Acoustic sensor developer Zvook raises investment from new Czech fund managed by DEPO Ventures

Ukrainian acoustic sensor developer Zvook has raised investment from a new fund managed by Czech company DEPO Ventures. DEPO Ventures co-founder and managing partner Petr Šíma told Defender Media.

The investment in Zvook is the first in the portfolio of a fund established by National Development Investments, a subsidiary of the Czech National Development Bank. The fund selected DEPO Ventures to manage it, The Recursive reported last week.

According to the outlet, the new fund plans to invest €3.8m in startups from Ukraine, Moldova and Georgia that seek to develop their operations and partnerships in the Czech Republic.

What startups the fund will invest in

Through the fund, the Czech Republic aims to attract promising technology companies with global ambitions to develop their research, business, or engineering activities in the country.

The fund, created under the Fund Ukraine programme, may increase its size to €5.8m, subject to conditions on attracting private capital and how investments are used.

DEPO Ventures co-founder Petr Šíma told Defender Media that the fund primarily targets start-ups and technologies that strengthen European resilience. These include financial and space technologies, defence, dual-use technologies, cybersecurity, and energy.

DEPO Ventures was founded in 2016. The company has previously invested in several companies with Ukrainian founders, including the startup Talsec, which develops solutions to protect mobile applications.

About the Zvook deal – and what the project does

The financial terms of the Zvook deal are not disclosed, but in a conversation with The Recursive, Šíma said the fund plans to invest up to €500,000 in each early-stage company. He added that the company will always invest alongside other funds.

Zvook is developing a network of acoustic sensors for detecting airborne objects, including drones and missiles. The start-up is also testing passive hydrophones for underwater monitoring.

According to Šíma, DEPO Ventures aims not only to finance companies but also to help them build links with Czech businesses and facilitate joint ventures. For example, DEPO Ventures wants to help Zvook find manufacturing partners in the Czech Republic to scale up production.