In recent years, “deep tech” has been gaining in popularity. But what does the term actually mean? Beyond the hype, the concept involves real scientific, financial and societal issues.

The term “deep tech” has become a central concept in the fields of innovation, scientific research, and public innovation policies. Popularized in 2015 by Swati Chaturvedi, founder of the Propel(x) platform, it refers to innovations based on major scientific discoveries, mobilizing disruptive technologies to address fundamental societal challenges.

In contrast to digital start-ups, which rely on innovative but R&D-intensive business models, deep-tech start-ups rely on advances in basic science or advanced engineering, in sectors such as biotechnology, artificial intelligence, energy, nanotechnology and robotics.

In 2024, around 9 billion euros were invested in deep tech start-ups in Europe, through 454 fundraisings. These investments were concentrated on several cutting-edge technology sectors:

• in the field of artificial intelligence, companies such as Mistral AI raised 468 million euros in Series B, while Aqemia raised 30 million euros in Series A;

• The space industry has also attracted significant capital, with The Exploration Company raising 150 million euros in Series B ;

• the quantum technologies sector saw some major deals, including Quantinuum (273 million euros in Series D) and Riverlane (70 million euros in Series C).

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By Benjamin Cabanes, Lecturer-researcher in management sciences, Mines Paris – PSL