2025年欧洲深度科技报告

March 2025 Executive Summary 1 .D E E P T E C H( M I S ) C O N C E P T I O N S Deep Tech is often misunderstood.It focuses on applying scientific and engineering breakthroughs to products for the first time.It is the origin of venture capital and has historically shaped regional sovereignty by catalysing transformative technologytrends. Although more capital is typically required, most of it is invested in building IP moats rather than in advertising.Longerdevelopment timelines delay initial revenue, but once the technology matures, revenue growth often accelerates. Whilecompanies likeNorthvolthave made headlines, Deep Tech companies fail at rates comparable to others, albeit with a distinctrisk profile that investors must understand. The exit landscape remains too immature but overall returns suggest that Deep Techportfolios outperform conventional tech. 2 .T H E E U R O P E A ND E E P T E C HO P P O RT U N I T Y Europe has the potential to be a global Deep Tech hub. It boasts top-tier research with 6 of the top 20 universities and 9 of thetop 25 research institutes. While its research landscape spans acrossa breadth of technologies, Europelacks the entrepreneurial,risk-taking culture. Europe should focus on select centres of excellence like Oxford, Cambridge, ETH, EPFL or TUM.Additionally, while the US benefits from a strong founder flywheel with companies like SpaceX, Palantir, and OpenAI, Europe'sfounder ecosystem remains largely limited to shallow tech. 3 .F U N D I N G L A N D S C A P E –VC Markets:Deep Tech provides a hedge against momentum investing; in 2024,€15bn flowed into Deep Tech—down-28%compared to 2021 highs—while regular tech fell by-60% versus 2021.–Countries:The 3 most important countries are the UK ($4.2bn), France ($3.0bn), and Germany ($2.7bn); Deep Techaccounts for one-third of all VC money, with London, Paris, and Munich, serving as the main hubs.–Stages:Although ample early-stage funding is available, 50% of growth capital still comes from investors outside Europe.–Exit:M&A activity has increased to $12.2bn, though the two largest exits—Darktrace and Exscientia—were publicly listedfirms acquired by US players. Executive Summary 4 .S E G M E N T D E E P D I V E S R E S I L I E N C E S P A C E T E C H F U T U R E O FC O M P U T E$1.2bn(-4%) R O B O T I C S N O V E L E N E R G Y C O M P B I O &C H E M I S T R Y $1.0bn(+20%) $1.1bn(+75%) $500m(+59%) $653m(+74%)AI capabilities fordefenceHelsing $450m Series CDronesTekever $74m Series B,Stark Industries $15mOther unmanned groundand sea vehiclesMaritime Robotics $12m,ARX€9mGrowth Areas:Expandingopportunities driven by risingEuropean defence budgetsas the US focuses inward $3.0bn(+113%)Autonomous drivingWave $1.1bnFoundational modelsMistral $500m Series B,Poolside, andDeepL$300m;with LLMs making upmajority of AI fundingGrowth areas:EnhancingAI’s understanding of thephysical world, developingagents, and applying AI tospecialized verticals such asbiotech and materials In-space transportationExploration Company$160m Series B,D-Orbit $50m Series CEarth observationIceEye $125m Series CLaunch vehiclesIsar Aerospace $220m fullSeries CGrowth Areas:Emphasison European sovereignty inspace with Small Launcherscoming online 2025 andrealisation that Space is anew critical infrastructure forgovernments and military AI for drug developmentand molecule designCradle $73m Series B,Basecamp Research $60mSeries B, with accolades suchas the Nobel Prize forDeepMind’s AlphaFold andDavid Baker’s workunderscoring potentialGrowth Areas:Rapidexpansion of AI-generatedlate-stage pipeline assetsdespite no AI-derived drugyet approved HydrogenSunfire€215mNuclear Fission & SMRsNewCleo€135m Series ANuclear FusionTokamak Energy€125m,Marvel Fusion€62.8mSeries BGrowth Areas:Increasinginterest in nuclear wasterecycling and SMRs to powerenergy-hungry data centres,despite challenges from highLCOE and bureaucraticregulatory hurdles QuantumQuantinuum$300m,Riverlane$60m Series CAI InferenceAxeleraAI $68m Series BPhotonicsGrowth Areas:AdvancingAI inference (including edgecomputing) and deploying AIaccelerators and photonicsolutions to improve datacentre energy efficiency andbandwidth Executive Summary 5 .F O U N D E R R E S O U R C E S –Deep Tech and Venture:Success relies on milestone-based de-risking that drives valuation. Founders should understandinvestor priorities, using the Deep Tech Compass for stage-specific guidance.–Pitch Deck Structure:Tell a clear story and use the scientific method: Present hypotheses, test them, and refine.–Technology vs. Product Value:Focus on usability and customer impact—technology alone isn’t enough; your product mustdrive P&L results.–Financial Engineering:Hardware startups must explore beyond equity for CapEx. Learn about venture debt, asset-backedfinancing, and other instruments. 6 .C H A L L E N G E S &R E C O M M E N DAT I O N S –Some of the biggest challenges that remain in Europe are to encourage more entrepreneu