Enterprise SoftwareCybersecurityInfrastructure & CloudHardware & SemiconductorsMobility & TransportationDefense & Space
NGP Capital (formerly Nokia Growth Partners) is a global venture capital firm founded in 2005, headquartered in Palo Alto, CA. The firm backs early-stage B2B companies from Series A onwards in Europe and the US, focusing on enterprise software, industrial technology, cybersecurity, and edge & data infrastructure. Its most recent fund (Fund V) closed at $400M in 2022, bringing total assets under management to over $1.6B across all funds.
Deal activity decreased year-over-year (7 deals in the last 12 months vs 13 prior). Average disclosed round size is $59.0M (across 101 rounds with reported amounts).
Portfolio
80
Fund Size
$400M
Top Stage
Series B
Last 12 Mo
7
Team
Dr. Yue Zhuge
Venture Partner
Michael Sova
Vice President, Finance
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
114 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Impossible Cloud | Growth | $34M | Jun 2026 |
 Xona | Series C | — | Mar 2026 |
 ArmorCode | Unknown | $16M | Jan 2026 |
 X Energy | Series D | $700M | Nov 2025 |
 PhysicsX | Series B | $155M | Nov 2025 |
 ElectronX | Series A | $30M | Nov 2025 |
 EV Realty | Unknown | — | Nov 2025 |
 Scintil | Series B | $58M | Sep 2025 |
 NetBox | Series B | $35M | Jul 2025 |
| Xona | Series B | $92M | Jun 2025 |
| PhysicsX | Series B | — | Jun 2025 |
 Impossible Cloud Network | Unknown | — | May 2025 |
 Skylo Technologies | Unknown | $30M | Feb 2025 |
 Ati Motors | Series B | $20M | Jan 2025 |
 ANYbotics | Series C | $60M | Dec 2024 |
 TRACTIAN | Series C | $120M | Dec 2024 |
| TThe Exploration Company (TEC) | Series D | $160M | Nov 2024 |
 The Exploration Company | Series B | $160M | Nov 2024 |
| X Energy | Series C | — | Oct 2024 |
 Observe | Series B | $145M | Sep 2024 |
 Dandelion Energy | Series C | $40M | Sep 2024 |
| GGrayMatter | Series B | $45M | Jun 2024 |
| Xona | Series A | $19M | May 2024 |
 NIL Technology | Unknown | $31M | May 2024 |
 NIL Technology | Unknown | — | May 2024 |
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Top Co-Investors
GV11 shared
Atomico9 shared
Bessemer Venture Partners7 shared
Qualcomm Ventures7 shared
Y Combinator7 shared
Intel Capital7 shared
Index Ventures7 shared
Activate Venture Partners7 shared
Workday Ventures6 shared
Scale Venture Partners5 shared
Warburg Pincus LLC5 shared
G2 Venture Partners5 shared
Swisscom Ventures5 shared
Sequoia Capital5 shared
In-Q-Tel5 shared
Madrona Venture Group5 shared
BNP Paribas5 shared
InterWest Partners5 shared
Walden Catalyst Ventures4 shared
Battery Ventures4 shared
Last updated: 7 October 2026