Bullnet Capital

Established in 2001, Bullnet Capital is a Madrid-based independent venture capital firm specializing in early-stage investments in technology-oriented projects across Spain. It focuses on software, hardware, and high-value-added services, typically investing between €1 million to €2.5 million per company.

Carmen Arenzana

Financial Director

Jorge Fernández

Investment Associate

Miguel del Cañizo

Founding Partner and Board Member

49 past transactions

Wooptix

Series C in 2025
Founded in Madrid, Spain in 2014, Wooptix develops innovative imaging technologies. The company specializes in creating three-dimensional modulation of images for enhanced volumetric photography and videography, enabling advanced image post-processing.

Inspiration-Q

Venture Round in 2024
Inspiration-Q is a technology company that develops and markets software solutions inspired by quantum computing, primarily for financial applications. Its platform offers businesses access to advanced, quantum-inspired algorithms for tasks such as portfolio optimization, risk analysis, pricing, and predicting key variables, without requiring specialized hardware.

Inmersia

Seed Round in 2024
Inmersia develops advanced AR and VR smart glasses designed for everyday use, focusing on sustainability and user-centric design.

MLCode

Seed Round in 2024
MLCode is a developer of an artificial intelligence-based data management platform focused on automating and securing data. The company addresses significant deficiencies in data automation and security by providing solutions that enable businesses to effectively integrate artificial intelligence into their operations while ensuring robust data protection. Through its platform, MLCode enhances the security of exposed data and streamlines the management processes, allowing organizations to leverage AI technologies with confidence in their data integrity and safety.

Mapsi Photonics

Seed Round in 2024
Mapsi Photonics develops silicon-based photonic technology, focusing on macroporous silicon infrared filters for industrial applications such as gas identification and thermal imaging. The company provides mid-infrared photonics solutions for gas and biochemical sensing, using patented custom filters to enable the miniaturization of gas detection systems and improved detection sensitivity. Its technology aims to balance performance, cost, resolution, operational range, and environmental footprint.

FYLA Laser

Series B in 2023
Founded in 2006, FYLA Laser specializes in the manufacture of fiber lasers, ultrafast pulsed lasers, and accessory modules for various industries. Its products include white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, supercontinuum lasers, ultrashort pulsed lasers, and spot control modules. These are used primarily in materials processing, bio-imaging, and industrial metrology.

Wooptix

Series B in 2023
Founded in Madrid, Spain in 2014, Wooptix develops innovative imaging technologies. The company specializes in creating three-dimensional modulation of images for enhanced volumetric photography and videography, enabling advanced image post-processing.

Deep Detection

Seed Round in 2023
Deep Detection specializes in the development of multispectral X-ray cameras that facilitate comprehensive inspection processes in high-speed manufacturing environments. These advanced cameras leverage deep learning, photonics, and micro-electronics to accurately identify and characterize a wide range of materials, including lightweight plastics, low-density substances, and various food products. The technology is designed to differentiate material types based on their physical parameters, chemical signatures, and compositions, ensuring rigorous quality checks and compliance with safety standards. By enabling continuous inspection on production lines, Deep Detection's solutions help businesses maintain the integrity and quality of their products, spanning applications in food quality assessment, material identification, and the inspection of complex composite assemblies.

Quside

Series A in 2023
Quside is a Barcelona-based startup specializing in the design and manufacture of innovative quantum components tailored for the hyper-connected society. The company focuses on quantum random number generation technology, which is pivotal for enhancing encryption solutions and securing data across various connected devices. Quside's components utilize standard telecommunication elements, including lasers and detectors, to produce quantum random numbers at gigabit per second rates. These components are developed using photonic integrated technologies, allowing for seamless integration into existing systems. By providing high-security solutions, Quside aims to address the growing need for robust data protection in an increasingly interconnected world.

MLCode

Pre Seed Round in 2023
MLCode is a developer of an artificial intelligence-based data management platform focused on automating and securing data. The company addresses significant deficiencies in data automation and security by providing solutions that enable businesses to effectively integrate artificial intelligence into their operations while ensuring robust data protection. Through its platform, MLCode enhances the security of exposed data and streamlines the management processes, allowing organizations to leverage AI technologies with confidence in their data integrity and safety.

Enthec Solutions

Venture Round in 2023
Enthec Solutions provides products focused on security monitoring, DevSecOps, and cloud services.

LeapWave Technologies

Seed Round in 2023
LeapWave Technologies is a deep tech company specializing in transforming the radio frequency paradigm. Its applications include broadband interconnects and millimeter/sub-millimeter waves, enabling advanced interconnections and probes for high-frequency electronic devices.

2EyesVision

Series A in 2023
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing and commercializing advanced technologies for visual diagnostics and corrections. The company emerged as a spin-off from CSIC and focuses on creating innovative solutions for presbyopia and cataract surgery. Its flagship product, SimVis Gekko, is a portable and adjustable visual simulator that allows patients to experience real-world vision prior to undergoing surgery. This device, which is FDA-cleared and CE-marked, assists ophthalmologists in selecting the most suitable intraocular lens for each patient, ultimately enhancing patient satisfaction and minimizing potential side effects. With the growing prevalence of presbyopia and cataracts, affecting over 2 billion people globally, 2Eyes Vision aims to address the challenges faced by both patients and clinicians in the ophthalmology field.

Quside

Series A in 2022
Quside is a Barcelona-based startup specializing in the design and manufacture of innovative quantum components tailored for the hyper-connected society. The company focuses on quantum random number generation technology, which is pivotal for enhancing encryption solutions and securing data across various connected devices. Quside's components utilize standard telecommunication elements, including lasers and detectors, to produce quantum random numbers at gigabit per second rates. These components are developed using photonic integrated technologies, allowing for seamless integration into existing systems. By providing high-security solutions, Quside aims to address the growing need for robust data protection in an increasingly interconnected world.

FYLA Laser

Series A in 2022
Founded in 2006, FYLA Laser specializes in the manufacture of fiber lasers, ultrafast pulsed lasers, and accessory modules for various industries. Its products include white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, supercontinuum lasers, ultrashort pulsed lasers, and spot control modules. These are used primarily in materials processing, bio-imaging, and industrial metrology.

2EyesVision

Series A in 2022
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing and commercializing advanced technologies for visual diagnostics and corrections. The company emerged as a spin-off from CSIC and focuses on creating innovative solutions for presbyopia and cataract surgery. Its flagship product, SimVis Gekko, is a portable and adjustable visual simulator that allows patients to experience real-world vision prior to undergoing surgery. This device, which is FDA-cleared and CE-marked, assists ophthalmologists in selecting the most suitable intraocular lens for each patient, ultimately enhancing patient satisfaction and minimizing potential side effects. With the growing prevalence of presbyopia and cataracts, affecting over 2 billion people globally, 2Eyes Vision aims to address the challenges faced by both patients and clinicians in the ophthalmology field.

2EyesVision

Funding Round in 2022
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing and commercializing advanced technologies for visual diagnostics and corrections. The company emerged as a spin-off from CSIC and focuses on creating innovative solutions for presbyopia and cataract surgery. Its flagship product, SimVis Gekko, is a portable and adjustable visual simulator that allows patients to experience real-world vision prior to undergoing surgery. This device, which is FDA-cleared and CE-marked, assists ophthalmologists in selecting the most suitable intraocular lens for each patient, ultimately enhancing patient satisfaction and minimizing potential side effects. With the growing prevalence of presbyopia and cataracts, affecting over 2 billion people globally, 2Eyes Vision aims to address the challenges faced by both patients and clinicians in the ophthalmology field.

Bioherent

Venture Round in 2022
Bioherent is a company focused on developing in vitro diagnostic systems specifically for the detection of allergies to beta-lactam antibiotics. Utilizing integrated photonic sensors, Bioherent aims to revolutionize drug allergy testing by providing sensitive and low-cost medical diagnostic solutions. The technology is designed to assist healthcare professionals in diagnosing and treating allergic diseases more effectively, thereby improving patient care and outcomes in the field of allergy medicine.

FYLA Laser

Funding Round in 2022
Founded in 2006, FYLA Laser specializes in the manufacture of fiber lasers, ultrafast pulsed lasers, and accessory modules for various industries. Its products include white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, supercontinuum lasers, ultrashort pulsed lasers, and spot control modules. These are used primarily in materials processing, bio-imaging, and industrial metrology.

Bitsphi

Venture Round in 2022
Developer of EEG-powered neurodiagnostic technology for cognitive function assessment. Its gel-free semi-dry EEG caps and proprietary algorithms analyze brain connectivity patterns during cognitive tasks, enabling healthcare professionals to provide faster, more objective diagnoses for conditions like ADHD.

FYLA Laser

Funding Round in 2021
Founded in 2006, FYLA Laser specializes in the manufacture of fiber lasers, ultrafast pulsed lasers, and accessory modules for various industries. Its products include white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, supercontinuum lasers, ultrashort pulsed lasers, and spot control modules. These are used primarily in materials processing, bio-imaging, and industrial metrology.

Knowledge Development for Rugged Optical Communications

Venture Round in 2021
KDROC is a company that provides support to private, financial and technology based investors.

Bitsphi

Seed Round in 2021
Developer of EEG-powered neurodiagnostic technology for cognitive function assessment. Its gel-free semi-dry EEG caps and proprietary algorithms analyze brain connectivity patterns during cognitive tasks, enabling healthcare professionals to provide faster, more objective diagnoses for conditions like ADHD.

Bioherent

Seed Round in 2021
Bioherent is a company focused on developing in vitro diagnostic systems specifically for the detection of allergies to beta-lactam antibiotics. Utilizing integrated photonic sensors, Bioherent aims to revolutionize drug allergy testing by providing sensitive and low-cost medical diagnostic solutions. The technology is designed to assist healthcare professionals in diagnosing and treating allergic diseases more effectively, thereby improving patient care and outcomes in the field of allergy medicine.

KDPOF

Series C in 2021
KDPOF is a Spanish technology company based in Madrid, specializing in high-capacity communication solutions using Large Core Plastic Optical Fiber (POF). The company focuses on developing advanced technologies that encompass everything from system definition to the design of digital integrated circuits. KDPOF's innovative POF communication technology integrates elements from modern digital communications and information theory, resulting in an efficient and adaptable system capable of operating across a wide range of optoelectronics. Its products are designed to meet the demands of various sectors, including home and small office networks, automotive, and industrial applications, by providing optical gigabit connectivity with features such as galvanic isolation, low weight, and cost-effectiveness.

2EyesVision

Venture Round in 2020
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing and commercializing advanced technologies for visual diagnostics and corrections. The company emerged as a spin-off from CSIC and focuses on creating innovative solutions for presbyopia and cataract surgery. Its flagship product, SimVis Gekko, is a portable and adjustable visual simulator that allows patients to experience real-world vision prior to undergoing surgery. This device, which is FDA-cleared and CE-marked, assists ophthalmologists in selecting the most suitable intraocular lens for each patient, ultimately enhancing patient satisfaction and minimizing potential side effects. With the growing prevalence of presbyopia and cataracts, affecting over 2 billion people globally, 2Eyes Vision aims to address the challenges faced by both patients and clinicians in the ophthalmology field.

ANYVERSE

Series A in 2020
Anyverse specializes in the production of high-confidence synthetic datasets aimed at enhancing the training and testing of autonomous systems such as autonomous vehicles, advanced driver-assistance systems, unmanned aerial vehicles, and smart cameras. The company utilizes a proprietary rendering engine that provides photometric-accurate light simulation, ensuring reliable outputs. Its software solutions enable users to have comprehensive control over various factors, including sensor specifications, scenario dynamics, and environmental variability. By employing physics-based data generation technology, Anyverse allows organizations to simulate a wide range of real-life conditions, such as different lighting and weather scenarios, thereby facilitating the development of perception models in shorter training cycles.

ANYVERSE

Series A in 2020
Anyverse specializes in the production of high-confidence synthetic datasets aimed at enhancing the training and testing of autonomous systems such as autonomous vehicles, advanced driver-assistance systems, unmanned aerial vehicles, and smart cameras. The company utilizes a proprietary rendering engine that provides photometric-accurate light simulation, ensuring reliable outputs. Its software solutions enable users to have comprehensive control over various factors, including sensor specifications, scenario dynamics, and environmental variability. By employing physics-based data generation technology, Anyverse allows organizations to simulate a wide range of real-life conditions, such as different lighting and weather scenarios, thereby facilitating the development of perception models in shorter training cycles.

LeanXcale

Venture Round in 2018
LeanXcale develops an ultra-scalable operational database platform that combines full SQL transactional consistency with real-time analytics. Its innovative approach enables businesses to blend OLTP and OLAP capabilities in a single system, enhancing agility and reducing total cost of ownership.

FYLA Laser

Funding Round in 2018
Founded in 2006, FYLA Laser specializes in the manufacture of fiber lasers, ultrafast pulsed lasers, and accessory modules for various industries. Its products include white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, supercontinuum lasers, ultrashort pulsed lasers, and spot control modules. These are used primarily in materials processing, bio-imaging, and industrial metrology.

2EyesVision

Venture Round in 2017
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing and commercializing advanced technologies for visual diagnostics and corrections. The company emerged as a spin-off from CSIC and focuses on creating innovative solutions for presbyopia and cataract surgery. Its flagship product, SimVis Gekko, is a portable and adjustable visual simulator that allows patients to experience real-world vision prior to undergoing surgery. This device, which is FDA-cleared and CE-marked, assists ophthalmologists in selecting the most suitable intraocular lens for each patient, ultimately enhancing patient satisfaction and minimizing potential side effects. With the growing prevalence of presbyopia and cataracts, affecting over 2 billion people globally, 2Eyes Vision aims to address the challenges faced by both patients and clinicians in the ophthalmology field.

LeanXcale

Venture Round in 2016
LeanXcale develops an ultra-scalable operational database platform that combines full SQL transactional consistency with real-time analytics. Its innovative approach enables businesses to blend OLTP and OLAP capabilities in a single system, enhancing agility and reducing total cost of ownership.

Wooptix

Series A in 2016
Founded in Madrid, Spain in 2014, Wooptix develops innovative imaging technologies. The company specializes in creating three-dimensional modulation of images for enhanced volumetric photography and videography, enabling advanced image post-processing.

KDPOF

Series B in 2014
KDPOF is a Spanish technology company based in Madrid, specializing in high-capacity communication solutions using Large Core Plastic Optical Fiber (POF). The company focuses on developing advanced technologies that encompass everything from system definition to the design of digital integrated circuits. KDPOF's innovative POF communication technology integrates elements from modern digital communications and information theory, resulting in an efficient and adaptable system capable of operating across a wide range of optoelectronics. Its products are designed to meet the demands of various sectors, including home and small office networks, automotive, and industrial applications, by providing optical gigabit connectivity with features such as galvanic isolation, low weight, and cost-effectiveness.

Visure Solutions

Series B in 2014
Visure Solutions specializes in Requirements Definition and Management (RDM), offering a comprehensive platform that streamlines RDM processes. Their solution enables efficient management of requirements throughout their lifecycle, ensuring quality in product development while facilitating change control and traceability.

Oncovision

Venture Round in 2012
Oncovision is a Spanish technology company focused on molecular vision applied to health sciences. The company develops, manufactures and markets medical imaging devices and related technologies to improve cancer diagnosis and treatment, as well as research in neurology, oncology, and cardiology. Its multimodal imaging platform aims to create new diagnostic tests and treatment options that offer clinical and economic advantages, potentially changing current standards of care. Founded in 2003 with support from the Corpuscular Physics Institute and the University of Valencia, Oncovision has built a portfolio of intellectual property and clinical evidence and has been recognized by European institutions for its innovations. Headquartered in Valencia and backed by venture capital, the company operates with a cross-functional, international team and collaborates with leading centers to advance molecular vision in Spanish and European health industries.

UAV Navigation

Venture Round in 2012
UAV Navigation, established in 2004, specializes in designing, manufacturing, and distributing flight control and motion processing systems for unmanned aerial vehicles (UAVs). The company offers navigation and autopilot solutions, including the AP04 autopilot system, HCAP avionics system, and AH01 motion processor. Their products also encompass magnetometers, engine monitors, and ground components. Notably, UAV Navigation provides the VECTOR SDK, a software tool enabling users to create custom flight control laws and modes, develop telemetry, and work with raw data. Serving diverse markets such as aerospace, sporting goods, consumer electronics, and automotive, UAV Navigation caters to a global clientele from its headquarters in Madrid, Spain, and an additional office in Manassas, Virginia.

KDPOF

Venture Round in 2012
KDPOF is a Spanish technology company based in Madrid, specializing in high-capacity communication solutions using Large Core Plastic Optical Fiber (POF). The company focuses on developing advanced technologies that encompass everything from system definition to the design of digital integrated circuits. KDPOF's innovative POF communication technology integrates elements from modern digital communications and information theory, resulting in an efficient and adaptable system capable of operating across a wide range of optoelectronics. Its products are designed to meet the demands of various sectors, including home and small office networks, automotive, and industrial applications, by providing optical gigabit connectivity with features such as galvanic isolation, low weight, and cost-effectiveness.

KDPOF

Venture Round in 2011
KDPOF is a Spanish technology company based in Madrid, specializing in high-capacity communication solutions using Large Core Plastic Optical Fiber (POF). The company focuses on developing advanced technologies that encompass everything from system definition to the design of digital integrated circuits. KDPOF's innovative POF communication technology integrates elements from modern digital communications and information theory, resulting in an efficient and adaptable system capable of operating across a wide range of optoelectronics. Its products are designed to meet the demands of various sectors, including home and small office networks, automotive, and industrial applications, by providing optical gigabit connectivity with features such as galvanic isolation, low weight, and cost-effectiveness.

UAV Navigation

Venture Round in 2009
UAV Navigation, established in 2004, specializes in designing, manufacturing, and distributing flight control and motion processing systems for unmanned aerial vehicles (UAVs). The company offers navigation and autopilot solutions, including the AP04 autopilot system, HCAP avionics system, and AH01 motion processor. Their products also encompass magnetometers, engine monitors, and ground components. Notably, UAV Navigation provides the VECTOR SDK, a software tool enabling users to create custom flight control laws and modes, develop telemetry, and work with raw data. Serving diverse markets such as aerospace, sporting goods, consumer electronics, and automotive, UAV Navigation caters to a global clientele from its headquarters in Madrid, Spain, and an additional office in Manassas, Virginia.

Códice Software

Venture Round in 2009
Códice Software is an engineering company established in 2005 and based in France, specializing in software configuration management solutions. The company has developed a comprehensive system that enhances the tracking of changes to source code and digital assets, facilitating better visibility and management of concurrent development efforts among teams. Códice Software's offerings include a robust distributed version control system designed for ease of use, particularly benefiting game developers with its advanced graphical user interface and features like Branch Explorer and Semantic.

Zhilabs

Venture Round in 2008
Zhilabs is a technology company specializing in customer experience assurance software, primarily known for its flagship product, FlowSight. This innovative software enables network operators to enhance their operations and gain a comprehensive understanding of their networks, data services, and subscribers. FlowSight captures extensive data at wire-speed directly from packet data networks and various operational support systems, applying advanced real-time analytics to optimize network performance and user experience. Established in 2008 by a team with extensive experience in multinational corporations and successful startups, Zhilabs has developed solutions that are deployed across Tier-1 network operators globally, particularly in Mobile Packet Core and Broadband sectors. The company's technology addresses the complexities of data traffic by providing accurate insights into subscriber experiences and assisting clients in identifying and resolving network-related issues efficiently.

Multiwave Photonics

Series B in 2008
Multiwave Photonics specializes in the manufacturing of pulsed fiber lasers, catering primarily to materials processing and environmental monitoring applications. The company also designs and develops fiber-optic light sources for a range of commercial and scientific purposes. In addition to its product offerings, Multiwave provides engineering services focused on product design and development, aiming to create cost-effective and reliable solutions that address specific customer needs. Through its innovations in fiber-optic technologies, Multiwave seeks to enhance the functionality and performance of its products in various applications.

Digital Legends

Venture Round in 2008
Digital Legends Entertainment S.L., founded in 2001 and based in Barcelona, Spain, specializes in developing high-end mobile games for smartphones, tablets, and connected TVs across multiple operating systems. The company utilizes its proprietary technology and in-house engines to create engaging multiplayer games across various genres, ensuring optimal performance on different platforms. By focusing on innovative solutions that enhance gameplay experiences, Digital Legends has established itself as a significant player in the mobile gaming industry.

Visure Solutions

Series A in 2007
Visure Solutions specializes in Requirements Definition and Management (RDM), offering a comprehensive platform that streamlines RDM processes. Their solution enables efficient management of requirements throughout their lifecycle, ensuring quality in product development while facilitating change control and traceability.

Oncovision

Venture Round in 2006
Oncovision is a Spanish technology company focused on molecular vision applied to health sciences. The company develops, manufactures and markets medical imaging devices and related technologies to improve cancer diagnosis and treatment, as well as research in neurology, oncology, and cardiology. Its multimodal imaging platform aims to create new diagnostic tests and treatment options that offer clinical and economic advantages, potentially changing current standards of care. Founded in 2003 with support from the Corpuscular Physics Institute and the University of Valencia, Oncovision has built a portfolio of intellectual property and clinical evidence and has been recognized by European institutions for its innovations. Headquartered in Valencia and backed by venture capital, the company operates with a cross-functional, international team and collaborates with leading centers to advance molecular vision in Spanish and European health industries.

AnaFocus

Venture Round in 2003
AnaFocus is a company specializing in the design and production of custom high-speed, high-performance CMOS camera systems-on-chip (camera SoC) and vision systems-on-chip (VSoC). With a team of over forty experienced engineers and Ph.D. experts, AnaFocus focuses on various aspects of vision technology, including camera design, optics, illumination, signal processing, and vision algorithms. The company is dedicated to innovation and technical excellence, consistently challenging conventional methods to develop new technologies and solutions. Over the past six years, AnaFocus has successfully created more than 15 different sensor chips, cameras, and smart cameras tailored to meet the needs of clients in industrial, surveillance, scientific, and medical markets. Despite its relatively low profile, AnaFocus's camera SoC and VSoC are integral to the latest products from leading companies in machine vision, surveillance, and scientific imaging. The firm emphasizes market orientation and customer satisfaction, illustrated by its recent collaboration with clients resulting in over ten patent applications in the last 18 months.

Arvirago

Venture Round in 2003
Developer of "The Lord of the Creatures", an advanced videogame with an innovative game concept.

Netspira Networks

Venture Round in 2002
Netspira Networks develops software tools and applications for the management of added-value services in the data networks of mobile telephone operators. Founded in 2001, it is based in Madrid, Spain.
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