Hi Inov-Dentressangle Research
Investment Thesis
Hi Inov (branded "Hi inov · Dentressangle") is a European B2B venture capital firm headquartered in Paris with additional offices in Munich and Lyon. Its stated mission is "we invest beyond technology," built on two convictions: AI technologies are increasingly running the enterprise, making trust critical to scale, and the firm backs the companies that create that trust and the founders who can scale them. Hi Inov is tied to the Dentressangle family investment holding (the logistics and industrial group founded by Norbert Dentressangle), giving portfolio companies access to industrial family capital and corporate networks alongside venture capital.
The leading thesis theme is "Infrastructure Intelligence" — software that gives asset-heavy industries (energy, real estate, logistics, agriculture) the ability to sense, model, and act on their environment in real time, spanning Energy OS, grid orchestration, building performance, and decarbonization. Beyond infrastructure, the portfolio shows a strong secondary emphasis on productivity and workflow software, enterprise data platforms, HR tech, cybersecurity, and compliance/regtech.
Sector Focus
Enterprise software and B2B SaaS broadly, developer tools and low-code/PaaS infrastructure (Upsun, formerly Platform.sh; Ninox), cybersecurity (Anozr Way), HR and workforce tech (Kenjo, Skillup, awork), proptech/ESG-for-real-estate (Deepki), climate and sustainability software, supply chain and customs/trade compliance (Customs4Trade, Famoco), legal/regtech and GDPR compliance (Dipeeo), marketing/customer-data platforms (Agorapulse, Commanders Act), ecommerce localization (Glopal), and corporate learning (360Learning).
Stage Focus
Hi Inov is an early-stage investor per its own homepage positioning ("Early Stage"), typically entering at Seed through Series A, with selective follow-on participation in Series B rounds. The firm runs a dedicated Seed Program as an earlier entry point below its main ticket size.
Check Size
Stated ticket size is €1M–€15M per investment, consistent with a fund that leads seed and Series A rounds and follows into larger rounds for existing portfolio companies.
Lead Tendency
Hi Inov frequently leads its rounds: "Hi inov leads Actionable's $10M round" (Sept 2026), "Covalo... funding round led by Hi inov" (Apr 2026), "MyC raises €10 million in funding led by Hi inov" (Feb 2026), "Rencore extends Series A to USD 15 million with Hi inov as lead investor" (Nov 2025), "Hi inov leads investment in German deep tech startup Xelera" (Oct 2025), and historically "Hi Inov leads €8m financing round in low code platform Ninox" and "Hi Inov leads 8,8 Mio. Series A for Kenjo." This repeated pattern across years indicates the firm positions itself as a lead investor rather than a passive follower.
Recent Activity
The firm is actively deploying from Fund III (first closing €75M, October 2023). In the past 12 months: led a $10M round in Actionable (Sept 2026); sold its stake in Kaiko Systems following acquisition by UniSea (June 2026); led a €3.5M round in Covalo (Apr 2026); led a €10M round in MyC (Feb 2026); appointed Aurélie Sorel as CFO (Jan 2026); extended Rencore's Series A to $15M as lead (Nov 2025); invested €1.8M in Partnify's seed round (Nov 2025); expanded the French team with Alexandre Pelletier, Nicolas Butin and Guillaume Vives (Nov 2025); and led a seed investment in German deep tech startup Xelera (Oct 2025). Fund status: actively deploying.
Portfolio Highlights
The firm reports 42 backed companies and 19 exits across three fund generations. Notable exits: Zelros (sold to Earnix, Apr 2025), Deepomatic (sold to IQGeo, Mar 2025), Hiflow (sold, Oct 2023), ForePaaS (sold to OVH, Apr 2022), and SpendHQ/Per Angusta (merger, 2022). Active portfolio includes 360Learning, Agorapulse, Deepki (raised €150M Series C in 2022, acquired Fabriq in the UK), Upsun (formerly Platform.sh, raised $140M Series D), Ninox, awork, Luzmo (formerly Cumul.io), Acodis, Commanders Act, Skillup, Kenjo, Glopal, Rencore, Dipeeo, Anozr Way, Famoco, Covalo, Customs4Trade (C4T), Trace For Good, Xelera, Partnify, MyC, and Actionable.
Team
- Pierre-Henri Dentressangle — Co-Founder & Chairman
- Valérie Gombart — Co-founder & CEO
- Wolfgang Krause — General Partner
- Julius Jürging — Partner (joined Oct 2024, leads German dealflow)
- Alexandre Pelletier — Venture Partner, Portfolio Management
- Nicolas Butin — Senior Associate
- Maxime Christian — Investment Analyst
- Marie Role — Head of Legal, Compliance & Sustainability
- Aurélie Sorel — Chief Administrative & Financial Officer (appointed CFO Jan 2026)
- Audrey Caramelle — Middle-Office Manager
- Juliette Hombert — Investment Team Support
- Andrea Vaugan — Operating Partner, Business Development
- Frank Bossel — Operating Partner, Sales Efficiency
- Rainer Witzgall — Operating Partner, Cybersecurity (joined Oct 2024)
- Guillaume Vives — Operating Partner, Product Management
Decision Process
With a General Partner, a Partner, multiple Venture/Operating Partners, and a dedicated investment team, the firm operates as a partnership rather than a solo-GP shop. Operating partners dedicated to business development, sales efficiency, cybersecurity, and product management point to a hands-on, platform-support model for portfolio companies.
Founder Preferences
Hi Inov's language ("founders we trust to go the distance with us") and its operating-partner bench suggest a preference for technical, execution-focused founding teams building mission-critical B2B software, particularly in infrastructure-heavy or regulated verticals (energy, cybersecurity, compliance, industrial data) where the Dentressangle family's industrial network adds value beyond capital.
Geographic Focus
France, DACH (Germany, Austria, Switzerland), and Benelux are the firm's three core investing geographies, matching its Paris, Munich, and Lyon office footprint.