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External newsletter May 2025 - N° 169
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EDITO
A spring of continuity
and commitment
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Dear Business Angels friends, dear readers,
Spring brings its share of changes and renewal. In anticipation of our Annual General Meeting scheduled for Monday June 16th at 5pm at the Town Hall in the7th arrondissement of Paris (dear members, mark your calendars and come one, come all), I'm delighted to announce the arrival of Corentin Gaudelot as BADGE's new General Delegate. As a young graduate entrepreneur, Corentin has already built up a wealth of experience in a short space of time, which will be useful to the development of our network. See the detailed announcement below. As one swallow doesn't make a spring, I'm also pleased to welcome Ilona Chouin until the summer vacations.
Olivier Blandin, an insurance expert specializing in the problems faced by entrepreneurs and start-ups, gives us a reminder of the importance of having the right cover for your business. It is estimated that 7 out of 10 businesses will have been victims of at least one fraud attempt in 2019 (according to a 2020 Euler Hermes study). The risks are manifold, and the damage can be considerable: loss of turnover, destruction of data, damage to reputation and, of course, loss of time. It's not always possible to avoid a cyber attack, but everyone has a responsibility to protect themselves by anticipating the risks. At BADGE, we have chosen to store our members' personal data and the confidential information of Project Developers on the DEALFLUX platform, which is based on a 100% French, secure cloud offering.
This morning, Bruno Bonnell commented on the radio on one of the objectives of France 2030, for which he is responsible, saying that he was aware that "of the 54 billion euros that France finances in space, quantum, bioproduction and new agriculture, between 10 and 12% will be lost. We have just published our annual report for 2024: the 10-year loss rate of the sums invested by our members is 7.6%. This is an excellent result, pending profitable exits, of which we counted two last year with multipliers greater than 2. You can find the full report online on our website in the news section, describing our activity and giving all the figures and performances of the network.
It's time to join Les Business Angels des Grandes Ecoles and contribute to private support for innovation.
Best regards,
Paul Leondaridis,
Chairman of Business Angels des Grandes Écoles.
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Insurance & Business Angels: a security lever not to be overlooked
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In the ecosystem of innovation and growing companies, you, the business angels of the grandes ecoles , play a fundamental role. By investing in the early stages of a company's development, you provide much more than just financial support: you offer strategic guidance, access to a high-quality network, and a detailed understanding of the challenges facing entrepreneurs.
To secure your commitments, you rely on tried-and-tested legal tools, among which the shareholders' agreement occupies a central place. This agreement provides a framework for relations between founders and investors, setting out exit procedures, rights of oversight and non-dilution clauses.
However, beyond the legal aspects, insurance is a lever that is often underestimated, but which can prove decisive in controlling the risks associated with your investments.
Liability of corporate officers (RCMS) Or how to secure capital investment?
When you take part in the governance of a company (board of directors, strategic committee, corporate mandate), you may be exposed to the risk of personal liability for misconduct or abnormal management actions, errors of assessment or regulatory breaches, or failure to comply with the bylaws (non-exhaustive list...).
Directors' and officers' liability insurance (RCMS ) covers your risks by covering your defense costs and any potential fines. It not only protects you as a manager, but also indirectly the company, by ensuring more serene, legally secure and less exposed governance.
This coverage is now considered best practice in fund-raising operations, and is often recommended by Business Angels.
Key man insurance: or how to ensure continuity... and preserve value?
In the early days, every company relies on key people. These may be the founder, with his or her vision and structuring decisions; a specialized engineer or technician, with rare expertise; or an experienced salesperson capable of opening up critical markets.
The sudden disappearance orprolonged incapacity of one of these people can jeopardize the continuity of the company: loss of know-how, loss of momentum, critical delays, loss of credibility with customers or investors.
This is precisely the type of risk that key man insurance is designed to manage.
This insurance provides for the payment of a capital sum directly to the company, which can be used without restriction by management. This capital allows :
- Finance an interim manager,
- Recruit an equivalent profile,
- Compensate for a temporary loss of sales,
- restructure or reorganize teams.
Above all, this cash injection helps maintain the company's value, ensure its operational continuity, and preserve the confidence of partners: investors, customers, suppliers.
When it comes to raising capital, having such coverage demonstrates a high level of anticipation and a willingness to control human risks, which is highly appreciated by professional investors.
Cyber insurance: Protecting yourself and responding to a systemic risk
Cyberthreats are on the increase, and no longer concern only major corporations. Today, any structure, including start-ups and SMEs, can be targeted. The consequences can be far-reaching: business stoppages, loss of strategic data, damage to reputation, ransom demands.
Cyber insurance covers these risks: it can cover operating losses, system restoration costs, legal costs and crisis communication operations.
It's an essential lever in building a resilient company, right from the earliest stages of growth.
Including insurance in the business plan: a strong signal to partners
A well-constructed business plan goes beyond sales projections and growth assumptions. It must also include a clear vision of the risks - human, legal, technical - and the resources put in place to manage them.
Including a budget line dedicated to key insurances (directors' and officers' liability, key man, cyber) with a quantified valuation, adapted to the company's size and profile, is a major element of reassurance for investors. This reflects a capacity for anticipation, a structured vision of development, and a professional approach to hazard management.
In a nutshell
Insurance is more than just protection: it's a strategic tool for securing and enhancing value. It enables you to anticipate risks, protect people and assets, and strengthen the company's credibility with its financial partners. Think about it first.
Accrma, a specialized broker and partner of the Business Angels of the Grandes Ecoles, is with you from the very first stages of financing, and remains present in the subsequent phases of growth: expansion of the workforce, new premises, international expansion, or coverage of foreign subsidiaries, particularly in the United States and Canada.
Well accompanied, you'll love the insurance.
Summary sheets on key man and corporate officer insurance are available on the BADGE website.
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Two new talents join BADGE!
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The BADGE network is delighted to welcome two new talents to its team:
Corentin Gaudelot joins BADGE as Managing Director. A graduate of the ESCP business school, he focused on entrepreneurship and finance. He founded a first entrepreneurial project during his studies and completed two internships: one in private equity at Omada, the other in venture capital at Key Ventures. After graduating, he co-founded and managed Rock You, a marketing agency which enabled him to enrich his global business understanding. In 2023, he published "Pourquoi les entrepreneurs échouent" (Why entrepreneurs fail) with Diateino, the fruit of over 30 interviews with French founders. Corentin joins us with the ambition of supporting innovative projects in their early financing and structuring phases.
After seven years as an expatriate in Warsaw and a university exchange in Mexico City, Ilona Chouin, a graduate of IESEG's Grande École program, turned to supporting start-ups by joining the Val'Angels network, before consolidating her financial skills during a private debt internship in Madrid. Convinced that early stage financing plays a key role in the emergence of innovative projects, she is now focusing on venture capital. She joins BADGE as Project Manager, with a strong appetite for the challenges of financing and entrepreneurial growth.
We would like to take this opportunity to extend our warmest thanks to Yannis Sahraoui, who has fulfilled his role as Managing Director with commitment and professionalism over the past two years. His involvement has been invaluable in the continuity and structuring of the network's activities. The entire BADGE team extends a warm welcome to Corentin and Ilona.
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UPCOMING EVENTS
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>>> PROJECT PRESENTATIONS
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Monthly meetings with presentations of innovative fund-raising projects led by Philippe Pernot, Vice-Chairman in charge of project appraisal.
Members only.
Non-members, ask for your invitation.
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Tuesday, May 27, 2025 at 5:30 p.m.
Monthly meeting, Maison des polytechniciens, salon Aigle 12 rue de Poitiers 75007 Paris and by Zoom.
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| I request my invitation |
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Tuesday, June 24, 2025 at 5:30 pm
Monthly meeting, Maison des polytechniciens, Salon Aigle 12 rue de Poitiers 75007 Paris and by Zoom.
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| I request my invitation |
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The BADGE 2024 annual report is available
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As it does every year, BADGE draws up a report on its activities. Discover the start-ups financed in 1st and 2nd rounds in 2024, the evolution of amounts invested within the network, as well as the average ticket value per project. You'll also find an update on membership dynamics and a look back at the highlights of the past year.
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News from our funded startups
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Ezymob selected as one of 16 winners
of the BEFuture Acceleration Programme!
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Ezymob, a start-up supported and financed by BADGE, is one of 16 French companies selected as part of the BEFuture Acceleration Programme. This European program, backed by the BEFuture - Built Environment of the Future - project, aims to support the most promising start-ups in the building and sustainable construction sector, helping them to structure their innovation strategy, access European markets and accelerate their development. Ezymob makes public transport more accessible to the visually impaired and those with reduced mobility, thanks to its digital assistance solutions.
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AERIX SYSTEMS wins the "Robots and intelligent machines" call for projects under the France 2030 plan!
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Aerix Systems, a start-up supported by the BADGE network, has been selected as part of the national Call for Projects "Supply of excellent robots and intelligent machines", supported by the France 2030 plan.
This recognition reinforces the development of the DROMNI program, an innovative aerial solution designed to push back the limits of drone operations in complex, constrained environments. Thanks to its patented omnidirectional propulsion technology, DROMNI opens up new possibilities for operations in critical sectors such as energy, industrial inspection, nuclear power and civil security.
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Our startups are recruiting
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Telegrafik is a pioneer in connected solutions for homecare for the elderly. The company is looking for a Customer Success Manager (M/F) to join its team.
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Great projects to invest in within our network
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Kimialys develops and markets an innovative chemical treatment for surfaces used in diagnostics (nanoparticles, chips, electrodes), making it possible to increase the sensitivity and specificity of tests, and thus pave the way for new clinical applications. Kimialys' core technology is based on a proprietary method of pre-functionalizing biochips and nanoparticles, and represents a major breakthrough in biosensor coating.
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The start-up deeptech XiMed aims to solve the problem of overconsumption of macrobiopsies by exploiting a new patented phase-contrast X-ray imaging technology, developed since 2017 at the ALPhANOV photonics and laser technology center. This technology makes it possible to achieve levels of resolution making it possible, for the first time, to create a new, more precise semiology of breast microcalcifications. Eventually combined with a diagnostic aid module based on artificial intelligence, XiMed aims to revolutionize the clinical workflow for the early detection of breast cancer, by precisely qualifying microcalcifications directly on mammographic images, thus avoiding unnecessary macrobiopsies for millions of patients.
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Luchrome is a deeptech start-up created in July 2023 and incubated at Bordeaux Technowest, focusing on the manufacture and sale of screens that have the advantage of being the most energy-efficient display technology on the market, ideal for connected objects. The invention, which is protected by several patents, is aimed at the low-power display market ($2 billion), with several applications: connected labels for the retail sector at the head of the aisle, and for logistics in addition to consumer electronics (see TDS). Thanks to breakthrough innovations in low-power consumption, the printing capacity of these devices and their low environmental impact, Luchrome intends both to replace certain products (retail) and to offer new applications for displays.
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Founded in 2019, OPUS Aerospace is a French start-up that aims to develop launch solutions dedicated to small satellites to accelerate space exploration. Through STERNE, its range of reusable launchers, it will enable payloads of up to 300 kg to be placed into precise orbit on the desired date. Today, the company is developing its first suborbital rocket, named "Mesange", which will be launched to embark its technologies & its first customers.
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By offering welders a piloted collaborative arm, Weez-U Welding 's aim is to eliminate the risky, tiring and repetitive aspects of their work. Welders benefit from improved comfort, produce higher quality welds and increase their productivity. At a time when many companies are finding it hard to recruit, our solution makes the job more attractive. An initial piloted welding solution, using a standard robotic arm, has been in service with our customers for two years, and has sold 7 units. Weez-U Welding is preparing a new version of its piloted welding cobot, based on an ultra-lightweight robotic arm, which will be available for pre-production at the end of 2024. This product represents a major breakthrough in the robotics market.
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Despite their performance, silicon solar panels have some notable limitations: their rigidity, weight and unattractive appearance restrict their use. They are difficult to integrate on surfaces that are curved, small or require careful design. Optipus PV offers an innovative solution with Energy Skin. These lightweight, flexible and colorful photovoltaic modules push back the boundaries of organic photovoltaic (OPV) technology, combining efficiency and design diversity. The start-up initially targets consumer electronics products for renewable energy supply, with extended potential applications: listed buildings, electric bikes and cars, boat sails, and much more.
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Symbiose is an innovative platform leveraging AI to revolutionize forest management through advanced remote sensing and fundamental models. By integrating various sources of Earth observation data, such as hyperspectral imagery, LiDAR and radar, Symbiose provides accurate, real-time analyses of forest condition, climate risk and asset valuation. Thanks to the use of large language models (LLMs), the platform integrates a virtual forest expert capable of formulating personalized, actionable recommendations. It enables forest owners to optimize their resources, anticipate risks and promote sustainable management in the face of climatic challenges.
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BioHive, a biotech based at the Genopole in Évry-Courcouronnes, is developing stem cell-derived human skin organoids, reproducing all skin structures, including hair follicles, in healthy and pathological versions. Collaborating with Sanofi on atopic dermatitis and leading cosmetics companies, BioHive innovates for high-potential markets such as alopecia, redefining the standards of dermatological research.
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Skydrone Robotics is developing the first modular drone capable of intervening on live lines, reducing intervention costs by a factor of ten and facilitating the deployment of smart grids. With renewable energies gaining ground, this technology makes operations safer by limiting human risks, optimizing costs and intervention times, and helping to accelerate the energy transition. Winner of the France 2030 program, Skydrone Robotics has been awarded a €1.8 million grant, and is backed by key partnerships with SICAME and SAFRAN.
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Founded in 2020, deeptech start-up MOÏZ designs and manufactures autonomous sensors. These sensors draw the energy they need from their environment, and send measured data (temperature, gas flow, hygrometry, etc.) using a low-power communication protocol. MOÏZ sensors operate without batteries or wires! Easy to install, they require no maintenance and can be installed in a wide range of environments with a heat source of around ten degrees (hot pipes, mechanical parts, etc.).
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The 9th edition of Viva Technology, Europe's biggest rendezvous dedicated to startups and tech, returns to Paris from June 11 to 14, 2025. A must-attend event for anyone interested in disruptive innovations, tomorrow's technological challenges and the talent behind them.
Every year, VivaTech brings together a global ecosystem of visionary startups, investors, major corporations, researchers and public players. It's a unique opportunity to discover the solutions that are shaping the future, and to strengthen the links between innovation and financing.
The 2024 edition brought together thousands of participants, including many HEC alumni and network partners. In particular, the HEC Innovation & Entrepreneurship Institute organized several highlights focusing on startup-big company synergies.
For business angels, VivaTech is an opportunity to keep an eye on strategic developments, source high-potential projects and exchange ideas with rising tech stars.
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June 11-14, 2025
Parc des expositions - Porte de Versailles, Paris (15e)
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>>> EDITORIAL COMMITTEE
Paul Leondaridis, President / Yannis Sahraoui, Managing Director
Dimitri Lionel A.Omgba, Communications Manager [Send your subject to the editor]
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