Expon Capital
Expon Capital is a Luxembourg venture capital firm that backs early-stage digital and deep-tech founders building for global impact. Water is a single line in its book: as of 2026 the Leviathan database tracks one water company, the satellite thermal-imaging firm Hydrosat, across three funding rounds. (don't) Waste Water rates its water commitment One-Off.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Expon Capital is an impact-driven Luxembourg venture firm, not a water fund, and it reads better when you start there. Four partners founded Expon in 2015 to back exceptional teams using digital and deep tech for a meaningful impact, sector by sector rather than to a single theme. It runs the Digital Tech Fund, Luxembourg's public-private seed vehicle now in its third generation, alongside its global Expon I fund, writing early cheques into fintech, cybersecurity, digital health, AI, and new space.
Expon's water story is essentially one name. The Leviathan database, where I log every water raise I can find, tracks a single water company across three rounds in Expon's book: Hydrosat, which turns thermal infrared satellite imagery into data on crop water stress, drought, and irrigation. That is water arriving through Expon's new-space and impact lens, a satellite-data bet that happens to point at the water cycle, rather than a thesis about water itself.
Expon Capital is therefore worth filing as an occasional, impact-and-space-minded water backer, not a water specialist. (don't) Waste Water rates its water commitment One-Off, it has never led one of those rounds, and its last tracked water deal dates to 2023. For a newcomer mapping who actually writes water cheques, Expon belongs in the deep-tech column: the fund to know if your water company is really a satellite or data company wearing waders, and a long shot otherwise.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 1 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Expon Capital invest in?
- Expon Capital is an early-stage venture firm that backs digital and deep-tech founders building for global impact, across fintech, cybersecurity, digital health, AI, and new space. In water specifically it is an occasional investor: the Leviathan database tracks one water company in its portfolio as of 2026, the satellite thermal-imaging firm Hydrosat.
- Does Expon Capital invest in water?
- Expon Capital does invest in water, but rarely. It has backed a single tracked water company, Hydrosat, whose satellite thermal imagery measures crop water stress, drought, and irrigation. With one water company across three rounds and no new water deal since 2023, (don't) Waste Water rates Expon's water commitment One-Off.
- Who runs Expon Capital?
- Expon Capital was founded in 2015 by four partners and is led by Managing Partners Alain Rodermann, Jérôme Wittamer, and Marc Gendebien, alongside co-founder Rodrigo Sepúlveda Schulz. The team invests from Luxembourg across digital and deep-tech sectors, including the new-space and satellite-data work that brought water company Hydrosat into the book.
- Where is Expon Capital based?
- Expon Capital is headquartered in Luxembourg City, in Luxembourg. Founded in 2015, it is an early-stage digital and deep-tech venture firm that runs the country's public-private Digital Tech Fund. In water it has backed one tracked company, the satellite thermal-imaging firm Hydrosat.
- Is Expon Capital the same as the Digital Tech Fund?
- No. Expon Capital is the Luxembourg venture firm; the Digital Tech Fund is one of the vehicles it manages, a public-private seed fund backing Luxembourg startups. Expon also runs its own global Expon I impact fund. Its single tracked water investment, Hydrosat, sits within this wider deep-tech portfolio.