The fund will invest in companies linked to École Polytechnique, including spinouts, alumni-founded startups or businesses incubated by the school.
Polytechnique Ventures, a France-based investment fund, was launched on Tuesday with €20m ($24m) in initial capital to invest in companies aligned with École Polytechnique.
The fund was created at the behest of the institution’s alumni but also plays into École Polytechnique’s goal of having a vehicle backed by its incubator. It is targeting a €30m to €40m close.
Polytechnique Ventures will invest in companies emerging out of École Polytechnique’s laboratories, incubated by its X-Up or X-Tech programmes or co-founded by one or more alumni. It will particularly seek out companies pursuing social impact.
The vehicle will focus on early-stage deep tech opportunities, co-investing at the pre-seed and seed stages where it will look to commit around €250,000 to €500,000 per deal. It will have the capacity to provide follow-on funding, supplying up to an average of €2.5m at series A stage.
The first two investments are Néolithe, which has created technology to recycle industrial non-recyclable waste into mineral aggregates to use in the construction industry, and Olomera, which is working on prognosis tools for precision oncology.
Denis Lucquin, president of Polytechnique Ventures, said: “At the origin of Polytechnique Ventures is the idea of engaging alumni with young entrepreneurs from the school’s ecosystem. A wealth of experience serving a multitude of initiatives.
“Thanks to the exceptional foundation of innovations that stem from École Polytechnique, this entrepreneurial, industrial, and financial community aims to reinforce the emergence of talented entrepreneurs and successful companies, which address the technological, environmental, and societal challenges of tomorrow.”
