From autonomous robots to AI-powered drug discovery, deeptech technologies are helping startups get one step closer to the innovations of every sci-fi film’s dreams — and VCs are on board with making it happen.
Startups building in the space are also working on quantum computers and semiconductors — which the EU sees as key to bolstering the continent’s economic security as a global leader.
The sector drummed up $14.4bn in the first three quarters of 2023, with $8bn of that brought in during Q3 — the highest quarterly funding figure for the sector since Q2 of 2021. That number was boosted by the two huge funding rounds within climate infrastructure: green steel producer H2 Green Steel’s €1.5bn raise and sustainable battery maker Northvolt’s $1.2bn funding round.
But which startup could be next to cross the threshold? Here are the sector’s highest-valued soonicorns, according to Dealroom data. Companies had to be founded since 2005 with a valuation of at least $500m to be considered.
Wayve
HQ: UK
Launch year: 2017
Valuation: $800m to $1.2bn
Wayve is developing machine learning-powered software for self-driving cars. It raised a $200m Series B round in January 2022, but hasn’t confirmed its valuation — so, while some have estimated that it has crossed the unicorn threshold, without confirmation, it remains a soonicorn for now.
DNA Script
HQ: France
Launch year: 2014
Valuation: $825m
DNA Script offers lab bench DNA printing machines to make DNA synthesis quicker and easier for scientific companies working with molecular biology. It was number three in last year’s deeptech soonicorns list with the same valuation, earned as part of a $35m Series C extension round in January 2022. The company has raised around $312m since founding in 2014, and is backed by investors including Sofinnova Partners, EQT Life Sciences and Bpifrance.
Flo
HQ: UK
Launch year: 2016
Valuation: $800m
Women’s health platform Flo uses AI and machine learning technology to power a personalised period and ovulation tracking service. It last raised in September 2021, when it closed a $50m Series B backed by Target Global and VNV Global.
Isar Aerospace
HQ: Germany
Launch year: 2018
Valuation: $660m to $990m
Satellite launch service Isar Aerospace recently bagged the biggest global spacetech round so far in 2023, with a $165m Series C backed by investors including Earlybird Venture Capital, HV Capital and Lakestar. The Technical University of Munich spinout hopes to launch its first rocket later this year, which is designed to place up to 1,000kgs into low Earth orbit.
Polarium
HQ: Sweden
Launch year: 2015
Valuation: $641m
Energy storage startup Polarium connects businesses within telecom, commercial, industrial and residential facilities to lithium-ion-battery-powered solutions, which help reduce the cost of their energy use, secure power to hold in reserve and create new revenue streams. It’s raised around $268m so far, most recently closing SEK562m ($51.5m) in funding in September 2023.
Exeger
HQ: Sweden
Launch year: 2009
Valuation: $605m
Exeger manufactures solar cells with the goal of converting any kind of light into electrical power. The cells are made into a flexible rubber-like material, which means it can be added to a range of products as a more sustainable source of power — the startup has already partnered with companies like sportswear brand Adidas and headphone maker Urbanista. It raised SEK180m ($16.5m) in a Series B extension in March 2023, bringing its total funding to around $136m, according to Dealroom.
Carbon Clean Solutions
HQ: UK
Launch year: 2009
Valuation: $600m to $900m
London-based Carbon Clean Solutions equips industrial sites with tailored carbon capture technology solutions, helping high-impact plants reduce their carbon emissions. It secured a $150m Series C in May 2022, which saw participation from Samsung Ventures and Saudi Aramco Energy Ventures, and brought its total funding so far to around $213m.
Atheneum
HQ: Germany
Launch year: 2010
Valuation: $600m to $900m
Research-as-a-service startup Atheneum gives marketing teams access to over a million subject experts who can offer insight into emerging trends. It raised $150m in August 2021, which saw Crosslantic Capital, Guidepost Growth Equity and Vogel Ventures chip in.
Sunfire
HQ: Germany
Launch year: 2010
Valuation: $600m
Renewable energy startup Sunfire produces electrolyzers for energy-intensive industries that produce renewable hydrogen and syngas (a mixture of hydrogen and carbon monoxide) from renewable electricity, water steam and captured CO2 to help decarbonise supply chains. It received a €169m grant from the Free State of Saxony and Government of Germany in August 2023, bringing its total funding so far to around €403m, according to Dealroom.
IQM Quantum Computers
HQ: Finland
Launch year: 2018
Valuation: $563m to $845m
IQM Quantum Computers is one of Europe’s best-funded startups developing quantum computing hardware, with around $243m secured so far. Investors include Tencent, Bayern Kapital and Maki.vc.
Oxa
HQ: UK
Launch year: 2014
Valuation: $560m to $840m
Formerly known as Oxbotica, the Oxford University spinout is developing driverless-vehicle software it hopes can be used to automate any vehicle. It raised a $140m Series C round in January 2023, and earlier this month saw tech giant Google take a 3.5% stake in the business.
ICEYE
HQ: Finland
Launch year: 2015
Valuation: $544m to $816m
ICEYE’s satellites offer monitoring capabilities in real-time, particularly to track the progress and reach of natural catastrophes like floods and wildfires. It spun out of Aalto University in 2015 and has since raised around $302m in funding; most recently, it closed a $136m Series D in February 2022 from investors including Molten Ventures, Seraphim Space and the British Business Bank.
Flying Whales
HQ: France
Launch year: 2012
Valuation: $537m to $805m
Flying Whales is building an airship that will offer a more sustainable option for the transport of heavy or bulky loads. It has raised around €178m so far from investors including Bpifrance, Invest Quebec and industrial gas provider Air Liquide.
Aledia
HQ: France
Launch year: 2011
Valuation: $528m to $792m
Aledia builds microLED electronic display lights for AR and VR devices that are based on a unique large-area silicon material, which makes it easier to produce lights at a high yield for a lower cost. With the €120m Series D it secured in September 2023, total funding currently stands at around $301m, plus €30m in debt.
All of Europe’s deeptech soonicorns
