Expeditions Fund

Expeditions Fund is a Warsaw-based venture capital firm founded in 2021 that backs early-stage technology companies. It originated from the venture capital operations of the Firlej Kastory family office and later became an independent firm supported by multi-billion-dollar investors, family offices, founders and CEOs. The firm pursues long-term, patient investments in technology companies globally, with a focus on Central and Eastern Europe. It seeks opportunities in artificial intelligence, cybersecurity, privacy, biotechnology, defense technology, quantum computing and B2B software as a service.

Mikolaj Firlej

Co-Founder and General Partner

Stanisław Kastory

Co-Founder and General Partner

25 past transactions

BlackWall

Series B in 2025
Botguard OÜ specializes in cloud-based website protection software that safeguards websites from malicious bots, crawlers, scrapers, and hacker attacks. Established in 2019 and headquartered in Tallinn, Estonia, with an additional office in Haifa, Israel, the company offers a platform that analyzes visitor behavior and creates digital fingerprints, storing the results in a database. This technology allows Botguard to block harmful bot traffic in real-time while ensuring that legitimate users, search engines, and affiliate bots have unrestricted access to the website. By doing so, Botguard enables its clients to protect their businesses from threats such as hackers, spammers, content theft, and competitive scraping.

Alpine Eagle

Seed Round in 2025
Alpine Eagle is a technology company specializing in counter-unmanned aerial systems (C-UAS). It develops hardware and software solutions to detect and mitigate threats posed by low-cost, autonomous drones. The company's offerings help identify the probability of drone incursions, enabling clients to enhance their security measures.

Comand AI

Seed Round in 2024
Comand AI specializes in developing advanced AI software for military command and control. It enhances decision-making and operational readiness in defense operations, providing a strategic advantage to armed forces. The company combines defense sector expertise with innovative technology to deliver tailored, AI-driven solutions.

Segmed

Series A in 2024
Segmed, Inc. is a company based in Menlo Park, California, that specializes in providing cloud-based solutions for accessing curated and anonymized radiology data. Established in 2019, Segmed offers customized datasets tailored to the specific needs of its clients in the pharmaceutical and medical device sectors. Its platform supports the development of predictive models and enhances patient recruitment and data management, facilitating research and regulatory processes within the life sciences and technology industries. By focusing on de-identified and structured medical imaging data, Segmed aims to improve early disease detection and prediction while ensuring that findings are accessible and representative of diverse populations.

Periphery

Pre Seed Round in 2024
Periphery offers embedded AI cybersecurity for critical infrastructure, defence, and medical devices. Their lightweight agents operate directly on connected hardware, employing embedded AI for real-time attack detection and prevention, even in disconnected or resource-limited settings. Additionally, they work with device makers to meet incoming product security regulations, from threat modelling to SBOM risk analysis and compliance readiness. Whether protecting devices in the field or preparing them for market, Periphery secures what others can’t see.

BlackWall

Series A in 2024
Botguard OÜ specializes in cloud-based website protection software that safeguards websites from malicious bots, crawlers, scrapers, and hacker attacks. Established in 2019 and headquartered in Tallinn, Estonia, with an additional office in Haifa, Israel, the company offers a platform that analyzes visitor behavior and creates digital fingerprints, storing the results in a database. This technology allows Botguard to block harmful bot traffic in real-time while ensuring that legitimate users, search engines, and affiliate bots have unrestricted access to the website. By doing so, Botguard enables its clients to protect their businesses from threats such as hackers, spammers, content theft, and competitive scraping.

Nu Quantum

Seed Round in 2023
Nu Quantum is a Cambridge-based quantum technology company developing the networking infrastructure required to scale quantum computers. It produces quantum photonics hardware, including photon sources and detectors, and nano-engineered materials for quantum light generation and ultra-sensitive detection. The firm is building a complete hardware system to create entangled qubit networks by interconnecting computing cores into large distributed clusters, featuring a high-speed network interface, photonic switching fabric, and control systems. This entangled fabric enables secure exchange of cryptographic keys and underpins quantum encryption links for sensitive communications. Partnerships with leading quantum companies, governments, and research groups support the path to market.

Labrys Technologies

Seed Round in 2023
We are a team of veterans, humanitarians, software engineers, cloud infrastructure and blockchain specialists unified by a single mission: To help our clients in the public and private sector optimise how they can manage globally distributed networks of people and teams We help clients in the private and public sectors eliminate the frictions associated with remotely managing global networks of people and communities. To do this, we are building the world's first unified, secure and integrated platform for scaling team and programme management at reach. At Labrys we deliver two types of services for our customers in the public and private sector: • A Software-as-a-Service (SaaS) offering, where our clients take our software and manage their own global teams and programmes • A Managed Service, where we use our software and unique global access to manage client requirements and programmes

Oblivious

Seed Round in 2023
Oblivious is a technology company focused on privacy-preserving data analytics and secure application deployment. It provides a platform that enables organizations to deploy servers to enclaves and securely connect to them via a native client direct-proxy. End-to-end payload encryption and attestation through a secure handshake verify the enclave and authorize users, helping to protect data as it moves and is processed. The software integrates with existing systems to support privacy-preserving analytics and secure application processing, allowing businesses to extract value from sensitive data without compromising privacy or compliance. By combining enclave-based computing with seamless integration, Oblivious aims to improve data utility while maintaining strong privacy protections and governance across enterprise workloads.

Disruptive Industries

Pre Seed Round in 2023
Disruptive Industries designs and builds intelligence systems for perpetual threat detection across various domains worldwide. Its flagship product, Keystone, is a closed-source, subscription-based platform that enhances situational awareness by uncovering overlooked insights and countering the limitations of digital immediacy.

Segmed

Seed Round in 2022
Segmed, Inc. is a company based in Menlo Park, California, that specializes in providing cloud-based solutions for accessing curated and anonymized radiology data. Established in 2019, Segmed offers customized datasets tailored to the specific needs of its clients in the pharmaceutical and medical device sectors. Its platform supports the development of predictive models and enhances patient recruitment and data management, facilitating research and regulatory processes within the life sciences and technology industries. By focusing on de-identified and structured medical imaging data, Segmed aims to improve early disease detection and prediction while ensuring that findings are accessible and representative of diverse populations.

Clausematch

Venture Round in 2022
Clausematch Limited is a London-based regulatory technology (RegTech) company founded in 2012, specializing in cloud-based solutions designed to assist heavily regulated organizations in managing compliance obligations. The company offers an AI-powered platform that facilitates end-to-end policy management and regulatory compliance, allowing users to navigate the compliance lifecycle effectively. Clausematch's platform employs machine learning to enhance collaboration among compliance, legal, finance, operations, and risk departments, automating impact assessments and streamlining the implementation of regulatory changes. This innovative approach enables organizations to standardize and automate their processes, reduce operational costs, accelerate implementation timelines, and demonstrate compliance with regulatory requirements.

Fiat Republic

Convertible Note in 2022
Fiat Republic offers a banking and payments platform that aggregates multiple banks into a single API integration and unified onboarding, enabling crypto platforms to embed fiat payment flows into their technology stacks. Its fiat-as-a-service solution, regulated under traditional finance rules, provides access to IBANs and virtual accounts in local currencies, and supports local transfer rails such as SEPA, Faster Payments, Elixir, and Pix, with real-time foreign exchange. The company targets crypto sites with a crypto-focused, e-money-regulated software-as-a-service platform that delivers a banking and payments API powered by real-time data to embed and automate flows, broadening access to mainstream and local banking services and supporting participation in the Web3 economy.

Anagenex

Series A in 2022
Anagenex is a biotechnology company developing a novel platform for drug discovery. This platform focuses on challenging targets by combining machine learning with DNA-encoded libraries and proprietary AI models to accelerate small molecule drug discovery.

Horizon Quantum

Series A in 2022
Horizon Quantum Computing Pte. Ltd., established in 2018 and headquartered in Singapore, focuses on creating software development tools that facilitate the development of quantum software applications. The company's innovative tools aim to bridge the gap between quantum computing and conventional software development, allowing researchers to enhance their productivity. By utilizing abstraction techniques, Horizon's solutions enable software engineers to engage in quantum application development without requiring prior experience in quantum computing. This approach not only simplifies the development process but also broadens access to quantum-enhanced applications, contributing to advancements in the field of quantum technology.

Synnada

Pre Seed Round in 2021
Synnada is an innovative company at the forefront of the artificial intelligence revolution, founded by Dr. Mehmet Ozan Kabak and Sami Can Tandogdu. The company specializes in developing a low-touch, self-contained machine learning platform that facilitates real-time alerts in streaming data environments. By employing advanced AI systems, Synnada reduces the workload associated with model management, deployment, and monitoring, allowing engineers, developers, and analysts to efficiently build models around streaming data. Synnada is also a significant contributor to the open-source community, notably in projects like Apache DataFusion and Mithril. Through its pioneering solutions and commitment to excellence, Synnada aims to transform operations across various industries and propel the data science community forward.

Nethone

Series A in 2021
Nethone offers a Know Your Users (KYU) risk-detection platform that protects the entire user journey from onboarding to post-payment, using AI-powered profiling to understand each end-user and block risky activity without impacting legitimate users. Its Profiler analyzes thousands of attributes to deliver real-time, actionable recommendations and supports end-to-end protection against more than 100 fraud tactics on websites and mobile apps, including account takeovers, bot attacks, promo abuse, friendly fraud, and card-not-present fraud. The modular platform aims to lower rejection rates and reduce manual review costs while preserving the user experience. Founded in 2016 within Daftcode, Nethone has global ecommerce, digital goods, and financial clients and has been part of Mangopay Group since 2022. It has been recognized as a fast-growing fintech company by The Financial Times and Statista.

Molecule.one

Seed Round in 2021
Molecule.one is a biotechnology company that specializes in artificial intelligence-driven software for chemical synthesis. Its m1 platform enhances the preclinical pipeline by maximizing efficiency in chemistry-related processes. The company’s software predicts the likelihood of synthesizing novel small molecules and automates significant portions of the manual work involved in synthesis design. By leveraging vast datasets that exceed human processing capabilities, Molecule.one enables clients to concentrate on drug candidates that are not only cost-effective to synthesize but also have a higher probability of success in the development process. This integration of AI into chemical synthesis represents a significant advancement in the field, streamlining workflows for bench chemists, data scientists, and computational chemists alike.

Clausematch

Non Equity Assistance in 2020
Clausematch Limited is a London-based regulatory technology (RegTech) company founded in 2012, specializing in cloud-based solutions designed to assist heavily regulated organizations in managing compliance obligations. The company offers an AI-powered platform that facilitates end-to-end policy management and regulatory compliance, allowing users to navigate the compliance lifecycle effectively. Clausematch's platform employs machine learning to enhance collaboration among compliance, legal, finance, operations, and risk departments, automating impact assessments and streamlining the implementation of regulatory changes. This innovative approach enables organizations to standardize and automate their processes, reduce operational costs, accelerate implementation timelines, and demonstrate compliance with regulatory requirements.

Biomage

Seed Round in 2020
Biomage is a company dedicated to advancing life sciences through innovative single-cell analysis. It offers a platform that enables researchers to analyze vast single-cell sequencing data efficiently, transforming complex biological data into actionable insights. This capability supports both academic and industrial scientists in enhancing drug target discovery while reducing costs. The Biomage Single Cell Platform allows users to manage their single-cell data analysis with ease, providing deep biological insights in a streamlined manner. By applying advanced computational methods, Biomage is at the forefront of facilitating groundbreaking research across various biological disciplines.

BlackWall

Seed Round in 2020
Botguard OÜ specializes in cloud-based website protection software that safeguards websites from malicious bots, crawlers, scrapers, and hacker attacks. Established in 2019 and headquartered in Tallinn, Estonia, with an additional office in Haifa, Israel, the company offers a platform that analyzes visitor behavior and creates digital fingerprints, storing the results in a database. This technology allows Botguard to block harmful bot traffic in real-time while ensuring that legitimate users, search engines, and affiliate bots have unrestricted access to the website. By doing so, Botguard enables its clients to protect their businesses from threats such as hackers, spammers, content theft, and competitive scraping.

Synthesized

Seed Round in 2020
Founded in London in 2017, Synthesized Ltd. specializes in secure data infrastructure for businesses. Its software uses advanced machine learning and information security techniques to generate synthetic datasets that mimic the structure of original data without revealing individual data points, ensuring compliance with regulations like GDPR.

Orasio

Orasio develops AI software that analyzes video streams and images to extract actionable information for security applications. The platform provides real-time detection of suspicious objects, abandoned items, and intrusions, as well as license plate recognition, and supports post-event analysis of footage. By combining vision-based analysis with event detection, Orasio helps clients improve security operations, monitoring capabilities, and situational awareness across various environments.
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