Deep Ocean Capital Research
Investment Thesis
Deep Ocean Capital (DOC) is a Rome-based management company (SGR S.p.A., established 2021, registered under Art. 35 TUF as an AIF manager) that hosts its venture funds. Its first fund is Deep Blue Ventures (DBV), an early-stage deep tech fund. The firm believes that after a ten-year wave of software-led innovation, the next wave will be deep-technology-oriented and more disruptive. It argues that Europe and Italy, with world-class universities, research centers and industrial engineering heritage, are well placed to capture that value. The name comes from the idea that the deep ocean is the least explored place on Earth and holds unexpected resources, much as industrial and academic research does.
The Deep Tech Factory Model
DBV pairs a venture capital fund (the financial component) with deep tech startup factories (the industrial component), such as venture builders, public or private technology transfer vehicles and corporate venturing units. The factories de-risk technology and act as deal flow for the fund, which invests once the technology has substantially passed de-risking. The firm says the main weakness of earlier technology-transfer funds was a broken process for turning research into ventures, with little control over it. It describes an ecosystem approach that engages each stakeholder from the earliest stage through exit.
Sector Focus
Industry verticals:
- Aerospace
- Exponential technologies linked to healthcare
- Exponential technologies for sustainability
- Cyber security
- Synthetic biology
Key enabling technologies:
- Photonics
- Quantum technologies
- Special materials
Technology-wise, the fund invests mainly in AI and related software deep tech (NLU/NLP, visual computing) and in innovative computing platforms such as edge computing, ASICs and quantum computing.
Stage Focus
Seed stage, where DBV is willing to lead, plus selected Series A opportunities. The firm describes investing at the point where companies find product-market fit and start to scale, after the technology has been de-risked.
Check Size and Lead Tendency
No check size is stated on the firm website, so none is recorded. The firm states it is willing to lead seed rounds, so lead tendency is recorded as leads, with moderate confidence. Portfolio rounds reported publicly are typically small European deep tech rounds.
Fund Status and Recent Activity
DBV launched in June 2023 with a first closing of EUR 40.8M against a EUR 70M target. Press coverage names the European Investment Fund (EIB Group), CDP Venture Capital and Leonardo among its investors. Recent investments include AI4IV (reported by CDP Venture Capital in June 2025, with a stated plan to close at least five more deals by end of 2025) and OhmSpace (a latest investment dated November 2025 per PitchBook). In 2026 the portfolio page was extended with Random Power, K3RX, OhmSpace, UpSurgeOn and Gyala. The fund appears to be actively deploying.
Portfolio Highlights
- InSilicoTrials: AI and simulation platform for drug development
- INTA: CNR and Scuola Normale Superiore spinoff building biosensors for traumatic brain injury diagnosis
- PhotonPath: photonic integrated circuits for telecom, automotive and industrial sensing
- Genoa Instruments: super-resolution optical microscopy
- AIKO: AI software for autonomous satellites
- Fluid Wire Robotics: robots for extreme environments
- AI4IV: neuromorphic vision sensors
- Random Power: quantum random number generators
- K3RX: ultra-high-temperature carbon-ceramic composites (CNR spinoff)
- OhmSpace: water-propellant electric propulsion for small satellites
- UpSurgeOn: AR and physical surgical simulators
- Gyala: Italian cybersecurity for IT, OT and IoT environments
No exits are listed.
Team
- Domenico Nesci, CEO and Founder: angel investor since 2011 (Italian Angels for Growth), previously at LVenture Group, co-founded Angel Partner Group, exited his own company to Openwave in 2000
- Emilia Garito, Chairman and Founder: founder of Quantum Leap IP (technology transfer), Tech Coast Angel, EU Research Executive Agency evaluator
- Paolo Cellini, Chief Investment Officer: professor of digital economy at Luiss, ex Walt Disney EMEA strategy, partner in six VC funds
- Marco Simoni, Board Member: President of EUR SpA, SACE board, former first President of Human Technopole
- Alessandro Commito, Board Member: Directa SIM, ex Imperial Innovations
- Cristiano Viterbo, Investment Professional
- Alberto Curti and Francesco Benedetto, VC Analysts
Decision Process
Governed as a regulated SGR with a board of directors, statutory auditors and an investment function led by the CIO. The decision process is best described as an investment committee within a regulated manager. A technical advisory board supports deal evaluation, especially on IP.
Founder Preferences
Deep tech teams, often university or research-center spinoffs (CNR, Scuola Normale, Insubria), with defensible IP and a path to international scale. The team has long experience with patent-based businesses.
Geographic Focus
Primarily Italy and Europe, with a stated ambition for international and global markets. Deal flow is sourced through Italian research institutions and startup factories. The firm accepts submissions through its website.