Quarterly News by DTCF – Apr-Jun 2025

Proxima Fusions €130M Series A, the Earth from its Orbit, and two new Investments

Halfway into 2025, it’s clearer than ever: the time for deeptech isn’t over, it’s evolving.

Across the industry, we’re seeing that evolution play out. Exit markets remain slow, and many boom-era valuations still outpace what buyers are willing to pay. As PitchBook and Preqin highlight, that pressure is reshaping VC dynamics—from tougher fundraising and liquidity constraints to a rise in continuation funds and career shifts.

At the same time, deeptech is gaining momentum. As longer holding periods enable larger late-stage rounds, we’re seeing a more resilient, maturing ecosystem emerge. One that can support breakthrough financings like our portfolio company Proxima Fusion’s €130M Series A, the largest private clean fusion round in Europe.
We’re proud to help drive that shift. From Proxima’s landmark raise to The Exploration Company’s first orbital flight and Project Eaden’s retail debut with LEKKA, our portfolio continues to turn bold visions into real-world impact. This quarter, we also welcomed two new companies to the DTCF portfolio: Clinomic and node.energy.

And because building the future takes people as much as capital, we’re hiring. If you’re curious about frontier tech and excited to help shape the next generation of European champions, check our open roles.

🚀 New Investments in Q2

In Q2, we welcomed two new companies to our portfolio and doubled down on one of our most ambitious investments to date: bringing us to 15 portfolio companies.

🌱 node.energy (15 Mio. EUR Series B)
In April, Frankfurt-based node.energy closed a €15 million Series B to scale its software platform that enables SMEs to directly procure green electricity from wind and solar plants. By simplifying the once-complex PPA (Power Purchase Agreement) process, node.energy makes cost-efficient, renewable energy accessible to a broader market. This will boost competitiveness and accelerate Germany’s energy transition. The round was co-led by DTCF and eCAPITAL, with participation from HTGF, Bitstone Capital, and BonVenture.
Read More: Press Release, Media Coverage (Silicon Canals, Immobilienzeitung, Logistik Heute)

💡 Clinomic (23 Mio. EUR Series B)
Also in April, Aachen-based Clinomic closed a €23 million Series B, co-led by DTCF. Clinomic is transforming intensive care medicine with its AI-driven platform Mona, which supports clinicians with real-time insights, improves patient outcomes, and streamlines hospital operations. With this funding, Clinomic will expand internationally, enhance its AI capabilities, and deepen its impact on the digitalization of critical care.
Read More: Press Release, Media Coverage (Tech.eu, EU Startups, Starting Up)

⚛️ Proxima Fusion (130 Mio. EUR Series A, re-investment)
We closed the quarter with a landmark moment for European clean energy: Munich-based Proxima Fusion announced a €130 million Series A, the largest private fusion funding round in Europe to date, bringing the company’s total funding to over €185 million in private and public capital. Co-led by Balderton Capital and Cherry Ventures, the round includes continued support from seed lead Redalpine, as well as international investors such as Elaia, Plural, and Lightspeed.

Having backed Proxima since their Seed round in 2024, we are proud to continue our support—not only as an investor, but as a strategic enabler of this Series A. From early engagement and technical due diligence to syndicate formation, our role reflects our long-term conviction in Proxima’s mission: to build the world’s first stellarator-based fusion power plant and secure clean, sovereign energy for Europe.
Read More: Press Release, Media Coverage (Sifted, Financial Times, Frankfurter Allgemeine Zeitung)

     ⭐ Highlights from the Portfolio

🚀 The Exploration Company completes first orbital mission with partial success
Recently selected by Bloomberg as one of 25 European startups to watch, The Exploration Company reached a major milestone with Mission Possible, the first orbital flight of its reusable Nyx capsule. The spacecraft launched successfully, completed key in-orbit operations, and re-entered Earth’s atmosphere—but lost contact shortly before splashdown. While not fully successful, the mission represents a major step toward sovereign space access in Europe. (Read more)

🌊 Membion wins innovation award & secures landmark contract
Membion has been awarded the AC² Innovation Prize Region Aachen 2025 for its pioneering membrane filtration technology, which dramatically reduces energy use in wastewater treatment while removing micropollutants and microplastics. In parallel, Membion secured a strategic contract with the City of Wolfsburg. Its compact MBR modules will power the modernization of one of Germany’s largest wastewater treatment plants, including the implementation of a fourth purification stage. (Read more)

⚛️ Kipu Quantum & IonQ set new records in quantum computing
In collaboration with IonQ, Kipu Quantum solved the most complex protein-folding challenge ever executed on quantum hardware, folding a 12-amino-acid chain, and tackled optimization problems using up to 36 qubits. Leveraging Kipu’s BF-DCQO algorithm and IonQ’s trapped-ion systems, this milestone demonstrates real-world potential for quantum computing across drug discovery, logistics, and materials science. (Read more)

🍽️ Project Eaden hits retail shelves with LEKKA
Just months after announcing their €15M Series A, Project Eaden has launched its first consumer brand: LEKKA is now available at REWE in Germany and Coop in Switzerland. Blending culinary craft with proprietary fiber-spinning tech, LEKKA delivers ultra-realistic, plant-based meats designed to win over meat lovers and flexitarians alike. A major milestone for one of Europe’s most promising food-tech ventures. (Read more)🔧 Vemcon & Topcon join forces on excavator technology
Vemcon and Topcon have announced a new collaboration to bring 3D machine control to a wider market. The partnership enables a seamless upgrade path from Vemcon’s 2D smart-attachment systems to Topcon’s 3D solutions, giving contractors flexible and cost-effective access to advanced excavator technology—while laying the groundwork for future cloud-based services. (Read more)

     🔥 Explore Insights from Our Experts

The transition to renewable energy is accelerating, mainly driven by the extension of cheap but proven energy sources from wind turbines, solar panels, and battery storage replacing fossil fuels at an unprecedented pace. 

By 2050, Europe will need around 53 billion solar panels and 580,000 wind turbines to meet its climate goals. Also new technologies, including Green Molecules and exhaust heat recovery, will be very relevant in this transformation. However, a critical aspect of sustainability is often overlooked: What happens when these energy solutions reach the end of their lifespan?

📰 Other Pieces we’ve enjoyed reading:

• 💶 Brussels split over state aid for clean tech production – This recent article explores EU tensions over whether governments should subsidize operating costs for green tech firms. An ongoing debate that could reshape Europe’s clean tech industry. (Alice Hancock, Financial Times)
• 🧠 AI x Systemic Impact: The Rebound Effect: AI’s Silent Backfire – Planet A Ventures highlights how AI-led efficiency gains can paradoxically increase energy use. A reminder to consider system-level impacts in climate tech.(Planet A Ventures)

📌 What Else Happened at DTCF?

The past few months at DTCF have been full of thoughtful conversations, new connections, and meaningful exchanges across the deep-tech and climate-tech ecosystem.

📍 Creating Space for Women Founders in Climate Tech
In May, DTCF Investment Manager Dr. Anne Hinze co-hosted a Women Founder Aperitivo in Berlin, together with Auxxo and PT1. The evening brought together over 40 women in climate tech: no pitches, no name tags, just good conversations, summery drinks, and a shared space for openness. One topic came up again and again: mental wellbeing—a reminder that even the most visionary builders need room to talk about the tough stuff.

🎤 Contributing & Connecting Across Europe
This spring, you may have seen us at events like GITEX Europe, Hinterland of Things, DeepTech Momentum, TechTour Growth DeepTech, Energy Tech Summit, FusionXInnovation, or the Hydroverse Convention.

Alongside meeting founders and investors, we also shared our perspectives and insights:

• Dr. Elisabeth Schrey, Dr. Anne Hinze, and Jonas Sommer joined Startup Insider Masterclasses on CVC, cap tables, and red flags.
• Dr. Elisabeth Schrey and Tobias Weissgerber were featured in Climate Hack on “European Unicorns to Watch” and “150 Early-Stage Climate Startups”.
• Dr. Torsten Löffler shared insights on the state of deep tech investments (VC Magazin).
• Dr. Anne Hinze contributed to „60 Energy Technologies Ripe for Investment“ (Climate Hack).
• Dr. Elisabeth Schrey shared her perspective on quantum computing (Berliner Zeitung).

✨ What’s Ahead for Summer & (Early) Fall

📅 Where to Find Us
We’ll be attending and speaking at several events over the coming months. You’ll find us at Festival der Zukunft (Munich, July 2–4), VC Platform Summit (Berlin, Sept 11–12), The Drop (Malmö, Sept 16–18), NY Climate Week(New York), Bits & Pretzels (Munich, Sept 29–Oct 1), and a few more.

Stay up to date with DTCF. Subscribe to our quarterly newsletter.