Portfolio
A selection of past and current investments through our investment company AQAL Capital GmbH
Current Investments (Selection)

Ewigbyte GmbH
Munich, 2025–
Fast long-term data storage on glass
The AI revolution is built on infrastructure, energy, compute, bandwidth, and STORAGE. EwigByte provides a resilient, permanent physical layer designed to keep data accessible, authentic, and secure across generations.


Green Spot Technologies
Toulouse, 2025–
Precision Fermentation
Green Spot Technologies turn plant side streams into nutritious & affordable powders through the action of good microorganisms under the brand MILATEA.



Q.ANT GmbH
Stuttgart, 2025–
Photonic Computing
Q.ANT, a TRUMPF spin-off, builds the first commercial photonic processors, computing with light on thin-film lithium niobate chips (LENA architecture — Light Empowered Native Arithmetics). Offering up to 30x higher energy efficiency for AI and high-performance computing, Q.ANT's Native Processing Servers are already deployed at the Leibniz Supercomputing Centre in Garching/Munich.
Invested through Onsight Ventures.



ZuriQ AG
Zurich, 2024–
Quantum Tech / Quantum Computing Hardware
Breaking the scaling barrier of trapped-ion quantum computing
ZuriQ, a spin-off from ETH Zurich, is removing the central obstacle to scaling trapped-ion quantum computers. By trapping ions with a combination of electric and magnetic fields rather than electric fields alone, ZuriQ's architecture lets qubits move freely in all three spatial dimensions — enabling large, fully connected qubit grids without compromising on gate fidelity.
Invested through Onsight Ventures.

Synthara AG
Zurich, 2024–
Semiconductors / Edge AU
In-memory computing for embedded AI
Synthara, a spin-off from the Institute of Neuroinformatics of ETH Zurich and the University of Zurich, develops ComputeRAM: a drop-in enhancement that gives conventional on-chip memory in-memory computing capabilities. Sharing the same interface as standard SRAM and compatible with any microcontroller SoC (Arm, RISC-V, x86), ComputeRAM makes embedded chips up to 100x better in energy efficiency and latency — bringing AI to low-power devices.
Invested through Onsight Ventures.


CrowdSmart, Inc.
San Francisco, 2024–
Collaborative AI, Human-Centered AI, AI-Assisted Decision Support
CrowdSmart AI empowers groups to collaboratively and efficiently generate solutions through anonymous, asynchronous engagement. Offered as a secure, SOC II-compliant cloud service, CrowdSmart’s patented, human-interactive AI enables participants to share, refine, and elevate collective intelligence. By providing curated insights, it helps teams co-create trusted, predictive strategies, plans, and decisions. Easily integrated into any organization, CrowdSmart AI transforms groups into dynamic and effective co-creators.


Pixel Photonics GmbH
Münster, 2024–
Quantum Sensing, Photonics
Pixel Photonics have developed a unique approach to combine Superconducting Nanowire Single Photon Detectors (SNSPD) with Photonic Integrated Circuits (PIC). SNSPDs already achieve high detection efficiency - but on top of that, waveguide integration makes their superconducting detectors highly scalable and broadband. Spin-off from the University of Münster (2021).

Rotomate Oy
Human-AI collaboration for factory monitoring, Industrial AI
Helsinki, 2024–
AI-driven condition monitoring / predictive maintenance SaaS for industrial machinery. It watches rotating equipment in plants and flags impending mechanical failures before they cause production losses, targeting industrial/manufacturing customers. It explains insights like a human reliability expert — automating repetitive manual analysis for engineering teams.

Tilo Tech GmbH (aka Tilores)
The API to unify scattered customer data in real-time
Berlin, 2024–
High performance data infrastructure; Entity Resolution; RAG AI
Entity resolution software for fraud prevention, KYC, and compliance — turning siloed customer data into a unified Customer 360 view via a fuzzy search engine for structured data. The high performance interconnect for LLMs and AI RAG.

RooflineAI GmbH
AI deployment at the edge made simple
Cologne, 2024–
Software Development for Edge AI
RooflineAI provides a versatile Software Development Kit for AI computing on device (Edge AI). We revolutionize the deployment for AI models to edge chips, making a seamless transition to power-efficient systems possible.


Kipu Quantum GmbH
Quantum computing for early industrial usefulness
Karlsruhe/Berlin, 2024–
Quantum Tech, Quantum Computing (Software)
Kipu Quantum intends to drastically reduce the time to useful quantum computing - their solutions enable customers to derive value from quantum computing years ahead of other approaches, i.e. not just in the distant future.



Proxima Fusion GmbH
Building a QI Stellarator Fusion Power Plant
Munich, 2023–
Energy Generation (Fusion)
Proxima Fusion is a fusion energy startup based in Munich. They believe fusion has the potential to provide clean, abundant, and safe energy. Proxima are pursuing QI stellarators as the approach with the clearest path to grid deployment of fusion energy. A demonstrator reactor is being built in Garching (near Munich) in the early 2030s, and a production power plant follows in the late 2030s in Gundremmingen (between Ulm and Augsburg).




QuantumDiamonds GmbH
Building a QI Stellarator Fusion Power Plant
Munich, 2023–
Quantum Sensing / Semiconductor Metrology and Inspection
The world's first commercially available quantum sensing system for semiconductor inspection
QuantumDiamonds, a spin-off from the Technical University of Munich, builds quantum sensing systems based on nitrogen-vacancy (NV) centers in diamond, which measure magnetic fields at atomic-scale precision — at room temperature, without cryogenics. Their microscopes enable non-destructive 3D inspection and current mapping of advanced chips, with proof-of-concept projects completed with 9 of the world's 10 largest chipmakers.
Invested through Onsight Ventures.


DNTOX GmbH
Developmental Neurotoxicological Testing Services in Vitro
Düsseldorf, 2023–
Life Science, Toxicology, Computational Biology
Bioanalytical testing laboratory for animal-free screening of chemicals regarding their potential to disturb brain development and cause developmental neurotoxicity (DNT). Their in vitro testing battery uses human cell models and AI-powered image recognition for chemical screening.




XO Life GmbH
Digital therapy support and real-world evidence for everyone
Munich, 2023–
Digital Health, B2B SaaS
XO Life connects patients and pharma manufacturers for a better life. On their real-world evidence platform, brite, patients answer questions about their health conditions, medicines, and therapies. Pharma companies use the pseudonymized insights to better understand medicine effectiveness and safety.


Semron GmbH
Digital therapy support and real-world evidence for everyone
Dresden, 2023–
Semiconductors / Edge AI
3D-scaled memcapacitor chips for AI on device
SEMRON's CapRAM technology replaces transistors with memcapacitors, computing via electric fields instead of currents. The result: 20–100x higher energy efficiency and extreme 3D scalability, manufacturable in standard semiconductor processes without novel materials. SEMRON's chips are designed to run large AI models directly on smartphones, wearables, and other edge devices.
Invested through Onsight Ventures.


zerothird GmbH (formerly Quantum Industries)
Vienna, 2023–
Quantum Tech / Cybersecurity
Founded by core members of Anton Zeilinger's Nobel Prize-winning laboratory, zerothird develops entanglement-based quantum key distribution (QKD) systems that secure cryptographic key exchange against attacks — including those from future quantum computers. Their technology has been validated in commercial long-term testing within Erste Group's banking infrastructure.
Invested through Onsight Ventures.


Black Semiconductor GmbH
Aachen, 2022–
Semiconductors / Graphene Photonics
Black Semiconductor integrates graphene photonics directly onto any electronic chip, letting chips compute with electrons and communicate with photons. This removes the bandwidth, heat, and latency bottlenecks of today's chip-to-chip interconnects — critical for AI and data centers. With FabONE in Aachen, the company is building the world's first production site for graphene-based optical chip technology.
Invested through Onsight Ventures.



Tembo Health, Inc.
Dementia care made effortless
New York, 2022–
Digital Health, Telemedicine
Tembo is reimagining healthcare for seniors. They partner with senior care communities and leading clinicians to provide residents with high-quality complex care through telemedicine, including psychiatry and 24/7 urgent care.


cureVision GmbH
The new era of wound analysis
Munich, 2022–
Digital Health / Medical Device, AI
Fully automatic & exact bacteria scan and wound documentation in seconds using AI for image recognition.

Elona Health GmbH
Reinventing mental health care
Düsseldorf, 2022–
Digital Health, DiGA Digitale Gesundheitsanwendung
Digital apps to support psychotherapy.


Wondder.io (VaRc GmbH)
Transform and empower people and organizations
Berlin, 2019–
Digital Health, VR Training, HR Tech
Virtual Reality training for Diversity & Inclusion. Scientifically proven reduction in unconscious biases. Wondder uses natural language processing (AI) to enable a dialog with avatars.




SURGITENT GmbH
Taking the OR to the patient
Hamburg, 2017–
Health, Med Tech
SURGITENT is a single use expandable sterile glovebox type surgical isolation system, invented by spine surgeon Dr. Ahrens that can be quickly attached upon the patient’s body. SURGITENTS are also ideally suitable for use in disaster areas, as they do not require electricity and are not depending on infrastructure.

Past Investments (Selection)

Jim Button and Luke the Engine Driver (Jim Knopf und Lukas der Lokomotivführer)
Munich, 2016–
Movie
“Jim Knopf and Luke the Engine Driver” from the bestselling German children´s book author Michael Ende was brought to the movie screens. It is a message-driven movie (100 min) that aims to inspire millions of viewers to follow their heart and intuition, to find their "Inner Jim" and to make our world an even greater place. Friendship and courage, overcoming one´s own fears, viewing challenges as opportunities for growth and choosing to see the true beauty in life are some of the main values in the movie “Jim Knopf and Luke the Engine Driver”.
The movie was among the Top 3 cinema charts for more than 8 weeks in 2018. Moreover, it was the most successful German cinema movie start ever.
Beyond producing the movie, which was the most expensive one in German movie history, the producers see their role in sparking people to believe in their potential and in offering them opportunities to unfold it. Therefore, they also did a more episode casting series for finding Jim, a biographical documentary on Jim as well as the creation of the Jim Button Foundation and of creative centers in Africa to offer children a place to find their “Inner Jim” (The Legacy).


Company Name: NDC Data Centers GmbH (formerly Nixdorf Data Center GmbH)
Investment Period: 2016–2022 (sold)
Sector: Smart Real Estate; IT Infrastructure, Energy Efficiency; Construction
Headquarters: Munich, Germany
Short Description: NDC plans, builds, manages and leases innovative and ultra-efficient data centers. The company realizes cost-effective construction and operation through sustainability at the technological, commercial and building level. The patented water cooling solution of the NDC Cube saves energy costs; and, due to a three-dimensional rack arrangement of the steel structure, required building space is reduced. The innovative deployment model, which comprises of energy services, real estate leasing and facility management, is tailored to customers’ needs. Through NDC tenants can lease data center infrastructure without using own capital investments.
Company websites: https://ndc-datacenters.com , https://ndc-garbe.com





Company Name: Entelios AG
Investment Period: 2010–2014 (sold)
Sector: Energy - Smart Grid
Headquarters: Munich, Germany
Short Description: Germany’s commitment to the Energiewende (energy turnaround) after the Fukushima disaster is an ambitious plan to shift from nuclear and fossil fuels to renewables. However, feeding renewable energy sources such as wind and solar into the power grid is cumbersome because these energy sources are not continuous. In order to guarantee a reliable and inexpensive energy supply in the future, new solutions are required. Entelios is Germany’s first Demand Response aggregator and an energy management solution provider for the industrial, commercial, and institutional sectors.
Entelios was bought by EnerNOC in February 2014. Read more about this on the EnerNOC Website or at Ecosummit
Company website: https://entelios.de





Company Name: BioCee, Inc.
Investment Period: 2007–2022 (closed)
Sector: BioTech
Headquarters: Minneapolis, Minnesota
Short Description: BioCee Inc.'s mission is to enable the cost-effective and environmentally sound production of clean fuels, chemicals, and water treatment by harnessing the full biocatalytic potential of microorganisms. BioCee's patented, biocoating innovation is a platform technology that enables the development of novel applications of biocatalysts as well as making existing biocatalysts more competitive by reducing capital and operating costs. Lead application is the biological removal of sulfur from diesel and other petroleum products to reduce their air pollution impact. The second application activity is the design of an advanced photo bioreactor platform, which is suitable for a range of organisms producing fuels and chemicals directly from sunlight and CO2.
Product: BioCee Website





Company Name: Penumbra, Inc.
Investment Period: 2006–2015 (IPO NYSE:PEN)
Sector: Health - Medical Device
Headquarters: Alameda, California, USA
Short Description: Penumbra (NYSE:PEN),a medical device company, develops and manufactures innovative and minimally invasive medical devices for patients who are suffering from strokes and various neurovascular diseases. The company offers The Penumbra System, a package of tools that is used by neuro interventional specialists to remove clots from the large vessels of the brain that are causing a stroke; and The Neuron 6F, an intracranial access system that allows higher placement in the neuroanatomy to provide robust anatomical support via enhanced catheter to vessel wall engagement. It has sales operations in the United States, Europe, and Asia. Penumbra had a very successful IPO on the New York Stock Exchange in September 2015.
Company website: https://www.penumbrainc.com


Company Name: PhysioCue, Inc.
Investment Period: 2017–2022 (closed)
Sector: Health, Med Tech
Headquarters: San José, Silicon Valley, USA
Short Description: PhysioCue is a digital health and therapy device development company that empowers people with high blood pressure to live healthier, happier and longer lives. The company has developed an innovative, non-invasive approach to thermo-neuro-stimulation of the nervous system for immediate and sustainable hypertension reduction therapy management including their patented BP Bio-sensor technology. PhysioCue's therapy devices are portable, rechargeable, efficient, safe and user-friendly, and they have none of the side effects associated with anti-hypertension drugs.
Company Website: https://physiocue.com


Company Name: Specialty's Café and Restaurant
Investment Period: 2005–2013 (sold)
Sector: Restaurant/Food
Headquarters: Pleasanton, CA
Short Description: Specialty's started out as a high-tech food delivery service for fun, healthy and nutritional lunches in office buildings. Later they developed into a chain full-service restaurants.
Portfolio: https://www.specialtys.com


Company Name: Clairvoyante
Investment Period: 2004–2008 (sold)
Sector: Electronics/Optics
Headquarters: Cupertino, CA
Short Description: Founded 2000, Clairvoyante developed PenTile RGBW technology to optimize screen brightness, resolution, and power consumption of flat-panel liquid crystal displays that enables high-brightness and low-power displays that needs to support data-centric 3G applications and contents. Clairvoyante was sold to Samsung Electronics in 2008.

Company Name: Tea Living
Investment Period: 2004–2014 (sold)
Sector: Apparel
Headquarters: San Francisco, California
Short Description: Tea Living is a San Francisco-based children's clothing designer, focusing on sustainability, "Warmth, Wisdom, and Timelessness".


Company Name: Zonare Medical Systems, Inc.
Investment Period: 2004–2013 (sold)
Sector: Health
Headquarters: Mountain View, California, USA
Short Description: ZONARE Medical Systems develops, manufactures, and commercializes compact ultrasound systems that are used for diagnostic imaging in a range of clinical applications and settings. Its product platform, the z.one ultrasound system, is based on its unique data acquisition and image formation technology, Zone Sonography. Zone Sonography technology enables customers to maintain an ultrasound system, and add new clinical applications and advanced image processing capabilities.
Product: Ultrasound Zonare


Company Name: SafeView Inc.
Investment Period: 2003–2007 (sold to L3)
Sector: Security (AI, pattern recognition)
Headquarters: Santa Clara, CA
Short Description: High tech security solution for airports, stadiums, and private buildings. SafeView's full body scanners using millimeter waves are now seen worldwide in airports.

Company Name: Conject Holding GmbH
Investment Period: 2000–2016 (sold)
Sector: B2B IT for Construction
Headquarters: Munich, Germany
Short Description: CONJECT is a leading supplier of domain specific software for public and private owners, project and program managers, consultants, engineers and contractors, subcontractors and service providers from sectors such as real estate, infrastructure, finance, engineering, energy, retail and utilities. Their principal aim is the creation of sustainable buildings that are economically efficient, environmentally friendly and resource efficient. They are comfortable and healthy for users and blend perfectly within their socio-cultural environment. Sustainable buildings retain their high value over time for all stakeholders. Conject was sold to Aconex in March 2016 for € 65 million (see articles in Gründerszene March 17, 2016 and March 29, 2016) and is now part of ORACLE Corp.
Company Website: https://www.aconex.com/conject-de

Company Name: Cybernet Internet Services International Inc.
Investment Period: 1996–2002 (Reverse IPO, NASDAQ:ZNET, co-listed on Frankfurt Neuer Markt 1998)
Sector: Internet Service Provider
Headquarters: Munich, Germany
Short Description: Cybernet Internet Dienstleistungen AG, Munich, was the first truly nationwide Internet Service Provider in Germany. It went public on the NASDAQ in 1998, and it was co-listed on the Frankfurt stock exchange Neuer Markt in 1999. The company had been founded in times when only a few universities and research labs had a connection to the Internet, mostly via local forerunners like University of Karlsruhe and its spin-off Xlink. The Cybernet team and platform survived the dot.com bubble and burst for quite a long time, being bought by several telecom companies in a row.

Company Name: Infobahn International
Investment Period: 1995–2007
Sector: Internet - Applications
Headquarters: Munich, Germany
Short Description: Infobahn International was our vehicle to bring the Internet to Germany. Founded in Munich in 1995, Infobahn built the first public Internet website for the proprietary online service CompuServe to be launched at that year's CeBIT, and then proceeded to provide the technology for Germany's first online banking application at Commerzbank, using the Java-based web application server, NetDynamics.



















