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波罗的海深海技术报告-2024

信息技术 2024-05-23 Dealroom.co 曾阿牛

The Baltic Deep Tech sector is experiencing rapid growth, standing out as one of the fastest expanding in Europe. Since 2019, the combined enterprise value (EV) of Deep Tech startups in the Baltics has more than tripled, outpacing many leading regions globally. Key takeaways include:

Funding Growth: The Baltic countries have consistently raised over €150M in investment for Deep Tech across three years. In 2023 alone, Baltic startups raised €164M, with 2024 YTD figures already matching the best result for any full year aside from 2022. The region ranks among the top three in the CEE region in terms of VC investment per capita in 2023.
Deep Tech & AI Dominance: Deep Tech and AI startups collectively account for 20% of the Baltic startup ecosystem by value, with this share doubling over the last five years. The combined enterprise value of Deep Tech & AI startups reached €6.8B in 2024 YTD.
Investment Trends: Over €700M was raised by Baltic startups in 2023, with the most significant investments flowing into Enterprise Software, Energy, and Security sectors. Robotics and Transportation have emerged as the top-funded industries in 2024, driven by Starship Technologies' round.
Ecosystem Strength: The Baltic Deep Tech startup ecosystem has grown more than 3x, faster than the rest of Europe. Notable investors and initiatives include UniTartu Ventures, NATO DIANA Accelerator, and the Baltic Deep Tech Report itself, which aims to foster collaboration and highlight the region's potential.
Regional Highlights: Estonia and Lithuania were the most funded countries in 2023, with Latvia showing significant promise. The region boasts a strong pipeline of Deep Tech, AI & Climate tech startups, with a dense network of academic and scientific expertise across the universities and research institutions.
Future Outlook: The report anticipates continued growth and highlights the importance of infrastructure, education, and public funding in supporting the Deep Tech ecosystem. It also introduces the Top 250 Deep Tech Startups list and the Deep Tech Breakfast community events series to further foster collaboration.

The Baltic Deep Tech sector demonstrates exceptional talent, entrepreneurial spirit, and a supportive ecosystem, positioning it as a key player in the global Deep Tech landscape.

May 2024 “The Baltic region continues to beat the globaltrends, with the number of unicorns built inthe Baltics or by the Baltic founders rising to20, underscoring the exceptional talent andentrepreneurial spirit of its people. This yearʼs report highlights the thriving ecosystem of Deep Tech, AI, and Climate Tech startups.Investments are growing and the value created is growing even faster. Amazing companies are beingbuilt. This year, we also decided to sharpen the focus and took time curating and analyzing a list of over100 AI-first companies in the region that are building products at the forefront of technologicaladvancements. I am proud to say that Iron Wolf Capital is committed to uniting Baltic talent in AI and Deep Tech, and totripling down on our efforts to make the Baltics an indispensable hub for strategic technologies. Thisreport, along with the newly introduced Top 250 Deep Tech Startups list and the Deep Tech Breakfastcommunity events series are just a few examples of our dedication to fostering a collaborative andresilient ecosystem. KasparasJurgelionisManaging Partner @IronWolf Capital We're excited to continue the work on this much-needed report, and planning for the next edition,looking to introduce and examine additional topics relevant to the ecosystem such as dual-usetechnology.” Key takeaways Deep Tech and AI startups continueto grow and have a combinedenterprise value of €6.8B. The Baltics Deep Tech sector is one ofthe fastest growing in Europe. The Baltic countries raised over€150M in investment for Deep Techthree years in a row. The combined enterprise value of Deep Techstartups in the Baltics has more than tripledsince 2019, outpacing that of many leadingregions globally. Combined enterprise value of Deep Tech & AIstartups accounts for 20% of the total value of theBaltic ecosystem. This number has doubled overthe last five years. Baltic startups raised €164M in 2024 YTD, which isthe best result for any full year aside from 2022,and have seven more months to set a newrecord. 1Baltic funding update2Deep Tech in the Baltics3The Baltic startup ecosystem Baltic startupsraised €706M in2023 and €310Mso far in 2024. Since 2023, there have beenover 300 funding roundsacross the Baltics. Dealroom.co. Round information for Baltics regionaccurate as of May 2024. Note: due to reporting lag,the last 12 months are systematically under reportingon rounds especially small rounds. Page/ 5 The Baltic States are home to a strong pipeline of promising Deep Tech, AI &Climate tech startups. Early-stage investment in the Baltics is led by local investors, while startupsalmost exclusively secure later-stage rounds from overseas investors. Baltic countries are among the leading startup nations in Central and EasternEurope. On a per capita basis they punch way above their weight. EnterpriseSoftware, Energyand Securitystartups raisedthe mostVC fundingin 2023. Out of €147M raised in theSecurity industry in 2023,€91M was raised by NordSecurity. So far in 2024, Robotics andTransportation are thetop-funded industries, thanksto Starship Technologiesʼround in January 2024. EnterpriseSoftwarestartups raisedthe highestnumber ofrounds since2023, followedby Fintech andEnergy startups. 1Baltic funding update2Deep Tech in the Baltics3The Baltic startup ecosystem Deep Tech, a definition. AI, a definition. Deep Tech is fundamentally new scienceand engineering. AI is the simulation of human cognition bymachines and computer systems. Last yearʼs report focused on all AI-powered companies, using AImarginally as part of their offering. We're now exclusivelyexamining "AI-first" companies, those where AI is central to theirofferings. This allows for a deeper analysis, but it does limit theoverall number of companies included. Deep Tech companies apply a novel scientific or engineeringbreakthrough for the first time in the form of a product. Thismeans there is technical risk in getting the idea to actually work. Deep Tech starts with an extended R&D phase and involves ahighershare of technical staff compared to conventionalventures. We define a company as “AI-first” if it:1) develops computing infrastructure focused on AI, such as Aichips and processors or specialized cloud providers for AI2) develops AI models for other companies, such as generativeAI foundational models3) develops machine learning operations tools to: prepare,annotate or generate data for AI; to train and optimize/fine-tuneAI models; to deploy and monitor AI performances.4) offer products and services which have artificial intelligenceas their core feature. Deep Tech also often involves the development of hardwareand/or IP which are more capital and time intensive. Once technical risk is overcome, there is additional risk inproving market demand for that product. If market demand isproven, Deep Tech startups have stronger defensibility fromcompetition thanks to technology barriers, instead of having torely on network effects an

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