Raising Fund I

Investing deep
in what matters

Founder-led fund backing software and AI companies where real value is hidden behind complexity — not slides.

Enterprise, AI, and category-defining applications · Operator-led capital

Pre-seed & Seed $100K–$300K Europe & US 4 companies active
Investment Beliefs

Beliefs that drive
our underwriting

We have a point of view. It shapes every deal we do — and every deal we pass on.

Complexity is mispriced

The best deals look "too complex" early — technically, operationally, or in GTM. That's why they're underpriced. We underwrite complexity.

AI moat isn't model

In AI, the moat is not the model. It's workflow lock-in, distribution, and proprietary data loops.

Substance beats narrative

We back companies that win through product depth and execution — not pitch decks and hype cycles. Real metrics, real customers, real pain solved.

We don't invest in

AI wrappers without proprietary data or distribution SMB-first "enterprise" software Services-heavy models with agency margins "Platform" pitches without a wedge Idea-stage without exceptional founder-market fit
Focus Areas

Where we look

AI Infrastructure

Foundational AI tools and platforms that enable enterprises to build, deploy, and scale intelligent systems. We look for picks-and-shovels plays with strong technical moats.

AI Agents

Autonomous AI systems that execute complex tasks, make decisions, and interact with the world. From vertical agents to general-purpose assistants reshaping how work gets done.

B2B Enterprise Software

Mission-critical software solving complex enterprise problems. We favor companies with clear paths to $100M+ ARR and strong retention metrics.

Consumer Applications

Products that delight millions of users. Social, productivity, entertainment — we back founders who deeply understand user psychology and viral growth mechanics.

Cloud & DevOps

Next-generation infrastructure tools that help engineering teams ship faster and more reliably. Multi-cloud, observability, and developer experience.

Enterprise Data & Security

Solutions that help enterprises manage, protect, and derive value from their most critical asset: data. Security-first approaches to modern challenges.

Portfolio

Companies we've backed

A curated portfolio of exceptional founders building category-defining companies.

emma

Anchor Investment

Multi-cloud control plane enabling enterprises to orchestrate and optimize infrastructure across any cloud provider. GP is co-founder and CEO.

Raised $50M+
HQ Luxembourg
Stage Series A

nGrow.ai

Y Combinator

AI-powered growth platform helping mobile apps optimize user engagement and monetization through intelligent automation.

Stage Seed
HQ United States
Accelerator YC Alumni

Aurora First

AI

Next-generation AI platform transforming enterprise workflows with intelligent automation and decision support.

Co-investor RTP Global
HQ United States
Stage Seed

Dataroom.pro

Deal Flow

Secure virtual data room platform for M&A, fundraising, and due diligence. Enterprise-grade security meets intuitive design.

Role Lead Investor
Round Pre-Seed
HQ Luxembourg
Fund Mechanics

Fund I at a glance

GP has already deployed significant personal capital across 4 companies. We're now opening Fund I to aligned LPs to scale the strategy across Europe & the US.

Target $50M
Stage Pre-Seed & Seed
Check Size $100K – $300K
Geography Europe & US
Approach Lead or co-lead
Follow-on Reserved for winners
About

Dmitry Panenkov — Founder who funds founders

Dmitry Panenkov
Founder & GP

20+ years of enterprise technology experience at global leaders including Juniper Networks, Allot Communications, and Arista Networks. Built and scaled teams, products, and go-to-market strategies across three continents.

As founder and CEO of emma, raised over $50M to build a multi-cloud control plane serving enterprise customers globally. Grew the company to €35M ARR with over 100 employees.

"Deep runs in parallel with emma. I invest my own capital and experience into exceptional founders building the next wave of enterprise and AI companies. When I back a company, it's more than a check — it's hands-on help with technical strategy, enterprise sales, and the relationships built over two decades in the industry."

Deep is structured to ensure dedicated investment focus. Operational execution at emma is led by a senior leadership team.

Value Add

What we bring beyond capital

Every investment comes with hands-on support from someone who's built before.

01

Technical Architecture Review

Deep technical expertise in cloud infrastructure, distributed systems, and enterprise software architecture. We help you make the right technical bets early.

02

Enterprise GTM Strategy

20 years selling to Fortune 500. We help navigate complex enterprise sales cycles, build sales playbooks, and develop channel partnerships.

03

Global Network Access

Direct introductions to enterprise buyers, channel partners, and follow-on investors. A rolodex built over decades in enterprise tech across US, Europe, and APAC.

04

Operator Perspective

No theoretical advice. Every recommendation comes from lived experience — the hard lessons of building, scaling, and sometimes failing. Real talk, always.

Let's build
something deep

Founders: Pitch us. LPs: Let's talk.

Get in Touch