VC FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

HCVC

Also known as Hardware Club, Elephants & Ventures, Elephants & Ventures / Hardware Club

Paris-based pre-seed and seed venture firm (formerly Hardware Club) backing hard-tech founders in Europe and the US: robotics, semiconductors, biotech, energy, defence and space.

HEADQUARTERS: Paris, France
FOUNDED: 2015
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 6 people

Focus

STAGES: Pre-SeedSeed
SECTORS: Deep Tech Industrial & Manufacturing Biotech & Life Sciences Climate & Energy Space Artificial Intelligence
ASSET MIX: Venture capital
GEOGRAPHY: EuropeNorth America

Overview

HCVC was founded in 2015 by Alexis Houssou as Hardware Club, a community-first venture firm for hardware founders; its management company Elephants & Ventures is AMF-authorised (GP-16000031). It invests at pre-seed and seed in startups that industrialise scientific and technological progress, in Europe and North America, with partners in Paris, London and Silicon Valley. Its first fund closed at $50M and HCVC II closed in June 2023 at $75M, above a $60M target, with the European Investment Fund, Isomer Capital and Molten among LPs. The portfolio page lists 58 companies with vintages from 2016 to 2026, including Dyna Robotics, Chef Robotics, Renaissance Fusion and Cowboy.

Investment thesis

Pre-seed and seed rounds in hard tech that industrialises scientific progress: robotics and automation, semiconductors and computing, biotech and gene therapy, fusion and climate hardware, defence and drones, space; Europe and North America.

PORTFOLIO (20)

Dyna RoboticsNOTABLE
Artificial Intelligence · since 2024
Renaissance FusionNOTABLE
Climate & Energy · since 2022
CowboyNOTABLE
Mobility & Logistics · since 2017
Chiral
Deep Tech · since 2023
Kyron.bio
Biotech & Life Sciences · since 2025
Lendurai
Deep Tech · since 2025
Karavela
Deep Tech · since 2025
Fuse Vectors
Biotech & Life Sciences · since 2024
Karman+
Space · since 2024
Cosmic Robotics
Climate & Energy · since 2024
Navier
Software & SaaS · since 2024
Chef Robotics
Industrial & Manufacturing · since 2023
Orakl Oncology
Biotech & Life Sciences · since 2023
Alpine Eagle
Deep Tech · since 2023
Transmutex
Climate & Energy · since 2022
Aryballe
Deep Tech · since 2017
Gideon Brothers
Industrial & Manufacturing · since 2018
Caper AI
Artificial Intelligence · since 2018 · Acquired
Augmenta
Food & Agriculture · since 2019 · Acquired
Valispace
Software & SaaS · since 2020 · Acquired

People

Alexis Houssou
Founder & Managing Partner · source
Jerry Yang
General Partner · source
Aymerik Renard
General Partner · source
Alexandre Flamant
Partner · source
Isabel Zhang
Investor · source
Cyril Abiteboul
Venture Partner · source

Frequently asked questions

HCVC is a VC fund based in Paris, France, founded in 2015.

Yes. HCVC invests its own capital in private companies.

HCVC invests at Pre-Seed and Seed stages in Deep Tech, Industrial & Manufacturing, Biotech & Life Sciences, Climate & Energy, Space and Artificial Intelligence.

Key people at HCVC include Alexis Houssou (Founder & Managing Partner), Jerry Yang (General Partner), Aymerik Renard (General Partner) and Alexandre Flamant (Partner).

HCVC's investments include Dyna Robotics, Renaissance Fusion, Cowboy, Chiral, Kyron.bio, Lendurai, Karavela and Fuse Vectors, among others.

The most recent publicly reported investment by HCVC is Lendurai (€5.57M seed with Expeditions Fund and Vsquared Ventures (co-led by HCVC per its site)), announced in Jun 2025.

Yes. HCVC manages capital from outside investors.