Exotec’s journey from an early-stage warehouse robotics company to France’s first industrial unicorn, now valued at $2bn+, reflects what IRIS looks for in applied deep tech: differentiated technology, a clear market need and founders who understand both.

In this EUVC episode, we are joined by Julien-David Nitlech, Managing Partner at IRIS, to explore why Exotec initially seemed too early, what changed his mind and how the company continued to evolve through international expansion.

Julien-David then takes us inside IRIS, the European venture and growth firm founded in 1986. He explains how the firm has navigated four decades of technological change by renewing its teams, ownership and investment thinking while preserving the values at its core.

What we cover:

Why Exotec’s early promise was not initially enough for IRIS to invest
What Julien-David saw during a 20-minute meeting with its founder
Where IRIS draws the line between applied deep tech and capital-intensive foundational bets
How early customer validation helps IRIS assess a technical stack
What AI companies need to build lasting value as technologies and markets evolve
Why IRIS may be approaching what Julien-David describes as its “fifth life”

Follow EUVC for more conversations with the founders, investors and operators shaping European tech and venture capital.

Julien-David Nitlech (IRIS): What Exotec taught IRIS about backing deep tech that lasts

EUVC

Julien-David Nitlech (IRIS): What Exotec taught IRIS about backing deep tech that lasts