Qbic Research
Investment Thesis
Qbic is an inter-university venture capital fund based in Belgium focused on transforming technological breakthroughs from academic and research institutions into sustainable businesses. The firm backs two distinct categories of companies: (1) knowledge-partner spin-offs originating directly from technological innovations at partner universities and research institutes, and (2) independent start-ups that maintain strong R&D collaborations with those same partners, structured through joint development contracts, clinical studies, or IP licenses. This dual-track model gives Qbic privileged deal flow into some of Belgium's strongest deep-tech and life-sciences research pipelines before they reach the open market.
The fund is sector-agnostic in principle but its actual portfolio skews heavily toward biotech, healthtech/medtech, and deeptech (robotics, photonics, sensors), reflecting the strength of its university and hospital partner network in life sciences and engineering.
Stage Focus
Qbic invests at seed and early stage, typically participating in the first external institutional round of a portfolio company (often pre-seed or seed), and continues to support companies with follow-on capital through subsequent growth rounds. It rarely if ever leads growth-stage or late-stage rounds; its role is squarely as an early, technical, often first-institutional-money investor.
Check Size
Specific check-size ranges are not published. Based on observed rounds, initial checks appear to fall in the roughly €0.5M-€3M range for pre-seed/seed rounds (e.g., participation in Sightera Biosciences' €3M pre-seed and AILOS Robotics' €3.5M seed), with reserve capital for follow-ons in later rounds.
Lead Tendency
Qbic frequently leads or co-leads first institutional rounds for its spin-off and R&D-partner companies (e.g., led AILOS Robotics' €3.5M seed alongside High-Tech Gründerfonds). It also participates as a syndicate member in rounds led by other funds (e.g., participated in Sightera Biosciences' pre-seed led by Entourage and Anacura). Overall lead tendency is best characterized as "both," with a strong bias toward leading the earliest round of true spin-outs.
Recent Activity
Qbic III (nearly €90M, final close 2022) is the fund currently deploying capital, following Qbic I (€40M, closed 2016) and Qbic II (€60M, closed 2022). Fund investors include the European Investment Fund and support through the InvestEU Fund, signaling institutional confidence in the model. Recent activity (2025-2026) includes new pre-seed/seed investments (Sightera Biosciences, AILOS Robotics), portfolio company follow-on rounds (eyeo's €40M Series A), an exit (Curium's acquisition of Abscint SA), a merger of two portfolio companies (moveUP and Cascador Health), and multiple portfolio milestones (MRM Health's FDA Fast Track designation and VLAIO grant, Abscint's clinical results, board strengthening, leadership appointments). This cadence indicates a fund actively deploying and actively supporting its existing book.
Portfolio Highlights
Qbic's site cites 37 portfolio companies, over €750M in total funding raised by those companies, roughly 1,000 jobs created, and over 500 million patients potentially benefiting from portfolio therapeutics/devices. Notable current portfolio companies span:
- Sightera Biosciences - AI-native drug discovery platform for oncology/fibrosis (Qbic III)
- AILOS Robotics - patented backdrivable gearbox technology for humanoid/collaborative robots (Qbic III)
- eyeo - color-splitting photonics for high-performance imaging, imec spin-off, raised €40M Series A in 2026 (Qbic III)
- VoxelSensors - ultra-low-power 3D perception sensors (SPAES) for XR and robotics (Qbic III)
- MRM Health - live bacterial consortia therapeutics for inflammatory/CNS/metabolic disease, FDA Fast Track designation (Qbic II/III)
- Innocens - AI-powered patient deterioration detection (Qbic III)
- Tanai Therapeutics - first-in-class oral obesity therapeutic (Qbic III)
- Obulytix - enzyme-based antibiotics (Qbic III)
- Abscint - HER2-targeted imaging agent; acquired by Curium in 2026 (exit)
- moveUP / Cascador Health - merged in 2026 to form a combined data-driven digital health platform (Qbic II)
A notable divestment is CrowdScan (Qbic II).
Team
Qbic's team spans three fund vintages (Qbic I, II, III) plus an advisory board:
- Sofie Baeten - Managing Partner, Qbic II & III; PhD, ex-Mercedes/Bekaert, formerly managed Capital-E and Baekeland Fonds II
- Steven Leuridan - Partner, Qbic II & III, Co-founder Qbic III; PhD, CFA, biomechanical engineering background, co-founded Equilli
- Cédric Van Nevel - Partner, Qbic II & III, Co-founder Qbic III; ex-BCG strategy consultant, ex-Fluxys, ex-Bekaert venture activities
- Sara Vandenwijngaert - Chief Scientific Director, Qbic II & III; PhD Biomedical Sciences, cardiovascular medicine, ex-Harvard Medical School / One Brave Idea
- Danny Gonnissen - Partner Qbic I, CFO Qbic II & III; investment manager at Qbic since 2012, energy/materials/engineering focus
- Vincent Lenders - Investment Associate, Qbic II & III; PhD nanotechnology for biomedical applications, ex-imec/Harvard
- Tom Smets - Investment Associate, Qbic II & III; life sciences/biotech background, ex-Pfizer, ex-J&J, ex-Ordina
- Martin De Prycker - Managing Partner, Qbic I; ex-Alcatel-Lucent, former CEO of Barco, founder/CEO of Caliopa
- Marc Zabeau - Managing Partner, Qbic I
- Guy Huylebroeck - Partner, Qbic I
The advisory board (Qbic II & III) includes Ellen Crabbe, Delphine Hajaji, Sophie Manigart (LP Committee Chair), Eric Peeters, Dirk Wauters, Pierre Rion, Katleen Vandersmissen, and Johan Brants.
Decision Process
Qbic operates as a multi-partner investment team (partnership structure) with a Chief Scientific Director role dedicated to technical/scientific diligence, alongside a formal LP Committee (chaired by Sophie Manigart) and an advisory board of domain experts. This structure suggests a partnership-style decision process with heavy scientific diligence input rather than a solo-GP model.
Founder Preferences
Given its spin-off/knowledge-partner origination model, Qbic backs founding teams that are typically deeply technical and often emerge directly from university or hospital research groups (PhDs, professors, clinical researchers) rather than serial commercial entrepreneurs. It also backs independent start-ups whose founders have structured formal R&D collaborations (joint development, clinical studies, IP licenses) with Qbic's academic/hospital partner network, indicating a preference for founders who can bridge deep scientific/technical expertise with commercialization.
Geographic Focus
Qbic is anchored in Belgium, drawing deal flow from a network of Belgian universities (Ghent, VUB, Hasselt, ULiège, Antwerp) and research institutes (VITO, imec), plus 10+ Belgian hospital partners (UZ Gent, UZ Brussel, UZ Antwerpen, CHU de Liège, Ziekenhuis Oost-Limburg Genk, AZ Maria Middelares, OLV Aalst, VITAZ, Clinique Saint-Luc Bouge). Portfolio companies are consequently overwhelmingly Belgium-headquartered, though at least one (eyeo) now also operates out of Eindhoven, Netherlands.
ESG / Impact
Qbic is a UN PRI signatory and reports portfolio-level diversity metrics (32% female CEOs, 84% first-time CEOs) and alignment with 12 UN Sustainable Development Goals. The firm states it integrates ESG factors into its investment process and works with portfolio companies post-investment to monitor and improve ESG performance.