NVM Venture Lazio launches €23.6 million dual-use deep tech fund
NVM Ventures has launched the NVM Venture Lazio compartment with a €23.6 million first close. The fund will make Pre-Seed and Seed investments in dual-use deep tech startups across aerospace, defence, and advanced manufacturing.
NVM Venture Lazio has officially launched with a €23.6 million first close. The new compartment will target Pre-Seed and Seed stage investments in dual-use deep tech startups.
This launch uses a multi-compartment model. This structure allows NVM Ventures to pair each distinct investment thesis with a specialist team. It also provides emerging managers with a shared institutional framework for governance, risk management, and compliance.
Investment focus and strategy
The fund will build a portfolio of 10 to 15 companies. Its focus is on deep tech startups with dual-use applications, known as STEP Technologies. The compartment will act mainly as a lead investor in startups with international growth potential.
Core target sectors span several critical industries.
NVM Venture Lazio steps in at two key junctures. The first is the move from technology validation to product development. The second is the transition from securing a first customer to full industrialisation.
Backing and regional impact
Lazio Innova committed €18.83 million to the fund through Lazio Venture 2. This is the Lazio Region's fund of funds, co-financed by the ERDF Regional Programme 2021-2027. The new compartment was selected under this same programme.
Investing in a first-time fund reflects Lazio Innova's commitment to backing emerging managers with distinctive skills. This approach helps build new professional and investment capabilities for the entire ecosystem. The compartment has a firm commitment to strengthening the innovation ecosystem of Lazio.
Andrea Ciampalini noted the strategic rationale. "With NVM Venture Lazio, we are further expanding the specialist expertise in dual-use frontier technologies within the regional venture capital platform," he said.
Team and expertise
Andrea Bonabello and Niccolò Bienati founded the fund and lead its strategic direction. Both are founding partners and Board Members of Ulixes Capital Lux, with Bonabello serving as General Partner of NVM Ventures.
Giorgio Gulienetti and Alessandro Casiraghi are the fund managers at the delegated manager, serving as key persons for the NVM Venture Lazio compartment. The collective team brings experience in domestic and international venture capital, corporate finance, and professionalising technology companies. They have specific expertise in technologies tied to critical sectors like aerospace and defence.
Context and opportunity
The launch taps into a significant regional and European trend. Lazio is the only Italian region that hosts the entire aerospace value chain, from research to manufacturing to services. According to regional data, more than 300 companies with around 23,000 employees operate in advanced technologies there. These companies generate annual revenues of over €5 billion and €1.6 billion in exports.
Across Europe, investment in defence and dual-use technology is surging. One analysis tracked approximately €1.73 billion across ten relevant company financings in 2026. These financings spanned autonomous systems, space, cybersecurity, drone defence, and advanced materials. Recent examples include Puglia-based Mirai Robotics, which raised €3.6 million for dual-use maritime autonomy, and Turin-based ORiS, which secured €5 million for space and dual-use wireless power technology. Rome-based Physical AI cybersecurity company Exein raised €234 million, reaching unicorn status.
The fund will now begin deploying its capital. It will target deep tech startups moving from technology validation to product development and from first customer to industrialisation.
