Investment thesis
Cathay Innovation is the global venture arm of Cathay Capital, founded in 2015 and headquartered in Paris with offices in San Francisco, Berlin, Madrid, Shanghai and Singapore. It manages over EUR 2.5 billion and writes cheques of EUR 5M to EUR 100M from Series A through late stage. Its third fund, closed at USD 1 billion in 2025 and billed as the largest AI-dedicated fund raised in the European Union, is built around a vertical AI thesis: applying AI to critical industries such as healthcare, financial services, energy, mobility and consumer. The firm runs a startup-corporate collaboration platform with more than 20 Fortune 500 partners, including Sanofi, TotalEnergies, Valeo, BNP Paribas Cardif, Groupe SEB and Groupe ADP.
Past investments
| Company | Round | Date | Round size |
|---|---|---|---|
| Embat Madrid, Spain | Series B | May 2026 | €30M |
| Advanced Machine Intelligence Paris, France | Seed | Mar 2026 | €891.4M |
| Nelly Berlin, Germany | Series B | Jan 2025 | €50M |
| Bioptimus Paris, France | Series A | Jan 2025 | €39.8M |
| Flowdesk Paris, France | Series B | Jan 2024 | €46.0M |
| Nabla Paris, France | Series B | Jan 2024 | €21.9M |