Firms

NAP

Berlin, DE

nap.vc

signal.nfx.com

goldi.ai

NAP, formerly Cavalry Ventures, is a Berlin-based European pre-seed and seed investor focused on vertical AI in manufacturing, energy, logistics, compliance, construction and healthcare. It invests before product or revenue and supports follow-ons.

Founded: —
Type: Venture capital

Funds2

Cavalry III2022-12-072022-12-07€100M
FIRSTCLOSEEUR100M againstEUR160Mtarget;2024-06-12finalcloseheadline amountunresolved, notassertionfundstillopen.
Cavalry Ventures II2020-07-082020-07-08€80M
FinalclosehardcapEUR80M notAUM.

Team

No team members on record yet.

Investments

team@apexlogos.ai39 minutes ago
Investment-fund research reviewed 2026-10-06. Publicly identified funds, dates, amounts and fundraising status are below. Undisclosed commitments remain unknown; this is not a complete register of private SPVs or parallel entities. Fund sizes and status | Vehicle / amount | Announcement and status | Evidence and caveat | | --- | --- | --- | | Cavalry Ventures II — **€80 million** | Final closing at hard cap; announcement **2020-07-08** | [Fund counsel P+P official release](https://www.pplaw.com/sites/default/files/2020-07/200708-pp-advises-cavalry-ventures-launch-eur-80-million-fund.pdf). Identifies EIF and KfW Capital among investors; increased follow-on capacity. This is a closed individual fund, not AUM. | | Cavalry III — **€160 million announced size/target**, **€100 million first close** | Launch / first close announced **2022-12-07** | [Firm's announcement](https://medium.com/cavalry-chronicle/cavalry-iii-is-here-d24eaf6ff70f) describes €160 million of new capital and €120 million in previous funds. [Sifted, 2022-12-07](https://sifted.eu/articles/cavalry-ventures-closes-new-fund) explicitly says €100 million raised against a €160 million target. Preserve this distinction; the launch language alone does not prove a €160 million final close. | Fund III is the latest flagship vintage substantiated in the sources checked. Searches for a newer NAP/Cavalry fund and later closing information did not establish a newer vintage or final Fund III amount. A [Deutsche Startups archive, article dated 2024-06-12](https://www.deutsche-startups.de/ressort/szene/page/134/) indexes a headline reporting a Cavalry final closing, but does not expose the amount in the retrieved headline. This is a concrete follow-up lead, not grounds to assert that Fund III remained open through 2026. Final amount and closing date remain unresolved. The €120 million previous-funds aggregate in the firm announcement must not be treated as a single fund, current AUM, or a simple sum of only Funds I and II. Current total AUM, available deployment capital, and a verified Fund I amount were not established. Signal's €20 million figure and directory estimates should not overwrite the dated closing evidence. Funds recorded in Adex after this review: | Fund | Disclosed amount | Announcement / filing date | | --- | --- | --- | | Cavalry Ventures II | EUR 80000000 | 2020-07-08 | | Cavalry III | EUR 100000000 | 2022-12-07 |
team@apexlogos.ai1 hour ago
Match research 2026-10-06 / NAP / sha256:5127741adee2996879b2986e4a09fc01979f3a053450911fedf89c67059d5f5c / part 2 of 2 Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats. | **Deltia.ai** | Computer vision and machine learning digitize manual factory processes and evaluate shop-floor workflows. Applied industrial AI; engineering relevance is stronger than a generic SaaS classification, but no novel hardware claim is established. Firm-owned announcement confirms portfolio membership. | [Official Cavalry announcement, **2024-04-26**](https://medium.com/cavalry-chronicle/cavalry-x-deltia-ai-0d5f7115e74c). [Co-investor Combination VC statement](https://www.linkedin.com/posts/combination-vc_deltiaai-announces-45-million-euro-in-seed-activity-7189524198698926080-zPi4), undated accessible post, confirms **€4.5 million seed led by Cavalry**, with Merantix. Exact round-day attribution beyond the dated Cavalry announcement is not independently established here. | | **SPREAD / SPREAD AI** | Engineering intelligence integrates product design, manufacturing and software data into contextualized product twins for complex vehicles, machinery and defense systems. Industrial AI/digital-engineering precedent; classification is broader than hard-science hardware. | [Official investee Series A article, **2023-05-29**](https://www.spread.ai/resources/stories/series-a) describes **$16 million Series A** and early investor Cavalry's involvement. [Official investee announcement, **2026-04-29**](https://www.spread.ai/resources/stories/spread-ai-raises-30m-series-b-to-propel-software-defined-defense-vehicles-and-machines-from-concept-to-mission?hs_amp=true) names NAP among supporting existing investors in **$30 million Series B**. Individual NAP amount not disclosed. | ## Neurotech findings and boundary cases **No verified neurotech investment found in the sources checked.** The saved Adex record, official current/historical firm sites, named investment announcements above, and targeted NAP/Cavalry searches for neurotech, neuroscience and brain technologies did not establish a direct neural-interface, neural sensing, stimulation or brain-device investment. This is an evidence gap, not a claim that none exists. **Kinnu** is an adjacent learning/cognitive-science lead, not a verified direct neurotechnology investment. [Transaction counsel CMS, 2023-08-21](https://cms.law/en/gbr/news-information/cms-advises-cavalry-ventures-on-6.5m-funding-round-in-kinnu), confirms Cavalry's investment in a **$6.5 million** financing co-led with LocalGlobe and describes an AI-powered education platform. Nothing in that evidence establishes neural measurement or intervention. Aleph Alpha and Deltia are AI businesses, not neurotech merely because their models use neural networks. Medbelle, a baseline digital-health investment, likewise has no verified direct neurotech technology in the evidence reviewed. ## Conflicts, gaps and concrete later Adex review notes 1. Preserve the exact `NAP` ID and Cavalry Ventures alias; retain historical names on dated investments. Do not create two co-investors for the rebranding or infer 468 Capital participation as NAP participation. 2. Consider updating blank investor check fields using current **€1–3 million** official terms, retaining currency and retrieval date. Signal dollar ranges and undefined fund figures are inferior current evidence. 3. Reconcile the baseline's broad enterprise/energy/manufacturing description with the narrower current **vertical AI** mandate; distinguish sectors served from a hardware-investing thesis. 4. Resolve Fund III's final close via the indexed **2024-06-12 Deutsche Startups** report or direct fund documents. Store €100 million first close and €160 million launch target separately until final amount is verified. Do not substitute target for closed commitments or aggregate past funds for AUM. 5. Aleph Alpha, Oblivious and Deltia are absent from the baseline investment list despite clear firm evidence here; review these exact company identities and rounds before proposing records. Deltia/Almetra may require an alias check, rather than assuming separate companies from their names. 6. SPREAD's baseline has no round amount or announcement day. The official Series B source supports **$30 million, 2026-04-29**, NAP as an existing investor. Any euro headline should remain a source-specific conversion, not a second round. 7. Baseline later-stage deals do not contradict a seed-entry strategy by themselves. Full verification of all 21 baseline participations, individual checks, current ownership/exits, and remaining portfolio was outside this focused firm research pass. 8. No direct neurotech precedent can currently be proposed. Recheck future portfolio additions, and keep Kinnu's education adjacency explicit. All linked undated sources were accessed 2026-10-06. Search-index-only limitations are noted above; proprietary investor directories were used as leads, not authoritative fund or transaction evidence.
team@apexlogos.ai1 hour ago
Match research 2026-10-06 / NAP / sha256:5127741adee2996879b2986e4a09fc01979f3a053450911fedf89c67059d5f5c / part 1 of 2 Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats. # NAP — firm research - **Exact Adex ID:** `NAP` - **Canonical Adex URL:** https://adex.page/firms/NAP - **Research date / sources accessed:** 2026-10-06 - **Status:** Complete research pass; open questions explicitly recorded below. Research only; no Adex or database changes. ## Identity and assessment NAP is the continuation of Berlin-based Cavalry Ventures, launched in 2016 and rebranded in February 2025. The firm's dated announcement establishes continuity, so investments announced under Cavalry Ventures can be attributed to NAP with the historical name retained. Do not confuse it with Nordic Alpha Partners, Cavalry Biosciences, or 468 Capital. [Official rebranding announcement, 2025-02-02](https://naplog.substack.com/p/introducing-nap). The current mandate is European pre-seed/seed **vertical AI**, with initial checks of **€1–3 million** and follow-on capital. Its strongest verified deep-tech-related precedents are Aleph Alpha's foundation-model research, Oblivious's confidential computing, Deltia's manufacturing computer vision, and SPREAD's industrial engineering intelligence. These are software/computing precedents, not proof of a current hardware or lab-intensive mandate. **No verified neurotech investment found in the sources checked.** [Current official investment criteria, undated](https://nap.vc/src/how-we-invest). ## Adex and NFX Signal starting evidence The exact saved record, `data/research/_sources/NAP.adex.json`, was retrieved 2026-10-06 at 19:29:35 UTC through read-only MCP Search. It describes NAP as a European pre-seed/seed investor focused on enterprise technology, manufacturing, energy transition and applied AI; check-size fields are empty. It includes 21 investment participations: Zelara, Almetra, Verna, Logistica OS, AMPECO (two rounds), Openvolt, Enzai, Flip, PlanRadar, Voltage, WhenThen, BRYTER, Medbelle, FreightHub, Loctax, Anyone, GRAND, VoiceLine, SPREAD AI and BESIRIUS. These baseline participations were not all independently audited here; they are not automatically deep-tech or neurotech precedents. Goldi.ai-derived co-investor evidence is secondary and requires transaction-level verification. The snapshot's [NAP Signal URL](https://signal.nfx.com/firms/nap) returned an internal error, as did direct opening of the historical [Cavalry Ventures firm profile](https://signal.nfx.com/firms/cavalry-ventures). The latter was accessible through search-index snippets: it lists investor-level sector/stage rankings across pre-seed, seed and Series A, plus check ranges such as $580,000–$2.3 million. These are profile claims, not independently verified current firm terms. [Stefan Walter's Signal profile](https://signal.nfx.com/investors/stefan-walter) was directly readable: it calls him NAP's co-founder/managing partner but labels his current investing position “Napali Partners,” retains cavalry.vc, and records $580,000–$2.3 million checks with a $1.4 million sweet spot. The profile contains broad pre-seed through Series B rankings and individual investment records. This identity/stage inconsistency prevents using it as authoritative firm strategy. [Björn Loose's indexed profile](https://signal.nfx.com/investors/bjorn-loose) claims a €20 million current fund, without a vintage; this is inconsistent with the much larger dated Fund III launch and could be stale. All Signal pages are undated, accessed 2026-10-06; no Signal deal was promoted to verified firm evidence merely from a partner association. ## Fund sizes and status | Vehicle / amount | Announcement and status | Evidence and caveat | | --- | --- | --- | | Cavalry Ventures II — **€80 million** | Final closing at hard cap; announcement **2020-07-08** | [Fund counsel P+P official release](https://www.pplaw.com/sites/default/files/2020-07/200708-pp-advises-cavalry-ventures-launch-eur-80-million-fund.pdf). Identifies EIF and KfW Capital among investors; increased follow-on capacity. This is a closed individual fund, not AUM. | | Cavalry III — **€160 million announced size/target**, **€100 million first close** | Launch / first close announced **2022-12-07** | [Firm's announcement](https://medium.com/cavalry-chronicle/cavalry-iii-is-here-d24eaf6ff70f) describes €160 million of new capital and €120 million in previous funds. [Sifted, 2022-12-07](https://sifted.eu/articles/cavalry-ventures-closes-new-fund) explicitly says €100 million raised against a €160 million target. Preserve this distinction; the launch language alone does not prove a €160 million final close. | Fund III is the latest flagship vintage substantiated in the sources checked. Searches for a newer NAP/Cavalry fund and later closing information did not establish a newer vintage or final Fund III amount. A [Deutsche Startups archive, article dated 2024-06-12](https://www.deutsche-startups.de/ressort/szene/page/134/) indexes a headline reporting a Cavalry final closing, but does not expose the amount in the retrieved headline. This is a concrete follow-up lead, not grounds to assert that Fund III remained open through 2026. Final amount and closing date remain unresolved. The €120 million previous-funds aggregate in the firm announcement must not be treated as a single fund, current AUM, or a simple sum of only Funds I and II. Current total AUM, available deployment capital, and a verified Fund I amount were not established. Signal's €20 million figure and directory estimates should not overwrite the dated closing evidence. ## Investment stages and current mandate The [current official strategy page](https://nap.vc/src/how-we-invest), undated and accessed 2026-10-06, explicitly supports pre-seed and seed, including pre-product/pre-revenue companies; Europe; €1–3 million initial checks plus follow-ons; usually leading but able to follow. It seeks technically knowledgeable domain insiders building vertical AI in manufacturing, energy, logistics, compliance, construction and healthcare. It explicitly excludes new Series A+ opportunities, consumer businesses, investments outside Europe and horizontal infrastructure competing primarily on scale. Later rounds in existing companies can therefore be historical follow-ons rather than evidence of a later-stage new-investment mandate. The 2022 [Fund III announcement](https://medium.com/cavalry-chronicle/cavalry-iii-is-here-d24eaf6ff70f) describes pre-seed/seed European software and approximately 30 new companies. The broader historical enterprise/consumer software framing on the retained Cavalry site should not override the current vertical-AI focus. [Historical official site, undated](https://cavalry.vc/). ## Named previous deep-tech and industrial AI investments Classification is research judgment based on each company's underlying technology. Round totals below are company financing totals, **not NAP's check amounts**. The historical Cavalry name establishes firm participation rather than a partner's investment at another fund. | Company | Technology rationale and attribution | Round/date and supporting sources | | --- | --- | --- | | **Aleph Alpha** | Research, development and deployment of generalizable large AI models covering text, vision and strategy. Strong computing deep-tech precedent. Cavalry is explicitly an existing investor participating alongside LEA Partners and 468 Capital; those are separate firms. | **€23 million Series A, 2021-07-27**. [Official co-investor UVC Partners announcement](https://www.uvcpartners.com/blog/aleph-alpha-secures-eu23-million-series-a-funding), same date. The current [NAP homepage](https://nap.vc/), undated, also names Aleph Alpha and says its examples were backed at pre-seed/seed. Do not assign a seed round date from that general statement. | | **Oblivious** | Confidential computing and privacy-enhancing tools enabling data science/ML over sensitive data while enforcing confidentiality. Technical security infrastructure rather than ordinary workflow SaaS. Cavalry led the financing. | **€5.35 million seed, 2023-04-17**. [Official Cavalry investment announcement](https://medium.com/cavalry-chronicle/cavalry-x-oblivious-a3c52012db9f), same date, confirms lead and names syndicate. [RTÉ reporting](https://www.rte.ie/news/business/2023/0417/1377392-oblivious-funding/), updated 2023-04-17, independently supports amount, stage and lead. |
team@apexlogos.ai22 days ago
MATCH

$19M2026-06-25	Almetra	blisce/, NAP, Critical Ventures
$—2026-06-24	Zelara	NAP
$4M2026	Verna	NAP
$—2025	Logistica OS	NAP
$26M2024-11-26	AMPECO	NAP
$—2023-09-05	Enzai	NAP
€5M2023-04-17	Oblivious	NAP, Expeditions
$13M2023-01-26	AMPECO	NAP
$30M2022-02-02	Flip	HV Capital, NAP, Notion Capital, Dr. Christian Saller, Jos White
$6M2022-01-20	Voltage	NAP
$70M2022-01-20	PlanRadar	NAP
€23M2021-07-27	Aleph Alpha	Lakestar, Klaus Hommels, Ludwig Ensthaler, Hendrik Brandis, NAP
$66M2021-04-07	BRYTER	Accel, NAP, Notion Capital
$7M2019-04-15	Medbelle	NAP
$20M2017-12-13	FreightHub	Founders Fund, Cherry Ventures, La Famiglia, NAP, Northzone
$—Unknown date	VoiceLine	NAP
$5MUnknown date	GRAND	NAP
$12MUnknown date	Loctax	NAP
$30M2026-04-29	SPREAD AI	NAP
$—2023-09-21	Openvolt	NAP
$6M2021-07-21	WhenThen	NAP
$—Unknown date	BESIRIUS	NAP
$3MUnknown date	Anyone	NAP

Funds2

Team

Co-investing

Investments