Investor

Bullnet Capital

bullnetcapital.com ↗ ·Pozuelo de Alarcón ·Early stage ·Actively investing

Independent Spanish venture capital firm founded in 2001, specializing in early-stage deep tech startups originated in Spain. It invests across software, electronic systems, microelectronics, photonics, medical devices, quantum technologies, and AI/ML, backing companies with breakthrough, IP-protectable technology through minority-stake, hands-on investments. Has raised four funds (Bullnet Capital I–IV) with backing from the European Investment Fund and EU programs (Horizon 2020, InvestEU, NextGenerationEU), and counts notable exits including Anafocus (acquired by e2v) and Oncovision's preclinical division (sold to Bruker).

Portfolio
27
Team
6
AUM
~€150M
Rounds
23
Cheque
€0.5–7M
SectorsDeep tech, Software, Electronic systems, Microelectronics, Photonics, Medical devices, AI/ML, Quantum technologies VC MapSeed

Profile updated 18 Jul 2026

Team

Partners 3 Investment Team 2 Others 1
Isaac Mendoza
General Partner
Javier Ulecia
Founding Partner
Miguel del Cañizo
Founding Partner
—
Jorge Fernández
Investment Associate
José Luis Gómez
Investment Manager
Carmen Arenzana
Financial Director (CFO)

Portfolio companies 27

2EyesVision
2eyesvision.com
Company Series A Madrid
AGPhotonics
agphotonics.es
Company Seed Málaga
Anyverse
anyverse.ai
Company Series A Madrid
Bioherent
bioherent.com
Company Seed Málaga
Bitsphi
bitsphi.com
Company Seed Madrid
Bitsphi Diagnosis
bitsphi.com
Company Seed Madrid
Deep Detection
deepdetection.tech
Company Seed Barcelona
Enthec
enthec.com
Company Seed Madrid
FlexiiC
flexiic.tech
Company Seed Sant Cugat del Vallès
FYLA
fyla.eu
Company Other Valencia
Fyla Laser
fyla.com
Company Other Paterna
Impetux Optics
www.impetux.com
Company Other Barcelona
Inmersia
inmersia.com
Company Seed Castelldefels
Inspiration-Q
inspiration-q.com
Company Seed Madrid
Katoid
katoid.com
Company Seed Barcelona
KD
kdpof.com
Company Series C Madrid
KDROC
kdroc.com
Company Series B Madrid
LeanXcale
leanxcale.com
Company Seed Madrid
LeapWave Technologies
leapwavetech.com
Company Seed Madrid
Mapsi Photonics
mapsiphotonics.com
Company Seed Sabadell
MLCode
mlcode.io
Company Seed Barcelona
Oncovision
oncovision.com
Company Other Valencia
Quside
quside.com
Company Series A Barcelona
Viewtinet
viewtinet.com
Company Seed Madrid
Visure Solutions
visure-solutions.com
Company Series B San Francisco
Wooptix
wooptix.com
Company Series C San Cristóbal de La Laguna
Zhilabs
zhilabs.com
Company Other Madrid

Funding rounds 23

FlexiiC · Series A · €2M
FlexiiC, a 2022 spin-off of the IMB-CNM (CSIC) led by Eloi Ramon, raised €2 million in a round led by Bullnet Capital to accelerate industri…
2026-05-07
Impetux Optics · Series A · €2.5M
Impetux Optics, a University of Barcelona spin-off founded in 2012, raised €2.5 million led by Bullnet Capital to industrialise and commerci…
2026-04-29
Bioherent · Seed · €2M
Bioherent, a University of Málaga spin-off building in vitro diagnostic devices based on photonic biosensors and nanotechnology, added Axon …
2025-07-16
2EyesVision · Other · €2M
2EyesVision, a Madrid-region ophthalmic technology company behind the SimVis Gekko visual simulator, announced a €2 million funding round to…
2025-04-30
Inspiration-Q · Seed
Inspiration-Q, a CSIC spin-off founded in 2021 that builds quantum-inspired algorithms for complex mathematical problems, closed an undisclo…
2024-09-03
MLCode · Seed · €3M
MLCode, founded in 2023 by Joan Raventós and Sergi Zapater, secured a second investment of over €3M from deep-tech fund Bullnet Capital, bac…
2024-05-09
Mapsi Photonics · Seed · €1.5M
Universitat Politècnica de Catalunya spin-off Mapsi Photonics, which makes macroporous-silicon infrared filters for gas detection, thermal v…
2024-04-25
LeanXcale · Other · €675K
CDTI Innovación disclosed a €675K follow-on equity investment in LeanXcale, developer of a scalable transactional SQL database with analytic…
2024-02-15
Wooptix · Series B · €10M
Canary Islands semiconductor metrology company Wooptix, which uses wavefront phase imaging derived from astrophysics to measure silicon wafe…
2023-07-21
Deep Detection · Seed
Deep Detection, a 2020 spin-off of Barcelona's Institut de Física d'Altes Energies (IFAE) building photon-counting X-ray inspection systems …
2023-07-20
Quside · Series A · €10M
ICFO spin-off Quside extended its Series A with the Catalan Institute of Finance (ICF) and business angels, taking the round past €10 millio…
2023-07-04
MLCode · Pre-seed
MLCode, founded by serial entrepreneurs Joan Raventós and Sergi Zapater to automate data management and security for AI workloads, raised an…
2023-06-07
Enthec Solutions · Seed · €1M
Enthec, founded by María Rojo and maker of the Kartos non-intrusive cyber-surveillance platform that scans the open internet, dark web and p…
2023-05-12
LeapWave · Seed
Bullnet Capital led the first investment round in LeapWave, a Universidad Carlos III de Madrid spin-off developing a new waveguide geometry …
2023-04-17
Quside · Series A
Quside is an ICFO spin-off that makes quantum random number generators for cryptography and high-performance computing. It raised a Series A…
2022-11-30
FYLA Laser · Other · €341K
FYLA Laser, a 2006 spin-off of the University of Valencia that builds all-fibre supercontinuum and ultrashort-pulse lasers, received a €341,…
2022-02-24
FYLA · Seed · €341K
CDTI, through its Innvierte co-investment programme, committed €341,000 to FYLA Laser alongside existing shareholder Bullnet Capital III, SC…
2022-02-23
Bitsphi Diagnosis · Seed · €2.85M
Bitsphi Diagnosis, which builds mathematical and cognitive models that interpret neurological signals to support ADHD diagnosis, raised a €2…
2022-02-21
Bioherent · Seed · €2.9M
Bioherent, a University of Málaga spin-off founded in July 2021 that has built an integrated photonic biosensor for in vitro diagnosis of be…
2022-02-21
Oncovision (General Equipment for Medical Imaging) · Other · €1.139M
The molecular-imaging (PET) maker raised a €1.139M follow-on from CDTI Innvierte (€539k), Bullnet Capital II and CRB Bio II. The money funds…
2020-12-11
2Eyes Vision · Seed · €1.34M
2Eyes Vision is a CSIC spin-off whose SimVis Gekko device simulates vision with different lenses. It raised €1.34M led by Bullnet Capital, w…
2020-11-24
ANYVERSE · Seed · €3M
ANYVERSE is a spin-out of the Madrid simulation company Next Limit. It makes high-fidelity synthetic data for training perception systems in…
2020-04-29
FYLA · Seed · €2M
Bullnet Capital fully subscribed a €2M round in FYLA out of its Bullnet Capital III fund - the fund's fourth deal - to consolidate the produ…
2019-03-15

News & media 10

PublishedArticle
2026-05-07 Bullnet Capital leads a €2 million investment in FlexiiC ↗
Capital-Riesgo.es
2026-05-02 Impetux Optics secures €2.5 million in a funding round led by Bullnet Capital ↗
Biotech Spain
2025-11 MLCode, specialised in AI data management and security automation, receives a second investment from Bullnet ↗
Capital-Riesgo.es
2025-04-30 2EyesVision, backed by Bullnet and CDTI, launches a €1 million funding round with the support of Capital Cell ↗
Capital-Riesgo.es
2025-04-03 Bullnet Capital launches a €25 million fund to invest in its existing portfolio startups ↗
Capital-Riesgo.es
2024-11-13 EIF invests €28 million in Bullnet Capital IV fund for deep tech and technology transfer projects in Spain ↗
Capital-Riesgo.es
2024-09-10 Bullnet Capital Leads Investment Round in Quantum-Inspired Software Startup Inspiration-Q ↗
Quantum Computing Report
2024-05-01 Mapsi Photonics Welcomes Bullnet Capital as Investor ↗
Mapsi Photonics
2023-07-20 Bullnet Capital leads new investment in the IFAE spin-off Deep Detection ↗
IFAE
2023-06-06 Bullnet Capital leads pre-seed investment in MLCode, AI data management and security software company ↗
Capital-Riesgo.es
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