The term “deep tech” is now a central concept in the fields of innovation, scientific research, and public innovation policy. Popularized in 2015 by Swati Chaturvedi, founder of the Propel(x) platform, it refers to innovations based on major scientific discoveries that use disruptive technologies to address fundamental societal challenges.
In contrast to digital start-ups, which rely on innovative but R&D-light business models, deep tech start-ups build on advances in fundamental science or advanced engineering in sectors such as biotechnology, artificial intelligence, energy, nanotechnology, and robotics.
In 2024, around €9 billion was invested in deep tech start-ups in Europe through 454 fundraising rounds. These investments were concentrated in several cutting-edge technology sectors:
- in the field of artificial intelligence, companies such as Mistral AI raised €468 million in Series B funding, while Aqemia raised €30 million in Series A funding;
- the space industry also attracted significant capital, with The Exploration Company raising €150 million in Series B funding;
- the quantum technology sector has seen major deals, notably Quantinuum (€273 million in Series D) and Riverlane (€70 million in Series C).
A dual definition: extension and understanding
The concept of deep tech can be approached in two complementary ways. The first, known as the extension definition, consists of listing the relevant technology sectors: artificial intelligence, quantum computing, cybersecurity, materials science, etc. This makes it possible to map the fields of application of deep tech and identify the associated ecosystems. Initiatives such as PariSante Campus in France and the Climate Tech Super Cluster in Europe are part of this sectoral approach, supporting strategic industries with a view to competitiveness and sovereignty.
The second approach, known as “understanding,” focuses on the fundamental characteristics of deep tech projects. These are characterized by intensive research and development, advanced scientific content, close collaboration with public laboratories, patent protection for innovation, and a strong social mission. The aim of these projects is to transform our lifestyles in a sustainable way by addressing complex challenges, often related to the energy transition, health, or sustainable agriculture. These factors clearly differentiate deep tech from so-called “shallow tech” innovations, which rely more on the use of existing technologies integrated into innovative business models, as is the case for companies such as Uber, Airbnb, and Facebook.
A different risk profile and strategic potential
Contrary to popular belief, deep tech projects are not necessarily more risky than other entrepreneurial projects, but rather have a specific risk profile that manifests itself at several levels: technological, financial, commercial, and organizational. Technologically, they rely on emerging or disruptive technologies derived from scientific research, which are often still in the early stages of development. Financially, they require particularly heavy R&D investments over the long term. Commercially, these projects operate in an uncertain environment, where markets are still non-existent or in the process of being structured, making it difficult to validate uses and develop a sustainable business model. In organizational terms, their complexity stems from the need to coordinate players from a variety of backgrounds—laboratories, universities, investors, manufacturers—around collaborative dynamics. This differentiated risk profile requires tailored support and financing mechanisms that are distinct from those usually designed for digital or incremental innovations.
Despite these constraints, deep tech is a major strategic lever. It is increasingly seen as a tool for technological sovereignty, particularly in a geopolitical context marked by heightened tensions. Countries are seeking to reduce their dependence on foreign powers in critical sectors such as semiconductors, artificial intelligence, and defense. Initiatives such as the CHIPS and Science Act in the United States and the European Chips Act in Europe illustrate this desire to reindustrialize and secure value chains.
Second, deep tech is a potential driver of economic growth, contributing to the creation of new markets, the emergence of industrial sectors, and the modernization of the productive apparatus. In this respect, it is in line with economic theories of endogenous growth, which place technological innovation at the heart of economic development. However, the promises of transformation must be weighed against the “Solow paradox”: recent technological advances do not necessarily translate into significant productivity gains.
Towards societal innovation?
Deep tech is not only a driver of economic performance: it plays a growing role in the dynamics of collaboration between universities, industry, and society. It embodies a profound transformation of the innovation system, marked by increased interdependence between public and private actors. This evolution calls for a rethinking of the modalities of technology transfer, the roles of universities, and models of public support.
