Expeditions is an early-stage venture capital firm investing in defence and dual-use deep tech companies across Europe. Backed by investors including BAE Systems and the NATO Innovation Fund, it focuses on cybersecurity, AI, quantum, autonomy, and space technologies.
Founded 2021
Type Venture capital 2 Fund II 2026-07-07 2026-07-07 €197M Final close EUR197M; earlier EUR100M+ commitments and EUR150M target superseded, not additional capital. Fund I size and AUM unknown.
Expeditions Fund I — — Existence and named portfolio verified; size and final-close date not established Official July 2026 announcement explicitly assigns Alpine Eagle, ComandAI, Blackwall, Horizon Quantum and Nu Quantum to Fund I. It does not disclose the fund's size. Its benchmark/performance claims are manager claims, not independently audited findings here.
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$10M 2026-08-25 Twin Prime Expeditions $— 2026-08-25 Frankenburg Expeditions $98M 2026-06-30 Dominion Dynamics Bessemer Venture Partners , Expeditions , Lakestar , Janelle Teng , Klaus Hommels , Jackson Moses , Byron Deeter $10M 2026-05-14 Twin Prime Expeditions $— 2026-03-23 EGIDE Expeditions $3M 2025-12-17 Gambit Cyber Expeditions $1M 2025-12-04 Sky Spy Expeditions $— 2025-07-28 Project Q Project A Ventures , Expeditions $— 2025-06-03 Labrys Plural , AlbionVC , Expeditions , Project A Ventures $— 2025-05-14 Orasio Founders Fund , Expeditions , FRST $— 2025 Lendurai Expeditions , HCVC , Vsquared Ventures $10M 2024-09-03 Segmed Ai Y Combinator , Expeditions , Blumberg Capital , Nina Capital , iGan Partners , Mighty Capital $10M 2024-09-03 Segmed Y Combinator , Inovia Capital , Expeditions , Blumberg Capital , Nina Capital , iGan Partners $— 2024-06-18 Proof Expeditions , RTP Global $— 2024 Orqa Lightspeed , Expeditions $5M 2023-12-22 Labrys Project A Ventures , Expeditions $— 2023-11-03 Nu Quantum Seraphim Space , Expeditions , IQ Capital , Amadeus Capital Partners , Cambridge Enterprise , National Security Strategic Investment Fund $23M 2023-06-27 CalypsoAI Expeditions €5M 2023-04-17 Oblivious NAP , Expeditions $18M 2023-03-31 Horizon Quantum Sequoia , Tencent Investment , Expeditions , Peak XV Partners , Pappas Capital , SGInnovate $2M Unknown date Proofs Expeditions $1M Unknown date Periphery Expeditions $3M Unknown date Laelaps AI Expeditions $3M Unknown date Disruptive Industries Expeditions $— Unknown date Comand AI Expeditions $— Unknown date Botguard Expeditions $12M Unknown date Orqa FPV Lightspeed , Expeditions , Radius Capital $— Unknown date Orqa Lightspeed , Expeditions , Radius Capital , Taiwania Capital Management Corporation $13M 2024-03-13 BotGuard OÜ MMC Ventures , Expeditions $18M 2023 Horizon Quantum Computing Expeditions
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team@apexlogos.ai · 3 hours 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 size and stages
| Vehicle or quantity | Amount and status | Evidence and interpretation |
| --- | --- | --- |
| Fund II, latest-known closed fund | **€197m final close**, announced **2026-07-07** | [Official firm announcement](https://expeditionsfund.com/news-post/expeditions-closes-eu197m-for-fund-ii-to-shape-the-future-of-european-security ). Fund size, not AUM or deployed capital. LPs named include BAE Systems, EIF, Keysight, PFR and NATO Innovation Fund. |
| Fund II, earlier fundraising checkpoint | **Over €100m committed**, **€150m anticipated final close**, announced **2025-09-29** | [Official earlier announcement](https://expeditionsfund.com/news-post/expeditions-on-track-for-eu150m-for-fund-ii-for-the-future-of-european-security ). €150m was a target at that date, superseded by the July 2026 close. |
| Fund II, original target and reserve/check policy | Original **€75m target**; at least half reserved for follow-ons; tickets reported up to **€20m** | [Mike Butcher, Pathfounders, 2026-07-07](https://pathfounders.com/p/expeditions-closes-197m-defence-tech-fund ). Reporting, not a directly read current official investment-policy document. The €20m number should not be interpreted as a typical initial seed check. |
| Fund I | Existence and named portfolio verified; size and final-close date **not established** | Official July 2026 announcement explicitly assigns Alpine Eagle, ComandAI, Blackwall, Horizon Quantum and Nu Quantum to Fund I. It does not disclose the fund's size. Its benchmark/performance claims are manager claims, not independently audited findings here. |
| Firmwide AUM / aggregate capital | **Not verified** | Do not relabel €197m Fund II as AUM or sum a guessed Fund I value. No newer numbered fund was found in the official news and fundraising searches. |
The current [official portfolio policy](https://expeditionsfund.com/portfolio ) (undated) describes early-stage, patient-capital investing in defence and dual-use sectors, and a preference to lead rounds when possible. It lists cybersecurity, intelligence, autonomy, AI, quantum, privacy, communications and space. Verified transactions below demonstrate **pre-seed, seed, pre-Series A and Series A** activity. The July 2026 fundraising announcement supports follow-on/growth-capital availability, but does not establish an unrestricted later-stage entry mandate. Older directory estimates should not override current policy or the reported Fund II follow-on economics.
Funds recorded in Adex after this review:
| Fund | Disclosed amount | Announcement / filing date |
| --- | --- | --- |
| Expeditions Fund I | Undisclosed / unverified | Unknown |
| Fund II | EUR 197000000 | 2026-07-07 | SHOW MORE
team@apexlogos.ai · 4 hours ago
Match research 2026-10-06 / Expeditions / sha256:945a67d435ed2365a72336f1e87743e9ae00fccfe5faef490f96170930dd5460 / 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.
The current official portfolio additionally names **Alpine Eagle, Lendurai, Project Q, AMI Labs, Sygaldry, Molecule One, Oblivious, Comand AI, CalypsoAI** and other companies. This verifies manager-claimed portfolio membership, not every entry's stage, date or deep-tech status. The snapshot's other historical transactions were not all independently audited; the table above supplies substantive verified examples without promoting ordinary SaaS or operational workflow tools to deep tech by association.
## Neurotech and adjacent exposure
**No verified neurotech investment found in the sources checked.** The saved snapshot, current official portfolio, firm news and targeted firm/neurotech searches did not establish an investment in brain/neural sensing, brain-computer interfaces, neuroprosthetics or neuromodulation. This is a scoped finding, not a claim that such investments do not exist.
**Segmed** is verified adjacent healthcare/data exposure. Its **$10.4m Series A on 2024-09-03**, led by iGan and Advocate Health, names Expeditions Fund among existing participating investors. The company supplies real-world medical imaging data for AI and clinical research; the announcement does not establish a neural-specific product or brain-interface investment. Keep it as medical imaging/data infrastructure rather than direct neurotech. [Segmed-issued release via PRNewswire, 2024-09-03](https://www.prnewswire.com/news-releases/segmed-secures-10-4-million-series-a-funding-led-by-igan-partners-and-advocate-health-302236032.html ).
Brain-related searches frequently return **Bezos Expeditions** and its Synchron or Flourish holdings. Those are a separate organization and provide no attribution to this Warsaw/London firm. Similarly, advisor Barbara Piette's brain-health foundation role is not a portfolio investment.
## Conflicts, caveats and concrete Adex review notes
1. **Fund update:** record €197m Fund II final close dated 2026-07-07, preserving the €100m+ commitment checkpoint and €150m target as historical fundraising statuses. Fund I size, AUM and fund vehicle/legal structure still require confirmation.
2. **Sky Spy correction:** baseline uses 2026-08-25 and `isLead: false`; official announcement is **2025-12-04** and **co-led by Expeditions**. Check whether the stored date is an ingestion or secondary-publication date.
3. **Twin Prime reconciliation:** the May and August 2026 baseline entries both describe $10m pre-seed. Official evidence supports one May 14 event and **lead** status, unlike baseline false flags. Do not infer a second round from a later article.
4. **Frankenburg correction:** baseline treats the June reporting as a Series B participation with an August date. The opened article is dated **2026-06-22**, describes a **targeted/unclosed round**, and explicitly says new round investors are unknown. Existing backer attribution is valid; completed Series B attribution is not established by this evidence. The article itself has inconsistent relative-year wording about the earlier Series A, another reason to avoid adopting its historical round date without the underlying announcement.
5. **Orqa reconciliation:** baseline's $12.7m/2024/undated variants need comparison against the official **€12.7m Series A, March 10 2026**; do not automatically merge any earlier genuine financing.
6. **Nu Quantum discrepancy:** retain the **£7m versus £8.5m** primary/co-investor reporting conflict. Its December 2025 **$60m Series A** is separately verified, but the [investee announcement, 2025-12-10](https://www.nu-quantum.com/news/nu-quantum-raises-60m-series-a-in-largest-financing-round-for-quantum-computer-networking ) does **not name Expeditions** as a participant. Historical ownership does not establish participation in that newer round.
7. **Identity cleanup:** examine duplicate company name variants in the saved snapshot, particularly Horizon Quantum, Segmed, Proofs, BotGuard and Orqa. No entity merges are authorized here.
8. **Partner history:** Samuel Burrell's official bio assigns Oxford Ionics, PsiQuantum, Riverlane, Infleqtion and NuQuantum investment work to **NSSIF**, his prior employer. Do not transfer those investments to Expeditions. Firlej Kastory is a distinct private investment firm mentioned in founder biographies; do not conflate its fund investments with Expeditions portfolio companies.
9. **Website rendering caveat:** text extraction appends “Acquired” to nearly every official portfolio entry, including active quantum and drone companies. Treat this as ambiguous layout/template output; it is not reliable independent evidence that every company exited. Verify acquisition status company by company.
10. **Coverage limit:** this memorandum verifies representative deep-tech rounds, the newer fund close and key baseline errors, rather than every baseline participation. Signal remains unreadable. Specific legal fund allocations for most company rounds, investor check amounts and a direct neurotech track record remain missing.
All linked pages were accessed **2026-10-06**. Publication dates are supplied beside dated evidence; the official about/portfolio pages are undated. Reputable reporting and co-investor material supplement official firm/investee evidence; directory and saved Adex claims are not silently upgraded to verified facts. SHOW MORE
team@apexlogos.ai · 4 hours ago
Match research 2026-10-06 / Expeditions / sha256:945a67d435ed2365a72336f1e87743e9ae00fccfe5faef490f96170930dd5460 / 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.
# Expeditions
- Exact Adex ID: `Expeditions`
- Canonical Adex URL: https://adex.page/firms/Expeditions
- Research date and source access date: **2026-10-06**
- Status: complete research memorandum; no Adex or database changes made.
Expeditions is a European security, defence and dual-use venture investor established in 2021, operating from Warsaw and London. Its latest-known verified fund announcement is **Fund II's €197 million final close on 2026-07-07**. Its portfolio provides strong quantum-computing, aerial robotics, advanced sensing and defence engineering evidence. No verified neurotech investment found in the sources checked. Do not confuse this firm with **Bezos Expeditions**, which appears prominently in neurotechnology searches. [Official Fund II announcement, 2026-07-07](https://expeditionsfund.com/news-post/expeditions-closes-eu197m-for-fund-ii-to-shape-the-future-of-european-security ).
## Adex and NFX Signal starting evidence
The exact-ID saved MCP snapshot `_sources/Expeditions.adex.json` was retrieved at 2026-10-06T19:29:31.707Z. It describes an early-stage European defence/deep-tech fund and records founders Mikołaj Firlej and Stanisław Kastory, CFO/partner Ewa Milewska and partner Samuel Burrell. Those four names and roles match the current [official team page](https://expeditionsfund.com/about ) (undated, accessed 2026-10-06). The baseline investor profile has no minimum, maximum or sweet-spot check size.
The snapshot contains 30 investment participation records, including Horizon Quantum/Horizon Quantum Computing, Segmed/Segmed Ai, Proof/Proofs, BotGuard OÜ/Botguard and Orqa/Orqa FPV name variants, plus two Twin Prime records. These are candidates for entity/round reconciliation, not evidence of distinct rounds. Several sources are Goldi profiles of other investors rather than investee announcements. Existing Adex data is starting evidence only.
The supplied firm profile is [NFX Signal: Expeditions Fund](https://signal.nfx.com/firms/expeditions-fund ). Direct retrieval returned an internal error. Searches for that exact URL and for firm-associated Firlej/Kastory profiles did not produce an interpretable matching profile. Consequently, Signal stage, check-size, location and personal investment claims could not be read or independently compared; no such claims are adopted. Failed discovery does not prove that profiles or investments are absent.
## Fund size and stages
| Vehicle or quantity | Amount and status | Evidence and interpretation |
| --- | --- | --- |
| Fund II, latest-known closed fund | **€197m final close**, announced **2026-07-07** | [Official firm announcement](https://expeditionsfund.com/news-post/expeditions-closes-eu197m-for-fund-ii-to-shape-the-future-of-european-security ). Fund size, not AUM or deployed capital. LPs named include BAE Systems, EIF, Keysight, PFR and NATO Innovation Fund. |
| Fund II, earlier fundraising checkpoint | **Over €100m committed**, **€150m anticipated final close**, announced **2025-09-29** | [Official earlier announcement](https://expeditionsfund.com/news-post/expeditions-on-track-for-eu150m-for-fund-ii-for-the-future-of-european-security ). €150m was a target at that date, superseded by the July 2026 close. |
| Fund II, original target and reserve/check policy | Original **€75m target**; at least half reserved for follow-ons; tickets reported up to **€20m** | [Mike Butcher, Pathfounders, 2026-07-07](https://pathfounders.com/p/expeditions-closes-197m-defence-tech-fund ). Reporting, not a directly read current official investment-policy document. The €20m number should not be interpreted as a typical initial seed check. |
| Fund I | Existence and named portfolio verified; size and final-close date **not established** | Official July 2026 announcement explicitly assigns Alpine Eagle, ComandAI, Blackwall, Horizon Quantum and Nu Quantum to Fund I. It does not disclose the fund's size. Its benchmark/performance claims are manager claims, not independently audited findings here. |
| Firmwide AUM / aggregate capital | **Not verified** | Do not relabel €197m Fund II as AUM or sum a guessed Fund I value. No newer numbered fund was found in the official news and fundraising searches. |
The current [official portfolio policy](https://expeditionsfund.com/portfolio ) (undated) describes early-stage, patient-capital investing in defence and dual-use sectors, and a preference to lead rounds when possible. It lists cybersecurity, intelligence, autonomy, AI, quantum, privacy, communications and space. Verified transactions below demonstrate **pre-seed, seed, pre-Series A and Series A** activity. The July 2026 fundraising announcement supports follow-on/growth-capital availability, but does not establish an unrestricted later-stage entry mandate. Older directory estimates should not override current policy or the reported Fund II follow-on economics.
## Named previous deep-tech investments
Company round totals below are **not Expeditions check sizes**. Technology classifications are research judgments grounded in the cited descriptions; firm participation or leadership is stated separately.
| Company | Technology rationale | Verified firm attribution, date and financing | Supporting source |
| --- | --- | --- | --- |
| **Horizon Quantum Computing** | Software development tools that translate classical programs for quantum hardware; quantum compilation and scientific computing. | Named Expeditions Fund participant in **$18.1m Series A**, announced **2023-03-31**. Official firm Fund I attribution also exists. | [Investee announcement, 2023-03-31](https://www.horizonquantum.com/resources/newsroom/horizon-quantum-computing-raises-usd-18.1-million-series-a-to-advance-quantum-software-development ). |
| **Nu Quantum** | Photonic/interconnect and quantum-networking technology to link quantum processors. | **£7m pre-Series A**, **2023-11-02**, co-led by Amadeus, Expeditions Fund and IQ Capital. Official firm identifies it as Fund I. | [Co-investor Martlet's announcement, 2023-11-02](https://martletcap.com/news/nu-quantum-secures-7m-to-build-the-networking-infrastructure-for-quantum-computers/ ). Cambridge Enterprise's annual review reports **£8.5m** for November 2023, so exact total remains conflicted: [2023 annual review, published 2024](https://www.enterprise.cam.ac.uk/wp-content/uploads/2024/03/CE_Annual_Report23_WEB.pdf ). |
| **Orqa** | Aerial robotics, FPV components and integrated drone hardware/manufacturing. | Expeditions **led €12.7m Series A**, announced **2026-03-10**, with Lightspeed, Taiwania, Aymo and Radius. | [Official firm funding announcement, 2026-03-10](https://expeditionsfund.com/news-post/orqa-raises-eu12-7m-series-a-led-by-expeditions-to-scale-its-global-manufacturing-program ). |
| **EGIDE** | Electrically propelled interceptors plus distributed sensing, AI detection and interception software. | Expeditions, Eurazeo and Heartcore **co-led €8m seed**, **2026-03-23**. | [Official investee announcement, 2026-03-23](https://www.egide-tech.com/post/egide-raises-8m-seed-round-led-by-expeditions-eurazeo-and-heartcore-capital-to-develop-next-gener ). |
| **Sky Spy** | Custom RF hardware, onboard signal processing and AI to identify and geolocate emitters in contested electromagnetic environments. | Expeditions Fund and Superangel **co-led $1.6m pre-seed**, announced **2025-12-04**. | [Official investee announcement, 2025-12-04](https://www.skyspy.ai/blog/sky-spy-raises-1-6m-to-deliver-first-battle-proven-portable-sigint-system-for-contested-environments ). |
| **Twin Prime** | Frontier models reasoning across physical sensor modalities for defence/security; a defensible advanced-AI research classification, rather than generic AI SaaS. | Expeditions **led $10m pre-seed**, announced **2026-05-14**. | [Official firm announcement, 2026-05-14](https://expeditionsfund.com/news-post/expeditions-leads-10m-pre-seed-round-for-twin-prime-the-frontier-lab-building-ai-models-for-defense-and-security ). |
| **Frankenburg Technologies** | Guided, lower-cost interceptor missiles and their integration with robotic ground platforms. | Expeditions confirmed as an **existing backer**; specific Expeditions entry round/date/check not established. A **€100m Series B was being sought**, with participating investors unspecified. | [Resilience Media, 2026-06-22](https://resiliencemedia.co/frankenburg-takes-aim-at-a-e100-million-series-b-funding-round/ ), plus current official portfolio membership. This source cannot support a completed Expeditions Series B investment. | SHOW MORE
team@apexlogos.ai · 22 days ago
MATCH 
Amadeus Capital Partners
Nu Quantum$— · 2023-11-03
Bessemer Venture Partners
Dominion Dynamics$98M · 2026-06-30
Byron Deeter
Founders Fund
Orasio$— · 2025-05-14
Inovia Capital
Segmed$10M · 2024-09-03
IQ Capital
Jackson Moses
Janelle Teng
Klaus Hommels
Lakestar
Segmed Ai$10M · 2024-09-03
MMC Ventures
Horizon Quantum$18M · 2023-03-31
Peak XV Partners
RTP Global
Proof$— · 2024-06-18
Sequoia
Orqa$— · Unknown date
Tencent Investment
Vsquared Ventures
Lendurai$— · 2025
