Milan, September 10, 2026 – ARC Group acted as exclusive financial advisor to the shareholders of PhotonPath S.r.l. – the founders and key management team, early angel investors, and institutional investors 360 Capital, Join Capital, Deep Ocean Capital SGR, Levante Capital, Brembo, and CDP Venture Capital SGR – the Italian integrated photonics company spun out of Politecnico di Milano, in connection with their exit. The transaction marks the start of a new chapter for PhotonPath and a full realisation for the investors who backed the company from inception.
Founded in 2019 as a spin-off from Politecnico di Milano, PhotonPath designs and manufactures proprietary photonic integrated circuits (PICs), optical modules and sensing solutions for next-generation telecommunications, data centres and industrial applications. Its technology addresses one of the defining constraints of AI and cloud infrastructure: moving more data while reducing the energy, space and cost required to do so. Between 2019 and 2025, PhotonPath raised €8.3 million across four funding rounds from these investors, taking the company from university research to validated products and commercial deployment.
ARC Group advised PhotonPath’s shareholders throughout the transaction, from the assessment of strategic options to the negotiation of terms and completion. The mandate reflects ARC Group’s focus on cross-border transactions for technology companies: connecting deep-tech businesses with the international partners best placed to take their technology to scale, and managing the complexity of a deal that spans jurisdictions, cultures and time zones.
Valentin Ischer, Partner at ARC Group:
“We are delighted to have advised the shareholders of PhotonPath on this successful exit. PhotonPath is proof that European deep tech can compete globally: in seven years, a Politecnico di Milano spin-off built photonics technology that AI and data infrastructure players need. Taking that technology to the next level required a global, cross-border approach, which is precisely what ARC Group was built to do. We congratulate the founders on what they have achieved and thank the shareholders for their trust.”
Douglas Aguiar, CEO and Co-Founder of PhotonPath:
“This transaction marks an exciting new milestone for PhotonPath, enabling our team to scale our proprietary integrated photonics technology globally to meet the critical demands of next-generation AI and data infrastructure. ARC Group was fundamental to reaching this outcome; having run several fundraises in the past, their team’s relentless support and diligent work across all stakeholders significantly accelerated the process and allowed me to stay fully focused on running the business.”
Edoardo Agamennone, Managing Partner of Levante Capital:
“We introduced PhotonPath to ARC Group as part of our mission to help European tech companies access the right investors, partners and networks across global value chains. ARC Group’s expertise and relationships were instrumental in achieving such a strong outcome for all parties. This transaction is a great example of why connecting Europe’s most promising technology companies with global capital and value chains matters, and it is at the core of what we do every day at Levante. We look forward to working with Valentin, Charlene and the ARC Group team again soon.”
Jan Borgstädt, Founding Partner of Join Capital:
“PhotonPath is a success story for Italian deep tech, demonstrating how research born at Politecnico di Milano can evolve into technology that matters to global industry. The team has tackled a critical challenge: moving more data while reducing the energy consumption, space and costs required by AI and cloud infrastructure. This successful exit gives that work a platform to scale much further. We also greatly enjoyed working with Valentin and the ARC Group team, who advised us throughout the exit process. They were always available, provided excellent advice and did a great job of organising a competitive process that ultimately delivered a strong outcome.”
Cesare Maifredi, Partner at 360 Capital:
“PhotonPath is a tangible example of how scientific research and technology transfer can lead to the creation of companies capable of competing in global technology markets. We have supported the company throughout its growth journey, from the development of its technology to its transition from research to commercial applications. This exit opens a new chapter for PhotonPath and represents an important outcome for the investors who backed the project and, above all, for the founders and the entire team. A special thanks to PhotonPath’s founders, whose relentless work made this outcome possible.”
For more information or any questions, please contact:
Valentin Ischer
Partner
[email protected]
