2026年度欧洲深度科技报告

March 2026 Executive Summary 1 .D E E P T E C H D E F I N E D Deep Tech is defined as novel scientific or engineering breakthroughs making their way into products and companies for thefirst time. Scientific and engineering breakthroughs have changed our lives immeasurably over the last century and even withinthe last 30 years as advances in telecoms, robotics and AI make their way from labs into our homes and workplaces. Lookingforward, we need disruptive innovations more than ever to solve global challenges like climate change, resource scarcity orlooming demographic and productivity crises. 2 .T H E E U R O P E AND E E P T E C HO P P O RT UN I T Y Europe has the raw ingredients to build the next generational Deep Tech companies: Talent, Market Opportunity and Capital.–Technical& Entrepreneurial Talent:Europe is home to 30% of the world's top Deep Tech universities and produces twice asmany science and engineering graduates as the US. A talent flywheel is now turning, with successful companies recyclingfounders, operators, and capital back into the European ecosystem.–Market Opportunity:Geopolitical tailwinds are driving demand for sovereign technology and local supply chains.Governments recognize the opportunity to drive economic growth through investment in innovation and are using policy andpublic capital to target AI infrastructure, semiconductors, space, and defence as instruments of GDP growth.–Capital:VC funding in Deep Tech continues to accelerate and is explored in detail in its own section. 3 .F U N D I N G L A N D S C A P E –State of the Market:The value of VC backed European Deep Tech continues to grow, reaching a new high at $690bn withcompanies like Helsing andSynthesiadriving recent growth.–Funding Landscape:VC funding for Deep Tech continues its growth on last year, rising to $20.3bn and making up an alltime high of 32% of all VC investment, more than double the 15% of 2015. Deep Tech funding has proven its resilience andis only 4% down from the 2021 peak compared to Regular Tech which remains 54% down from 2021. Executive Summary 3 .F U N D I N G L A N D S C A P E( C O N T. ) –Countries:The UK attracted the most funding ($5.2bn), followed by France ($3.9bn) and Germany ($3.2bn). Finland,Sweden and Switzerland have the highest proportion of funding that went into Deep Tech.–Cities:Paris is the top European hub for Deep Tech VC funding in 2025 ($3.0bn), followed by London ($2.2bn) andMunich ($1.8bn). London is the top hub in most Novel Deep Tech segments, while Munich leads in Defence and Space,and Zurich in Novel Robotics.–Funding Gap:70% of late-stage funding for European Deep Tech startups comes from non-European investors. They raisesmaller rounds and are less likely to progress from one round to the next compared to US counterparts. European DeepTech startups face a yearly funding gap between $4-24bn.–Exit:Exits for European Deep Tech companies are broadly flat in 2024 and mostly (>80%) driven by M&A. By value, themajority of this M&A is acquired by US companies. Publicmarket listings showed signs of recovery in the US and China forDeep Tech companies, while European public markets remained quiet in 2025. 4 .O R I G I N S O F D E E P T E C H Research spinouts account for 33% of new Deep Tech startups since 2015 with the highest portion in the fields of photonicsand quantum technology. The typical European Deep Tech founder has a technical background, at least a master’s degree andis 35 years old. Just under a quarter have work experience in startups, while a further 21% have experience in blue chip:industrial corporates, consulting firms or tech firms. Executive Summary 5 .S E G ME N T D E E P D I V E S2025 funding(YoY growth) N O V E L E N E R G Y$700m(-41%) D E F E N C E C O M P B I O & C H E M I S T R Y $1.8bn(+125%) $1.3bn(+22%) $1.1bn(+88%) $3.4bn(+27%) AI-driven drug discovery:Isomorphic Labs $600m,Charm Therapeutics $80m,Relation Therapeutics $55mAI-driven materialdiscovery:CuspAI$100mAI-driven protein design:Latent Labs $50m,Chemify$50mFoundational model forbiology:Bioptimus$41mGrowth Areas:Shift furthertowards ‘in silico’ design usingAI in areas like pharma,materials, biology, chemistry.Supported by foundationalbiology models, agentic AI andnovel algorithms. Additionally,hybrid systems that conductphysical experiments will leadto further step changes. Foundational Models:Mistral €1.7bnAI Models for vision andvoice generation:Black Forest Labs $300m,Synthesia$193m,ElevenLabs$180mAI-driven Engineering:PhysicsX$155m,Neural Concept $100mWorld Models:General Intuition $134mGrowth areas:Enhancing AI'sunderstanding of the physicalworld & science, developingEuropean sovereign AI models,capitalizing on AI Agentorchestration. AI for Defence:Helsing €600mDrones:Quantum Systems €340m,STARK $62mAir defence systems:Destinus€140m,Cambridge Aerospace $100mUnmanned ground systems:ARX Robotics €42mGrowth Areas:Commercializing sovereignEuropean solutions thatleverage AI, d