Deep tech venture capital firm PhotonVentures has raised more than €15 million ($15.9 million) in a funding round, bringing the fund’s total to its target amount of €75 million ($79 million). PhotonVentures, the investment arm of Netherlands’ photonics ecosystem PhotonDelta, targets applications in data transmission, health diagnostics, and smart sensor systems, while also aligning with major global trends such as AI, AR, and VR. PhotonVentures plans to raise more than €100 million ($106 million) for the closure of its initial fund by the end of 2024. This fund focuses on Seed to Series A investments, with participation ranging from €1 million to €2.5 million ($1.1 million to $2.7 million). The firm aims to facilitate the growth of 20 deep tech companies into international leaders within the European ecosystem. PhotonVentures also benefits from the Dutch National Growth Fund and the European Chips Act. Since its inception, the firm has made investments in VitreaLab, a spinoff of the University of Vienna; integrated laser startup Brilliance; and MantiSpectra, a spinoff of Eindhoven University of Technology. The funding was provided by private and strategic investors, with support from BOM (Brabant Development Agency), Oost NL, TNO, and the University of Twente. The round follows an initial €60 million round led by PhotonDelta and private investors.