€40 million financing enables merger of Theva and Subra

Danish deep-tech company acquires Munich-based superconductor specialist

Munich, 22 April 2026 – A €40 million financing round paves the way for the creation of a new European player in high-temperature superconductivity (HTS): Led by Novo Holdings, the Danish deep-tech company Subra is merging with Theva, a portfolio company of BayBG Venture Capital. The aim is to establish an integrated European platform for next-generation superconducting technologies. In addition to Novo Holdings, Maj Invest and SPRIND are also participating in the Series A round.

Theva, part of the BayBG Venture Capital portfolio since 2012, is among the pioneers in the industrial production of high-temperature superconductors (HTS) for applications requiring extremely high current densities. BayBG Venture Capital recognized early the technological potential of the platform as well as its scalability for industrial use. Since then, Alexander Ullmann, Senior Investment Manager at BayBG, has supported the company in advancing its innovative materials and production processes.

Based on its patented thin-film technology, Theva produces high-performance superconducting tapes used in demanding applications such as power transmission cables, MRI systems, and high-field magnets.

The merger combines Theva’s and Subra’s HTS wire technology and industrial manufacturing expertise. Together, they will form an integrated provider focused on solutions for next-generation energy systems and strategic infrastructure.

About BayBG Venture Capital
For more than 25 years, BayBG Venture Capital has been supporting innovative technology startups in Bavaria on their growth journey. During this period, the firm has invested €200 million in more than 80 companies. BayBG Venture Capital operates with an evergreen structure, enabling it to offer founder-friendly institutional Venture Capital and Venture Debt without the constraints of traditional fund structures. Depending on the stage of the company, initial investments typically range from €1 million (late seed) to €5 million (Series A/B).

For more information, please visit: www.baybg-vc.de