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Critical Ventures

Venture capital

Coimbra · Pre-Seed–Seed · 9 people tracked

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Investment thesis

Critical Ventures invests at the earliest stages in deep-tech companies building the critical systems the world depends on. Its focus spans cybersecurity, AI, industrial software and medtech, with investments across Europe and the US. The firm emphasizes early conviction bets and staying close to founders through every inflection point of company growth.

Source: firm website, verified Sep 27, 2026.

Stage
Pre-Seed–Seed
Check
$550K – $3.3M
HQ
Coimbra, PT
Leads rounds
Leads
Instruments
Equity
Founded
2012
Last 12 months
2 investments
Tracked investments
9
Acquisitions
1

Team · 9 people

from the firm's website & public directories
Pedro Murtinho· Partnerin

Partner of Critical Ventures since 2012 and CFO of Critical Software since 2002.

What they invest in

from 8 of 9 portfolio companies

AI & Machine Learning ×6Cybersecurity ×4Enterprise Software ×4Advanced Manufacturing ×3SaaS ×3IoT ×2Data & Infrastructure ×1Deep Tech ×1

HQs:Germany×2United States×2European Union×1New Zealand×1

Investments · 9 tracked

founders shown can be your intro path

By year:2026 · 22024 · 13 dated

twinzotwinzo.euin✓ verified

Twinzo builds a 3D live digital twin software platform that provides indoor positioning (RTLS), real-time logistics, material ordering, and operational insights, accessible via smartphone apps and a self-service DIY platform.

Advanced ManufacturingData & InfrastructureIoTSaaS

Michal Ukropec(CEO)inLubomira Bosanska(COO)inPatrik Pasko(CTO)inTomas Vojtek(CSO)in

Co-investorsDEPO VenturesVenture to Future FundSoulmates Ventures

Almetradeltia.aiJun 2026

Almetra (rebranded as Deltia) builds AI-powered analytics and monitoring systems for manufacturing operations, combining computer vision and sensor data to help factories identify bottlenecks and improve productivity.

Advanced ManufacturingAI & Machine LearningEnterprise SoftwareBerlin, DE

Max Fischer(Co-founder and CEO)in

Co-investorsCavalry VenturesCombination VCRobin Capitalsandstorm.vcTranspose Platform ManagementUnderline Ventures+3 more

Almetraalmetra.aiJun 2026

Almetra builds AI for manufacturing by combining computer vision, sensor data, and manufacturing expertise to help industrial teams understand production processes, identify bottlenecks, and improve operations.

Advanced ManufacturingAI & Machine LearningEnterprise SoftwareRoboticsBerlin, DE

Co-investorsLinden CapitalNAPUnderline VenturesBlisceMerantix CapitalRobin Capital

Hackurityhackurity.ioin𝕏

Hackurity provides continuous, autonomous red teaming through its ART Stack, which emulates exploit paths, impersonation risk, and lateral movement, combined with input from offensive security specialists.

AI & Machine LearningCybersecuritySaaS

Felix Nagy(Co-founder)Harold de Vries(Co-founder)in

Kirontechkirontech.com

Kirontech is a claims and payment risk intelligence platform that combines medical expertise with AI to help health insurers and payers identify financial leakage and clinical risk across their operations.

AI & Machine LearningHealthtechInsurTech

Co-investorsBayes Entrepreneurship FundBY Venture Partners

Rhizomerhizome-labs.com

Rhizome Labs develops task-specific AI models that can run locally, protect sensitive data, and remain reliable in privacy-sensitive, industrial, and operationally demanding environments.

AI & Machine LearningCybersecurityDeep Tech

Lancelot Convert(CEO)inClement Poiret(CTO)in

Co-investorsBase10 PartnersConvective Capital

RunSaferunsafesecurity.comin𝕏Sep 2024 · $12M

RunSafe Security develops cybersecurity software that hardens embedded systems and commercial/defense software against exploitation by disrupting the determinism attackers need to build reliable exploits.

CybersecurityDefense TechDeveloper ToolsEnterprise SoftwareMclean, US

Joseph M. Saunders(Founder and CEO)Doug Britton(EVP)inShane Fry(Chief Technology Officer)inBill Stulb(Director)

BoardJoe Addiego(Director)inPatricia Muoio(Director)in

Co-investorsAlsop Louie PartnersSINEWAVE VENTURESBMW i VenturesInner Loop CapitalIronGate Capital AdvisorsNextGen Venture Partners+3 more

Watchfulwatchful.co.nz

Watchful provides AI-powered autonomous security monitoring that uses computer vision to detect and respond to threats across camera feeds 24/7, with human oversight reserved for critical events.

AI & Machine LearningCybersecurityEnterprise SoftwareGovTechIoTPropTechSaaSAuckland, NZ

Joshua Parsons(Founder & CEO)in

Co-investorsBlackbird VenturesIcehouse VenturesVertex Ventures IsraelVertex Ventures

Watchfulwatchful.ioAcquired

Watchful was a machine teaching platform for creating training data for machine learning, acquired by Thoughtworks in 2024.

San Francisco, US

John Singleton(Executive Officer, Director)Shayan Mohanty(Executive Officer, Director)in

Co-investorsFf Venture CapitalQuest Venture PartnersVertex VenturesVertex Ventures Israel

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Critical Ventures made?
Critical Ventures has 9 tracked investments, 1 of which have exited, including 2 dated in the last 24 months.
What stage does Critical Ventures invest at?
Critical Ventures invests at the Pre-Seed, Seed stages.
What is Critical Ventures's typical check size?
Critical Ventures typically writes checks of $550K – $3.3M.
What sectors does Critical Ventures focus on?
Critical Ventures focuses on Advanced Manufacturing, AI & Machine Learning, Crypto & Web3, Cybersecurity, Deep Tech, Defense Tech, Energy, Enterprise Software, Fintech, InsurTech, Medical Devices, Robotics, Space Tech.
Where is Critical Ventures located?
Critical Ventures is headquartered in Coimbra, PT.
Does Critical Ventures lead rounds?
Yes, Critical Ventures leads investment rounds.
Who does Critical Ventures co-invest with?
Critical Ventures most often shares deals with Alsop Louie Partners, BMW i Ventures, Inner Loop Capital, among 14 tracked co-investors.

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