Overshadowed for years by speedy groceries, crypto, and other buzzy crazes promising VCs quick returns, deep tech has now resurfaced as one of Europe’s leading verticals. Funding volumes for deep tech, including but not limited to quantum, space tech, robotics, and artificial intelligence, have been bubbling up for years. Most of these subsectors went through staging phases over the past decade, and are now looking to scale as they approach maturity.
In 2022, $18 billion in venture capital was invested in Deep Tech startups in Europe, a slight slowdown from 2021, but still two times more than in 2020. Q1 2023 was the lowest quarter since Q1 2022, showing a steady slowdown that has not reverted yet, claims Dealroom.
However, it picked up pace in the second quarter of this year and deep tech has been the second most invested segment in Q2 2023 after energy with a total investment in the sector accounting for $3.6 billion. In recent times, Ukrainian deep tech Zibra AI raised $500K, London’s AutogenAI secured $22.3 million, and Quench.AI picked up $5 million.
That said, here at TFN, we list the top 10 AI deep tech companies from Europe that raised funding in recent times to revolutionise the sector.
Ganymed Robotics (France)
Founder/s: Sophie Cahen
Founded year: 2018
Total funding: $44.6M
This female-founded Ganymed Robotics is a Paris-based developer of advanced AI and robotics technologies for orthopedic surgeons. The company’s first application is a co-manipulated surgical robotic assistant for Total Knee Arthroplasty (TKA). It is compact, intuitive, and fully integrated into the workflow, increasing the accuracy of orthopedics.
Last year, Ganymed Robotics also extended its Series B round with an additional close of nearly €15 million. The funds came from Bpifrance, Cathay Health, Crédit Mutuel Innovation, Kurma Partners, and BNP Paribas Développement, among others.
Dexory(UK)
Founder/s: Adrian Negoita, Andrei Danescu, Oana Andreea Jinga
Founded year: 2015
Total funding: $37.7M
With the aim to transform the data-gathering operations of warehouse environments, BotsAndUs (rebranded Dexory) captures real-time insights into warehouse operations using fully autonomous robots and Artificial Intelligence. These solutions capture real-time data to help companies drive better business decisions in the logistics and warehousing space. Their fully autonomous mobile and modular robots measure, track, and find goods across warehouses without workflow disruption.
In 2022, the robotics company secured $13 million in seed funding led by Lakestar alongside participation from Maersk Growth, Kindred Capital, and Capnamic.
ecoRobotix (Switzerland)
Founder/s: Aurelien G. Demaurex, Steve Tanner
Founded year: 2014
Total funding: $83.6M
Swiss startup ecoRobotix sells AI-based plant-by-plant recognition and ultra-high precision crop-treatment solutions that reduce the environmental impact of modern agriculture. The main product is ARA, a plant recognition system and ultra-high precision sprayer that reduces the chemical used in the field by 70-95% dramatically reducing farmers costs andincreasing crop yields. Ecorobotix also has working protoypes of AVO an autonomous solar-powered weeding robot.
Oxbotica (UK)
Founder/s: Paul Newman, Ingmar Posner
Founded year: 2014
Total funding: $231M
Headquartered in Oxford, Oxbotica develops autonomous vehicle software. It provides autonomous software that has low computing power requirements. They use laser vision and radar for localisation, redundancy, and cloud management services that enable businesses to help bring autonomy to vehicles.
Earlier this year, the autonomous vehicle software firm raised $140 million in a Series C funding round from financial and strategic partners from North America, EMEA, and APAC. The investment came from Aioi Nissay Dowa Insurance Co., Ltd, and ENEOS Innovation Partners, with current shareholders bp ventures, BGF, Halma, Hostplus, Kiko Ventures, Ocado Group, Tencent, Venture Science, and ZF.
Synthesia AI (UK)
Founder/s: Lourdes Agapito, Matthias Niessner, Steffen Tjerrild, Victor Riperbelli
Founded year: 2017
Total funding: $153M
Valuation: $1B
Generative AI firm Synthesia produces enterprise videos, including workplace training and corporate presentations. The AI video creation tool creates videos from plain text. Users can make polished video presentations in-browser with no professional expertise required from just text. Its technology helps over 50,000 businesses, including Amazon in creating custom AI avatars used in instructional and corporate videos.
Recently, Synthesia, which creates realistic human avatars that deliver presentations, snapped $90 million in a Series C funding round led by Accel, with participation from NVIDIA’s venture capital arm NVentures, Kleiner Perkins, GV, and Firstmark Capital. With this round, the company attained unicorn status with a $1 billion valuation.
DeepL (Germany)
Founder/s: Jaroslaw Kutylowski
Founded year: 2009
Total funding: $110M
DeepL mainly focuses on offering translation services to businesses, rather than individuals. Historically, its strength has predominantly centered around collaborating with smaller and medium-sized organisations. The company is known for several language translation products, such as the bilingual dictionary Linguee or the machine translation service DeepL.
Earlier this year, DeepL, which provides instant translation-as-a-service both to businesses and to individuals competing with Google, Bing, and other online tools, raised a €100 million fundraising at a €1 billion valuation. While IVP led the round, Bessemer Venture Partners, Atomico, and WiL participated in it alongside previous backers Benchmark and btov.
PolyAI (UK)
Founder/s: Nikola Mrkšić, Pei-Hao Su, Tsung-Hsien Wen
Founded year: 2017
Total funding: $68.4M
London-headquartered PolyAI develops a machine learning platform for conversational artificial intelligence. PolyAI builds enterprise voice assistants that carry on natural conversations with customers to solve their problems. Its voice assistants understand customers, regardless of what they say or how they say it. The company’s products have been used in the banking, hospitality, insurance, retail, and telecommunications industries.
In September 2022, the company raised $40 million in a Series B round from Amadeus Capital Partners, Twilio, Khosla Ventures, Georgian Partners, and Point72 Ventures.
Verity Studios (Switzerland)
Founder/s: Lindsey Johnson, Markus Hehn, Markus Waibel, Raffaello D’Andrea
Founded year: 2014
Total funding: $72.5M
Swiss startup Verity Studios delivers fully autonomous indoor drone systems used in warehouses to gather insights that enable operational efficiencies. By combining fully autonomous drone technology with advanced data analytics, the company’s platform enables clients to benefit from real-time visibility and precise control over their inventory, driving operational efficiencies, cost savings, and reductions in CO2 emissions.\
Last month, Verity raised an additional $11 million in Series B funding. The round was led by A.P. Moller Holding, with participation from Qualcomm Ventures, Exor Ventures, Fontinalis Partners, Airbus Ventures, Sony Innovation Fund, ROBO Global Ventures, and Verve Ventures.
7bridges (UK)
Founder/s: Matei Beremski, Philip Ashton
Founded year: 2016
Total funding: $20.4M
UK-based 7bridges is a smart logistics platform that delivers visibility and control over logistics processes. 7bridges unifies data and operations and enables access to a global supplier ecosystem to make world-class, sustainable logistics operations a rapidly achievable reality. The platform realises future-proofed, sustainable logistics as a scalable, competitive, profit and growth-driving edge.
Back in early 2022, the AI-powered logistics platform netted $17 million to help transform supply chains. The round was led by Eight Roads, with strategic investment from Maersk Growth, Local Globe, and Crane.
Exotec (France)
Founder/s: Renaud Heitz, Romain Moulin
Founded year: 2015
Total funding: $463M
French unicorn Exotec provides industrial robots for warehouse automation. The robotic product Skypod provides automated order-picking systems and reduces fatigue and risks associated with pedestrian traffic in the warehouse by improving site productivity. It provides solutions in industries like food, e-commerce, retail, logistics, etc
Early in 2022, Exotec snapped $335 million in a Series D funding round led by Goldman Sachs’ Growth Equity business. 83North and Dell Technologies Capital alongside Bpifrance, Iris Capital, 360 Capital Partners, and Breega participated in the round.
