoutte told De Tijd the roster of limited partners included institutional investors, family offices, strategic investors and public investors, but declined to reveal the identity of any of them.
Imec.xpand had anticipated to raise €120m by this point and now hopes to conclude fundraising efforts by the summer for a €250m target size.
The first fund closed at $135m in 2018 with Imec itself among the limited partners, joined by universities, a host of corporates, state-owned funds and individuals.
It has backed 16 companies. US-based quantum computing technology developer PsiQuantum became Imec.xpand’s first unicorn when it raised $450m in July 2021.
