Founded in 2021 as a spin-out from Stuttgart University by Ralf Gulde (CEO) and Marc Tuscher (CTO), Sereact builds the intelligence layer for physical robots under the tagline One Brain. Any Robot. Any Task. Its Cortex Vision-Language-Action (VLA) foundation model enables any robot to perform complex manipulation tasks, including warehouse picking, returns handling and automotive kitting, without retraining from scratch. Operating a Robotics-as-a-Service (RaaS) model, Sereact allows customers to subscribe to robotic capability on a per-robot, per-month basis, with zero capital expenditure. The company holds the world’s largest real-world robotics dataset, comprising 507 million samples across 6.1 petabytes of data, which grows with every deployment and powers continuous fleet-wide improvement.

Cortex is live in production across leading European logistics, e-commerce, grocery and automotive enterprises, including Active Ants, Austrian Post, BMW, bol., Daimler Truck, DeltiLog, Mercedes-Benz, Monta, MS Direct, PepsiCo and Rohlik Group. Cortex 2.0, which introduces world-model-based predictive planning, has been in production since February 2026 and benchmarks 20 to 35 percentage points ahead of leading competing VLA approaches on real hardware. The funding round will enable Sereact to open its first US office in Boston later this year.

This investment is the first from Fund VII and reflects Bullhound Capital’s strategy of backing frontier technology businesses underpinning and harnessing the AI revolution. Fund VII targets a concentrated, high-touch portfolio of 10 to 12 category-leading deeptech companies, typically founded by academics or researchers with specialised R&D backgrounds and products applicable across both commercial and government markets. Sereact embodies that profile precisely: founded by researchers, built on proprietary real-world data, and already operating at scale in live production environments.

“We bet early that you can’t build real robotics AI in a lab,” said Ralf Gulde, CEO and co-founder. “You build it with a data flywheel fed by real deployments – shipping into production, living with the failures, and letting the model learn from what actually happens on the floor. The numbers show it worked. Two hundred systems. One billion picks. One intervention per 53,000. Nobody else is close.”

“The robot dreams in latent space. We give it a form of imagination – the ability to anticipate how the world will respond before it moves,” said Marc Tuscher, co-founder and CTO. “We don’t build robots. We don’t sell services. We ship one thing: the model that runs on any robot. Single arms, dual arms, humanoids, fixed cells – same brain across all of it. Hardware is becoming a commodity. The model isn’t.”

“After looking at a deluge of humanoid robotics companies, my fellow Partner, Alon Kuperman, and I were delighted to meet Ralf and Marc, who have built an AI operating system that seamlessly retrofits into the world’s vast fleet of industrial robots already in action,” said Per Roman, Founding Partner of Bullhound Capital.

About Sereact
Sereact builds physical AI for warehouses and manufacturing. Its Cortex brain runs across single-arm picking cells, dual-arm returns stations, humanoid robots, and Sereact Lens, a 3D perception system for inventory and quality control. Founded in 2021, headquartered in Stuttgart. Customers include Daimler Truck, Mercedes-Benz, BMW, MS Direct, Active Ants, DeltiLog, Rohlik Group, and Austrian Post. Sereact has raised over $140 million to date.

About Bullhound Capital
Bullhound Capital is the investment management arm of GP Bullhound, building with founders creating category-leading technology companies. With over €1 billion under management and 25 years of performance, it has invested in global leaders like Spotify, Klarna, Revolut, Slack, Unity, ConnexAI and EcoVadis. Operating from 13 offices worldwide, its platform delivers hands-on, founder-focused support across strategy, growth, and execution. From quantum to entertainment, Bullhound Capital backs global leaders applying Artificial Intelligence to solve real-world problems.

Enquiries
For press inquiries, contact: alon.kuperman@bullhound.com. 

Quantum Systems is at the forefront of AI-powered aerial robotics, developing a family of smart systems that go far beyond traditional drones. Our advanced electric vertical take-off and landing (eVTOL) small Unmanned Aerial Systems (sUAS), combined with our Drone Port solution, are designed to deliver automated actionable aerial intelligence. Built on a foundation of in-house software and AI, our systems transform aerial data into critical insights, empowering decision-making across security, defense and public safety, as well as for the commercial, industrial and GIS sectors. Featuring cutting-edge technology like edge computing and real-time AI-driven data processing, Quantum Systems enables operators to make informed decisions with unmatched speed and precision. Our solutions bring aerial intelligence to your fingertips, automating the entire process – from deployment to data analysis. Founded in 2015 and headquartered at Special Airport Oberpfaffenhofen near Munich, Quantum Systems operates globally with locations in Australia, Ukraine and Romania. Our German-engineered technology is trusted worldwide, paving the way for a new era of data-driven solutions.

Quantum Systems builds next-generation unmanned aerial systems (UAS) that fuse artificial intelligence, edge computing, autonomy and electric vertical take-off and landing (eVTOL) technology. Their systems provide real-time intelligence for defense, public safety, and commercial operations.

Founded ten years ago by Florian Seibel  and his founders team, Quantum Systems is advancing Europe’s ISR (intelligence, surveillance, reconnaissance) capabilities and strategic autonomy. The company has seen 100% year-on-year revenue growth, complemented by strategic acquisitions such as AirRobot and Nordic Unmanned UK. It is actively scaling operations across Europe, the UK, and APAC.

This new funding will accelerate global expansion, production scale-up, software and AI development, and strategic M&A, as Quantum Systems continues to integrate its value chain. The round is one of Europe’s largest dual-use technology fundraises to date.

This marks Bullhound Capital’s third investment in dual-use technologies from its flagship Fund VI.

Per Roman, Managing Partner at Bullhound Capital, commented: “Quantum Systems is at the forefront of autonomous aerial intelligence, driving critical innovation in defence and AI technologies. We are proud to invest in Florian, Sven and their outstanding team as they scale globally and strengthen Europe’s leadership in this strategically important sector.”

Florian Seibel, CEO and co-founder of Quantum Systems, added: “The need for sovereign, aerial intelligence has never been more pressing. Our systems, a powerful blend of hardware and software, are built for the realities of modern defence and security challenges – they are autonomous, interoperable, and proven under harsh conditions. With support from our new and existing investors, we are ready to become the European leader in robotised and AI-powered aerial intelligence solutions, providing both public and commercial customers with the high-quality, accurate data they need for daily decision-making.”

Bullhound Capital invested through GP Bullhound Fund VI, which also includes late-stage ventures such as Q-CTRL, LeoLabs, EcoVadis, CoverManager, Mentimeter, and Sesame HR. The investment was supported by:

  • The LFF 2 Initiative – a partnership between the Société Nationale de Crédit et d’Investissement (SNCI) and the European Investment Fund (EIF), aimed at financing innovation in Luxembourg.
  • The European Investment Fund (EIF) – with capital from the GFF – EIF Growth Facility, including matching contributions from both the ERP and EIF.

For inquiries, please contact: 
Per Roman at per@bullhound.com 
Alon Kuperman at alon.kuperman@bullhound.com 
Press inquiries: press@gpbullhound.com  

About Quantum Systems
Quantum Systems is at the forefront of AI-powered aerial robotics, developing a family of smart systems that go far beyond traditional drones. Our advanced electric vertical take-off and landing (eVTOL) small Unmanned Aerial Systems (sUAS), combined with our Drone Port solution, are designed to deliver automated actionable aerial intelligence. Built on a foundation of in-house software and AI, our systems transform aerial data into critical insights, empowering decision-making across security, defense and public safety, as well as for the commercial, industrial and GIS sectors. Featuring cutting-edge technology like edge computing and real-time AI-driven data processing, Quantum Systems enables operators to make informed decisions with unmatched speed and precision. Our solutions bring aerial intelligence to your fingertips, automating the entire process – from deployment to data analysis. Founded in 2015 and headquartered at Special Airport Oberpfaffenhofen near Munich, Quantum Systems operates globally with locations in Australia, Ukraine and Romania. Our German-engineered technology is trusted worldwide, paving the way for a new era of data-driven solutions.

About Bullhound Capital
Bullhound Capital is the investment management arm of GP Bullhound, building with founders creating category-leading technology companies. With over €1 billion under management and 25 years of performance, it has invested in global leaders like Spotify, Klarna, Revolut, Slack, Unity, ConnexAI and EcoVadis. Operating from 13 offices worldwide, its platform delivers hands-on, founder-focused support across strategy, growth, and execution. From quantum to entertainment, Bullhound Capital backs global leaders applying Artificial Intelligence to solve real-world problems.

In collaboration with Paddle, we surveyed over 100 European SaaS companies, ranging from early-stage ventures to late-stage growth. The report evaluates key performance metrics including growth, revenue retention, and operational efficiency, which are critical to navigating the current market environment.

The report also explores public market valuations, M&A trends and fundraising activity in the European SaaS sector. It includes a detailed review of deal activity, highlighting quarterly trends and providing country-specific analysis.

Alexis Scorer, Partner at GP Bullhound, commented: “This year’s survey demonstrates encouraging progress across the European SaaS sector, with companies displaying continued improvements in gross margins, operational efficiency, and overall profitability. Nearly half of companies surveyed are now EBITDA positive, highlighting the continued emphasis on capital efficient growth. Despite subdued fundraising volumes, an increase in larger private placements and increasing M&A activity underscores the sector’s adaptability and resilience. With Public market SaaS valuations now above the three-year average and a renewed focus on profitable growth, the industry is well-positioned to benefit from an improving Macroeconomic environment in 2025.”

GP Bullhound European SaaS survey key takeaways

  • Growth rates remain stable for late-stage SaaS. Despite a slight overall decrease in growth in 2023 across the cohort surveyed, growth rates for the €50m+ ARR companies are broadly in line with the previous year.
  • Continued improvement in operational efficiency. ARR per FTE is approaching €150k for growth-stage companies and remains significantly above 2021 levels for €50m+ ARR companies, despite a slight reduction from last year.
  • Stable year-on-year Net Revenue Retention of 110%. Median Net Revenue Retention was 110% – 112% in 2023 for companies surveyed, nearly identical to rates these companies exhibited in 2022.
  • Broad improvements in Gross Margin year-on-year. All ARR cohort groups saw improvements in gross margin ranging from 1% – 7%, reversing the trend highlighted in last year’s survey.
  • Nearly half of all SaaS companies surveyed are now profitable. Continued improvements in profitability, with 44% of all companies now EBITDA positive, compared with ~33% in last year’s report.

Public Market European SaaS

  • SaaS valuations have increased above the 3-year mean. Average European SaaS valuations are trading at 6.7x, above the 3-year average of 5.4x.
  • Growing emphasis on profitable growth. Correlation between public market valuations for the European SaaS index and Rule of 40 performance has increased significantly, with a renewed emphasis on growth versus last year.
  • US vs EU SaaS valuation gap diverging again. Following a recent period of convergence between public US and European SaaS valuations, listed US SaaS companies are now valued at a 20%-40% premium over their European counterparts.

European SaaS Deal Activity

  • Resilient M&A volume in 2024 YTD. Strong M&A activity in the YTD period signals early stages of recovery following several quarters of consecutive growth.
  • Growing proportion of larger late-stage fundraisings. Whilst fundraising activity remains muted, deal value has begun to recover with a notable increase in the proportion of $250m+ transactions in 2024 YTD.

Enquiries
For any enquiries, please contact:
Alexis Scorer, Partner, at alexis.scorer@gpbullhound.com
For press inquiries, contact: press@gpbullhound.com. 

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe, US and Asia. For more information, please visit www.gpbullhound.com.

We guide SaaS founders, CEOs and investors on how to navigate market challenges while highlighting the performance indicators of companies most likely to emerge stronger.

We surveyed over 100 SaaS companies across Europe in partnership with HSBC Innovation Banking, from startups to late-stage scaleups. We analyse the trends and compare key metrics including growth, headcount productivity and revenue retention, which are critical to navigating the current environment.

The report also explores public market valuations, M&A and fundraising in European SaaS, including the quarterly evolution of deal activity along with a country-specific breakdown of what’s trending.

Alexis Scorer, Partner at GP Bullhound, commented: “The focus on capital efficient growth highlighted in last year’s report has been evidenced by this year’s survey, indicating broad improvements in operational efficiency across the European SaaS sector. Despite the continued decline in SaaS fundraising volumes, M&A activity has proved resilient and remains well above pre-pandemic levels for European SaaS.”

European SaaS survey – key takeaways

  • Median ARR growth for SaaS companies with over €25m ARR declined from 44% in 2021 to 27% in 2022
  • Significant increase in ARR per FTE to €124k; average grows by 30% vs last year’s report
  • Slight improvement in Net Revenue Retention from 104% to 105% YoY
  • Median gross margins fell from 80% in last year’s report to 75% this year
  • Over a third of companies surveyed now profitable and c.40% of cohorts with ARR growth below 60% are profitable

European SaaS deal activity – key takeaways

  • Despite the decline in fundraising volume since the Q2 2022 peak, total funds raised are above pre-Covid levels $4bn–$5bn per quarter
  • SaaS M&A activity remains resilient with 178 transactions per quarter 2023 YTD, 30% above 3-year average

European SaaS public market – key takeaways

  • Valuation gap between public US and European SaaS companies stabilised in 2023
  • Revenue multiples for listed European SaaS companies recovering from c.4.3x at the start of the year to 4.8x in October

    Multiples for listed SaaS companies reboundin

Enquiries
For any enquiries, please contact:
Alexis Scorer, Partner, at alexis.scorer@gpbullhound.com

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 14 offices spanning Europe, the US and Asia.

Data-driven investment process is revolutionising European financial services. European tech companies are attracting top global equity investors, corporate partners, and customers. The continent is no longer dominated by one or two hubs: unicorns have emerged in 28 countries and 98 cities, and a total of $275bn was created in exits via M&A, IPOs, direct listings, and SPACs in 2021 alone, marking an exceptional and record-breaking year for entrepreneurial activity and investment flows. Market observers believe that Europe has the strongest ever startup pipeline, on a par with the US, and the future is looking bright.

At GP Bullhound, we serve the needs of the world’s best entrepreneurs with transactional advice, research insights and capital, prioritising the development of data-driven lending products and outstanding customer experience to gain competitive advantage. We believe traditional lending products no longer have the right product or market fit: standardised term sheets with warrants and poorly designed covenants constitute a major hurdle for later-stage tech companies.

By making investments into IT and fully adopting the right data infrastructure and analytic tools across the investment process, lenders can gain higher profitability and stronger security, leading to better, simpler, and more flexible growth lending products, while also improving profitability, risk management and performance for the lenders. The rise of European tech requires a new approach to lending.

Enquiries
For enquiries, please contact:
Olya Klueppel, Partner, at olya.klueppel@gpbullhound.com

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 10 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.