imec.xpand Research
Investment Thesis
imec.xpand is an independent, global venture capital fund focused on transformative semiconductor and nanotechnology innovations, specifically where contributions from imec (the Leuven-based nanoelectronics research institute) can have a determining impact on the success of the technology's development. It targets entrepreneurs who want to be part of the next wave of nanoelectronics-based innovation. The team is deeply technical and positions itself as well placed to assess technology risk in early-stage deeptech companies.
Imec Partnership Edge
Portfolio companies get access to imec's cleanroom infrastructure (described as a 2 billion EUR+ facility), its network, multi-disciplinary expertise and low-volume manufacturing. The firm describes itself as the only VC fund with first-line access to imec innovations. This is the core differentiator: technology transfer and corporate venturing combined with institutional venture investing.
Stage Focus
Early-stage deeptech: seed and Series A are the typical entry points, with follow-on participation in later rounds (for example a $30.9M Series A extension in Optalysys in January 2026, per third-party trackers). Stage is not stated on the firm's own site, so this is inferred from portfolio and press.
Check Size
Not published. Third-party aggregators suggest average round sizes around $21M with imec.xpand participating, but individual check sizes are not disclosed, so check size fields are left empty.
Lead Tendency
Mixed. Aggregators describe the firm as typically leading, but it also participates in syndicates (for example alongside Northern Gritstone in a seed round). Recorded as both.
Fund Status and Recent Activity
Fund II closed in May 2024 at EUR 300 million (about $320M), above its original target, more than doubling assets under management to roughly $455M. It began fundraising in 2022 with a first close of EUR 150M in March 2022. The fund is backed in part by the European Innovation Fund (EIF). It remains actively deploying: the latest tracked deal is the Optalysys Series A extension in January 2026. Celestial AI, where imec.xpand was the first institutional investor, was acquired by Marvell (announced December 2025, reported at about $3.25B). Nubis Communications is also marked as acquired.
Portfolio Highlights
The portfolio lists 31 companies across deep tech and health tech:
- Compute and photonics: Celestial AI (acquired), Nubis Communications (acquired), Q.ANT, Optalysys, Axelera AI, Density AI, Vertical Compute, FMC
- Quantum: Diraq, PsiQuantum
- Robotics and physical AI: NEURA Robotics, xavveo
- Sensing, imaging and displays: Mojo Vision, eyeo, Spectricity, Swave, Invisix
- Space: Aerospacelab
- Health tech: INBRAIN Neuroelectronics, LUMA Vision, Azalea Vision, Morrow, Onera, Indigo, Nagi Bioscience, Zafrens, Axithra
- Materials, power and manufacturing: Wise Integration, SOLiTHOR, SCIL Nanoimprint, Fabric8Labs
Team
- Tom Vanhoutte, Partner and Co-founder: business side of venture, network of VCs, corporates and entrepreneurs
- Peter Vanbekbergen, Partner and Co-founder: repeat entrepreneur, deep imec knowledge
- Frank Bulens, Partner: 20+ years of health-tech venture investing
- Cyril Vančura, Partner: technology R&D background
- Bert Gyselinckx, Partner: electrical engineer and IC designer, semiconductors and photonics
- Benoit Devogelaere, Partner: bio-engineer with a PhD in medical sciences
- Michael Engelmann and Jonathan Fajardo Cortes, Principals; Moritz Müller, Investment Associate
- Marrit van den Heuvel (Portfolio Manager) and Tine Nelissen (Marketing and Communications) support the portfolio
Decision Process
Partnership model with a team of six partners. Specific committee mechanics are not published.
Founder Preferences
Technical founders tackling significant technical bottlenecks in semiconductors, photonics, quantum, memory and deeptech health, ideally with a link to imec technology or its ecosystem. Team members cite entrepreneurial backgrounds (photonics CEO, repeat entrepreneur).
Geographic Focus
Global. Offices in Leuven and Amsterdam; portfolio spans Belgium, Germany, the UK, the US, Australia and elsewhere. The firm calls itself one of the few truly international early-stage VCs in Europe. Warm intros are not stated as required; contact is [email protected].