1、The European Deep Tech Report2023 EditionBleeding edge Europe-Deep Tech in 2022Renaissance 2.0-Deep Tech innovation in EuropeScaling Europe Deep Tech powerhouseUnlocking European Deep Tech potential January 2023Page/2 Massive breakthroughs are accelerating on several frontsIn our 2021 report,we high

2、lighted the huge potential for Deep Tech in Europe.Indeed,European Deep Tech had its best year with over$22B in funding,and billion dollar exits.Since then we also saw huge breakthroughs in key segments like quantum computing(with the first 100+qubit processor and near error-free quantum computing i

3、n silicon-based devices being proven),nuclear fusion(almost tripling the record for the amount of energy produced),space tech(Starlink providing internet coverage to Ukraine,James Webb Space Telescope,new missions to the moon),generative AI(Dall-E moving to commercial uses,Stable Diffusion text to i

4、mage generative AI launch,ChatGPT reaching 1M users in 5 days)and much more.We are still only scratching the surfaceIn 2021,we also pointed out the still largely unlocked potential in Europes leading academic institutions and the need for closer collaboration between the different actors in the ecos

5、ystem to support Europes most promising Deep Tech startups.A number of key questions which remain open form the centre of this year report:How is Deep Tech evolving?What is the state of European Deep Tech?Which are the emerging areas in Deep Tech?How can we accelerate European Deep Tech further?Can

6、we unlock the potential in academia&scientific research?In January 2021,we predicted a pivotal year for European Deep Tech.Was it?Source:Dealroom.co.Recap on the first edition herePrevious editionPage/3 Global venture capital firmdedicated to Deep Tech investments Walden Catalyst Ventures is helping

7、 early-stage companies in the U.S.,Europe,and Israel build the next generation of category-defining businesses in Deep Tech.We back the bold and the daringtrailblazers who are changing the world and making life better for all of us.Walden Catalyst invests in innovators and entrepreneurs passionate a

8、bout disruptive technologies and committed to excellence.For startups,this translates into unparalleled access to operational expertise,global reach,and a network of industry captains eager to help build and scale the companies of the future.Dealroom.co is the foremost data provider on startup,early

9、-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent investors,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Global startup&venture ca

10、pital intelligence platform.Reparcar,velyvelo European,multi-stage venture capital firmLakestar invests with a long term view across all stages from seed to growth.We care about Europe.We understand its regulations and politics.We speak the languages and appreciate its cultures.Yet we have a global

11、mindset and like to build bridges between continents,through our deep relationships in many different ecosystems.Lakestars Deep Tech team focuses on novel scientific and engineering breakthroughs that are making their way into companies and products for the first time.We live on the bleeding edge an

12、d are constantly looking for contrarian views on how the world is going to change for the better.Global startup&venture capital intelligence platformDealroom.co is the foremost data provider on startup,early-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2

13、013,we now work with many of the worlds most prominent investors,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Design donePage/4 Key takeaways.Source:Dealroom.co.200022TDKey emerging areas in Deep TechBy its

14、 own nature,Deep Tech is constantly evolving.Some segments mature to the scaling and mainstream phases,while new others emerge to push the boundaries.We mapped 4 core emerging areas in Deep Tech:novel AI/ML,future of computing,Novel energy and Space Tech.Other interesting segments not in these 4 are

15、asAdvanced materials Robotics(AI/computer vision in future of computing)Transportation(batteries,fuel cells,etc in energy)FoodTech&Agritech European Deep Tech startups raised$17.7B in 2022,22%less than 2021 total,but still+60%on 2020.Looking at Q3&Q4 2022,Deep Tech was the 2nd best performing segmen

16、t behind only Energy year on year.LPs in Europe see Deep Tech as the 2nd most promising segment in venture capital.Key emerging areas in Deep Tech have changed.Requirements to accelerate European Deep Tech.Deep Tech in Europe has grown strongly and has shown resilience in recent market turmoil.By it

17、s own nature,Deep Tech is constantly evolving.Some segments mature to the scaling and mainstream phases,while new ones emerge to push the boundaries of what is possible.Four core emerging segments of Novel AI,Future of Computing,Novel Energy and Space Tech raised$4.4B in 2022,their highest total eve

18、r and double that of 2020.Europe has great technical talent and research to lead in Deep Tech.Many European Deep Tech successes have their roots in academia,spinout processes and unrealised potential of European universities can still be unlocked.Other key enablers to unlock the growth of Deep Tech

19、in Europe include bridging the gap in funding between early-stage dedicated Deep Tech investors and generalist funds,and increasing diversity and inclusion.VC investment in European Deep Tech startupsVC investment in core emerging Deep Tech segments in Europe(2022)Key takeaways.Unlocking potential o

20、f academic spinoutsGender inclusion is still in the early inningsBridging the gap between early stage dedicated Deep Tech investors and generalist funds21%2001920202021$11B$23B2022$18BNovel EnergyNovel AIFuture of ComputingSpace Tech$1.6B$1.1B$0.7B$0.9BUpdated1Understanding Deep Tech2The

21、state of European Deep Tech 3 Deep Tech segments to watch4Accelerating European Deep Tech1Understanding Deep TechPage/6 Deep Tech,a definition.Deep Tech is fundamentally new science and engineering.Deep Tech companies apply a novel scientific or engineering breakthrough for the first time in the for

22、m of a product.This means there is technical risk in getting the idea to actually work.Deep Tech starts with an extended R&D phase and involves a higher share of technical staff compared to conventional ventures.Deep Tech also often involves the development of hardware and/or IP which are more capit

23、al and time intensive.Once technical risk is overcome,there is additional risk in proving market demand for that product.If market demand is proven,Deep Tech startups have stronger defensibility from competition thanks to technology barriers,instead of having to rely on network effects and market lo

24、ck-up.Whats Deep Tech today is not necessarily Deep Tech tomorrow.Once the technology or product is no longer novel and as the company scales,what was once Deep Tech becomes regular tech.Examples of todays key Deep Tech domains*.Novel AI/MLGenerative AIAI-first biologyPrivacy-preserving AIExplainabl

25、e AIAI accelerationAutonomous systemsGeneral purpose AIFuture of ComputingQuantum computingSilicon photonicsAR/VR/MRNeuromorphic&Advanced AI chipsDecentralized&distributed computingBrain-computer interfacesNovel EnergyNuclear fusionNext-gen battery chemistriesLarge-scale storageGreen hydrogen Superc

26、apacitorsWaste heat recoverySpace TechReusable and next-gen rocketsSatellites for communication&earth observationIn-space transportationIn-space manufacturingDebris removalOther interesting segments not in these 4 areasSynthetic biologyAdvanced materials RoboticsTransportation FoodTech&AgritechCyber

27、securityDeep Tech is a novel scientific or engineering breakthrough being applied for first time.This means theres technical risk in getting the idea to actually work.Once it does there it the additional risk in proving market demand for that product.Whats Deep Tech today isnt necessarily Deep Tech

28、tomorrow once the product isnt novel anymore.Starts with extended R&D phaseHigher share of technical staffOften involves hardware and/or IPOften less market riskTurning science into a productDevelopment requiredMarket riskFounder riskMore capital intensive?Founder risk Novel AI/MLAI-first biologyPri

29、vacy-preserving AIExplainable AINeuromorphic&advanced AI chipsAI accelerationCollaborative roboticsGenerative AIAutonomous systemsGeneral Purpose AIFuture of computingNew OSsDecentralized Quantum(computing,cryptography,communication,etc)Organic computingSilicon PhotonicsNeurotechNeural ImplantsAR/VR

30、Wearable&IoTNovel energyNuclear fusionCarbon capture&carbon negative materialsNext-gen lithium batteriesLarge-scale storageGreen hydrogen Waste heat recoverySupercapacitorsSpace techReusable and next-gen rocketsSatellites for communication&earth observationIn-space transportationIn-space manufacturi

31、ngDebris removalSynthetic biology(SynBio)FoodTech&Agritech(cultivated meat,modified crops,xxBio-fuels&bio-chemicalsDNA synthesisBiotech&pharma(xx,anti-microbial)Health(tissue printing&diagnostic)Other interesting segments not in these 4 areasAdvanced materials RoboticsTransportation FoodTech&Agritec

32、hCybersecuritySource:Dealroom.co *The segments indicated are not meant to be exhaustive but serve as an example of key areas of focus chosen.Other interesting Deep Tech segments not in these 4 areas include for instance:Synthetic biology,Advanced materials,Robotics,Transportation,FoodTech&Agritech,C

33、ybersecurity.Biotech is excluded by our definition of Deep Tech,except for some segments like AI-first biology.Deep Tech,a definition.Generative AIAI-first biologyPrivacy-preserving AIExplainable AIAI accelerationAutonomous systemsGeneral purpose AIQuantum computingSilicon photonicsAR/VR/MRNeuromorp

34、hic&advanced AI chipsDecentralized&distributed computingBrain-computer interfacesAmbient ComputingNovel AIFuture of ComputingNuclear fusionNext-gen battery chemistriesLarge-scale storageGreen hydrogen SupercapacitorsWaste heat recoveryReusable and next-gen rocketsSatellites for communication&earth o

35、bservationIn-space transportationIn-space manufacturingDebris removalNovel EnergySpace TechPage/7 Big ambitionsBuild something scalableHighly incentivized teamRapid iterationHyper focus&alignmentCompanies designed to grow fastExploit existing proven technologiesValidate product-market fit as early a

36、s possibleOften go to market within months of startingLean approach,can be bootstrappedExtended R&D phaseHigher share of technical staffLong initial cash burn,bootstrapping hard Longer feedback cycleLed by scientific teamStartupsDeep TechLiselore:One way of thinking about this visual that might help

37、 is:What might be the paradoxical elements that represent startups vs.Deep Tech that are magically combined in Deep Tech startups?Fast&Slow?Scalable&Experimental?StartupsDeep TechGrow fastExtended R&D phaseProven technlogiesTechnology riskExisting proven technologiesBreakthrough/novel techDevelopmen

38、t times Often go to market within months of starting Long initial development phaseMarket riskExisting market demand,but also existing alternativesOften no comparable product in marketCapex intensityDo not show team riskCompetition riskNetwork effect and market dominance as main edgeStrong tech edge

39、 Quick go-to-market with basic MVPOften times heavy capex ahead of revenues and PMFIn some ways,Deep Tech and startups are diametrically opposed philosophically.But at the intersection is also where magic can happen.Source:Dealroom.co.Design doneTiming riskDeep Tech startups have very different char

40、acteristics and risk-profiles from traditional startups.Deep Tech Regular Tech Capex intensityQuick go-to-market with basic MVPOften times heavy capex ahead of revenues and PMFTechnology riskExisting proven technologiesBreakthrough/novel techTechnology riskExisting proven technologiesBreakthrough/no

41、vel techTechnology riskExisting proven technologiesBreakthrough/novel techCapex intensityQuick go-to-market with basic MVPOften times heavy capex ahead of revenues and PMFDeep Tech startups have very different characteristics and risk-profiles from traditional startups.Deep Tech Regular TechCapex in

42、tensityQuick go-to-market with basic MVPOften times heavy capex ahead of revenues and PMFTechnology riskExisting proven technologiesBreakthrough/novel techMarket riskExisting market demand,but also existing alternativesOften no comparable product in marketCompetition riskNetwork effect and market do

43、minance as main edgeStrong tech edge Development times Often go to market within months of starting Long initial development phasePage/8 Space ForgeIn-space manufacturingTokamak EnergyNuclear fusionIQMQuantumcomputingTerra QuantumQuantum full-stackStability.aiGenerative AIWayveAutonomousdrivingIceye

44、Space techVarjoVR hardwareExscientiaAI-first biologyImprobableMass-online simulationDarktraceAI-driven cybersecurityNorthvoltLi-ionbatteriesOnce successful,some Deep Tech startups outgrow their Deep Tech roots to focus on scaling and going mainstream.Others remain full-stack Deep Tech companies.5nm

45、chips3nm chipsDesign doneCurrent commercial potential?Xx?Old(Value/level of scalability)Lab researchConcept generationAnalytical proofFundamental researchProduct developmentReal world testingCommercial demosProof-of-conceptGo-to-marketProductionIn operationRecruit new skillsScalingCommercialisePartn

46、er integrationScale techCurrent commercial potentialOnce successful,many Deep Tech startups outgrow their Deep Tech roots as they scale and go mainstream.Product developmentReal world testingCommercial demosProof-of-conceptGo-to-marketProductionIn operationRecruit new skillsScalingCommercialisePartn

47、er integrationScale techDEEP TECH PHASEMAINSTREAM PHASEVolocopterAir taxisPage/9 As investors in Deep Tech,we are looking for the next Marie Curie or Max Planck,scientists and entrepreneurs taking disruptive technologies out of the lab and turning them into commercial products.Why Deep Tech is excit

48、ing.Almost anything used in todays world had its roots in Deep Tech at a certain point,from electricity to the telephone and the Internet,to cars and planes.By bringing new technologies to life,Deep Tech in fact creates new markets and enables economic and societal growth,while solving the worlds bi

49、ggest problems.Deep Tech is instrumental to tackle todays biggest challenges,from climate change and food security to intractable disease.Why Deep Tech is exciting for investors:Deep Tech startups can often target applications in multiple markets and unlike traditional startups have a stronger moat

50、towards competition thanks to technology edge and IP portfolio.Deep Tech startups can also generate higher ROI thanks to lower initial valuations and high attractiveness as acquisition targets.This is also recognized by LPs in Europe,who see Deep Tech as the 2nd most promising segment in venture cap

51、ital,behind only Planet Positive.As investors in Deep Tech,we are looking for the next Marie Curie or Thomas Edison,scientists and entrepreneurs taking disruptive technologies out of the lab and turning them into commercial products.Distributed at global scale,these technologies eventually make thei

52、r way into everyones life,and have the potential to solve some of the many challenges humanity is facingNicolas AutretPartner,Walden Catalyst VenturesDistributed at global scale,these technologies eventually make their way into everyones life,and have the potential to solve some of the many challeng

53、es humanity is facing.Deep Tech is a novel scientific or engineering breakthrough being applied for first time and turned into a product.This means theres technical risk in getting the idea to actually work.Deep Tech in fact starts with an extended R&D phase and involve a higher share of technical s

54、taff compared to conventional ventures.Deep Tech also often involves development of hardware and/or IP which are more capital and time intensive.Once technical risk is surpassed there it the additional risk in proving market demand for that product.On the other hand if market demand is proven,Deep T

55、ech startups have a stronger hedge towards competition thanks to technology barrier,instead of having to rely on network effects and market lock=up.Whats Deep Tech today isnt necessarily Deep Tech tomorrow once the product isnt novel anymore.xxx Almost anything used in todays life has been Deep Tech

56、 at a certain point,from electricity to the telephone and internet,to cars xx.By bringing new technologies to life,Deep Tech in fact creates new markets and enables economic and societal growth,as well as solve the worlds biggest problems.Deep Tech is instrumental to tackle todays biggest challenges

57、,from climate change and food security to healthcare advances.Why exciting for investors:Deep Tech startups can often target applications in multiple markets and differently from traditional startups have a stronger moat towards competition.can command higher valuationsmultiple applications in multi

58、ple markets,higher ROI opportunities(through lower initial valuations,high acquisition targets),IP portfolios provide a moat,data is valuable,world class teams,etc.This is recognized also by LPs in Europe,who see Deep Tech as the 2nd most promising segment in venture capital,behind only to Planet Po

59、sitive.Source:Dealroom.co.*The State of European Tech 2021 by Atomico,Chapter 2.2Design done“Nicolas AutretPartner,Walden Catalyst Ventures“Distributed at global scale,these technologies eventually make their way into everyones life,and have the potential to solve some of the many challenges humanit

60、y is facing.”As investors in Deep Tech,we are looking for the next Marie Curie or Max Planck,scientists and entrepreneurs taking disruptive technologies out of the lab and turning them into commercial products.“Almost anything used in todays world had its roots in Deep Tech at a certain point,from e

61、lectricity to the telephone and the Internet,to cars and planes.By bringing new technologies to life,Deep Tech in fact creates new markets and enables economic and societal growth,while solving the worlds biggest problems.Deep Tech is instrumental to tackle todays biggest challenges,from climate cha

62、nge and food security to intractable disease.Why Deep Tech is exciting for investors:Deep Tech startups can often target applications in multiple markets and unlike traditional startups have a stronger moat towards competition thanks to technology edge and IP portfolio.Deep Tech startups can also ge

63、nerate higher ROI thanks to lower initial valuations and high attractiveness as acquisition targets.This is also recognized by LPs in Europe,who see Deep Tech as the 2nd most promising segment in venture capital,behind only Planet Positive*.*The State of European Tech 2021 by Atomico,Chapter 2.21Und

64、erstanding Deep Tech2The state of European Deep Tech 3 Deep Tech segments to watch4Accelerating European Deep Tech2The State of European Deep TechPage/11 European Deep Tech startups raised$17.7B in 2022,22%less than 2021 total,but still 60%more than in 2020.Selected Deep Tech rounds in 2022 view onl

65、ine$20B$15B$10BVenture capital investment in European Deep Tech startups view online200022$5B$25B2015$17.7B$22.8B$11.5B$19.0B*Energy 109m ConvertibleLogistics,robotics$335m Series DRobotics$84m Series CSource:Dealroom.co.NorthvoltClimeworksNewcleoH2 Green SteelWayveVolocopterIQ

66、M Quantum ComputersStartupFunding roundFocus$600M Series FDirect air carbon capture and storage$335M Series DIndustrial robotics300M Early VCNuclear fission128M Series AQuantum computing$136M Series DEarth observation satellites$101M Series AGenerative AINumbers updated,but to keep checking$11.1BPag

67、e/12$10B$250m+$100250m$40100m(series C)$1540m(series B)$415m(series A)$14m(seed)$01m(pre-seed)GrowthBreakoutEarlyVenture capital investment in European Deep Tech startups,by quarter view online 2018Q4Q3Q2Q12019Q4Q3Q2Q12020Q4Q3Q2Q12021Q4Q3Q2Q12022Q3Q2Q1$5B Northvolt$2.8B$4.5B$4.7B$5.5B$2.6B$10.6BSour

68、ce:Dealroom.co.Due to report lag,the last 12 months are systematically under reporting especially on early-stage rounds.Q4 2022 showed a slowdown compared to the beginning of the year,but the level of funding is still higher than pre-2021 averages.Design doneQ4Numbers updated,but to keep checking$3.

69、0BPage/13 We appear to be in the early stages of a rotation into new technologies that solves major world problems,away from momentum bets.%growth Q1&Q2 2022 vs 2021Real estate Industrial tech Jobs recruitment Travel Enterprise software Marketing Security Fintech Gaming TransportationHealth MediaFoo

70、d Education 48%47%37%22%19%8%3%-13%-32%-37%-37%1%-17%-11%The VC market entered a new market phase in 2022,with a significant slowdown compared to the heights of 2021.The downturn started from the public market in January with interest hikes,and has seen a transition happen in public markets from gro

71、wth stocks(tech companies)to value stocks(industrials,energy).The tech-heavy Nasdaq lost 33.1%2022.This shockwave has entered the private market,with a slowdown in VC activity,especially at late stages.Due to lag in adjustments,pre-commitments and reporting lag this impact has become clearly visible

72、 only in Q3&Q4,with a 46%slowdown with respect to 2021 levels.Source:Dealroom.co.Energy and Deep Tech held up the best in Q3 and Q4 2022.European VC investment growth by industry Q3&Q4,2022 vs 2021 Design doneEnergyDeep TechTransportationImpactHealthTransportationFoodFintech-20%0%growthNumbers updat

73、ed-60%-40%Overall VC-46%-6%-9%Page/14 David DanaHead of VC investments-Disruptive Tech&Innovation at European Investment Fund(EIF)“At the frontier of innovation,Deep Techs disruptive technologies-such as AI,Space,Quantum,Hardware,and Cybersecurity-have population-level impact potential.“Europe is al

74、ready home to huge numbers of highly-skilled scientists and researchers.The EIF is now supporting an emergent community of Deep Tech VCs,to bring their smart money and know-how to this underserved segment.“The Deep Tech breakthroughs of the next decade will shape our societies well into the next cen

75、tury.It is therefore essential for Europe to lead from the front in shaping these revolutionary technologies and their real-world applications.”Planet PositiveFrontier/Deep TechDecentralised finance&cryptoImproving health systemsFuture of foodFuture finance,excl.Crypto&decentralised financeDigital w

76、orkIndustrial automation48%MobilityDigital life&playFuture of consumptionEmpowered individualsReal estateInternet infrastructureEurope has a clear role to play as a leader in Deep Tech,and the future of fundamental research and innovation.35%29%26%24%22%21%20%11%11%10%5%3%2%Most promising themes for

77、 VC investments in Europe for LPs*The State of European Tech 2021 by Atomico,Chapter 2.2LPs in Europe see Deep Tech as the 2nd most promising segment in venture capital,behind only to Planet Positive.“Europe has a clear role to play as the leading player in terms of fundamental research and innovati

78、on the so called deeptech segment of the market,thanks to its large number(the highest in the world)of extremely skilled scientists and researchers.The EIF seeks at supporting the fostering and emergence of specific VC investors addressing this hugely underserved segment with smart and adding-value

79、money.The deeptech terminology covers a variety of sectors,such as AI,Space,Quantum Technologies,Hardware,Cybersecurity,etc.,that are on the edge to empower disruptive technologies to become available for a larger audience.The impact of these new products have the capacity to revolutionize the world

80、 as we see it today it is a must for the European Union to unsure its technological sovereignty in the future.”“Page/15 Deep x Climate Tech startups raised$6.1B in 2022 in Europe.Climate Tech makes up a growing proportion of Deep Tech funding,up from 6%in 2016 to 34%in 2022.Software alone will not s

81、olve our climate crisis.There is no way to transition to net zero without hardware breakthroughs.Software wont solve the climate crisis:Deep TechStartupFunding roundFocus$1.1B Convertible EV battery manufacturing$600M Late VCDirect air carbon capture and storage$352M Series EElectric urban air mobil

82、ity(eVTOL)300M Early VCNuclear fission260M Series BCO2-free steel manufacturing$150M Series CIndustrial carbon capture and storageNotable Deep Tech x Climate Tech rounds in Europe in 2022 view onlineVC investment in European Deep Tech x Climate Tech startups$5B20002220162017201

83、820022Climate tech x Deep Tech0.330.550.732.22.65.75.0Deep Tech5.37.18.211.61122.616.1%6%8%9%19%24%25%31%Source:Dealroom.co.startupFunding roundsectorNorthvolt$1.1B Convertible EV battery manufacturingClimeWorks$600M Late VCDirect air carbon capture and storageNewcleo300M Early VCNuclear

84、fission H2 Green Steel260M Series BCO2-free steel manufacturingVolocopter$352M Series EUrban air mobility(eVTOL)Carbon Clean Solutions$150M Series CIndustrial carbon capture and storage$10B$15B$20B$25BDeep Tech x Climate Tech Deep Tech,ex.Climate tech%of Climate Tech in Deep Tech 6%8%9%19%23%26%34%$

85、6.1BDesign doneNumbers updated,but to keep checkingPage/16 As ecosystem accumulates experience and critical mass,R&D phase can accelerateGreater risk but also multiple stakeholders involved in de-risking at each stage.Design doneGeneralist VC funds(Lakestar,Atomico,Accel,Northzone,Index,.)Source:Dea

86、lroom.co based on discussion with Stephen Nundy from Lakestar and others.Stages based on Technology Readiness Levels used by governments.Deep Tech startups are supported by multiple stakeholders involved in de-risking at each stage,but some gaps still exist.Lab researchConcept generationAnalytical p

87、roofFundamental researchProduct developmentReal world testingCommercial demosProof-of-conceptGo-to-marketProductionIn operationRecruit new skillsScalingCommercialisePartner integrationScale techCurrent commercial potentialUniversity research facultyTech Transfer OfficesDedicated Deep Tech investors(

88、MIG,IQ Capital,Air Street,Walden,.)Government funding(Horizon2020,Innovate UK,Bpifrance,)Corporate sponsors(e.g.pharma,industry,semiconductors)Closer collaboration between European generalist VCs and Deep Tech investors is desirableEarly support from universities,governments and corporatesTimeGAPPag

89、e/17 Most Dedicated Deep Tech investors in Europe focus on early stage and do not have the firepower to lead rounds beyond from Series B onward.First-chequeEarly stageLater stage(bad time to raise,is Deep Tech worse of or better of)?Deep Tech-only(is there an emerging scene like there is in the US?)

90、GeneralistsMany Deep Tech only investors have specific focuses:-Quantum:quantonation,2xn-Space tech:Seraphim,Primo ventures,etcMax ticket for average European Deep Tech fundAverage lead ticket for Series B Deep Tech?15M+5-10MThe MathAverage Deep Tech Series B=30M1.Lead investor commitment=15M.15M x

91、20 fund investments=300M 97%of dedicated European Deep Tech investors have fund sizes below 300M.Dedicated Deep Tech funds in Europe largely cannot lead Series B+.Dedicated Deep Tech investors in Europe:show that mostly small funds 300M200-300M100-200M300M200-300M100-200M100MMost Dedicated Deep Tech

92、 investors in Europe focus on early stage.They dont have the firepower to lead at Series B+.50+Dedicated Deep Tech investors in EuropeList 300M Fund size distribution of European Dedicated Deep Tech investors*The MathAverage Deep Tech Series B=30M1.Lead investor commitment=15M.15M x 20 fund investme

93、nts=300M.97%of dedicated European Deep Tech investors have fund sizes below 300M.Dedicated Deep Tech funds in Europe largely cannot lead Series B+.300M200-300M100-200M300M200-300M100-200M100MPage/18 Sector agnostic European fundsDedicated Deep Tech European fundsCorporate investors(Pre)SeedSeries A/

94、B(Early)Series C+(Growth)Global Investors active in EuropeBig and known namesBut also many other less know ones!(more logos coming)EuropeMany European corporates invest mostly in US startupsTech(Siemens)(Nokia,client)Governments-related playersSource:Dealroom.co.Based on number of rounds and amount

95、invested in 2021-2022.Investors are shown only at the most common entry stage point.Global investors investing in Europe based Deep Tech startups.Dedicated Deep Tech investors in Europe are mostly focused on seed stage.European generalists enter in Series A,as well as in Series B+with corporates and

96、 US&Asia investors.MMC do not do deep tech removedMaybe add Matterwave could be included mabe(investments),but would avoid,already too manyMaki:investmentsOpen Ocean mostly no deep tech investmentsOmers not mch activity,no included2xN was asked to be excluded and keep onl quantonationAir Street Capi

97、talEQT(already included)Ahren wa already in list of deep teh investors but not adding hereOutsized same a aboveHigh Tech Grunderfonds(already included),Parkwalk to be seen investments,too much biotech for nowBPC addedFirst Minute Capital no,too little investmentsBlue yard most of their investments a

98、re still in cypto/web3 and we do not consider all of them deep tech.Would not includeOMERS VenturesMakiPage/19 Generalist funds with dedicated Deep Tech teamNo Dedicated Deep Tech team“To properly invest in Deep Tech you must build a dedicated team.Steven JacobsVenture Partner(Deep Tech)&Chief Produ

99、ct Officer at LakestarThe approach and process used to invest in Deep Tech is often quite different from traditional SaaS investing.It requires a unique investor skillset,a specialized bottoms-up investment strategy and the ability to operate independently.”Generalist funds are creating Deep Tech fo

100、cused teams to bridge the gap in scaling Deep Tech startups.Design doneTop european funds post seed stageGeneralists to review:Molten Ventures,EQT Ventures,Baillie Gifford,Eurazeo,Balderton Capital,Atomico,Index Ventures,LocalGlobe,EarlyBird,MMC VenturesToo early stage I would say:Speedinvest,Kima V

101、entures,Verve VenturesKey attributes to look for in a Deep Tech investor:Steven JacobsVenture Partner(Deep Tech)&Chief Product Officer at Lakestar“The approach and process used to invest in Deep Tech is often quite different from traditional SaaS investing.It requires a unique investor skillset,a sp

102、ecialized bottoms-up investment strategy and the ability to operate independently.”To properly invest in Deep Tech you must build a dedicated team.“An idea could be to-take top xx EMEA investors post seed and check if they are generalists and if they have dedicated deep tech focusBut Octopus is rank

103、ed 44th,Amadeus Capital Partners is ranked only 80th-to be discussed)Comfort with AmbiguityLearning MindsetOperating ExperienceTechnical BackgroundPage/20 Just a total amount comparison+fact that much of capital comes from US&Asia Europe still lagging US and China risk of losing race in controlling

104、technologies public supportVC investment in European Deep Tech by source of funds(2020-2022)$59B$34B China*$165B$52B$30B EU,$17B UKGlobal VC investment in Deep Techby startup HQ(2020-2022)EuropeAsiaUSDeep Tech is key for European sovereignty and security.More is needed if Europe wants to be the thir

105、d pole and have control over critical technologies and enablers.Quote?EIC?Europe needs to be the third poleControl over critical technologies and enablersEurope has the talent and can do thisSource:Dealroom.co.*China VC investment are not fully representative due to limited visibility in sensible de

106、ep tech areas and the strong role played by government in the sector.*Albania,Belarus,Bosnia and Herzegovina,Kosovo,Iceland,Liechtenstein,Moldova,Monaco,Montenegro,North Macedonia,Norway,San Marino,Serbia,Switzerland,Ukraine.Rest of world AsiaUSAEuropeanDomestic 69%62%50%43%40%22%21%18%25%29%26%23%3

107、1%33%8%8%13%23%26%30%28%16%15%8%6%7%3%3%2%2%3%1%2%1%3%1B/year,Innovate UK 1B/year)Rationale Technological sovereignty/autonomy Tackling global challenges(climate,curing disease,access to healthcare,food)Greater risk,but also greater support from multiple directions.Almost doneGreater risk but also m

108、ultiple stakeholders involved in de-risking at each stage.Source:Dealroom.co *Most European countries have dedicated policies to support Deep Tech.This chart features a few programs from Europes three biggest economies for illustrative purposes.Pioneers like Switzerland,Netherlands and the Nordics a

109、lso boast significant DeepTech initiatives.JEDI“The European DARPA”:non-profit backed by foundations,philanthropists and donors.Its aiming to land further budgets from national governments and the European Commission,and its calling on more public and private institutions to join.The goal is to hand

110、 out between 50m and 100m in annual challenge grants,as well as a 3m annual budget for JEDI itself.This is not quite DARPAs$3.56bn annual budget,but not small either.The UK government has announced the pending launch of the Advanced Research&Invention Agency(ARIA),to provide backing to innovation in

111、 the country.Backed by 800 million with the aim for the agency to be fully operational by 2022,ARIA will encourage researchers to identify and support new areas of research and technology,helping to create jobs in the process.But also Innoenergy,BPIFrance etc doing equity investmentsGermany is plann

112、ing a 30 billion euro fund to support technology-oriented startups.With measures like”facilitating start-up spin-offs from academia”,“facilitating access to laboratories for start-ups”France“Industrial and Deep Tech Start-Ups”strategy.With 2.3 billion euros in funding,this strategy focuses on three

113、areas:Funding the industrialisation of innovative start-ups and SME,through a specific plan,Increasing support to facilitate the emergence of Deep Tech companies(275 million euros),Creating a one-stop shop managed by La French Tech dedicated to industrial start-ups in order to facilitate access to S

114、tate-sponsored support programmes and information on available public fundingHorizon Europe:100B/7 yearsNational innovation programs=hundreds of millions per country(Bpifrance is 1B/year,Innovate UK 1B/year)Fund of fund approach.Backs most of Deep Tech investors,hard to quantify exactly.EIC provided

115、 more than 1.5k grants totalling over$1.3B in support of European Deep Tech startups since 2016.Louis suggestionsmaybe something with pioneers(FR,NL,)vs.latest initiatives(or something new):DE,UK,?for pioneers,worth mentioning is switzerland:https:/www.investiere.ch/cti for EIB you can mention this:

116、https:/www.eib.org/en/press/all/2022-083-eib-group-supports-the-pan-european-scale-up-initiative-to-promote-tech-champions does not seem so significativeEU programsEIT InnoEnergy is one of the most active investors in Energy in Europe.EIF is the main LP in most European Deep Tech funds,providing nea

117、rly 40%of the capital allocation.“The European DARPA”:Aims to hand 50m and 100m in annual challenge grants.EIT InnoEnergyEIT InnoEnergy is one of the most active investors in Energy in Europe,supported by the European Institute of Innovation and Technology(EIT).JEDI“The European DARPA”aims to hand 5

118、0m and 100m in annual challenge grants.Domestic programs*GermanyGermany is planning a 30B fund to support technology-oriented startups and facilitate start-up spin-offs from academia and lab access for start-ups.SPRINDGerman Federal Agency for Disruptive Innovation.FranceFrance committed 2.3B in fun

119、ding to the “Industrial and Deep Tech Start-Ups”strategy.BpifranceBpifrance participated in over 160 rounds totalling$3B for Deep Tech since 2016.Advanced Research and Invention Agency(ARIA)Pending launch of Advanced Research&Invention Agency(ARIA)with 800 million to support new areas of research an

120、d technology.UK Research and InnovationUKs innovation agency with 1.2B/year budget.There is strong public support for Deep Tech in Europe.Almost doneSource:Dealroom.co *Here shown as pure exemplificative purpose a few programs from Europe three biggest economies,bust most European countries have ded

121、icated policies to support Deep Tech,from pioneers like Switzerland,Netherlands and the Nordics to nearly every other state in Europe,Pending launch of Advanced Research&Invention Agency(ARIA)with 800 million to support new areas of research and technology.UKs innovation agency with 1.2B/year budget

122、.France committed 2.3B in funding to the “Industrial and Deep Tech Start-Ups”strategy.Bpifrance participated in over 160 rounds totalling$3B for Deep Tech since 2016.Germany is planning a 30B fund to support technology-oriented startups and facilitate start-up spin-offs from academia and lab access

123、for start-ups.German Federal Agency for Disruptive InnovationEIT InnoEnergy is one of the most active investors in Energy in Europe.EIC provided more than 1.5k grants totalling over$1.3B in support of European Deep Tech startups since 2016.EU programsDomestic programs*EIF is the main LP in most Euro

124、pean Deep Tech funds,providing nearly 40%of the capital allocation.“The European DARPA”:Aims to hand 50m and 100m in annual challenge grants.Horizon EuropeHorizon Europe is the EUs key funding programme for research and innovation with a budget of 95.5 billion to European innovators between 2021 and

125、 2027.EIF(European Investment Fund)EIF is the main LP in most European Deep Tech funds,providing nearly 40%of the capital allocation.EIF is the main LP in most European Deep Tech funds,providing nearly 40%of the capital allocation.EIC Fund The European Innovation Council Fund provided more than 1.5k

126、 grants totalling over$1.3B in support of European Deep Tech startups since 2016.Page/22 Deep Tech VC investment 2022(%growth vs 2021)GermanyUnited KingdomSwedenSwitzerlandNetherlandsSpainFinland$5.1B$2.3B$2.1B$1.5B$787M$722M$549MNotable Deep Tech funding rounds in 2022NorwayBelgium$531M$308MFrance$

127、2.4BSource:Dealroom.co.Numbers updatedThe UK remains the top country in Europe for Deep Tech,followed by France,Germany,and Sweden.Switzerland comes in 5th punching above its weight.Design done-37%-2%+39%+221%-1%-15%+85%-38%-46%+6%To doublecheck at the end that all HQ etc are fine1Understanding Deep

128、 Tech2The state of European Deep Tech 3 Deep Tech segments to watch4Accelerating European Deep Tech3Deep Tech segments to watchPage/24 RoboticsCollaborative roboticsBlockchainBlockchain infrastructure(scaling solutions,cryptography,cold storage)Biotech*Synthetic biologyFoodTech&Agritech(cultivated m

129、eat,modified crops)Bio-fuels&bio-chemicalsDNA synthesisHealth(tissue printing&diagnostic)Advanced materialsCO2 negative materialsBio-plasticsSynthetic diamondsGraphene Cybersecurity PCWeb3AR/VRThis report focuses on four“new/true frontier”areas of Deep Tech.Novel EnergyFuture of Computing EV batteri

130、esNuclear fusionNext-gen lithium batteriesLarge-scale storageGreen hydrogen SupercapacitorsWaste heat recoveryQuantum(computing,cryptography,communication,etc)Silicon PhotonicsAR/VR/MRBrain-computer interfacesNovel AI/MLAI-first biologyPrivacy-preserving AIExplainable AINeuromorphic&advanced AI chip

131、sAI accelerationCollaborative roboticsGenerative AIAutonomous systemsGeneral Purpose AIFuture of computing(including photonics,and the rest)New OSsDecentralized Quantum(computing,cryptography,communication,etc)Organic computingSilicon PhotonicsNeurotechNeural ImplantsAR/VRWearable&IoTNovel energy(en

132、ergy+climate tech)Nuclear fusionCarbon capture&carbon negative materialsNext-gen lithium batteriesLarge-scale storageGreen hydrogen SupercapacitorsWaste heat recoverySpace techReusable and next-gen rocketsSatellites for communication&earth observationIn-space transportationIn-space manufacturingDebr

133、is removalOther interesting segments not in these 4 areasSynthetic BiologyAdvanced materials RoboticsTransportation FoodTech&AgritechCybersecuritySynBioNovel AIGenerative AIAI-first biologyPrivacy-preserving AIExplainable AIAI accelerationAutonomous drivingGeneral purpose AISource:Dealroom.co Segmen

134、ts indicated are not meant to be exhaustive but serve as an example of topics of focus.*Biotech is excluded by our definition of Deep Tech,except for some segments such as AI-first biology,more details here.Space TechReusable and next-gen rocketsSatellites for communication&earth observationIn-space

135、 transportationIn-space manufacturingDebris removalNeuromorphic&advanced AI chipsQuantum chemistry and AI for chemical and biotech fieldsAI-first biologyAutonomous drivingTransportationUrban air mobility&eVTOLHydrogen/electric aviationHyperloopDistributed computingPage/25 Emerging Deep Tech segments

136、 of Novel AI,Future of Computing,Novel Energy and Space Tech raised$4.4B funding in 2022,more than doubling the 2020 total.$3.7B$4.9B*$4.1BVC funding in core emerging Deep Tech segmentsSource:Dealroom.co *Excluding OneWeb$4.4B raised since 2016.$2B200022$4B$5BDesign doneFuture

137、of computingNovel AISpace tech*Novel EnergyUpdated numbers$4.4B$1B$3B$2.1BPage/26$0-1M(pre-seed)$1-4M(seed)$4-15M(series A)$15-40M(series B)$40-100M(series C)$100-250M$250M+Notable Deep Tech rounds in Novel Energy 2022VC investment in European Novel Energy Deep Tech startups*view online$1.6B$1.1B$0.

138、5B200022Source:Dealroom.co Novel energy startups in Europe raised$1.6B in 2022,almost 50%more than 2021 total and 3x compared to 2020.Design doneStartupSectorRoundNuclear fissionxxM Series xHydrogen,green steelxxM Series xVehicle productionxxM Series xLogistics&deliveryxxM Seri

139、es xVehicle marketplacesxxM Series xLogistics&deliveryxxM Series xAutonomous Sensor TechxxM Series xLogistics&deliveryxxM Series xStartupFunding roundFocus300M Early VCNuclear fission260M Series BCO2-free steel manufacturing86M Series DHydrogen electrolyzers50M Series BNew battery chemistries(ultra-

140、fast charging)$45M Series CNuclear fusion38M Series DSupercapacitorsNovel EnergyNumbers updated,but still keep an eye$1.5B$1.0B$2.0B$0.5BPage/27 Hydrogen startups have raised the most funding in 2022,followed by nuclear fission,new battery chemistries&supercapacitors.VC investment in European Novel

141、Energy Deep Tech segments$360M$249MHydrogenNuclear fissionNew battery chemistries&supercapacitors$493MGrid scale energy storageNuclear fusionOthers*Source:Dealroom.co.*Deep Tech energy startups active in waste heat recovery,wind energy,solar energy,water&tidal energy,thermal energy storage&heat pump

142、s.$231M 2021 2022 Design doneNovel energy:you can have a look at the companies included here linkwe were using this as energy+climate techenergy:nuclear fusion&fission,next-gen lithium batteries,large-scale storage,green hydrogen,supercapacitors,waste heat recovery)climate tech,not energy:carbon cap

143、ture&carbon negative materials,synthetic&bio-fuels,waste solutionsAs an example of what we included:in solar energy(&wind)we excluded most of the companies since not Deep Tech-focused like Sunroof and included things like organic cells(Epishine)or smart building solar coating(Physee).Other segments

144、like nuclear fusion are clearly completely Deep Tech.We can remove carbon capture&carbon negative materials,synthetic&bio-fuels,waste solutions if preferred.$949M$478M$368M$260M$99M$494M$84M180+Novel Energy startups in EuropeExplore list$124MNumbers updated,but still keep an eyeVC investment in Euro

145、pean Novel Energy Deep Tech segments$360M$215MHydrogenNuclear fissionNew battery chemistries&supercapacitors$493MGrid scale energy storage$215MNuclear fusionNext-gen lithium batteries$231MOthers*$34M 2021 2022$949M$478M$276M$260M$99M$93M$494M$84M$124MPage/28$0-1M(pre-seed)$1-4M(seed)$4-15M(series A)

146、$15-40M(series B)$40-100M(series C)$100-250M$250M+Notable Deep Tech rounds in Novel AI in 2022$1.5BVC investment in European Novel AI Deep Tech startups view online$1.0B$2.0B200022YTDSource:Dealroom.co Novel AI startups in Europe raised$1.1B in 2022,down 31%from 2021,but still

147、60%more than in 2020.Design done$0.5BStartupSectorRoundNuclear fissionxxM Series xHydrogen,green steelxxM Series xVehicle productionxxM Series xLogistics&deliveryxxM Series xVehicle marketplacesxxM Series xLogistics&deliveryxxM Series xAutonomous Sensor TechxxM Series xLogistics&deliveryxxM Series x

148、StartupFunding roundFocus$200M Series BAutonomous driving$101M Series AGenerative AI$100M Series BAI acceleration$62M Series BSpeech recognition$45M Series AExplainable AI(causal AI)$40M Series AAI-first biologyNovel AI$1.1B$1.6B$0.7BNumbers updated,but still keep an eyePage/29 VC investment in Euro

149、pean Novel AI Deep Tech segmentsSource:Dealroom.co *Includes only startups developing their own LLMs,for a broader overview have a look at our Generative AI briefing.2021 2022Design doneNovel energy:you can have a look at the companies included here linkwe were using this as energy+climate techenerg

150、y:nuclear fusion&fission,next-gen lithium batteries,large-scale storage,green hydrogen,supercapacitors,waste heat recovery)climate tech,not energy:carbon capture&carbon negative materials,synthetic&bio-fuels,waste solutionsAs an example of what we included:in solar energy(&wind)we excluded most of t

151、he companies since not Deep Tech-focused like Sunroof and included things like organic cells(Epishine)or smart building solar coating(Physee).Other segments like nuclear fusion are clearly completely Deep Tech.We can remove carbon capture&carbon negative materials,synthetic&bio-fuels,waste solutions

152、 if preferred.160+Novel AI startups in EuropeExplore listAI-first biologyAutonomous drivingGenerative AI*AI-programming&no/low code softwareNew AI/ML tech stack(AI acceleration,error correction)Speech recognition&conversational AIPrivacy-preserving AI$1.3BExplainable AINeuromorphic&advanced AI compu

153、ting chipsGenerative design engineering&AI-aided engineeringQuantum chemistry and AI for chemical and biotech fields$389M$219M$175M$125M$121M$120M$53M$39M$32M$23MUpdated numbersAI-first biology had a big slowdown in 2022.Most other segments of Novel AI accelerated in 2022,including Autonomous drivin

154、g and Generative AI.Autonomous drivingPage/30$0-1M(pre-seed)$1-4M(seed)$4-15M(series A)$15-40M(series B)$40-100M(series C)$100-250M$250M+Notable Deep Tech rounds in Future of Computing in 2022VC investment in European Future of Computing startups view online 200022YTDSource:Dea

155、lroom.co Future of Computing startups in Europe raised$0.9B in 2022,the most active year ever by far.Design doneStartupSectorRoundNuclear fissionxxM Series xHydrogen,green steelxxM Series xVehicle productionxxM Series xLogistics&deliveryxxM Series xVehicle marketplacesxxM Series xLogistics&deliveryx

156、xM Series xAutonomous Sensor TechxxM Series xLogistics&deliveryxxM Series xStartupFunding roundFocus128M Series AQuantum computers75M Late VCPhotonics integrated circuits$75M Series AQuantum computing software&quantum cryptography 50M Late VCQuantum computers$47M Series AQuantum computers18M Early V

157、CBrain-computer interfacesFuture of ComputingNumbers updated,but still keep an eye$0.5B$0.3B$0.9B$0.6B$0.2B$0.8B$0.4B$2.0BPage/31 AR&VR software startups raised the most future of computing funding in 2022 and 2021,followed by Quantum computers&processors,Photonics and Quantum cryptography.VC invest

158、ment in European Future of Computing Deep Tech segmentsSource:Dealroom.co Design done140+Future of Computing startups in EuropeExplore list$257M$113MAR&VR softwareQuantum computers&processorsPhotonic integrated circuits&photonics IPQuantum cryptography$80MAR&VR hardwareQuantum computing softwareBrai

159、n-computer interfaces$285M$364Quantum chemistry&AI for chemical&biotechQuantum communicationQuantum sensing$362M$157M$156M$118M$98M$88M$42M$7M$7M 2021 2022 Numbers updatedPage/32$0-1M(pre-seed)$1-4M(seed)$4-15M(series A)$15-40M(series B)$40-100M(series C)$100-250M$250M+Notable Deep Tech rounds in Sp

160、ace Tech in 2022$0.6BVC investment in European Deep Tech x Space Tech startups*view online$0.4B$0.8B200022YTDSource:Dealroom.co *Excluding OneWeb$4.4B raised since 2016.Deep Tech x Space Tech startups in Europe raised$0.7B in 2022,almost 1.5x 2021 total when excluding OneWeb me

161、garounds.Design done$0.2BStartupSectorRoundNuclear fissionxxM Series xHydrogen,green steelxxM Series xVehicle productionxxM Series xLogistics&deliveryxxM Series xVehicle marketplacesxxM Series xLogistics&deliveryxxM Series xAutonomous Sensor TechxxM Series xLogistics&deliveryxxM Series xStartupFundi

162、ng roundFocus$136M Series DEarth observation satellites40M Series CSpace launch rockets$50M SeedCommunication&connectivity satellites40M Series BEarth observation satellites$29M SeedHypersonic planes19M Early VCSatellite imagerySpace TechNumbers updated,but still keep an eye$0.7B$0.5B$0.2B$0.5BPage/

163、33$208M$81MOneWeb(Communication&Connectivity Satellites)Earth Observation SatellitesLaunch VehiclesCommunication&Connectivity satellites$104MSatellite Ground Infrastructure&NavigationMaterials for Space(including Semiconductors)Other Space Transportation*$1.75BIn-space Operations*Spacecraft Parts,Pr

164、opulsion System and PayloadsSpace Exploration*$306M$215M$143M$99M$96M$79M$52M$37M$27M view on the platform(charts to be added)view on the platformVC investments in Deep Tech x Space Tech in Europe Explore 190+Deep Tech Space startups in EuropeEarth Observation Satellites raised the most funding amon

165、g Deep Tech x Space tech startups,when excluding Oneweb,followed by Launch Vehicles and Communication&Connectivity Satellites.Source:Dealroom.co For deeper insights on Space Tech segments explore our European Space Tech report.*Other space transportation includes in-space transportation,spaceplanes

166、and hypersonic flight,stratospheric balloons and platforms.Space exploration includes in-space manufacturing,in-space human presence,space resource exploration and space utilities.In-space operations includes mission planning and control,spacecraft servicing and debris removal,in-space research&spac

167、e cybersecurity.Communication and connectivity satellitesSemiconductors for spaceEarth observation satellitesLaunch vehiclesMaterials for spaceGround infrastructureMission planning and controlIn-space transportationSpacecraft parts and payloadsIn-space researchSpace utilitiesIn-space human presenceI

168、n-space manufacturingPropulsion systemsSpaceplanes&hypersonic flightSatellite navigationSpace cybersecuritySpacecraft servicing and debris removal4.3B621M450M439M267M171M76M73M73M49M46M41M40M38M35M25M22M12M2M0MSpace resource explorationStratospheric balloons and platformsVC funding in Upstream Space

169、 Tech segments in Europe(2016-2022 YTD)view online Design doneSpace vehicles,components and payloadsSatellitesSpace transportationIn-space operationsSpace exploration$284M$95M$41M$527M$2.5BOneweb OneWeb 2021 2022150+Deep Tech x Space Tech startups in EuropeExplore listNumbers updated1Understanding D

170、eep Tech2The state of European Deep Tech 3 Deep Tech segments to watch4Accelerating European Deep Tech4Accelerating European Deep TechPage/35 USA21%17%High share of highly-cited research publications1Europe21%ChinaEurope excels in Computer Science ranking(THE 2022)1.Oxford11.Imperial College London2

171、.Stanford 12.UCLA3.MIT13.Tsinghua(Beijing)4.ETH Zurich14.Caltech4.Cambridge15.TU Munich6.CMU16.Singapore Nanyang7.Harvard17.University of Washington8.Berkeley18.Cornell8.National University of Singapore19.Peking university10.Princeton20.cole polytechnique fdrale de LausanneCan we investigate by enti

172、ty type?Quote?Times 2022 engineering*Benedict Evans/Mosaic Ventures Dec 2020.Data originally from BEIS/SCOPUS/UNESCO.and does well also in Engineering ranking(THE 2022)1.Harvard11.University of California2.Stanford 12.Peking university3.Berkeley13.Imperial College London4.MIT14.Georgia Tech5.Cambrid

173、ge15.Singapore Nanyang6.Oxford16.Yale7.Princeton17.Tsinghua(Beijing)8.Caltech18.Carnegie Mellon University9.ETH Zurich19.cole polytechnique fdrale de Lausanne10.National University of Singapore20.University of Michigan-Ann Arbor1.Oxford11.Singapore National2.Stanford 12.UCLA3.ETH Zurich13.Singapore

174、Nanyang4.MIT14.Cornell5.Cambridge15.Tsinghua(Beijing)6.CMU16.Georgia Tech7.Imperial College London17.HKUST8.Harvard18.TU Munich9.Princeton19.University College London10.Caltech20.cole polytechnique fdrale de LausanneUS=2622-53%China=935-19%EU+Switzerland=895-18%Australia+Canada=528-10%total=4980 EUC

175、hina43%20%High share of highly-cited research publications1Europe38%USAUKFranceUKSpainUSAItaly35%28%26%23%22%18%GermanyEuropean students are more into science*(portion of graduates in Science,Technology,Engineering,and Mathematics)EUChina43%20%High share of highly-cited research publications*Europe3

176、8%USAUKDesign done,all updatedEurope has the great technical talent and research leadership required to play a key role in the future of global Deep Tech.Page/36 https:/ Most valuable European Deep Tech spinouts view online Indeed many European Deep Tech successes have their roots in academia.Compan

177、yCategoryUniversityValuationVC funding BiotechJohannes Gutenberg University Mainz$24B$1.4BProcess miningTUM$13B$1.8BUrban air mobilityTUM$3.3B$826MCybersecurityCambridge$2.5B$230M CO captureETH Zurich$2.2-3.3B$777MAI BiotechOxford$2.0B$1.3BVR healthEPFL$1.5B$339MSmart sensorsETH Zurich$1.1B-Robotics

178、German Aerospace Center(DLR)$1.0B$260MSource:Dealroom.co.400+Deep Tech spinouts by universityUpdating contentDesign doneMost valuable European Deep Tech spinouts view online Explore list CompanyCategoryUniversityValuationVC funding BiotechJohannes Gutenberg University Mainz$23B$1.4BProcess miningTUM

179、$13B$1.8B CO captureETH Zurich$2.2-3.3B$777MCybersecurityCambridge$2.2B$230MAI BiotechOxford$2.1B$1.3BVR healthEPFL$1.5B$339MSmart sensorsETH Zurich$1.4B-RoboticsGerman Aerospace Center(DLR)$1.0B$260M400+Deep Tech spinouts by universityUpdating list,based on valuation changesCompanyCategoryUniversit

180、yValuationVC funding BiotechJohannes Gutenberg University Mainz$24B$1.4BProcess miningTUM$13B$1.8BUrban air mobilityTUM$3.3B$826MCybersecurityCambridge$2.5B$230M CO captureETH Zurich$2.2-3.3B$777MAI BiotechOxford$2.0B$1.3BVR healthEPFL$1.5B$339MSmart sensorsETH Zurich$1.1B-RoboticsGerman Aerospace C

181、enter(DLR)$1.0B$260MPage/37 Universities in the UK created the most spinout value,followed by Switzerland and Germany.ETH,Oxford and Cambridge are the top universities overall.Golden triangle totalUniversity of OxfordUniversity of CambridgeEidgenssische Technische Hochschule Zrich(ETH Zurich)Univers

182、ity College London Imperial College LondonTechnical University Munich(TUM)Northern triangle totalGhent Universitycole Polytechnique Fdrale de LausanneUniversity of BristolEindhoven University of Technology(TU/e)University of GlasgowUniversity of EdinburghUniversity of ManchesterAalto UniversityUnive

183、rsity of SouthamptonUniversity of ZrichKU LeuvenUniversity of TwenteUniversity of StrathclydeVrije Universiteit BrusselUniversity of LeedsLund UniversityKings College LondonSource:Dealroom.co.Data a Oct 30 2022.*France has a mediated system for university spinouts which limits visibility on universi

184、ty value creation.University of OxfordUniversity of CambridgeUniversity College LondonTechnical University BerlinImperial College LondonETH Zurichcole Polytechnique de ParisTUMGhent UniversityKU LeuvenFree University of Berlincole Polytechnique FdraleHumboldt University of BerlinUniversity of Manche

185、sterUniversity of BristolUniversity of EdinburghTechnical University of ViennaVUB(Vrije Universiteit Brussel)Eindhoven UniversityUniversity of StrathclydeUniversity of WarwickUniversity of DundeeUniversity of Glasgow2505007501000SwitzerlandGermanyFranceNetherlandsBelgiumUKFinlandSwedenAustria Total

186、number of spinouts(1 point)Total number of spinouts that raised series A(5 points)Total number of spinouts with unicorn valuation(50 points)0Design doneDesign on hold for updatesEuropean universities which created most spinout value*University spinout value created by university country*E

187、uropean universities which created most spinout value*University spinout value created by universities country*Page/38 Golden TriangleOxford,Cambridge,LondonParisSorbonne University(33 Nobel Prizes,6 Fields Medals,&1 Turing Award)Northern TriangleUniversities of Leeds,Manchester and Sheffield(&perip

188、hery Lancaster and Liverpool)Eindhoven/Brainport(ASML,NXP)Bristol Semiconductors hub and University of BristolBirminghamUniversity of Birmingham(10 Nobel prizes)EdinburghDundeeSouthamptonWageningenBrusselsLeuven/FlandersKU LeuvenLondon AmsterdamEurope is dotted with Deep Tech clusters.LeidenThe Hagu

189、eRotterdamParis-Saclay Cluster40%of Paris Region public research and private R&DResearch clusters within a 4 hour train ride of London.The RandstadNewportCardiffSource:Dealroom.co.Clusters shown are based on benchmarking based on patents,Deep Tech startup creation and funding at different stages fro

190、m early to unicorns.Lets make all green dotsBold only main hubs?DundeeGolden TriangleOxford,Cambridge,LondonEdinburghFrankfurtStockholmZurichBerlinTU Berlin,FU BerlinManchesterGlasgowGrenobleSophia AntipolisDresdenGenevaHelsinkiTrondheimNTNUBaselDublinTallinnMalmCopenhagenAmsterdamMilanBarcelonaDesi

191、gn doneParisSorbonne,Paris-SaclayDelft EindhovenGhentLeuven BrusselsLausanneMunichTU Munich,Fraunhofer ViennaOsloBristolPage/39 Source:Dealroom.co.*London Deep Tech cluster includes Imperial College,University CollegeUK,Germany,France and Sweden are the largest Deep Tech ecosystems in Europe.Sweden,

192、Finland,Norway and Switzerland have the highest relative concentration of Deep Tech.Design doneDeep Tech VC investment(2016-2022)Deep Tech as%of VC investment(2016-2022)Important Deep Tech clustersUKOxford-Culham-Harwell-Abingdon,Cambridge,Bristol,Dundee,Warwick,Southampton,Edinburgh,London*GermanyB

193、erlin,TU Munich,Fraunhofer,KIT,RWTH Aachen University,Uni Mainz,Darmstadt University of Technology,Ulm,German Aerospace CenterFranceParis,CEA(Atomic Energy Commission),Vision Institute,LNE-SYRTE,LP2N,Grenoble Institute of Technology,Inria,Sorbonne(incl.ISIR)SwedenLund,KTH Royal Institute of Technolo

194、gy,Lule University of Technology,Uppsala,Karolinska Institute,ChalmersSwitzerlandETH Zurich,Swiss Federal Institute of Technology Lausanne,EPFL,IDSIA,UZHNetherlandsEindhoven/Brainport-ASML-NXP-Philips,Delft,Wageningen,TNO,University of Amsterdam,TwenteFinlandVTT,Aalto,Oulu,University of HelsinkiSpai

195、nStarlab,Polytechnic University of Catalonia(incl.ICFO)NorwayNTNUIrelandLimerick,DublinBelgiumGhent,Leuven-Imec,Hasselt,Antwerp,UCLouvain,Vrije Universiteit BrusselDenmarkOdense,University of Copenhagen,SDUItalyPolitecnico Milano,Politecnico Torino,University of Milan,IITAustriaTu Wien,University of

196、 Applied Sciences Technikum WienPolandWarsaw University of Technology,Wroclaw University of Science and Technology,Polish Center for Technology DevelopmentPortugalUniversity of Porto,University of Lisbon,Universidade NOVA de LisboaUK,Germany,France and Sweden are the largest Deep Tech ecosystems in

197、Europe.Switzerland,Sweden,Finland and Norway are the most Deep Tech focused ecosystems.$12.8B$9.8B$8.5B$6.7B$3.2B$2.4B$2.2B$1.7B$1.1B$1.0B$1.0B$744M$517M$489M$338M$28.7BNumbers updatedDeep Tech VC investment 2016-2022Deep Tech as%of VC invested(2016-2022)Important Deep Tech clustersUKOxford-Culham-H

198、arwell-Abingdon,Cambridge,Bristol,Dundee,Warwick,Southampton,Edinburgh,London*GermanyBerlin,TU Munich,Fraunhofer,KIT,RWTH Aachen University,Uni Mainz,Darmstadt University of Technology,Ulm,German Aerospace CenterFranceParis,CEA(Atomic Energy Commission),Vision Institute,LNE-SYRTE,LP2N,Grenoble Insti

199、tute of Technology,Inria,Sorbonne(incl.ISIR)SwedenLund,KTH Royal Institute of Technology,Lule University of Technology,Uppsala,Karolinska Institute,ChalmersSwitzerlandETH Zurich,Swiss Federal Institute of Technology Lausanne,EPFL,IDSIA,UZHNetherlandsEindhoven/Brainport-ASML-NXP-Philips,Delft,Wagenin

200、gen,TNO,University of Amsterdam,TwenteFinlandVTT,Aalto,Oulu,University of HelsinkiSpainStarlab,Polytechnic University of Catalonia(incl.ICFO)NorwayNTNUBelgiumGhent,Leuven-Imec,Hasselt,Antwerp,UCLouvain,Vrije Universiteit BrusselIrelandLimerick,DublinDenmarkOdense,University of Copenhagen,SDUAustriaT

201、u Wien,University of Applied Sciences Technikum WienItalyPolitecnico Milano,Politecnico Torino,University of Milan,IITPolandWarsaw University of Technology,Wroclaw University of Science and Technology,Polish Center for Technology DevelopmentPortugalUniversity of Porto,University of Lisbon,Universida

202、de NOVA de Lisboa18%14%13%32%21%35%15%12%20%20%29%33%19%18%17%28%$12.2B$9.0B$8.1B$6.6B$3.0B$2.5B$2.1B$1.8B$1.1B$1.0B$1.0B$0.8B$0.7B$0.4B$0.3B$27.4B18%14%13%33%24%35%15%16%21%21%27%32%13%11%18%23%University of Porto,University of Lisbon,Universidade NOVA de LisboaPage/40 Leuven,Lausanne,Oxford,Zurich

203、,Dresden and Cambridge lead by Deep Tech oriented patents*.Overall the UK leads,followed by Germany,France and Switzerland.Design on hold for updates,numbers updatedSource:Cipher AI data analyzed by Dealroom.*Top 55 European universities by number of patents held.Categories of patents considered inc

204、lude UTT classes:Energy(Batteries,Fuel cells,Nuclear,photovoltaics,wind turbines),Information(3d printing,AR&VR,blockchain,image processing,ML,Speech recognition,Life sciences(surgical robotics),Mechanical(robotics),semiconductors(lithography,memory,processors,substrates,transistors),Sensor&optics(l

205、aser,lidar)Source:Dealroom.co,Cipher AI *Categories of patents considered include UTT classes:Energy(Batteries,Fuel cells,Nuclear,photovoltaics,wind turbines),Information(3d printing,AR&VR,blockchain,image processing,ML,Speech recognition,Life sciences(surgical robotics),Mechanical(robotics),semicon

206、ductors(Lithography,memory,processors,substrates,transistors),Sensor&optics(laser,lidar)Active patents held by top European universities by university country*Active patents held by top European universities*Catholic University Leuven8%Ecole Polytechnique Fdrale de Lausanne7%University of Oxford5%ET

207、H Zurich5%Technische Universitt Dresden5%University of Cambridge5%GermanyFranceBelgiumNetherlandsSwitzerland630428338308273178UKSwedenNorwayDenmark521778%Catholic University Leuven5%University of Oxford7%Ecole Polytechnique Fdrale de Lausanne5%ETH Zurich5%Technische Universitt Dresden5%University of

208、 Cambridge65%OthersPage/41 THE CHANCESTHE CHALLENGESTHE STRENGTHShttps:/ There are still considerable obstacles in the path from academic scientific research to scalable commercialization in Europe.1)Taken from Benedict Evans/Mosaic Ventures Dec 2020.Data originally from BEIS/SCOPUS/UNESCO.2)Times H

209、igher Education World University Rankings 20223)Busting myths and moving forward:the reality of UK university approaches to taking equity in spinouts(UCI)4)Can Europe Create Its Own Deep-Tech Giants?(BCG)Can Europe Create Its Own Deep-Tech Giants?four Europe-specific challenges for deep-tech compani

210、es entering the scale-up phase:Securing financing and,in particular,a lead investorBuilding and leveraging a strong and productive board of directors with independent membersDeveloping a compelling business strategy and investment narrativeNavigating European institutional challengesIn addition,thre

211、e broader challenges that many young firms face are especially acute for deep-tech companies:the frequent difficulties of collaborating with large corporations,attracting the necessary business and technical talent,and partnering with others in the ecosystem.Sales and business development is the hig

212、hest-priority skill set for investors and the third highest for companies.Deep-tech companies seek business development and sales staff with some technology background or knowledgeoften a tall order given that many advanced technologies are only just moving out of the lab and into the marketplace.“D

213、eep-tech companies need to sell,and it wont happen with tech people,”one investor told us.But people with these profiles are rare today and most are already working for large corporations.Building an organization that can scale up often requires filling dedicated senior-management positionsCFO,CMO,a

214、nd COOwith experienced people,sometimes replacing founders and early employees who have already worn several hats.For some companies,said one investor,“the first objective of their last fundraising was to get enough funds to hire their CFO.”The StrengthsEurope has the largest share of highly-cited r

215、esearch publications(43%).1European students are into science.The percentage of STEM graduates is much higher in Europe(22-35%),than in the US(18%).1Europe hosts leading science&engineering universities being home to 6 of the top 20 Computer Science and 5 of the top 20 Engineering universities.2The

216、ChancesDespite the great scientists,IP and technical know-how,technology-related skills are still the biggest need for deep-tech companies.4There is also a lack of Sales&Business Development with technical expertise seen as top priority by investors and third highest by founders.4Other barriers incl

217、ude the local economies lack of necessary facilities,talent and expertise to commercialise further development.3The ChallengesSpinning out from European universities is expensive.They tend to take double digit ownership,at times exceeding 30%.However,this is often fully dilutable equity,in contrast

218、with US 5-10%common share.3Spin-out arrangements can drag on for 1 year in some cases,due to a lack of standardized terms.Universities often do not encourage entrepreneurship,focusing instead on academic publications output.Academic research&scientific talentResearch spinout processTalent&first step

219、sEurope has the largest share of highly-cited research publications(43%).1European students are into science.The percentage of STEM graduates is much higher in Europe(22-35%),than in the US(18%).1Europe hosts leading science&engineering universities being home to 6 of the top 20 Computer Science and

220、 5 of the top 20 Engineering universities.2Academic research&scientific talentSpinning out from European universities is expensive.They tend to take double digit ownership,at times exceeding 30%.However,this is often fully dilutable equity,in contrast with US 5-10%common share.3Spin-out arrangements

221、 can drag on for 1 year in some cases,due to a lack of standardized terms.Universities often do not encourage entrepreneurship,focusing instead on academic publications output.Research spinout processDespite the great scientists,IP and technical know-how,technology-related skills are still the bigge

222、st need for deep-tech companies.4There is also a lack of Sales&Business Development with technical expertise seen as top priority by investors and third highest by founders.4Other barriers include the local economies lack of necessary facilities,talent and expertise to commercialise further developm

223、ent.3Talent&first stepsPage/42 “To properly invest in Deep Tech you must build a dedicated team.Steven JacobsVenture Partner(Deep Tech)&Chief Product Officer at LakestarThe approach and process used to invest in Deep Tech is often quite different from traditional SaaS investing.It requires a unique

224、investor skillset,a specialized bottoms-up investment strategy and the ability to operate independently.”Christina FranzeskidesDeep Tech Investor at LakestarMore must be done to avoid unconscious bias.“Notable mixed founded Deep Tech startups in Europe Source:Dealroom.co.*Women TechEU 2021(EISMEA)bu

225、t overall much more progress is needed.Looking at gender inclusion,some success stories have emerged in European Deep Tech Female-only Mixed Male-only2002225%50%75%100%VC investments in European Deep Tech startups by founders gender89%8%3%Content ready,design nearly readyNotable female-on

226、ly founded Deep Tech startups in Europe Notable mixed founded Deep Tech startups in Europe BioNTech$22.6BDarktrace$2.2BProximie$320M$480M Interstellar Lab$bn but more is needed to achieve a more prosperous industryVC investment in European Deep Tech startups by founder gender89%2002220172

227、0192021We are still in the early innings of inclusion in Deep Tech.Today,women obtain only 10%of patent applications in the EU,and less than 15%of start-ups are founded or co-founded by women(and only 6%by women-only teams).This translates into low amounts of capital invested into women-led companie

228、s,creating a vicious circle 89%Male-only 8%Mixed 3%Female-onlyLooking at gender inclusion specifically,some success stories have already emerged in EuropeThere is still a long way to go to achieve inclusion in Deep Tech.Last year only 3%of VC funding in Deep Tech was invested in startups that were f

229、emale-only founded.However,diversity of thought,opinion and creativity is essential for our Deep Tech ecosystem to thrive.To that end,we must strive towards inclusivity,across all backgrounds and genders,for the space to reach its full potential.”6%startups are female-only founded*8%3%Female only al

230、l small none really scaledProximieGanymed roboticsTraceless materialsSulapacSylfenmixedBioNTechOura$2.55bnDarktraceCompass PathwaysLedger/Newcleo10%EU patents obtained by females*20022201720192021Female-onlyMixedMale only89%8%3%10%EU patents obtained by females*6%startups are female-only founded*COVER