TNO Ventures
TNO Ventures is the technology transfer and venture-building arm of TNO (Netherlands Organisation for Applied Scientific Research), creating spin-off companies, licensing technology, and making equity-based tech participations to commercialize Dutch applied research across deep-tech sectors.
- Company typePrivate
- Founded2017
- HeadquartersThe Hague, Netherlands
- Headcount—
- GTM typeB2B
- OfferingServices
What TNO Ventures does
TNO Ventures is the technology transfer and venture-building arm of TNO (Netherlands Organisation for Applied Scientific Research), established in 2017 to commercialize applied research emerging from one of Europe's largest independent research organizations. The organization operates a three-phase spin-off creation methodology: Phase 1 develops business cases and routes to market (with Tech Transfer Board approval), Phase 2 funds spin-off building up to €60,000 over six months, and Phase 3 attracts external financing through a curated investor network. Beyond spin-offs, TNO Ventures generates returns through technology licensing to established organizations and equity-based tech participations in scale-ups. Revenue mechanics are equity participation and licensing royalties; the organization does not publicly disclose standalone revenue.
The portfolio spans 45+ active companies across four sectors: Energy & Environment (BlueHeart Energy, Carbyon, Torwash, Movanta), Health (Aiosyn, RetinaScope, HepMetPro, Delta Life Science, AIKON Health, Pharmaprint), High Tech Industry (Nearfield Instruments, LeydenJar, LionVolt, FononTech, Fortaegis, Keiron, Orange Quantum Systems, Equal1), and Enterprise Software (GPT-NL, Linksight, Instant Instructions, Studio Automated). Portfolio companies have collectively raised over €500 million in external capital, with Nearfield Instruments' June 2026 €380M Series D at €1.6B valuation representing the largest deep-tech round in Dutch history. The proprietary technology base includes granted patents on spatial Atomic Layer Deposition, Impulse Printing, thermoacoustic heat pumps, HVR deformable mirrors, silicon anode deposition, and electrochemical Li-ion recycling—all developed at TNO and licensed/transferred to portfolio companies.
TNO Ventures is governed by a Tech Transfer Board comprising internal TNO members (CFO Susan Swarte, Managing Directors, Unit Controllers) and external investors (LUMO Labs, DeepTechXL, Innovation Industries, SHIFT invest), convening eight times annually to approve Phase 1/2 budgets and advise on spin-off launches. The team of approximately 13 includes a Director, Manager Tech Transfer, Venture Managers, Tech Transfer Officers, and Management Support. Strategic positioning leverages TNO's research infrastructure, facilities, and the Netherlands' applied research ecosystem to bridge the 'valley of death' between research and market. The primary GTM motion is sales-led and relationship-driven: identifying promising TNO research, building spin-off teams, and attracting institutional co-investors (Fidelity, QIA, Temasek, ISIF, Invest-NL, ING, EIC Fund, Innovation Industries).
TNO Ventures firmographics
Firmographics- Name
- TNO Ventures
- Legal name
- TNO (Netherlands Organisation for Applied Scientific Research)
- Website
- https://ventures.tno.nl
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Short description
- TNO Ventures is the technology transfer and venture-building arm of TNO (Netherlands Organisation for Applied Scientific Research), creating spin-off companies, licensing technology, and making equity-based tech participations to commercialize Dutch applied research across deep-tech sectors.
- Ownership category
- akta.pro rank
TNO Ventures industry classification
Industry- Product category
- Technology Transfer & Venture Building
- SIC
- Services-Equipment Rental & Leasing, Nec (7359), Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF)
- akta.pro secondary industry
- Corporate Innovation & Technology Scouting Units (with investment mandate) (FSANAHAI)
Keywords
Where TNO Ventures is headquartered
LocationHeadquarters
- HQ city
- The Hague
- HQ country
- Netherlands
- HQ region
- Europe
Offices1 record
Markets served
TNO Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Equity Participation in Spin-offs: TNO Ventures generates returns through equity stakes in spin-off companies. The organization maintains active roles in founded companies as shareholders and seeks exits once companies have grown sufficiently.
- Technology Licensing: TNO Ventures commercializes TNO innovations by granting licenses to established organizations. The organization makes technologies, expertise and facilities available to companies through licensing agreements and tech participations where startups and scale-ups pay in shares.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
TNO Ventures product offering
Product offeringCore offering
TNO Ventures is the technology transfer and venture-building arm of TNO (Netherlands Organisation for Applied Scientific Research). It commercializes TNO innovations by creating spin-off companies, granting licences to established organisations, and making tech participations in scale-ups. The organization supports startups and scale-ups with access to expertise, cutting-edge technologies, and state-of-the-art facilities across deep-tech domains including AI, medical technology, integrated photonics, semiconductor metrology, quantum computing, and sustainable energy.
Product overview
TNO Ventures is a tech transfer and venture capital organization that commercializes TNO innovations through spin-off companies, tech participations, and licensing agreements. The portfolio includes over 45 companies across four main sectors: Energy & Environment (e.g., BlueHeart Energy, Carbyon, Solar solutions), Health (e.g., Aiosyn, Delta Life Science, RetinaScope), High Tech Industry (e.g., Nearfield Instruments, FononTech, LionVolt), and Enterprise Software (e.g., GPT-NL, Instant Instructions, Linksight). Products range from semiconductor metrology and quantum computing to sustainable energy, biotech, and AI-powered solutions.
Differentiator
Problem solved
Functional benefit
Brands
- TNO Tech Transfer: The technology transfer program of TNO that guides innovations from research to market through spin-off creation, licensing, and tech participations.
Products and services
- Aerosense Provides accurate, evidence-based monitoring of bird collisions with wind turbines. Spin-off company.
- AIKON Health Digital health solution for personalized heart failure management. Spin-off company.
- Aiosyn AI-powered pathology diagnostics platform that accelerates cancer care through improved consistency and new insights. Spin-off company.
- Aircision Free Space Optics systems for terrestrial networks serving as a wireless alternative for backhaul communication. Spin-off company.
- Nearfield Instruments Non-destructive, 3D, atomic resolution semiconductor metrology and inspection technology for AI chip production. Spin-off company.
- LeydenJar Pure silicon anode technology for Li-ion batteries achieving 70% higher energy density. Spin-off company.
- Equal1 Irish quantum computing startup developing Bell-1, the world's first silicon-based quantum computer server for data centres. Tech participation.
- Touchwaves Intelligent wearable textiles using haptic feedback for breathwork guidance, stress reduction (MYSA shirt), and dual-use applications including NATO air forces. Spin-off company.
- Carbyon Direct air capture of CO2 technology using thin film technology and mechatronics to reduce capture costs to approximately EUR 50 per tonne. Spin-off company.
- Fortaegis Deep-tech company advancing chip security using physical uniqueness of each chip to eliminate need for stored cryptographic keys. Tech participation.
- BlueHeart Energy Sustainable heat pump technology using thermoacoustics and Helium as medium, offering superior performance and silent operation for residential applications. Spin-off company.
- FononTech Revolutionary Impulse Printing technology for microelectronics assembly using phonon-based heat conduction at high speeds. Spin-off company.
- GPT-NL The first secure, compliant, responsible Dutch Large Language Model developed by TNO, SURF, and Netherlands Forensics Institute. Spin-off company.
- LionVolt Groundbreaking 3D solid-state battery technology using spatial Atomic Layer Deposition for safe, quick-charging, lightweight batteries. Spin-off company.
- Relement Performance specialty bio-aromatics created from renewable biomass for coatings, pharmaceuticals, plastics, and agrochemicals. Spin-off company.
- Industrial Thermoacoustic Heat Pump High-temperature industrial heat pump delivering carbon-free heat up to 250 degrees Celsius using thermoacoustic technology with Helium. Spin-off company.
- UrbanCRM Zero-waste, fully regenerative Li-Ion battery recycling process recovering critical raw materials sustainably. Spin-off company.
- TNO Möbius Technology Highly selective, high-purity solvent-based plastics recycling yielding pure PE and PP from complex feedstocks. Spin-off company.
- AnGard Microwave Compact, directional, and high-power counter-drone electronic defence solutions. Spin-off company.
- Atum Systems Formed by merger of AMSYSTEMS and Atum3D, integrating Multi-Laser Patterning technology with industrial 3D printer business for cost-effective production of large, high-quality plastic components. Spin-off company.
Quantifiable outcome
- Portfolio companies have raised over €500 million in external capital
- +3 more outcomes
Companies that use TNO Ventures
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles3 records
TNO Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
TNO Ventures partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered flagship, core and supporting.
- Nearfield InstrumentsflagshipNearfield Instruments is a Rotterdam-based TNO spin-off that has become a unicorn following its €380 million Series D funding round. TNO Ventures participated as an existing investor in the round led by Fidelity Management & Research Company and Qatar Investment Authority. Nearfield Instruments develops non-destructive, 3D atomic resolution semiconductor metrology and inspection technology.
- FortaegiscoreTNO entered into a strategic partnership with Fortaegis, an innovative Dutch deep-tech company developing advanced chip security technology. TNO is also making a financial investment in Fortaegis through its private holding company. The partnership includes application-level collaboration in federated learning and emerging network technologies, joint research through national and EU programs, and longer-term R&D projects.
- LUMO LabssupportingLUMO Labs serves as an external member of the TNO Tech Transfer Board, providing extensive feedback to Tech Transfer programme applicants alongside DeepTechXL, Innovation Industries, and SHIFT invest.
- DeepTechXLsupportingDeepTechXL serves as an external member of the TNO Tech Transfer Board, contributing investment expertise and feedback to Tech Transfer programme applicants.
- Holst CentrecoreTNO works with partners at Holst Centre on flexible electronics including thin film technology, sALD techniques, LIFT microelectronics printing technology, and Touchwaves' printed flexible electronics for human-centric wearables.
- SURFflagshipTNO joined forces with IT cooperative SURF and the Netherlands Forensic Institute to develop GPT-NL, the first lawful, sovereign Dutch Large Language Model built from scratch for responsible, compliant enterprise AI.
- Netherlands Forensic Institute (NFI)flagshipTNO partnered with SURF and the Netherlands Forensic Institute (NFI) to develop GPT-NL, contributing to digital sovereignty and responsible AI development in the Netherlands.
- ZSW Baden-WürttembergsupportingLeydenJar works closely with ZSW knowledge institute in Baden-Württemberg alongside Universität Münster and TU Delft for battery technology development.
- LionVolt Pilot Plant PartnerscoreA pilot plant is being built in Eindhoven for manufacturing unique 3D anodes, which will be complementary to LionVolt's battery cell finishing factory in Scotland, working with partners for the 3D solid-state battery technology.
Scale indicators7 records
Recent moves7 records
Expansion highlights6 records
TNO Ventures competitors and assessment
Company assessmentDirect peers
- Fraunhofer Ventures: The technology transfer and venture arm of Germany's Fraunhofer Society — Europe's largest applied research organization. Operates an almost identical spin-off/equity/licensing model to commercialize Fraunhofer research, making it the closest peer to TNO Ventures.
- imec.istart: imec's deep-tech startup accelerator in Belgium, already collaborating with TNO Ventures (Touchwaves is the first joint spin-off/imcec.istart acceleration case). Comparable model of supporting deep-tech hardware and semiconductor spin-outs from a major European research institute.
- Max Planck Innovation: Technology transfer office of Germany's Max Planck Society. Commercializes Max Planck research through licensing and spin-off equity participation, sharing TNO Ventures' structure of public-research IP commercialization.
- Cambridge Enterprise: The technology transfer and venture-building arm of the University of Cambridge. Creates spin-offs and licenses IP from a major research base, operating with similar equity/licensing dual model as TNO Ventures but with a university research mandate.
- Oxford University Innovation: University of Oxford's technology transfer company. Builds spin-out companies and licenses IP from world-class research, comparable to TNO Ventures' three-phase spin-off methodology and external-board governance approach.
- VTT Ventures / VTT Launchpad: Commercialization arm of VTT Technical Research Centre of Finland. Spins out deep-tech companies from publicly funded applied research — closely comparable in mission, governance, and equity/licensing revenue model to TNO Ventures.
- CEA Tech: French Alternative Energies and Atomic Energy Commission's technology research unit. Operates a national deep-tech research-to-commercialization pipeline in semiconductors, energy, and digital — directly parallel to TNO's scope and TNO Ventures' spin-off mandate.
- High-Tech Gründerfonds (HTGF): Germany's leading early-stage deep-tech venture capital investor. Funds and supports spin-offs from German applied research institutes, providing a comparable deep-tech seed/Series A funding and venture-building counterpart to TNO Ventures.
Emerging players
- Quantonation: Global early-stage venture fund dedicated to quantum computing and deep physics — directly comparable to TNO Ventures' quantum exposure via Equal1 ($60M raise with TNO participation) and Orange Quantum Systems.
- Holst Centre: Open-innovation research center jointly operated by imec and TNO in flexible electronics and sALD technology. Already a TNO Ventures collaboration partner (Impulse Printing, Touchwaves, sALD) and a peer research-to-commercialization platform in the Dutch deep-tech ecosystem.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
TNO Ventures social profiles
Digital presenceTNO Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
TNO Ventures leadership team
Management profileNumber of profiles
Profiles13 records
TNO Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TNO Ventures M&A and investment
M&A and investmentM&A
Investments7 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TNO Ventures
What does TNO Ventures do?
TNO Ventures is the technology transfer and venture-building arm of TNO (Netherlands Organisation for Applied Scientific Research). It commercializes TNO innovations by creating spin-off companies, granting licences to established organisations, and making tech participations in scale-ups. The organization supports startups and scale-ups with access to expertise, cutting-edge technologies, and state-of-the-art facilities across deep-tech domains including AI, medical technology, integrated photonics, semiconductor metrology, quantum computing, and sustainable energy.
Is TNO Ventures a public or private company?
TNO Ventures is a private company. It is classified as state government owned and is currently operating.
When was TNO Ventures founded?
TNO Ventures was founded in 2017.
Where is TNO Ventures based?
TNO Ventures is headquartered in The Hague, Netherlands, in the Europe region.
How does TNO Ventures make money?
Two revenue lines are on record. Equity Participation in Spin-offs are the primary driver. The others are technology Licensing.
Who are TNO Ventures's main competitors?
Direct peers on record are Fraunhofer Ventures, imec.istart, Max Planck Innovation, Cambridge Enterprise, Oxford University Innovation, VTT Ventures / VTT Launchpad, CEA Tech and High-Tech Gründerfonds (HTGF). Emerging players are Quantonation and Holst Centre.
Does TNO Ventures have an API?
No public API is recorded for TNO Ventures.
What industry is TNO Ventures in?
TNO Ventures's product category is Technology Transfer & Venture Building. Its primary akta.pro industry code is FSANAHAF, Corporate Strategic Partnership & Ecosystem Investment Arms, with a secondary code of FSANAHAI, Corporate Innovation & Technology Scouting Units (with investment mandate). Its SIC code is 7359.