With €10B annual investment, deep tech is a quarter of European venture capital. Notable deep tech investors include Atomico, Balderton Capital, Temasek, Draper Espirit and more.
While Finland, Norway and Belgium have the highest relative concentration of deep tech startups in the EU. Germany (Munich & Berlin) and France (Paris) lead by absolute size, Spain is not behind and is among the top 10 European countries in the category, scoring almost $1B funding from the global VCs.
Significantly, the COVID-19 situation accelerated the importance of building a Spanish deep tech ecosystem. Important deep tech clusters in the country include Starlab, Polytechnic University of Catalonia (incl. ICFO).
Spain already has been a startup ecosystem flying under the international radar. With tech names like Circular and flag-bearer TravelPerk, under its wings, the country has been tagged with an innovative status quo and has some insanely evolving deep tech startups which deserve attention in our post today.
Founder/s: Alejandro Turell Yarur, Luis O’Cleiry, Jesús Antonio Vizcaíno Jiménez
Founded year: 2017
Total funding: $770K
Madrid-based LastBasic is a marketplace for hardware product development that lets inventors turn their ideas into attractive and functional prototypes. Its mission is to build a global meeting point for technology interaction and creation. As per the company, it is the first platform of its kind that unites inventors with product designers and electrical and mechanical engineers worldwide, thereby letting them create a product prototype in a fraction of the time than usual and at up to 60% lesser cost.
A few days back, LastBasic opened a €2 million Series A funding round to maintain the growth trend it achieved back in 2021. This round is expected to be closed in June this year.
Founder/s: Alberto Vaqueriza, Javier Pérez, Ibon Iribarren, Ángel Iglesia
Founded year: 2018
Total funding: $1.4M
LINQ is a provider of non-destructive inspection solutions to inspect the quality of parts or monitor the production processes. It has the most advanced digital tools, and aims not to sell software but results. The company helps maximise the availability and performance of any equipment, optimise cycle times, increase the production capacity of lines and automate processes.
Earlier this month, the Donostia-based startup LINQ picked up €1.24 million to finance its growth and internationalisation process. The investment was led by the UN I+D+i Technology Transfer fund and was completed by the CDTI Innvierte, Radar Ventures and EIT Manufacturing.
Founder/s: Josep Sanjuas, Victor Lopez, Boyd Cohen
Founded year: 2017
Total funding: $700K
Headquartered in Barcelona, IoMob is a software solution that creates a global mobility-on-demand marketplace. The platform empowers cities, large transport companies, and corporations to create door-to-door journeys connecting buses, trains, cars, bikes, scooters, and more. Commuters can find any service, see how it will take them to their destination, compare and combine options, and pay for it via a connected app.
This month, True Global Ventures 4 Plus (TGV4 Plus) Fund led the latest investment round in IoMob, which is building a decentralised protocol for the creation of the Internet of Mobility. The funds will be used to expand its engineering and commercial team.
Founder/s: Jose Gonzalez Ruzo, Agustin Rozadas
Founded year: 2017
Total funding: $1.5M
Another deep tech startup from Spain is Oliver. The Barcelona-based is a platform, which gamifies football-focused through that through a low-cost GPS, sport science and a mobile app provides key information to improve performance, evolve talents, and prevent injuries.
Earlier this month, the startup that democratises the performance of soccer players and teams with its technological platform, received €750K from Indigo Capital, Newtopia VC, and world-famous athletes such as the former NBA player Manu Ginobili or the former tennis player David Nalbandian, and several footballers with international projection.
Founder/s: Ricardo Jauregui Telleria, Silvia Raga
Founded year: 2015
Total funding: $2.7M
Based out of Barcelona, DyCare is a biotech company that innovates in the rehabilitation sector with two digital solutions – Rehub and Lynx. These solutions help rehabilitation professionals to improve the quality of diagnosis, monitor the recovery process, and personalise patient follow-up.
In February 2022, DyCare that is specialised in healthtech announced that it has closed €1.3 million in funding led by Board Advisors Deutschland AG and Viopas Venture Consulting.
Founder/s: Jordi Berguinzo Martínez, Sergi Goday Barillas
Founded year: 2016
Total funding: $955K
One more Barcelona-based deep tech startup is ReCircula Solutions. It offers waste management solutions for the urban cities and pharmaceutical industries. The company converts any urban bin into a cost-effective Reverse Vending Machine. It has developed Recysmart, a device that is installed in any type of urban container and that is capable of identifying the material of the containers recycled by citizens. Last month, ReCircula Solutions picked up €818K from La Bolsa Social in a seed funding round.
Founder/s: Ricardo Vea Orte
Founded year: 2012
Total funding: $1.3M
Smowltech aims to help organisations improve the quality assurance of online assessments, and increase their integrity and credibility. It solves the need for continuous user authentication online. Using a suitable process, the company manages to verify user identity at the time of login during the entire online interaction. Back in February 2022, Vicomtech led the seed funding round in Smowltech, which is headquartered in San Sebastián.
Founder/s: Luis Molina
Founded year: 2014
Total funding: $11.9M
MedUX measures the user experience and the quality of service of telecommunications networks across over 60 operators in 20 countries. It is delivered with a zero-friction model with no integration, no licenses, no training and zero hardware or software costs.
Last month, MedUX secured €7.3 million funding in a round led by BTS Group and participates in rounds with other investors. The funds will be used to consolidate its international business.
Founder/s: Carlos Fenollosa, Xavier Tous
Founded year: 2017
Total funding: $1.8M
Optimus Price is an AI company founded by scientists from the Barcelona Supercomputing Centre. The SaaS startup facilitates price optimisation through Artificial Intelligence and dynamic prices for the e-commerce world. The company uses systems to predict demand and optimise pricing automatically, thereby providing stock alerts and catalogue anomalies.
Last month, Optimus Price closed €1 million in a seed funding round from Zone2boost, Visa, Global Payments, Wayra and Worldline alongside several international Business Angels, including two of the most important in Spain, Albert Armengol and Andreas Mihalovits.
Founder/s: Eduardo Jorgensen, José Carlos Montesinos, Patricia Cremades Belmonte, César de Mercado
Founded year: 2017
Total funding: $1.2M
Madrid-headquartered MedicSen is a startup, which is dedicated to healthcare, develops products for the smart treatment of diabetes and other chronic diseases. The company is also developing smart patch for the administration of insulin without needles.
In February 2022, the Spanish startup has raised €1 million, which it will use to complete the preclinical phase of its electronic device designed to inoculate insulin without the need for needles.