Despite the widespread overuse of the term “innovation” in modern times, the deep tech industry is one that truly exemplifies this attitude. However, what occurs when state-of-the-art technological advancements collide with the harsh reality of market dynamics and societal challenges? From the latest industry events to important partnerships in the field, this quarterly deep tech news brief for April, May, and June 2024 provides a comprehensive snapshot of what is happening in the global deep tech industry today.
Key Highlights From Quarter 2/2024
- A Global Surge in Funding: Significant investments, such as the Saudi Ministry and the Hashgraph Association’s $250 million Deep Tech Venture Studio and Micron Ventures’ $200 million fund, underscore the accelerating momentum.
- Events and Partnerships: Global events and partnerships are acting as catalysts for deep tech innovation, with gatherings like Ireland’s ‘Davos for Deep Tech’ and the EIT awards spotlighting the sector’s vitality.
- Deep Tech on the Rise: From Praan’s air purification system, HIVE, to iCOMAT’s funding for space technology and Qlik’s acquisition of Kyndi’s IP, deep tech companies are showcasing their potential to revolutionize industries.
- The Investment Landscape and Talent Pool: The surge in deep tech activities in regions like Singapore and Southeast Asia is increasing the demand for deep tech skills.
- A Rising Global Contender: India’s deep tech sector is gaining momentum, bolstered by government initiatives like the Union Budget 2023.
- Technological Innovations: Investments in diverse fields, from air purification by Praan to quantum computing research, highlight the broad spectrum of deep tech innovations.
- Sentiments and Challenges: While the influx of investments and growth in deep tech startups is promising, concerns about gender disparity in leadership roles and the complexity of the investment market.
Also, read Key Highlights From Quarter 1/2024.
How We Researched and Where this Data is from
This article is fueled by insights from the StartUs Insights Discovery Platform, a comprehensive resource tracking more than 4.7 million startups and scaleups globally. Our platform monitors over 20,000 technology trends, covering 100K feeds across various industries.
For this piece, we’ve leveraged the platform to analyze 1000 of the most recent and impactful news evolving around deep tech. Further, our platform allows you to dig deeper into deep tech and investigate other topics based on your preferences. Interested in exploring the latest news, developments, innovations, and breakthroughs relevant to your business? Book a demo with us today and discover the full potential of our platform for your strategic needs.
What’s Currently Happening in Deep Tech?
A Global Surge in Deep Tech Funding
The Saudi Ministry and the Hashgraph Association collaborated to invest a staggering $250 million in a Deep Tech Venture Studio. Not far behind, Micron Ventures has set aside $200 million for deep tech businesses. These are part of a wider trend in which investment firms and venture studios are providing deep-tech businesses with previously unheard-of levels of funding and assistance. The ramifications are enormous: further innovation in AI and VR, as well as perhaps revolutionary effects on industries like healthcare.
The Crucible of Innovation: Events and Partnerships
Ireland’s major event dubbed the ‘Davos for Deep Tech,’ is only one of many international conferences bringing deep tech to the forefront. These occasions serve as accelerators for innovation and entrepreneurship, from Techstars Startup Weekend Kyiv to Heriot-Watt’s DeepTech LaunchPad Cohort. The 2024 EIT awards, which emphasize deep tech and sustainable energy, further highlight the industry’s vitality. Above all, collaborations between government agencies, businesses, and academia are crucial to the development of deep tech.
Deep Tech Companies on the Rise
Deep tech pioneer Praan just released HIVE, a cutting-edge air purifier for homeowners. Bristol’s iCOMAT benefited financially from funding for its space technology, and Qlik’s purchase of Kyndi’s intellectual property indicates the expanding power of AI. The industry’s dynamic companies are Cicada Innovations and CarbonX, the latter of which recently secured €10M to address the graphite shortage.
Reshaping the Investment Landscape and Talent Pool
The deep tech renaissance taking place in Singapore and Southeast Asia is changing the landscape of investing. Deep tech skills are in high demand in the professional services industry, which suggests a radical change in the requirements for people. The Saudi Ministry and the Hashgraph Association are also partnering to ignite deep tech solutions that will usher in a new era for healthcare and other industries.
The Indian Deep Tech Sector: A Rising Global Contender
India’s deep tech industry is accelerating, and the nation is on the verge of becoming a global tech leader. The Union Budget 2023 serves as an example of how government funding would spur additional innovation and position India at the forefront of the deep tech revolution.
Technological Innovations: Air Purification to Quantum Computing
The space technology investment from iCOMAT and the air purification innovations from Praan are just the beginning. AI and quantum computing are becoming important fields for research and development, with the potential to completely change the technology landscape.
Sentiments and Challenges: A Dual Perspective
Although deep tech businesses’ investment and growth are encouraging, worries about the difficulties they face are evident. Two major obstacles are the gender gap and the need for more scientists in venture capital. Furthermore, it’s still difficult to navigate the investment market, especially in Southeast Asia.
Conclusion: The Future is Deep Tech
Anticipate a spike in defense and healthcare breakthroughs in the near future. As additional industries incorporate these technologies, the deep tech landscape might expand in the middle term. In the long run, deep tech might be the leader of a fresh wave of democratization of technology.
Key Highlights From Quarter 1/2024
- Deep Tech Growth in the UK and India: The UK and India are leading the deep tech boom, with over 3500 and 3000 enterprises, respectively. However, gender inequality persists, with fewer than 10% of deep tech startups in the UK led by women.
- Focus on Advanced Technologies: Key areas of technological innovation include AI, quantum computing, surgical robotics, and medical technology, pushing the boundaries of computational capabilities and patient care.
- Geopolitical Deep Tech Hubs: Singapore, Southeast Asia, and Europe are emerging as strategic deep tech hubs, with significant activities in Bristol, Riyadh, and Cork, indicating a global spread of deep tech innovation.
- Industry-wide Impact of Deep Tech: Deep tech is revolutionizing various industries, including healthcare, military, and professional services, highlighting the transformative potential of these technologies.
- Emergence of Diversity, Investment, and Collaboration Patterns: The deep tech sector is slowly seeing increased advocacy for gender diversity, robust investment flows, and collaboration between public and private entities, setting a foundation for a sustainable innovation ecosystem.
- Technological Trends and Privacy Concerns: AI and quantum computing dominate deep tech trends, with a growing emphasis on privacy-preserving solutions in response to public concern over digital rights, pointing towards the need for inclusivity and accessibility in technological advancements.
Staying informed is key to navigating its complexities and capitalizing on opportunities in the deep tech sector. To keep your business ahead of the curve, use our platform to find recent developments and technologies in the deep tech sector. Discovery Platform provides a condensed yet thorough overview of the latest trends and advancements for guiding your investment decisions and identifying effective collaboration opportunities.
