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Deep Tech Funding Snapshot: 2024

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Deep Tech Funding Snapshot: 2024

​Despite a cooling venture market, the Deep Tech sector has weathered a VC winter to emerge as one of the most resilient categories around. For a typically cash-intensive space, early-stage Deep Tech funding has gone against the grain by showing signs of continued promise. AI’s application is growing across sectors like healthcare and materials science, and as a result, we’re still seeing plenty of activity (although funding has decreased in light of a cautious market).

What’s next for Deep Tech? VC exits reached a peak in August of 2023 as M&A emerged as the clearest route to profitability. As Deep Tech recruitment specialists, we’re excited for what the future holds – an increase in M&A activity represents a slew of niche career opportunities, collaborative excellence, and a chance for us to help drive progress by bridging talent gaps in the world’s most exciting sector. Check out our live jobs for a sneak preview of what’s on the market:

The Latest Deals for Top Innovators

We’ve seen a slew of big deals for market movers in the last few years, ranging from companies that design robots for surgery to nanosatellite makers, the list is populated with game-changing innovators. Some of the top deals include:

$100 million – Series B – 1X

The AI and robotics company 1X raised $100 million in funding with the help of global investors, including EQT Ventures. This brings their total amount raised to over $125 million in just 12 months. 1X build androids, wheeled and bipedal, to help meet the world’s labour demands. Very cool. Check them out here:

€6.5 Million – Series A – Sateilot

Sateliot, the Spanish Deep Tech innovators who make low-earth orbit nanosatellites raised €6.5 Million in investment on Jan 11th, 2024, bringing their total amount to €13.5 million inside a single year. Find out about their IoT-connected cell towers in space here:

$135 Million – Series B – Hemab Therapeutics

Biotech pioneers Hemab Therapeutics raised $135 million back in February 2023, contributing to a year that saw record investment into the Danish health tech space. Hemab Therapeutics is reimagining treatment and patient care, developing the first prophylactic therapeutics for serious and underserved bleeding and thrombotic disorders. Read more about their work here:

$16 Million – Series A – Deep Drive

Based in Munich, Deep Drive develops innovative motors for electric vehicles using their patented Dual Rotor Technology. Despite being a relatively new market disrupter, Deep Drive has garnered attention from major players in the auto industry, including BMW. They’ve raised a total of $21 million since 2021. Find out more about their impact here:

€7.9 Million – Series A – Intrinsic

Intrinsic is transforming the future of AI with its silicon oxide-based RRAM (Resistive Random Access Memory) tech, effectively making semiconductors more efficient and powerful. The intrinsic team is on a mission to solve the bottleneck problem in data-intensive applications, creating a springboard for progress in the next generation of devices. Discover their story here:

The EIC Accelerator Programme

The European Innovation Council committed €285 million in funding to Deep Tech startups in what’s been labelled ‘the most competitive funding round.’ 42 innovators have been selected, including:

  • Lumoview Building Analytics GmBH – Blended Finance

  • QUBEDOT GmBH – Blended Finance

  • SpinDrive Oy – Grant First

  • Basemark Oy – Grant First

IQM Finland Oy – Equity Only

Check out the full breakdown here: EIC Accelerator Funding. The EIC has announced €675 million for startups and SMEs in 2024.

The future looks bright for deep tech as breakthrough innovations loom on the horizon. We’re already seeing many of the latest innovations in action, and we can’t wait to be a part of it.

We know that persistent talent gaps threaten to stifle progress. As B-Corp accredited recruiters, we’ve got a responsibility to help plug those gaps and make sure innovators connect with the people they need to make their vision a reality.

Sound familiar? If you need support from our community-led recruitment services, contact the team today, we’re the difference you need to stay competitive and catalyse progress in a tech-enabled future.