Auckland, New Zealand 11 March 2025: Nuance Connected Capital announces the acquisition of its portfolio company, Quantifi Photonics, by Teradyne, Inc. (Nasdaq: TER), a global leader in automated test equipment, subject to customary closing conditions and regulatory approval.
The acquisition represents a significant milestone for both companies and also for Nuance Connected Capital as their first exit in just under four years since fund inception. The investment in Quantifi Photonics underscores Nuance’s commitment to supporting cutting edge innovation in deep technology and founders who are driving global businesses.
The exit of Quantifi Photonics is a great example of syndication between funds pooling capital, leveraging diverse expertise and ultimately supporting the company during the M&A process. Quantifi Photonics was backed by Nuance Connected Capital, Intel Capital, Punakaiki, Pacific Channel, Simplicity, K1W1, Aspire Fund, Uniservices and high net worth individuals.
Technology shapes the future, and deep technology—rooted in science—drives transformative change. While deep tech science is challenging to monetize, it is exciting for the early-stage ecosystem to witness a U.S. multinational acquiring a New Zealand deep tech company, recognising them as global leaders in their field.
Since its initial investment in July 2021, Nuance Connected Capital has played a pivotal role in Quantifi Photonics’ growth, following on with additional investments in July 2022 and August 2024. Throughout this period, Nuance Connected Capital actively supported both founder, ex-CEO Andy Stevens, and later Iannick Monfils, who assumed the CEO role in 2024 after Andy’s departure.
Intel’s strategic investments in 2022 and 2024, alongside their participation on the board further validated Quantifi Photonics’ position as a critical player in the semiconductor supply chain. With Teradyne moving from a customer to an acquirer, the acquisition reflects both the company’s strategic value and the effectiveness of Nuance’s hands-on approach to and support of deep tech investing.
Ngaio Merrick, Managing Partner at Nuance Connected Capital, highlighted the significance of the partnership:
"Working closely with Quantifi Photonics through the twists and turns of deep tech innovation, we have seen firsthand the team’s exceptional ability to navigate complex challenges and deliver groundbreaking solutions. Our role was to provide not just capital, but also strategic direction, fundraising assistance and C Team support assisting the company on the path to success. The acquisition by Teradyne reflects the strength of Quantifi Photonic’s team and board leadership and the value of our collaborative approach to investment."
Iannick Monfils echoed the value of Nuance Connected Capital’s involvement:
"Nuance’s support was indispensable during our critical growth phases. Their specialist understanding of deep tech enabled them to actively engage with the executive team and make real difference shaping strategic decisions.”
Delivering Strong Returns for Investors
Although the financial terms remain undisclosed, the acquisition represents a solid return for Nuance’s investors in under four years. This success aligns squarely with Nuance’s investment mission of backing companies that lead technically, disrupt major players, and make themselves indispensable to their industry.
With the acquisition, Quantifi Photonics gains access to Teradyne’s global reach, resources, and customer base, positioning the company to drive the next generation of high-speed computing and optical interconnect solutions.
For Nuance Connected Capital, this transaction is not just a successful exit, it’s another example of the firm’s ability to identify, nurture, and deliver transformative outcomes in deep tech.
About Nuance
Nuance Connected Capital is a deep-tech fund Empowering Kiwi Solutions to Global Problems. The $56.8m fund was launched in May 2021 and currently has 11 portfolio companies.
Media Contacts:
Ngaio Merrick, ngaio@nuance.vc 021 741 742
Mitali Purohit mitali@nuance.vc 021 939 474