| Hi everyone, The headline act of the past few weeks is undoubtedly AMI Labs, Yann LeCun's Paris-based AI startup, which raised a staggering $1.03 billion in its very first funding round, instantly becoming a unicorn. This record seed round, co-led by Cathay Innovation, Greycroft, HV Capital, and backed by Temasek, SoftBank Ventures, Bezos Expeditions, and Bpifrance among others, signals that Paris is now firmly on the global AI map for mega-rounds. But the period was not just about one deal. Pasqal, the French quantum computing champion, secured €340 million and is preparing a dual listing on Nasdaq and Euronext Paris, a first for a European quantum company. Alan raised €100 million at a valuation above €5 billion while announcing profitability in France. Nuclear energy continued its momentum with Calogena and Jimmy Energy both pulling in €100 million and €80 million respectively for their SMR projects. And on the exit front, Gleamer's acquisition by RadNet for over €200 million was a landmark validation for AI in healthcare. Let's dive in! Rounds of €20M and above: AMI Labs raised €890 million ($1.03 billion) in seed funding, co-led by Cathay Innovation, Greycroft, HV Capital, and Hiro Capital, with participation from Bezos Expeditions, Temasek, SoftBank Ventures Asia, Alpha Intelligence Capital, Bpifrance, Groupe Industriel Marcel Dassault, Aglaé Lab, Publicis, Samsung, and Daphni. Founded by AI pioneer Yann LeCun, AMI Labs is building AI infrastructure for applications requiring persistent memory, reasoning, and anticipation of action outcomes. Pasqal raised €340 million in a Series C round, comprising €170 million in equity and €170 million in convertible financing, from Temasek, Saudi Aramco Entrepreneurship Ventures, ISAI, Bpifrance, Parkway Venture Capital, Quanta Computer, LG Electronics, and CMA CGM. The quantum computing pioneer is preparing a dual listing on Nasdaq and Euronext Paris that could value the company at around $2 billion. Alan raised €100 million in growth equity from Index Ventures, Belfius, Greenoaks, Kaaf Investments, and SH Capital. The digital health insurance unicorn has reached a valuation above €5 billion while achieving profitability in France, marking a significant milestone for the French insurtech sector. DentalMonitoring closed €84 million ($100 million) from Lazard Elaia Capital and ISALT. The AI-powered remote orthodontic monitoring platform has achieved operational profitability and serves over 2 million patients worldwide across 44 countries. Jimmy Energy raised €80 million in its Series B, including €40 million in subsidies from France 2030, from Crédit Mutuel Impact, ADEME Investissement, Eren Groupe, Noria, Polytechnique Ventures, Otium Capital, Omnes Capital, and Serena. The startup is developing nuclear fission-based micro-reactors to produce carbon-free industrial heat. GitGuardian secured €42 million ($50 million) in its Series C from Insight Partners, Quadrille Capital, Balderton Capital, Eurazeo, Sapphire, and Bpifrance. The cybersecurity specialist detects exposed secrets and credentials in code repositories, protecting over 600 enterprise clients. Verley closed €32 million in its Series A, including €7 million in debt, from Alven, Founders Future, Sofinnova Partners, Blast Club, Sparkfood, and Captech Santé Nutrition. The Lyon-based startup produces functional dairy proteins via precision fermentation, targeting the booming high-protein nutrition market. Vizzia raised €30 million in Series B from Headline, SistaFund, and 50 Partners Capital. The smart camera platform helps municipalities detect illegal waste dumping and secure public spaces using AI-powered video analysis. Waiv secured €29 million ($33 million) in its Series A, including €4 million in subsidies, from OTB Ventures, Alpha Intelligence Capital, Serena Data Ventures, Karista, and Sista Fund. Spun out of Owkin, the company is industrializing AI-powered precision oncology tests to match patients with the most effective treatments. DeepIP raised €25.8 million in its Series B, including €4.3 million in debt, from Korelya Capital, Balderton Capital, Headline, and Serena Capital. The AI-powered patent drafting assistant helps intellectual property law firms streamline application writing and prosecution workflows. Qevlar AI secured €25.8 million ($30 million) in Series B from Partech, Forgepoint Capital International, and EQT Ventures. The agentic AI cybersecurity platform automates SOC investigations, with major clients including Mercedes-Benz, Sodexo, and Orange Cyberdefense. Hexana closed €25 million from Blast Club, EREN Industries, CEA Investissement, and Région Sud Investissement. The CEA spin-off is developing a fourth-generation fast neutron modular reactor cooled by sodium for industrial decarbonization.
Rounds of €10M to €20M: Heliup raised €16 million in its Series A, including €3 million in debt, from Supernova Invest, Maif Impact, Lita Gestion, C2AD, Starquest Capital, and BNP Paribas Développement. The company develops patented ultra-lightweight photovoltaic solutions for flat roofs on commercial and industrial buildings. Escape secured €15 million in Series A from Balderton Capital, Uncorrelated Ventures, IRIS, and Y Combinator. The AI-powered offensive security platform replaces legacy scanners with agents that discover, test, and remediate vulnerabilities in engineering workflows. Meelo raised €14 million in its Series A from ISALT. The AI-powered SaaS provides fraud detection, creditworthiness assessment, and customer onboarding leveraging Open Banking and Open Data. Lifeaz closed €13 million from GO Capital, BNP Paribas, Mirova, XAnge, Mutuelles Impact, and Impaction. The startup has installed over 25,000 defibrillators and aims to save 1,000 lives in the next five years through its connected emergency response devices. Apmonia Therapeutics raised €10 million from Capital Cell, Angels Santé, Finovam, Capital Grand Est, Business Angels Marne Ardennes, and Fondation Fournier-Majoie. The immuno-oncology company is developing therapies targeting tumor microenvironment proteins to inhibit cancer growth.
Rounds of €5M to €10M: Firecell closed a €7.9 million seed extension from Matterwave Ventures, Bpifrance, Qbic, and Cogito Capital Partners for its private 5G telecommunications solutions enabling enterprises to deploy secure dedicated connectivity. Metavonics secured €7.3 million in its Series A from Safran Corporate Ventures and TTTech for modular avionics and safety-critical embedded systems for drones, eVTOLs, and aircraft. Isybot raised €7 million from Supernova Invest, Bpifrance Amorçage Industriel, Acer Finance, CEA Investissement, and Crédit Mutuel Innovation for its collaborative industrial robots designed for surface treatment applications. BaCta closed €7 million in its seed round from LocalGlobe, Daphni, OVNI Capital, and business angels for AI-powered bioproduction technologies for industrial ingredients across health, nutrition, and cosmetics. Amatera raised €6 million in its Series A from Demea Sustainable Investment, Oyster Bay, Pinc, Mudcake, and Exceptional Ventures for its biological platform creating resilient plant varieties through random mutagenesis of embryogenic cells. Living Models secured €6 million in seed funding, including €2.6 million in subsidies, from UC Berkeley, Juniper, Asterion Ventures, Artesian, Galion.exe, and Kima Ventures. The deeptech startup decodes plant signals and communication using sensors and AI. Lemrock closed €5 million in its seed round, including €1 million in debt, from Galion.exe, Techmind, Financière Saint James, and AI Seed. The startup builds AI commerce infrastructure enabling brands to sell directly within AI agents and conversational interfaces. Aerix Systems raised €5 million in its Series A, including €2 million in debt, from Odyssée Venture for its omnidirectional propulsion systems designed to enhance drone maneuverability and flight control. Skydrone Robotics secured €5 million in its seed round, including €1.2 million in debt and €1.8 million in subsidies, from Provence Angels, Paris Business Angels, PSBA, Défense Angels, and Aerospace Angels for drone manufacturing and development.
Rounds of €1M to €5M: Newable raised €4 million from Revent and Leonard (Vinci) for decarbonization solutions for commercial real estate. Ocellus Games secured €4 million from Elevation Capital Partners for its gaming studio combining services for Supercell and Disney with proprietary game development. Getinside closed €3.2 million from La Poste Ventures, Swiss Post Ventures, 50 Partners, and Clover for its retail media platform that helps e-merchants monetize customer audiences. The 8 Impact raised €3 million in seed, including €1 million in subsidies, from Collateral Good, Bpifrance, and Makesense for its patented recycling technology transforming end-of-life sports footwear into regenerated materials. Eclore secured €3 million in seed from Bpifrance Amorçage Industriel, UI Investissement, Sodero, Pays de la Loire Participations, and Défense Angels for its origami-based industrial actuators and protective systems. Rivage raised €2.6 million in seed from Partech and business angels for open and interoperable payroll software for accounting firms. Solaya closed €1.7 million in seed from Betaworks, Bpifrance, and business angels for deeptech 3D model creation from smartphone captures. Presage secured €1.2 million in seed from WeLoveFounders, Kima Ventures, and business angels for causal world models that predict cloud infrastructure behavior. Revolty closed €1 million in seed from Hexa, 50 Partners Capital, and business angels for eco-responsible residential batteries based on repurposed European lithium cells.
Gleamer was acquired by US-based RadNet for over €200 million (€230 million including milestones), representing one of the most significant French healthtech exits. The AI radiology specialist generated over €30 million in ARR in 2025 and serves more than 700 clients across 44 countries. Koyeb was acquired by Mistral AI in what marked Mistral’s first acquisition. The serverless cloud deployment platform, founded in 2020 by former Scaleway engineers, brings 13 employees to accelerate Mistral‘s full-stack AI cloud ambitions. Syntony was acquired by a consortium including Safran, Lingotto, and Keysight. The Toulouse-based company specializes in satellite radionavigation solutions and positioning synchronization, with revenue doubling to €6.7 million in 2024. Wisear was acquired by Canadian company Naqi Logix. The neural interface technology enables seamless control of electronic devices such as earbuds and AR/VR headsets. Exaion was acquired by US company MARA Holdings for $168 million. The EDF subsidiary operates high-performance computing data centers, adding AI and cloud infrastructure capacity. Xavier Niel's NJJ took a 10% minority stake. Maite.ai was acquired by French legal tech leader Doctrine. The Spanish AI-powered legal platform increased ARR twentyfold in 2025 and serves over 2,000 customers, strengthening Doctrine's pan-European position. Moulinot was acquired by Meanings Capital Partners in a €50 million buyout. The bio-waste collection and treatment specialist transforms organic waste into biogas and natural fertilizer, with ~€20 million revenue in 2025. Kompass was acquired by UK-based Expandi Group. The global B2B database and AI-powered sales prospection platform serves 4 million monthly visitors with a database of over 70 million companies. Signalsoft was acquired by Extens, Bpifrance, and BNP in a buyout. The orthodontic software company is being repositioned for growth under its new ownership. Quantonation Ventures closed a new fund at €220 million for early-stage quantum and deeptech investments, more than doubling its first fund. The Paris-based firm becomes the largest dedicated quantum investment firm globally by AUM. SWEN Capital Partners closed its Territoires Innovants 4 fund at €200 million targeting French SMEs and mid-market companies in health, energy transition, and decarbonization sectors. FrenchFood Positive Impact closed a new fund at €200 million dedicated to the agrifood sector, investing between €10 and €25 million in SMEs and ETIs throughout the food value chain. Elaia closed its third DeepTech Seed Fund (DTS3) at €134 million, doubling the size of its previous vintage. The fund backs 40 European science-based B2B startups across computing, life sciences, and industrial innovation. SlateVC raised €132 million toward a target of €250 million, a new European growth fund focused on climate tech scale-ups in energy transition, low-carbon industrial processes, and circularity. Elaia announced the first closing of its Digital Venture Fund V (DV5) at €120 million toward a target of €180 million, investing from €1 to €15 million in European deeptech B2B startups. Time4 raised €50 million to fund entrepreneurs from rural, underserved, and atypical backgrounds, with investment tickets between €100K and €1 million. Launched by Daphni with Les Déterminés, Live for Good, and HEC Paris. OSS Ventures collected €44 million toward a target of €75 million for its industrial software startup studio, investing in pre-seed and seed stages. The studio has created 22 startups, with eleven reaching Series A. Lazard Elaia Capital, the joint venture pairing Elaia's venture expertise with Lazard's institutional network, is now fully operational with over €1 billion under management and plans to reach €1.5 billion by end of 2026. Fonds Prévention Numérique en santé was launched, investing from seed to growth in digital health prevention solutions leveraging AI and health data. Doctolib launched an AI laboratory with a €20 million budget, partnering with CHU de Nantes, Inserm, INRIA, and DFKI. The French healthtech unicorn has 900 people in R&D, with 100 exclusively dedicated to AI. Mistral AI continues its rapid expansion, investing €1.2 billion in data centers in Sweden while reportedly reaching €400 million in ARR at a €12 billion valuation. The company also acquired Koyeb and partnered with Accenture to deploy AI at enterprise scale. Contentsquare, the French analytics unicorn, finalized a restructuring plan affecting 40 positions, signaling ongoing cost discipline even among well-funded scale-ups. | |
