Bullnet Capital

Bullnet Capital, established in 2001, is a Madrid-based venture capital firm specializing in early-stage investments. It focuses on technology-oriented projects, particularly in software, hardware, and high-value-added services, with a primary focus on companies based in Spain. The firm typically invests between €1 million and €2.5 million per round, with flexibility to consider smaller or larger rounds, and often co-invests in larger projects. Bullnet Capital has a strong track record in the healthcare sector and is open to investments in other technology sectors, aiming to support around 15 companies per fund.

Carmen Arenzana

Financial Director

Miguel del Cañizo

Partner

Jorge Fernández

Investment Associate

Javier Ulecia

Founding Partner

Past deals in Spain

Wooptix

Series C in 2025
Wooptix S.L., founded in 2014 and headquartered in Madrid, Spain, specializes in advanced imaging technologies. The company develops light field and wavefront phase imaging software that captures comprehensive information about light, utilizing the full resolution of sensors. This innovative platform allows for three-dimensional modulation of images across various camera setups, producing volumetric images and videos with enhanced data points and high frame rates. By focusing on improving human interaction with the environment, Wooptix aims to redefine the way users perceive and engage with their surroundings, offering new possibilities for image quality and post-processing capabilities.

Fyla

Series B in 2023
FYLA Laser S.L., established in 2006 and headquartered in Valencia, Spain, specializes in the manufacture of advanced laser technologies. The company produces a range of fiber lasers, including white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, and supercontinuum lasers, as well as ultrafast pulsed lasers and accessory modules. These products cater to various industries, with notable applications in materials processing, bio-imaging, and industrial metrology. FYLA aims to lead industry transformation by leveraging photonics to develop new sectors and applications, while focusing on quality and profitability for its clients. The organization emphasizes the importance of technology, skilled personnel, and core values in driving innovation and expanding its client base across life sciences, materials processing, and optical communications.

Wooptix

Series B in 2023
Wooptix S.L., founded in 2014 and headquartered in Madrid, Spain, specializes in advanced imaging technologies. The company develops light field and wavefront phase imaging software that captures comprehensive information about light, utilizing the full resolution of sensors. This innovative platform allows for three-dimensional modulation of images across various camera setups, producing volumetric images and videos with enhanced data points and high frame rates. By focusing on improving human interaction with the environment, Wooptix aims to redefine the way users perceive and engage with their surroundings, offering new possibilities for image quality and post-processing capabilities.

Quside

Series A in 2023
Quside is a Barcelona-based startup focused on designing and manufacturing innovative quantum components for the hyper-connected world. The company specializes in quantum random number generation technology, which enhances encryption solutions and data security for connected devices. By utilizing standard telecommunication components like lasers and detectors, Quside's technology harnesses quantum mechanical processes to generate random numbers at gigabit per second rates. Their photonic integrated technologies facilitate easy integration into various devices, allowing clients to secure their data and optimize randomized workloads effectively.

2EyesVision

Series A in 2023
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing technology for visual diagnostics and corrections. The company has created SimVis, a proprietary visual simulation technology specifically designed for multifocal lens applications in presbyopia and cataract surgery. This technology allows patients to experience real-world vision prior to undergoing surgical procedures, addressing the challenge faced by surgeons in selecting the most suitable intraocular lenses from a vast array of options available in the market. The SimVis Gekko device, which has received FDA clearance and CE marking, is portable and user-friendly, enhancing patient satisfaction and assisting ophthalmologists in making informed decisions about lens selection. With over 2 billion people globally affected by presbyopia and cataracts, and an aging population contributing to increased surgical options, 2Eyes Vision aims to improve clinical practices and patient outcomes in the field of ophthalmology.

Quside

Series A in 2022
Quside is a Barcelona-based startup focused on designing and manufacturing innovative quantum components for the hyper-connected world. The company specializes in quantum random number generation technology, which enhances encryption solutions and data security for connected devices. By utilizing standard telecommunication components like lasers and detectors, Quside's technology harnesses quantum mechanical processes to generate random numbers at gigabit per second rates. Their photonic integrated technologies facilitate easy integration into various devices, allowing clients to secure their data and optimize randomized workloads effectively.

Fyla

Series A in 2022
FYLA Laser S.L., established in 2006 and headquartered in Valencia, Spain, specializes in the manufacture of advanced laser technologies. The company produces a range of fiber lasers, including white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, and supercontinuum lasers, as well as ultrafast pulsed lasers and accessory modules. These products cater to various industries, with notable applications in materials processing, bio-imaging, and industrial metrology. FYLA aims to lead industry transformation by leveraging photonics to develop new sectors and applications, while focusing on quality and profitability for its clients. The organization emphasizes the importance of technology, skilled personnel, and core values in driving innovation and expanding its client base across life sciences, materials processing, and optical communications.

2EyesVision

Series A in 2022
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing technology for visual diagnostics and corrections. The company has created SimVis, a proprietary visual simulation technology specifically designed for multifocal lens applications in presbyopia and cataract surgery. This technology allows patients to experience real-world vision prior to undergoing surgical procedures, addressing the challenge faced by surgeons in selecting the most suitable intraocular lenses from a vast array of options available in the market. The SimVis Gekko device, which has received FDA clearance and CE marking, is portable and user-friendly, enhancing patient satisfaction and assisting ophthalmologists in making informed decisions about lens selection. With over 2 billion people globally affected by presbyopia and cataracts, and an aging population contributing to increased surgical options, 2Eyes Vision aims to improve clinical practices and patient outcomes in the field of ophthalmology.

2EyesVision

Funding Round in 2022
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing technology for visual diagnostics and corrections. The company has created SimVis, a proprietary visual simulation technology specifically designed for multifocal lens applications in presbyopia and cataract surgery. This technology allows patients to experience real-world vision prior to undergoing surgical procedures, addressing the challenge faced by surgeons in selecting the most suitable intraocular lenses from a vast array of options available in the market. The SimVis Gekko device, which has received FDA clearance and CE marking, is portable and user-friendly, enhancing patient satisfaction and assisting ophthalmologists in making informed decisions about lens selection. With over 2 billion people globally affected by presbyopia and cataracts, and an aging population contributing to increased surgical options, 2Eyes Vision aims to improve clinical practices and patient outcomes in the field of ophthalmology.

Fyla

Funding Round in 2022
FYLA Laser S.L., established in 2006 and headquartered in Valencia, Spain, specializes in the manufacture of advanced laser technologies. The company produces a range of fiber lasers, including white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, and supercontinuum lasers, as well as ultrafast pulsed lasers and accessory modules. These products cater to various industries, with notable applications in materials processing, bio-imaging, and industrial metrology. FYLA aims to lead industry transformation by leveraging photonics to develop new sectors and applications, while focusing on quality and profitability for its clients. The organization emphasizes the importance of technology, skilled personnel, and core values in driving innovation and expanding its client base across life sciences, materials processing, and optical communications.

Fyla

Funding Round in 2021
FYLA Laser S.L., established in 2006 and headquartered in Valencia, Spain, specializes in the manufacture of advanced laser technologies. The company produces a range of fiber lasers, including white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, and supercontinuum lasers, as well as ultrafast pulsed lasers and accessory modules. These products cater to various industries, with notable applications in materials processing, bio-imaging, and industrial metrology. FYLA aims to lead industry transformation by leveraging photonics to develop new sectors and applications, while focusing on quality and profitability for its clients. The organization emphasizes the importance of technology, skilled personnel, and core values in driving innovation and expanding its client base across life sciences, materials processing, and optical communications.

KDPOF

Series C in 2021
KDPOF is a Madrid-based company specializing in high-capacity communication technology using Large Core Plastic Optical Fiber (POF). The company develops advanced systems that include digital integrated circuits designed for robust optical networking, particularly suited for harsh environments and long-reach communications. KDPOF's products are characterized by their inherent galvanic isolation, lightweight design, and cost-effectiveness. These features enable home and small office/home office (SOHO) networks, as well as clients in the automotive and industrial sectors, to achieve optical gigabit connectivity tailored to their specific needs. Through its innovative approach, KDPOF aims to enhance the efficiency and adaptability of POF communication technology, leveraging the latest advancements in digital communications and information theory.

2EyesVision

Venture Round in 2020
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing technology for visual diagnostics and corrections. The company has created SimVis, a proprietary visual simulation technology specifically designed for multifocal lens applications in presbyopia and cataract surgery. This technology allows patients to experience real-world vision prior to undergoing surgical procedures, addressing the challenge faced by surgeons in selecting the most suitable intraocular lenses from a vast array of options available in the market. The SimVis Gekko device, which has received FDA clearance and CE marking, is portable and user-friendly, enhancing patient satisfaction and assisting ophthalmologists in making informed decisions about lens selection. With over 2 billion people globally affected by presbyopia and cataracts, and an aging population contributing to increased surgical options, 2Eyes Vision aims to improve clinical practices and patient outcomes in the field of ophthalmology.

Fyla

Funding Round in 2018
FYLA Laser S.L., established in 2006 and headquartered in Valencia, Spain, specializes in the manufacture of advanced laser technologies. The company produces a range of fiber lasers, including white in-fiber lasers, soft pulse in-fiber lasers, cold pulse in-fiber lasers, and supercontinuum lasers, as well as ultrafast pulsed lasers and accessory modules. These products cater to various industries, with notable applications in materials processing, bio-imaging, and industrial metrology. FYLA aims to lead industry transformation by leveraging photonics to develop new sectors and applications, while focusing on quality and profitability for its clients. The organization emphasizes the importance of technology, skilled personnel, and core values in driving innovation and expanding its client base across life sciences, materials processing, and optical communications.

2EyesVision

Venture Round in 2017
2Eyes Vision S.L, founded in 2015 and based in Madrid, Spain, specializes in developing technology for visual diagnostics and corrections. The company has created SimVis, a proprietary visual simulation technology specifically designed for multifocal lens applications in presbyopia and cataract surgery. This technology allows patients to experience real-world vision prior to undergoing surgical procedures, addressing the challenge faced by surgeons in selecting the most suitable intraocular lenses from a vast array of options available in the market. The SimVis Gekko device, which has received FDA clearance and CE marking, is portable and user-friendly, enhancing patient satisfaction and assisting ophthalmologists in making informed decisions about lens selection. With over 2 billion people globally affected by presbyopia and cataracts, and an aging population contributing to increased surgical options, 2Eyes Vision aims to improve clinical practices and patient outcomes in the field of ophthalmology.

Wooptix

Series A in 2016
Wooptix S.L., founded in 2014 and headquartered in Madrid, Spain, specializes in advanced imaging technologies. The company develops light field and wavefront phase imaging software that captures comprehensive information about light, utilizing the full resolution of sensors. This innovative platform allows for three-dimensional modulation of images across various camera setups, producing volumetric images and videos with enhanced data points and high frame rates. By focusing on improving human interaction with the environment, Wooptix aims to redefine the way users perceive and engage with their surroundings, offering new possibilities for image quality and post-processing capabilities.

KDPOF

Series B in 2014
KDPOF is a Madrid-based company specializing in high-capacity communication technology using Large Core Plastic Optical Fiber (POF). The company develops advanced systems that include digital integrated circuits designed for robust optical networking, particularly suited for harsh environments and long-reach communications. KDPOF's products are characterized by their inherent galvanic isolation, lightweight design, and cost-effectiveness. These features enable home and small office/home office (SOHO) networks, as well as clients in the automotive and industrial sectors, to achieve optical gigabit connectivity tailored to their specific needs. Through its innovative approach, KDPOF aims to enhance the efficiency and adaptability of POF communication technology, leveraging the latest advancements in digital communications and information theory.

OncoVision

Venture Round in 2012
Oncovision, a Spanish technology start-up established in 2003, specializes in developing medical imaging devices aimed at enhancing cancer diagnosis and treatment. The company focuses on Molecular Vision applied to health sciences, particularly in oncology, neurology, and cardiology. By creating innovative diagnostic tests and multimodal imaging technologies, Oncovision provides healthcare professionals with tools that offer clinical and economic advantages, ultimately improving patient quality of life. The company has garnered recognition for its original technologies and strong intellectual property, receiving accolades from prestigious Spanish and European institutions. Its team, composed of scientists, technicians, and technologists, has contributed to numerous publications and presentations at global medical conferences. Oncovision's advancements in imaging technology position it as a leader in the Spanish and European health industries, with a commitment to pioneering new standards in cancer treatment and care.

KDPOF

Venture Round in 2012
KDPOF is a Madrid-based company specializing in high-capacity communication technology using Large Core Plastic Optical Fiber (POF). The company develops advanced systems that include digital integrated circuits designed for robust optical networking, particularly suited for harsh environments and long-reach communications. KDPOF's products are characterized by their inherent galvanic isolation, lightweight design, and cost-effectiveness. These features enable home and small office/home office (SOHO) networks, as well as clients in the automotive and industrial sectors, to achieve optical gigabit connectivity tailored to their specific needs. Through its innovative approach, KDPOF aims to enhance the efficiency and adaptability of POF communication technology, leveraging the latest advancements in digital communications and information theory.

KDPOF

Venture Round in 2011
KDPOF is a Madrid-based company specializing in high-capacity communication technology using Large Core Plastic Optical Fiber (POF). The company develops advanced systems that include digital integrated circuits designed for robust optical networking, particularly suited for harsh environments and long-reach communications. KDPOF's products are characterized by their inherent galvanic isolation, lightweight design, and cost-effectiveness. These features enable home and small office/home office (SOHO) networks, as well as clients in the automotive and industrial sectors, to achieve optical gigabit connectivity tailored to their specific needs. Through its innovative approach, KDPOF aims to enhance the efficiency and adaptability of POF communication technology, leveraging the latest advancements in digital communications and information theory.

OncoVision

Venture Round in 2006
Oncovision, a Spanish technology start-up established in 2003, specializes in developing medical imaging devices aimed at enhancing cancer diagnosis and treatment. The company focuses on Molecular Vision applied to health sciences, particularly in oncology, neurology, and cardiology. By creating innovative diagnostic tests and multimodal imaging technologies, Oncovision provides healthcare professionals with tools that offer clinical and economic advantages, ultimately improving patient quality of life. The company has garnered recognition for its original technologies and strong intellectual property, receiving accolades from prestigious Spanish and European institutions. Its team, composed of scientists, technicians, and technologists, has contributed to numerous publications and presentations at global medical conferences. Oncovision's advancements in imaging technology position it as a leader in the Spanish and European health industries, with a commitment to pioneering new standards in cancer treatment and care.

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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