Elaia is a venture capital fund that has built its strategy around a Delta triangle of Deep Tech, Early Stage, and Portfolio Management, backed by quantitative back-testing to create a refined portfolio construction model that reduces volatility rather than relying on single mega-winner outcomes. The firm positions itself as unusually math-native for a generalist tech VC, with co-founder Xavier Lazarus betting on an era where mathematicians rule the digital deep tech world, leveraging France's concentration of elite math talent as a structural advantage for deep-tech entrepreneurship.