The Paris-based VC supported by Bpifrance and Université PSL has surpassed its initial €120M target set in March 2024.
Elaia initially aimed for €120 million when raising its third deep-tech seed fund in March 2024. The firm has now closed its DTS3 fund at €134 million, a 12% increase, highlighting strong interest in European deep tech and Elaia’s strong reputation as a backer of research-driven startups.
DTS3, the third iteration of Elaia’s deep-tech seed fund, targets early-stage B2B startups, offering investments as low as €300,000. It concentrates on three main technology areas: computing (including generative AI, quantum, and cybersecurity), the future of industry (energy, climate technology, and advanced materials), and life sciences.
Elaia plans around 40 initial investments from the fund, with follow-on investments in 25 to 30 of the most promising startups as they scale towards seed.
A key feature of DTS3 is its strong integration with European academic and scientific institutions. Developed with Université PSL, one of France’s leading research universities, the fund builds on an established model with PSL and continued partnership with Inria for its second fund.
These partnerships provide Elaia with early access to spinouts and founding teams before they enter the broader market.
This strategy has led to successful backing of companies like Aqemia, an AI-driven drug discovery platform; Alice & Bob, a quantum computing startup; and Mablink Bioscience, a biotech focused on cancer treatment, later acquired by Eli Lilly.
Founded in 2002 by Xavier Lazarus, Elaia views Europe’s deep-tech progress as a structural evolution, supported by academic excellence, patient capital, and increased institutional backing from entities like Bpifrance, a major DTS3 supporter.
Elaia has been active in fundraising, announcing a €120 million first close for its fifth generalist Digital Venture Fund (DV5) in February 2026, aiming for €300 million overall.
This fund will support European B2B tech startups from pre-seed to Series B, with investments ranging from €1 million to €15 million. Together, the two funds demonstrate Elaia’s goal to be a full-spectrum investor, starting from early research stages with DTS3 and supporting growth through the DV series.
France’s Tibi 2 initiative has been vital for DTS3, allowing greater access to institutional LP partners.
With DTS3’s completion, Elaia’s total assets under management exceed €850 million, positioning the firm as a leading early-stage investor in Europe’s tech and deep science sectors.