Dealroom：2023年欧洲深度科技报告

TheEuropean

DeepTechReport

2023Edition

January2023

InJanuary2021,wepredictedapivotalyearforEuropeanDeepTech.Wasit?

Massivebreakthroughsareacceleratingonseveralfronts

Inour

2021report

,wehighlightedthehugepotentialforDeepTechinEurope.Indeed,EuropeanDeepTechhaditsbestyearwithover$22Binfunding,andbilliondollarexits.

Sincethenwealsosawhugebreakthroughsinkeysegmentslikequantumcomputing(withthefirst100+

qubit

processorandnear

error-free

quantumcomputinginsilicon-baseddevicesbeingproven),nuclearfusion(almost

tripling

therecordfortheamountofenergyproduced),spacetech(StarlinkprovidinginternetcoveragetoUkraine,JamesWebbSpaceTelescope,newmissionstothemoon),generativeAI(

Dall-E

movingtocommercialuses,

StableDiffusion

texttoimagegenerativeAIlaunch,ChatGPTreaching

1Musersin5days

)andmuchmore.

Wearestillonlyscratchingthesurface

In2021,wealsopointedoutthestilllargelyunlockedpotentialinEuropeʼsleadingacademicinstitutionsandtheneedforclosercollaborationbetweenthedifferentactorsintheecosystemtosupportEuropeʼsmostpromisingDeepTechstartups.

Anumberofkeyquestionswhichremainopenformthecentreofthisyearreport:

●HowisDeepTechevolving?WhatisthestateofEuropeanDeepTech?

●WhicharetheemergingareasinDeepTech?

●HowcanweaccelerateEuropeanDeepTechfurther?

●Canweunlockthepotentialinacademia&scientificresearch?

Page/2Source:Dealroom.co.

Previousedition

Recaponthefirsteditionhere

European,multi-stage

venturecapitalfirm

Lakestarinvestswithalongtermviewacrossallstagesfromseedtogrowth.WecareaboutEurope.Weunderstanditsregulationsandpolitics.Wespeakthelanguagesandappreciateitscultures.Yetwehaveaglobalmindsetandliketobuildbridgesbetweencontinents,throughourdeeprelationshipsinmanydifferentecosystems.

LakestarʼsDeepTechteamfocusesonnovelscientificandengineeringbreakthroughsthataremakingtheirwayintocompaniesandproductsforthefirsttime.Weliveonthebleedingedgeandareconstantlylookingforcontrarianviewsonhowtheworldisgoingtochangeforthebetter.

Page/3

Globalventurecapitalfirm

dedicatedtoDeepTechinvestments

WaldenCatalystVenturesishelpingearly-stage

companiesintheU.S.,Europe,andIsraelbuildthe

nextgenerationofcategory-definingbusinessesin

DeepTech.Webacktheboldandthe

daring—trailblazerswhoarechangingtheworldand

makinglifebetterforallofus.

WaldenCatalystinvestsininnovatorsand

entrepreneurspassionateaboutdisruptive

technologiesandcommittedtoexcellence.For

startups,thistranslatesintounparalleledaccessto

operationalexpertise,globalreach,andanetworkof

industrycaptainseagertohelpbuildandscalethe

companiesofthefuture.

Globalstartup&venturecapitalintelligenceplatform

Dealroom.coistheforemostdataprovideronstartup,early-stageandgrowthcompanyecosystemsinEuropeandaroundtheglobe.

FoundedinAmsterdamin2013,wenowworkwithmanyoftheworld'smostprominentinvestors,entrepreneursandgovernmentorganizationstoprovidetransparency,analysisandinsightsonventurecapitalactivity.

Keytakeaways.

DeepTechinEuropehasgrown

stronglyandhasshownresilience

inrecentmarketturmoil.

EuropeanDeepTechstartupsraised$17.7B

in2022,22%lessthan2021total,butstill

+60%on2020.

LookingatQ3&Q42022,DeepTechwasthe

2ndbestperformingsegmentbehindonly

Energyyearonyear.

LPsinEuropeseeDeepTechasthe2ndmost

promisingsegmentinventurecapital.

VCinvestmentinEuropean

DeepTechstartups

$23B

$18B

21%

$11B

2016201720182019202020212022

KeyemergingareasinDeepTech

havechanged.

Byitsownnature,DeepTechisconstantly

evolving.Somesegmentsmaturetothe

scalingandmainstreamphases,whilenew

onesemergetopushtheboundariesofwhat

ispossible.

FourcoreemergingsegmentsofNovelAI,

FutureofComputing,NovelEnergyand

SpaceTechraised$4.4Bin2022,theirhighest

totaleveranddoublethatof2020.

VCinvestmentincoreemergingDeepTech

segmentsinEurope(2022)

NovelEnergy

NovelAI

FutureofComputing

SpaceTech

$1.6B

$1.1B

$0.9B

$0.7B

Requirementstoaccelerate

EuropeanDeepTech.

EuropehasgreattechnicaltalentandresearchtoleadinDeepTech.ManyEuropeanDeepTechsuccesseshavetheirrootsinacademia,spinoutprocessesandunrealisedpotentialofEuropeanuniversitiescanstillbeunlocked.

OtherkeyenablerstounlockthegrowthofDeepTechinEuropeincludebridgingthegapinfundingbetweenearly-stagededicatedDeepTechinvestorsandgeneralistfunds,andincreasingdiversityandinclusion.

Unlockingpotentialofacademic

spinouts

BridgingthegapbetweenearlystagededicatedDeepTechinvestorsandgeneralistfunds

Genderinclusionisstillinthe

earlyinnings

Page/4

Source:Dealroom.co.

1UnderstandingDeepTech

DeepTech,adefinition.

DeepTechisfundamentallynewscienceandengineering.

DeepTechcompaniesapplyanovelscientificorengineering

breakthroughforthefirsttimeintheformofaproduct.

Thismeansthereistechnicalriskingettingtheideatoactuallywork.

DeepTechstartswithanextendedR&Dphaseandinvolvesahighershareoftechnicalstaffcomparedtoconventionalventures.DeepTechalsoofteninvolvesthedevelopmentofhardwareand/orIPwhicharemorecapitalandtimeintensive.

Oncetechnicalriskisovercome,thereisadditionalriskinprovingmarketdemandforthatproduct.Ifmarketdemandisproven,DeepTechstartupshavestrongerdefensibilityfromcompetitionthankstotechnologybarriers,insteadofhavingtorelyonnetworkeffectsandmarketlock-up.

WhatʼsDeepTechtodayisnotnecessarilyDeepTechtomorrow.Oncethetechnologyorproductisnolongernovelandasthecompanyscales,whatwasonceDeepTechbecomesregulartech.

ExamplesoftodayʼskeyDeepTechdomains*.

NovelAI

GenerativeAI

AI-firstbiology

Privacy-preservingAI

ExplainableAI

AIacceleration

Autonomoussystems

GeneralpurposeAI

NovelEnergy

Nuclearfusion

Next-genbatterychemistries

Large-scalestorage

Greenhydrogen

Supercapacitors

Wasteheatrecovery

Futureof

Computing

Quantumcomputing

Siliconphotonics

AR/VR/MR

Neuromorphic&advancedAIchips

Decentralized&distributedcomputing

Brain-computerinterfaces

AmbientComputing

SpaceTech

Reusableandnext-genrockets

Satellitesforcommunication

&earthobservation

In-spacetransportation

In-spacemanufacturing

Debrisremoval

Page/6

Source:Dealroom.co*Thesegmentsindicatedarenotmeanttobeexhaustivebutserveasanexampleof

keyareasoffocuschosen.OtherinterestingDeepTechsegmentsnotinthese4areasincludeforinstance:

Syntheticbiology,Advancedmaterials,Robotics,Transportation,FoodTech&Agritech,Cybersecurity.

BiotechisexcludedbyourdefinitionofDeepTech,exceptforsomesegmentslikeAI-firstbiology.

Capexintensity

Quickgo-to-market

withbasicMVP

OftentimesheavycapexaheadofrevenuesandPMF

Developmenttimes

Oftengotomarket

withinmonthsofstarting

Longinitialdevelopmentphase

DeepTechstartupshave

Competitionrisk

Technologyrisk

Existingproventechnologies

Breakthrough/noveltech

verydifferent

characteristicsand

risk-profilesfrom

traditionalstartups.

Networkeffectandmarket

dominanceasmainedge

Strongtechedge

▊DeepTech▊RegularTech

Marketrisk

Existingmarketdemand,

butalsoexistingalternatives

Oftennocomparableproductinmarket

Page/7

Source:Dealroom.co.

Oncesuccessful,manyDeepTechstartupsoutgrowtheirDeepTechrootsastheyscaleandgomainstream.

DEEPTECHPHASE

MAINSTREAMPHASE

Current

commercial

potential

AI-drivencybersecurity

Improbable

Mass-online

simulation

Exscientia

AI-first

biology

Northvolt

Li-ionbatteries

Darktrace

Iceye

Spacetech

Stability.ai

GenerativeAI

TerraQuantum

Quantum

full-stack

Varjo

VRhardware

Wayve

Autonomous

driving

Volocopter

IQM

Quantumcomputing

SpaceForge

In-spacemanufacturing

Airtaxis

TokamakEnergy

Nuclearfusion

Labresearch

Go-to-market

Production

InoperationRecruitnewskills

Scaling

Commercialise

Productdevelopment

Realworldtesting

Commercialdemos

Proof-of-concept

Conceptgeneration

Analyticalproof

Fundamentalresearch

PartnerintegrationScaletech

Page/8

WhyDeepTechisexciting.

“

AsinvestorsinDeepTech,

wearelookingforthenextMarieCurieorMaxPlanck,scientistsandentrepreneurstakingdisruptivetechnologiesoutofthelabandturningthemintocommercialproducts.

AlmostanythingusedintodayʼsworldhaditsrootsinDeepTechata

certainpoint,fromelectricitytothetelephoneandtheInternet,tocars

andplanes.

Bybringingnewtechnologiestolife,DeepTechinfactcreatesnew

marketsandenableseconomicandsocietalgrowth,whilesolvingthe

worldʼsbiggestproblems.

DeepTechisinstrumentaltotackletodayʼsbiggestchallenges,from

climatechangeandfoodsecuritytointractabledisease.

“Distributedatglobalscale,thesetechnologieseventuallymaketheirwayintoeveryone'slife,andhavethepotentialtosolvesomeofthemanychallengeshumanityisfacing.”

WhyDeepTechisexcitingforinvestors:

NicolasAutret

Partner,WaldenCatalystVentures

DeepTechstartupscanoftentargetapplicationsinmultiplemarketsand

unliketraditionalstartupshaveastrongermoattowardscompetition

thankstotechnologyedgeandIPportfolio.DeepTechstartupscanalso

generatehigherROIthankstolowerinitialvaluationsandhigh

attractivenessasacquisitiontargets.

ThisisalsorecognizedbyLPsinEurope,whoseeDeepTech

asthe2ndmostpromisingsegmentinventurecapital,

behindonlyPlanetPositive*.

Page/9Source:Dealroom.co.*TheStateofEuropeanTech2021byAtomico,Chapter2.2

2TheStateofEuropeanDeepTech

Startup

Focus

EuropeanDeepTechstartupsraised$17.7Bin2022,22%lessthan2021total,butstill60%morethanin2020.

VenturecapitalinvestmentinEuropeanDeepTechstartups

»viewonline

SelectedDeepTechroundsin2022

»viewonline

$25B$22.8B$20B$17.7B

$15B

$11.5B

$11.1B

$10B

$5B

20152016201720182019202020212022

Fundinground

$600MSeriesF

$335MSeriesD

€300MEarlyVC

€128MSeriesA

$136MSeriesD

$101MSeriesA

Directaircarboncapture

andstorage

Industrialrobotics

Nuclearfission

Quantumcomputing

Earthobservation

satellites

GenerativeAI

Page/11Source:Dealroom.co.

Q3Q4

Q1

Q2Q32018

Q1

Q2Q32019

Q1

Q2Q32021

Q1

Q22022

Q4

Q4

▊$250m+▊$100–250m▊$40–100m(seriesC)▊$15–40m(seriesB)▊$4–15m(seriesA)▊$1–4m(seed)▊$0–1m(pre-seed)

Growth

Breakout

Early

Q42022showedaslowdowncomparedtothebeginningoftheyear,buttheleveloffundingisstillhigherthanpre-2021averages.

VenturecapitalinvestmentinEuropeanDeepTechstartups,byquarter

»viewonline

$10B

$5B

$10.6B

Northvolt

$2.8B

$5.5B

$4.7B

$4.5B

$3.0B

$2.6B

Q4

Q1

Q2Q32020

Q4

Page/12Source:Dealroom.co.Duetoreportlag,thelast12monthsaresystematicallyunderreportingespeciallyonearly-stagerounds.

Weappeartobeintheearlystagesofarotationintonewtechnologiesthatsolvesmajorworldproblems,awayfrom

momentumbets.

TheVCmarketenteredanewmarketphasein2022,withasignificantslowdowncomparedtotheheightsof2021.

ThedownturnstartedfromthepublicmarketinJanuarywithinteresthikes,andhasseenatransitionhappeninpublicmarketsfromgrowthstocks(techcompanies)tovaluestocks(industrials,energy).Thetech-heavyNasdaqlost33.1%2022.

Thisshockwavehasenteredtheprivatemarket,withaslowdowninVCactivity,especiallyatlatestages.Duetolaginadjustments,

pre-commitmentsandreportinglagthisimpacthasbecome

clearly

visibleonlyinQ3&Q4

,witha46%slowdownwithrespectto2021levels.

EnergyandDeepTechheldupthebestinQ3andQ42022.

EuropeanVCinvestmentgrowthbyindustryQ3&Q4,2022vs2021

Energy

DeepTech

TransportationImpactHealthFintech

TransportationFood

OverallVC

-46%

-6%

-9%

-40%

-20%

0%

-60%

%growth

Page/13Source:Dealroom.co.

EuropehasaclearroletoplayasaleaderinDeepTech,andthefutureoffundamentalresearchandinnovation.

“

LPsinEuropeseeDeepTechasthe2nd

mostpromisingsegmentinventure

capital,behindonlytoPlanetPositive.

“Atthefrontierofinnovation,DeepTechʼsdisruptivetechnologies-suchasAI,Space,Quantum,Hardware,andCybersecurity-havepopulation-levelimpactpotential.

“Europeisalreadyhometohugenumbersofhighly-skilledscientistsandresearchers.TheEIFisnowsupportinganemergentcommunityofDeepTechVCs,tobringtheirsmartmoneyandknow-howtothisunderservedsegment.

“TheDeepTechbreakthroughsofthenextdecadewillshapeoursocietieswellintothenextcentury.ItisthereforeessentialforEuropetoleadfromthefrontinshapingtheserevolutionarytechnologiesandtheirreal-worldapplications.”

MostpromisingthemesforVCinvestmentsinEuropeforLPs*

48%

PlanetPositive

Frontier/DeepTech

Decentralisedfinance&cryptoImprovinghealthsystemsFutureoffood

IndustrialautomationFuturefinance,excl.Crypto& decentralisedfinanceDigitalwork

Mobility

Digitallife&playFutureofconsumption InternetinfrastructureEmpoweredindividualsRealestate

35%

29%

26%

24%

22%

21%

20%

DavidDana

HeadofVCinvestments-DisruptiveTech&InnovationatEuropeanInvestmentFund(EIF)

11%

11%

10%

5%

3%

2%

Page/14*TheStateofEuropeanTech2021byAtomico,Chapter2.2

34%

26%

23%

19%

$6.1B

▊DeepTechxClimateTech▊DeepTech,ex.Climatetech%ofClimateTechinDeepTech

6%

DeepxClimateTechstartupsraised$6.1Bin2022inEurope.ClimateTechmakesupagrowingproportionofDeepTechfunding,upfrom6%in2016to34%in2022.

Softwarealonewillnotsolveourclimatecrisis.Thereisnowaytotransitiontonetzerowithouthardwarebreakthroughs.

$25B

$20B

$15B

$10B

$5B

VCinvestmentinEuropeanDeepTechxClimateTechstartups

8%9%

2016

2017

2018

2021

2022

20192020

NotableDeepTechxClimateTechroundsinEuropein2022

»viewonline

Startup

Fundinground

$1.1BConvertible

$600MLateVC

Focus

EVbatterymanufacturing

Directaircarboncaptureandstorage

$352MSeriesE

Electricurbanairmobility(eVTOL)

€300MEarlyVC

Nuclearfission

€260MSeriesB

CO2-freesteelmanufacturing

$150MSeriesC

Industrialcarboncaptureandstorage

Page/15Source:Dealroom.co.

Current

commercialpotential

Earlysupportfromuniversities,governmentsandcorporates

DeepTechstartupsaresupportedbymultiplestakeholdersinvolvedinde-riskingateachstage,butsomegapsstillexist.

Corporatesponsors

(e.g.pharma,industry,semiconductors)

GeneralistVCfunds

(Lakestar,Atomico,Accel,

Northzone,Index,...)

UniversityTechTransfer

Governmentfunding

(Horizon2020,InnovateUK,Bpifrance,…)

DedicatedDeepTechinvestors

(MIGIQCapitalAirStreetWalden)

GAP

Closercollaborationbetween

EuropeangeneralistVCsand

DeepTechinvestorsisdesirable

,,,,...

researchfacultyOffices

Time

Labresearch

Conceptgeneration

Analyticalproof

Fundamentalresearch

Productdevelopment

Realworldtesting

Commercialdemos

Proof-of-concept

Go-to-market

Production

Inoperation

Recruitnewskills

Scaling

Commercialise

Partnerintegration

Scaletech

Page/16

Source:Dealroom.cobasedondiscussionwithStephenNundyfromLakestarandothers.Stagesbasedon

TechnologyReadinessLevels

usedbygovernments.

Numberoffunds

List

MostDedicatedDeepTech

investorsinEuropefocuson

earlystage.Theydonʼthave

thefirepowertoleadat

SeriesB+.

TheMath

AverageDeepTechSeriesB=€30M1.

~Leadinvestorcommitment=€15M.

€15Mx20fundinvestments=€300M.

97%ofdedicatedEuropeanDeepTechinvestors

havefundsizesbelow€300M.

∴DedicatedDeepTechfundsinEuropelargely

cannotleadSeriesB+.

50+DedicatedDeepTechinvestorsinEurope»

FundsizedistributionofEuropeanDedicated

DeepTechinvestors*

25

20

15

10

5

<€100M€100-200M€200-300M>€300M

Page/17

Source:Dealroom.co.

1)DealroomanalysisonDeepTechroundsize2021-2022

*Fundsusedintheanalysiscanbeseenatthis

link

DedicatedDeepTechinvestorsinEuropearemostlyfocusedonseedstage.EuropeangeneralistsenterinSeriesA,aswellasinSeriesB+withcorporatesandUS&Asiainvestors.

DedicatedDeepTech

Europeanfunds

Sectoragnostic

Europeanfunds

Corporateinvestors

GlobalInvestorsactivein

Europe

SeriesC+

(Growth)

SeriesA/B

(Early)

(Pre)Seed

Page/18

Source:Dealroom.co.Basedonnumberofroundsandamountinvestedin2021-2022.Investorsareshownonlyatthemostcommonentrystagepoint.

GlobalinvestorsinvestinginEuropebasedDeepTechstartups.

Operating

Experience

“TheapproachandprocessusedtoinvestinDeepTechisoftenquitedifferentfromtraditionalSaaSinvesting.Itrequiresauniqueinvestorskillset,aspecializedbottoms-upinvestmentstrategyandtheabilitytooperateindependently.”

Learning

Mindset

StevenJacobs

VenturePartner(DeepTech)&ChiefProductOfficeratLakestar

Technical

Background

GeneralistfundsarecreatingDeepTech

focusedteamstobridgethegapinscaling

DeepTechstartups.

“

ToproperlyinvestinDeepTechyoumustbuildadedicatedteam.

KeyattributestolookforinaDeepTechinvestor:

Comfortwith

Ambiguity

Page/19

▊$30BEU

▊$17BUK

▊$5BRestofEurope**

Europe

$52B

Restofworld

Asia

2%

6%

2%

3%

3%

2%

3%

1%

3%

16%

15%

8%

8%

8%

23%

26%

25%

18%

28%

30%

29%

26%

69%

23%

62%

33%

31%

43%

European

40%

50%

22%

Domestic

EuropelagsfarbehindtheUSintermsofDeepTechinvestment,andChinaisaheadofthewholeoftheEU.*

TheshareoffundingcomingfromUSandAsiaforEuropeanDeepTechincreasestonearly50%atlatestage.

DeepTechiskeyforEuropeansovereigntyandsecurity.

MoreisneededifEuropewantstobethethirdpoleandhavecontrolovercriticaltechnologiesandenablers.

GlobalVCinvestmentinDeepTech

bystartupHQ(2020-2022)

US

$166B

$34B

China*

100%

75%

50%

25%

VCinvestmentinEuropeanDeepTech

bysourceoffunds(2020-2022)

1%

7%

13%

USA

21%

<$1MPre-Seed

$1-4M

Seed

$4-15MSeriesA

$15-40MSeriesB

$40-100MSeriesC

$100-

250M

$250M+

Page/20

Source:Dealroom.co.*ChinaVCinvestmentarenotfullyrepresentativeduetolimitedvisibilityinsensible

deeptechareasandthestrongroleplayedbygovernmentinthesector.

**Albania,Belarus,BosniaandHerzegovina,Kosovo,Iceland,Liechtenstein,Moldova,Monaco,Montenegro,

NorthMacedonia,Norway,SanMarino,Serbia,Switzerland,Ukraine.

HorizonEurope

HorizonEuropeistheEUʼskeyfundingprogrammeforresearchandinnovationwithabudgetof€95.5billiontoEuropeaninnovatorsbetween2021and2027.

EIF

(EuropeanInvestmentFund)

EIFisthemainLPinmost

EuropeanDeepTechfunds,

providingnearly40%ofthe

capitalallocation.

JEDI

“TheEuropeanDARPA”aimstohand€50mand€100minannualchallengegrants.

EITInnoEnergyisoneofthemostactiveinvestorsin

EnergyinEurope,supportedbytheEuropean

InstituteofInnovationandTechnology(EIT).

Germany

Germanyisplanninga€30Bfundtosupporttechnology-orientedstartupsandfacilitatestart-upspin-offsfromacademiaandlabaccessforstart-ups.

SPRIND

GermanFederalAgencyfor

DisruptiveInnovation.

France

Francecommitted€2.3Binfundingtothe“IndustrialandDeepTechStart-Ups”strategy.

Bpifrance

Bpifranceparticipatedinover160roundstotalling

$3BforDeepTech

since2016.

AdvancedResearchandInventionAgency(ARIA)

PendinglaunchofAdvancedResearch&InventionAgency(ARIA)with£800milliontosupportnewareasofresearchandtechnology.

UKResearchandInnovation

UKʼsinnovationagencywith£1.2B/yearbudget.

ThereisstrongpublicsupportforDeepTechinEurope.

EUprograms

Domestic

programs*

EICFund

TheEuropeanInnovationCouncilFundprovided

morethan

1.5kgrantstotallingover$1.3B

in

supportofEuropeanDeepTechstartupssince2016.

EITInnoEnergy

Page/21

Source:Dealroom.co*MostEuropeancountrieshavededicatedpoliciestosupportDeepTech.ThischartfeaturesafewprogramsfromEuropeʼsthreebiggesteconomiesforillustrativepurposes.PioneerslikeSwitzerland,NetherlandsandtheNordicsalsoboastsignificantDeepTechinitiatives.

TheUKremainsthetopcountryinEuropeforDeepTech,followedbyFrance,Germany,andSweden.Switzerlandcomesin5thpunchingaboveitsweight.

DeepTechVCinvestment2022(%growthvs2021)

UnitedKingdom

France

Germany

Sweden

Switzerland

Netherlands

Spain

Finland

Norway

Belgium

+6%

$2.4B

-46%

$2.3B

-38%

$2.1B

+85%

$1.5B

$787M-15%

$722M+39%

$549M-2%

$531M-1%

$308M+221%

$5.1B-37%

Page/22Source:Dealroom.co.

NotableDeepTechfundingroundsin2022

3DeepTechsegmentstowatch

NovelAI

GenerativeAI

AI-firstbiology

Privacy-preservingAI

ExplainableAI

AIacceleration

Autonomousdriving

GeneralpurposeAI

Autonomousdriving

Neuromorphic&

advancedAIchips

Quantumchemistry

andAIforchemical

andbiotechfields

Biotech*

Blockchain

Syntheticbiology

FoodTech&Agritech

(cultivatedmeat,

modifiedcrops)

Bio-fuels&bio-chemicals

DNAsynthesis

Health(tissueprinting&

diagnostic)

Distributed

computing

AI-firstbiology

Blockchaininfrastructure

(scalingsolutions,

cryptography,cold

storage)

Advanced

materials

CO2negativematerials

Bio-plastics

Syntheticdiamonds

Graphene

Robotics

Collaborativerobotics

SpaceTech

Reusableandnext-gen

rockets

Satellitesfor

communication&earth

observation

In-spacetransportation

In-spacemanufacturing

Debrisremoval

Urbanairmobility&eVTOL

Hyd