法国深度技术报告-2026

REPORT 2026 June 2026 Bpifrance, serving the future. Global startup & venture capital intelligence platform. Bpifrance is the French national investment bank: it finances businesses, atevery stage of their development, through loans, guarantees, equityinvestments and export insurances. Bpifrance also provides extra financialservices (training, consultancy) to help entrepreneurs meet their challenges(innovation, export…). As the operator of the national Deep Tech Plan since Dealroom.co is the foremost data provider on startup, early-stage and growthcompany ecosystems in Europe and around the globe. Founded in Amsterdam in 2013, we now work with many of the world's mostprominent investors, entrepreneurs and government organizations to provide In this study, Bpifrance coordinated the analytical process, leveraging itsstrategic expertise. The analysis was based on Dealroomʼs scope andmethodology to ensure a neutral and data-driven approach, as well as This study complements Bpifranceʼs French Deeptech Observatory. Bothinitiatives, while using distinct scopes and screening approaches, consistentlyidentify the same trends and orders of magnitude, serving as reciprocal sanity Executive summary A maturing ecosystem, reshapedby AI France is Europe fastest-growingmajor Deep Tech ecosystem, with142% VC funding growth since2020 VC funding in French Deep Tech isat an all-time high, reaching$4.7B in 2025 Funding is up 55% year-on-year and has tripled since2019. Growth is concentrated at the top: late-stagerounds returned to 2023 levels, while early stagecontracted by 14%. Follow-onrounds now outnumber first rounds,signallingamaturingpipeline.Capitalisconcentrating in fewer, stronger companies. AI isreshapingthe landscape,with Mistral aloneaccounting for a third of 2025 funding. France is Europe's #2 Deep Tech ecosystem by VCfunding,and the fastest-growing among majormarkets, with 142% growth since 2020, ahead of theUK (62%) and Germany (46%). It is the only majorEuropeanecosystem that has matched the USgrowth trajectory since 2020. Deep Tech captured 58% of French VC in 2025, andeven excluding Mistral, its share holds at 41%. Before 2021, no French Deep Tech startup had everraised $250M+. Since then, 9 have. VC investment in French Deep Tech startups ▊$0–1m (pre-seed)▊$1–4m (seed)▊$4–15m (series A)▊$15–40m(series B)▊$40–100m (series C)▊$100–250m (mega rounds)▊$250m+ (mega+) Deep Tech and Life Sciences In this report, we explore innovations inDeep Tech, as well as in theLife Sciences sector.Startups at the intersection of Deep Tech and Life Sciences (e.g. AI drug discovery, TechBioetc.) are counted within Life Sciences Life Sciences definition Startups in (Health) Life Sciences, also commonly referred to as Biotech andPharma, focus ondeveloping new drugs and therapiesbased on chemicalprocesses or derived from living organismsto improve human health.This also includes companies whose primary focus is software andhardware products for the Life Sciences sector, such as bioreactors, cellculture tech, proteomics and sequencing, or AI-drug discovery. These Deep Tech* Companies based on tangibleengineering innovation orscientific advances anddiscoveries applied for the firsttime as a product, often aiming It doesnot includeHealth sectors such as Medical Devices (device intendedto be used for medical purposes and subjected to regulatory approval) andDigital Therapeutics (evidence-based therapeutic interventions driven bysoftware to prevent, manage, or treat a medical disorder or disease), which Life Sciences Companies developing new drugsand therapies based on chemicalprocesses or derived from livingorganisms. It also includes specificsoftware and hardware for biotech It doesnot includebiotech applications insectors beyond health, such asagritech and foodtech (e.g. crop engineering, cultivated meat, precisionfermentation), chemicals and materials (e.g. biomaterials andbiomanufacturing) and others. Those biotech companies are included in It doesnot includemost digital health platforms for example ElectronicHealth Records softwars or other organizational SaaS for hospitals andpractitioners, these are not considered Deep Tech either 1The rise of French Deep Tech 2International comparisons3Startup Funnel4Deep Tech across France5Investors6Exits7Universities VC funding inFrench DeepTech is at anall-time high, Funding is up 55% since lastyear and went up 3x since 2026 has beenthe strongeststart of the yearfor French Deep As of May 20, the ecosystemhas already raised $2.5B VCfunding. Main rounds: AMI Labs $1.0BSeed round, Pascal $400Mpre-listing financing (Late VCand Convertible), HarmattanAI $200M Series B. Late stage has driven most of the growth, returning to its 2023 level. Breakoutstage is also on the rise, while early stage is drying up Early $593M funded, a -14% decline compared to 2024.▊$0–1m (pre-seed)▊$1–4m (seed)▊$4–15m (seriesA) $2.2B funded, a 149% growth compared to 2024.▊$100–250m (