英国深度技术2025报告

Deep Tech2025 Contents 6. 3Deep Tech and the UK’s ModernIndustrial Strategy52 Foreword 2. 7. Executive summary6 Strategic capability: deep tech anddefence innovation57 3. 8. Defining deep tech9 Regulatory Innovation Office:regulation as a deep tech catalyst63 4. 9. Deep tech investment landscape124a. The value of the UK deep tech ecosystem134b. Funding overview154c. Nondilutive funding: grants and debt financing184d. Round sizes and conversion between stages204e. Global comparisons224f. Deep tech segments274g. Investor Landscape304h. Acquisitions and exits344i. Corporate investments42 Spinouts66 10. Deep tech beyond the Golden Triangle6910a. Deep tech – at the national level7010b. Golden triangle72 11. Methodology, additional details anddifferences from previous reports74 11a. Key definitions and methodology7511b. Differences with past report edition78 5. Scaling UK Deep Tech and the role ofMansion House Reforms45 1. Foreword Dr Caroline Hargrove CBE FREngChief Technology Officer, Ceres Power Chair of the Royal Academy of EngineeringEnterprise Committee The story of UK deep tech in 2025 is one of ambition,achievement, and urgent challenge. ahead, the gap is narrowing. Other European countries areinvesting heavily, building their own innovation clusters andattracting international capital. The UK’s share of deep techfunding, though impressive, is not immune to competition.If we become complacent, we risk losing ground toneighbours who are moving quickly to support their owndeep tech sectors. Since 2019, UK deep tech startups have attracted $43.7billion in venture capital, ranking third globally behindonly the United States and China. Our ecosystem is hometo thousands of companies, with privately held startupsnow valued at $155 billion. Over 50 UK deep tech firmshave crossed the $1 billion valuation or $100 million revenuethreshold, and 2025 is set to be the second-strongestyear on record for fundraising. Deep tech now represents31% of all UK VC funding, triple the share of a decade ago.Our academic spinouts are the backbone of deep techinnovation, representing 34% of the ecosystem and an evenhigher share of value creation. Meanwhile, compared to the US, our per capita investmentin deep tech is just over a third of the US, and the US medianround sizes are typically double those in the UK. US startupsare nearly twice as likely to reach Series C and three timesmore likely to reach Series D. The UK’s conversion rate tounicorn status or $1 billion exits is less than half that of the US.UK startups often find it easier to secure late-stage fundingfrom overseas than from domestic sources, particularly theUS, which accounts for 59% of late-stage funding. Deep tech outperforms the rest of the tech sector in severalkey areas. UK deep tech startups tend to raise larger fundingrounds at every stage, progress more reliably from seed toSeries A. However, conversion rates decline at series D. The challenge is structural. The UK relies heavily on foreigncapital, primarily from the US to scale its deep tech startups.Domestic investor participation falls from 57% at seedstage to under 10% at late stage. This leaves us vulnerable.If international investors look elsewhere, promising UKcompanies will face even greater struggles to scale or couldbe acquired before reaching their full potential here at home.Closing this late-stage funding gap requires an annualincrease of $4-11 billion, a goal targeted by the Mansion HouseReforms, which aim to unlock pension fund allocations toprivate markets. Deep tech, underpins five of the eight growth-driving sectorsin the Industrial Strategy and enabling the nation to competeglobally in advanced manufacturing, clean energy, digitaltechnologies, defence, and life sciences. As such, deep techis the cornerstone of much of the UK’s industrial ambitionsand economic growth ambitions. This is the third edition of the State of UK Deep Tech report,led by the Royal Academy of Engineering, with data andanalysis from Dealroom for the 2025 version. This year’s reporttells a tale of two realities that define our place in the globalinnovation landscape. UK Deep Tech has particular strengths in Biotech andPharma, Medical Devices, and Quantum, with the UKaccounting for 18% of global funding for Quantum since 2020.AI is also a key area of deep tech, and now accounts for 39%of all UK deep tech funding in 2025, which is on a par withChina, while the US has seen dramatic rapid increases infunding, rising to 77% of all deep tech funding. On the one hand, the UK stands as Europe’s undisputedleaders in deep tech. Yet our leadership within Europe cannotbe taken for granted. The data shows that while the UK is but the outcomes are not yet visible. While the UK ModernIndustrial Strategy provides a much needed focus and alonger-term policy framework, Government may also needto consider other policy levers, such as lowering energycosts, providing a stable and joined-up policy environm