A Stealth Spinout, a $150M Robot, & More | Capital Movements Vol. 11
💰The state of deep tech capital: who’s raising, who’s betting, and why.
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Dear Friends,
This week, the deep tech capital engine roared ahead, with over 30 deals signaling continued investor conviction in high-barrier, high-impact technologies.
From cultivated meat to quantum sensing, laser fusion to next-gen micromobility, capital is pouring into frontier companies aiming to reshape not just industries—but civilization-scale systems.
A key theme?
The diversification of hard tech bets. Unlike last week’s AI-heavy surge, this round of funding saw a more balanced spread across verticals. Climate, space, mobility, and life sciences all commanded serious investor attention, reflecting a broader appetite for transformative innovation.
Among the standout rounds: Marvel Fusion secured €113M in Germany to accelerate its commercial fusion prototype, while Sateliot closed a €70M Series B to build a 5G-connected satellite constellation. Both plays are capital-intensive and aimed at reshaping long-term infrastructure.
At the earlier end of the spectrum, quantum sensing spinout DeteQt, emerging from the University of Sydney, raised a modest $750K—highlighting continued investor interest in foundational technologies, even at the seed stage.
In the U.S., XGS Energy brought in $13M to commercialize solid-state geothermal systems, while over in Europe, GravitHy raised €60M to decarbonize the steel industry using green hydrogen—backed by major industrial players like Rio Tinto and Siemens. Meanwhile, Finland’s Fiberdom is advancing fiber-based materials as sustainable alternatives to plastic, pointing to deep tech’s increasing role in transforming industrial supply chains.
Biotech also made waves. Augustine Therapeutics secured €77.7M for its HDAC6 platform targeting rare neuromuscular disorders, while Epicrispr raised $68M to advance gene therapy for FSHD into clinical trials. These aren’t your standard biotech plays—they’re rooted in cutting-edge fields like epigenetics, AI-driven drug discovery, and novel genomic engineering.
Robotics had its moment too. Former Cruise CEO Kyle Vogt emerged with The Bot Company and a $150M round to build consumer-facing home robots. On the industrial front, Contoro Robotics raised $12M to automate the gritty task of unloading floor-loaded trailers—tackling real-world logistics with AI-driven machines built for chaos.
In energy storage, theion closed a €15M Series A to commercialize its crystal sulfur batteries, promising 3x the energy density and a third the carbon footprint of lithium-ion. If execution matches the chemistry, it could be a game-changer for EVs and grid applications.
On the fund side, venture capital is evolving in step with these trends. New vehicles from Emergence Capital ($1B) and Daphni (€200M) suggest strong LP demand for science-led innovation.
CBPE’s $925M close further signals institutional confidence in infrastructure-heavy, long-horizon bets. Across the board, funds are shifting toward specialized, high-conviction strategies over broad early-stage scattering.
Perhaps the most telling signal of this evolution?
A stealth Rivian spinout called Also raised $105M to reinvent micromobility—applying automotive-grade engineering to small EVs.
It’s a potent symbol of where deep tech is headed: no longer just lab-bound breakthroughs, but full-stack systems with scale in their DNA—and teams with the horsepower to make it real.
The Industrial Flywheel: How to Engineer Demand Before Building Your Factory | Chapter 1/2
There’s a scene that plays out quietly—but crucially—across the corridors of industrial innovation.
A young startup has perfected a new material, or a cutting-edge robotics line, or perhaps a breakthrough in biotechnology. The lab tests shine. Investors are intrigued. The vision is clear.
And yet, a question lingers—often too late: who exactly is ready to buy this, and when?
Unlike software, where a few lines of code can launch an MVP, the world of deep tech requires factories, supply chains, and certifications—substantial investments well before the market has truly responded.
This is the first chapter in a two-part series for those building or backing physical, industrial, or scientific technologies—and who want to bake in market traction from the start.
In this first part, we focus on a foundational challenge: how do you engineer demand before you build capacity?
Not through hype or premature commercialization, but by generating meaningful early signals—relationships, partnerships, and structured commitments—that shape your roadmap and reduce downstream risk.
We’ll address strategic questions such as:
What are the core pillars of demand engineering in industrial innovation?
How do you convert early interest into tangible signals?
What frameworks help align technical development with real commercial pull?
How can regulation act not as a barrier, but as a catalyst for demand?
And what kind of team structure best supports a demand-led growth strategy in deep tech?
Startups Deals
🔸 Applied Atomics Emerges With $2M to Build Full-Stack SMR Powerplants
Applied Atomics exited stealth with $2M to develop vertically integrated small modular nuclear powerplants. Led by SpaceX alum Ben Kellie, the team aims to sell reliable power—not just reactors—to hyperscalers, mines, and industrials.
Deal: Pre-Seed
Region: USA
Industry: Energy
Sector: Nuclear
Tech: Gen III+ SMR, Full-Stack Power Systems
🔸 Pangea Aerospace Raises €23M Series A for Rocket Propulsion
Barcelona-based Pangea Aerospace raised €23M to advance development of its aerospike propulsion systems for next-gen launch vehicles. The Series A was led by Hyperion Fund, with participation from key aerospace investors. The company is positioning itself as a propulsion-only supplier, taking a “Rolls-Royce model” approach to space access.
Deal: Series A
Region: Spain, Europe
Industry: Aerospace
Sector: Rocket Propulsion
Tech: Aerospike Engines, 3D Printing
🔸 Sateliot Closes €70M Series B to Launch 5G IoT Satellite Constellation
Spanish satellite startup Sateliot locked in €70M to accelerate deployment of its 100-satellite LEO constellation for 5G IoT coverage. Backers include the European Investment Bank, Hyperion, and Spain’s Society for Technological Transformation. Sateliot aims to hit €1B in revenue by 2030.
Deal: Series B
Region: Spain, Europe
Industry: Space
Sector: Connectivity, IoT
Tech: 5G, LEO Satellite Network
🔸 GravitHy Raises €60M to Decarbonize Steel With Green Hydrogen
French clean steel pioneer GravitHy raised €60M to advance its H2-based Direct Reduced Iron (DRI) plant in Fos-sur-Mer. The round drew strategic investment from Rio Tinto, Siemens Financial Services, Ecolab, and Japan Hydrogen Fund. Production launch is targeted for 2029.
Deal: Growth Round
Region: France, Europe
Industry: Clean Industry
Sector: Green Steel
Tech: Hydrogen Electrolysis, DRI/HBI
🔸 Augustine Therapeutics Lands €77.7M Series A for Neuromuscular Drug Platform
Belgium-based Augustine Therapeutics secured €77.7M in Series A funding to advance its HDAC6 inhibitor platform targeting Charcot-Marie-Tooth disease. The raise was co-led by Novo Holdings and Jeito Capital, with participation from Eli Lilly and the CMT Research Foundation.
Deal: Series A
Region: Belgium, Europe
Industry: Biotech
Sector: Rare Disease, Neurology
Tech: HDAC6 Inhibition
🔸 Aleph Farms Raises $29M to Scale Cultivated Beef Production
Aleph Farms secured $29M to boost its cultivated meat production via an updated biomanufacturing platform. The Israeli company has slashed costs 97% since 2020 and aims to hit $6–$7/lb production costs at scale. Expansion plans include facilities in Europe and Asia.
Deal: SAFE + Equity Round
Region: Israel
Industry: FoodTech
Sector: Cultivated Meat
Tech: Single-Bioreactor Production, Cellular Agriculture
🔸 DeteQt Raises $750K to Advance Quantum Sensing Chips
University of Sydney spinout DeteQt raised $750K in pre-seed funding from Main Sequence Ventures and ATP Fund. The company is developing diamond-on-silicon quantum magnetometers for use in GPS-denied navigation, critical mineral exploration, and portable MRI.
Deal: Pre-Seed Round
Region: Australia
Industry: Quantum Tech
Sector: Sensing
Tech: Quantum Magnetometers, Diamond-on-Silicon
🔸 The Bot Company Raises $150M to Build Household Robots
The Bot Company, founded by ex-Cruise CEO Kyle Vogt, secured $150M to scale its robotics platform focused on automating household tasks. The round was led by Greenoaks and follows an earlier $150M raise from top-tier tech operators including Stripe’s Patrick and John Collison.
Deal: Growth Round
Region: USA
Industry: Robotics
Sector: Consumer Automation
Tech: AI Robotics, Home Automation
🔸 HypeSound Raises €1.2M Pre-Seed to Accelerate Microbial Growth With Acoustics
Italy’s HypeSound closed a €1.2M pre-seed round to scale its low-frequency acoustic bioproduction tech. Led by Eatable Adventures, the round will help the startup optimize microbial growth across microalgae, yeasts, and bacteria.
Deal: Pre-Seed Round
Region: Italy, Europe
Industry: Biotech
Sector: Industrial Bioproduction
Tech: Acoustic Modulation, Microbial Fermentation
🔸 mo:re Raises €2.3M to Automate 3D Cell Culture for Drug Development
Hamburg-based mo:re raised €2.3M to launch its fully automated 3D cell culture platform. The system enables reproducible organoid models to replace animal testing in drug development. The round was led by HTGF with support from Gilson Inc., IFH, and others.
Deal: Seed Round
Region: Germany, Europe
Industry: Life Sciences
Sector: Drug Discovery
Tech: 3D Cell Culture, AI-Powered Organoids
🔸 Intelliseq Raises €4.5M to Scale AI-Driven Genome Analysis Platform
Polish bioinformatics startup Intelliseq closed €4.5M to expand its automated genomic data analysis tools into the US market. The company’s flagship platform, iFlow, enables precision medicine via flexible, modular pipelines for genome interpretation.
Deal: Growth Round
Region: Poland, Europe
Industry: Genomics
Sector: Precision Medicine
Tech: NGS, AI, Bioinformatics
🔸 Marvel Fusion Secures €113M to Build Fusion Energy Prototype
Munich-based Marvel Fusion raised €113M to accelerate its laser-driven fusion prototype. Backed by EQT Ventures, Siemens Energy, and the European Innovation Council, the company is targeting commercial-scale clean energy production by 2040.
Deal: Extended Series B
Region: Germany, Europe
Industry: Energy
Sector: Nuclear Fusion
Tech: Laser Fusion, Target Ignition Systems
🔸 Manna Raises $30M to Scale Drone Delivery Across Europe
Ireland’s Manna closed $30M to grow its autonomous drone delivery network, signing major partners including DoorDash and JustEat. The company has completed over 165,000 deliveries and plans to expand into the UK and Nordic markets this year.
Deal: Growth Round
Region: Ireland, Europe
Industry: Robotics
Sector: Last-Mile Delivery
Tech: Autonomous Drones, Aviation-Grade UAV
🔸 theion Raises €15M for Next-Gen Crystal Sulfur Battery Tech
Berlin-based theion closed a €15M Series A to develop crystal sulfur batteries with 3x energy density and ⅓ the carbon footprint of lithium-ion. Target applications include EVs, aerospace, and grid storage. Backers include Team Global and Enpal.
Deal: Series A
Region: Germany, Europe
Industry: Energy Storage
Sector: Battery Tech
Tech: Crystal Sulfur Chemistry, Lightweight Cathodes
🔸 Also Launches With $105M to Build Rivian-Quality Micromobility
Rivian spinout Also emerged with $105M from Eclipse to develop high-performance electric micromobility vehicles. The stealth skunkworks now becomes a standalone company, leveraging Rivian’s tech and supply chain to make small EVs affordable at scale.
Deal: Seed / Spinout
Region: USA
Industry: Mobility
Sector: Micromobility
Tech: EV, Power Electronics, Supply Chain
🔸 Camgraphic Raises €25M to Scale Graphene-Based Photonics Chips
Cambridge-based Camgraphic raised €25M in a NATO Innovation Fund-led Series A to scale its graphene-based chips for ultra-fast data transmission. Applications include AI, 5G/6G, satellite comms, and autonomous systems.
Deal: Series A
Region: UK, Europe
Industry: Semiconductors
Sector: Photonics
Tech: Graphene Microchips, Optical Processing
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🔸 GreenLight Biosciences Secures $25M to Scale RNA AgTech Platform
Boston-based GreenLight Bio raised $25M from Just Climate to accelerate global rollout of its RNA-based crop protection products. The company recently launched Calantha™, the world’s first registered RNA biopesticide, and plans to expand into LATAM.
Deal: Series C
Region: USA
Industry: AgTech
Sector: Biopesticides
Tech: RNAi, Sustainable Crop Protection
🔸 Epicrispr Raises $68M Series B to Launch Gene Therapy for FSHD
Epicrispr closed a $68M Series B to launch the first-in-human trial of EPI-321, a one-time gene-modulating therapy for facioscapulohumeral muscular dystrophy (FSHD). The therapy has FDA fast track, orphan, and rare pediatric designations.
Deal: Series B
Region: USA
Industry: Biotech
Sector: Gene Therapy
Tech: Epigenetic Modulation, Intravenous Delivery
🔸 XGS Energy Secures $13M to Scale Modular Geothermal Tech
Houston-based XGS Energy closed a $13M round to scale its proprietary, water-independent geothermal power technology. The oversubscribed raise included new backing from Aligned Climate Capital, ClearSky, ClimateIC, and WovenEarth Ventures. The funds will accelerate commercial deployment across the Western US and support expansion of XGS’ multi-gigawatt pipeline.
Deal: Growth Round
Region: USA
Industry: Energy
Sector: Geothermal Energy
Tech: Thermal Reach Enhancement, Solid-State Geothermal
🔸 Supira Medical Raises $120M to Advance Catheter-Based Heart Pump
California-based Supira Medical secured $120M in Series E funding to complete clinical development of its percutaneous ventricular assist device (pVAD). The FDA-designated breakthrough tech supports patients in high-risk cardiac procedures and cardiogenic shock. Backers include Novo Holdings, Qatar Investment Authority, and Cormorant.
Deal: Series E
Region: USA
Industry: MedTech
Sector: Cardiovascular Devices
Tech: pVAD, Percutaneous Heart Pump
🔸 Navina Secures $55M Series C to Scale Clinical AI Platform
Navina, an AI-powered clinical intelligence platform, raised $55M led by Goldman Sachs Alternatives. The New York-based startup powers over 10,000 clinicians, helping deliver value-based care through real-time data insights. The company aims to become the central hub for unified patient data.
Deal: Series C
Region: USA
Industry: HealthTech
Sector: Clinical Decision Support
Tech: AI Copilot, EMR Integration, Predictive Analytics
🔸 Metatron Raises $2M to Build Desktop-Sized Nuclear Fusion Reactor
Tel Aviv-based Metatron raised $2M to advance its plasmoid-based nuclear fusion technology. Claiming the ability to miniaturize fusion to desktop scale, the company seeks to disrupt global energy with a clean, compact, and universally deployable system.
Deal: Pre-Seed
Region: Israel
Industry: Energy
Sector: Nuclear Fusion
Tech: Plasmoids, Quantum Tunneling Fusion
🔸 Lucky Energy Raises $14.2M Series A1 for Clean Energy Drink Expansion
Austin-based Lucky Energy closed a $14.2M Series A1 round led by Maveron to expand distribution and launch new SKUs. Known for its clean-label performance drinks, the brand is scaling fast across retail and DTC channels.
Deal: Series A1
Region: USA
Industry: CPG
Sector: Functional Beverages
Tech: Clean Energy Formulation, DTC Scale
🔸 Dyna Robotics Emerges With $23.5M to Deliver Affordable Embodied AI
Dyna Robotics raised $23.5M out of stealth to develop low-cost embodied AI robots focused on task-specific functions like folding and food prep. Founded by Caper AI alums and a former DeepMind researcher, Dyna is building toward general-purpose robotics with real-world data-first models.
Deal: Seed Round
Region: USA
Industry: Robotics
Sector: Embodied AI
Tech: Stationary Robotic Arms, Real-World Task Learning
🔸 Tera AI Raises $7.8M to Launch Spatial Reasoning AI for Robots
Tera AI, founded by ex-Google X ML lead Tony Zhang, closed a $7.8M seed to commercialize a software-only spatial reasoning system for autonomous robots. With deep talent from Caltech, ESA, and Google AI, Tera is building zero-shot navigation capabilities to run directly on embedded hardware.
Deal: Seed Round
Region: USA
Industry: AI/Robotics
Sector: Navigation & Perception
Tech: Spatial Reasoning AI, Zero-Shot Navigation, Edge AI
🔸 Rerun Raises $17M to Build Multimodal Data Stack for Physical AI
Stockholm-based Rerun closed a $17M seed to build a new data infrastructure stack tailored for Physical AI. Backed by Point Nine and top AI angels, Rerun’s cloud platform and database help robotics teams manage 3D, video, and sensor data with real-time visualization and observability tools.
Deal: Seed Round
Region: Sweden
Industry: AI Infrastructure
Sector: Robotics & Spatial Computing
Tech: Multimodal Data, Real-Time 3D Visualization, Physical AI Stack
🔸 Contoro Robotics Raises $12M Series A to Automate Trailer Unloading
Contoro Robotics secured $12M Series A to scale its AI-powered robots that unload floor-loaded trailers—a notoriously difficult challenge in warehouse automation. Backed by Amazon’s Industrial Innovation Fund, Coupang, Doosan, and others, Contoro deploys HITL-guided robots with 99%+ success rates.
Deal: Series A
Region: USA
Industry: Robotics
Sector: Warehouse Automation
Tech: AI + Teleoperation, End-Effector Innovation, Pay-per-Container Model
🔸 SplxAI Raises $7M to Secure Agentic AI Workflows
New York-based SplxAI closed $7M to grow its security platform that protects LLM-based AI systems from injection attacks, hallucinations, and workflow failures. Led by LAUNCHub Ventures, the round supports further development of “Agentic Radar” and continuous pentesting tools.
Deal: Seed
Region: USA
Industry: Cybersecurity
Sector: GenAI Risk Management
Tech: Adversarial Testing, Real-Time AI Defense, SOC2 Compliant AI Pentest Tools
🔸 Lumber Raises $15.5M to Automate Construction Back Office
Lumber, an AI-powered workforce ops platform for construction, secured $15.5M Series A to expand its suite of autonomous back-office tools. The platform simplifies compliance, adaptive payroll, and scheduling for union-heavy job sites.
Deal: Series A
Region: USA
Industry: ConstructionTech
Sector: Workforce Automation
Tech: AI Scheduling, Payroll Automation, Union Compliance Management
🔸 Character Biosciences Lands $93M to Launch AMD Therapies
Precision medicine company Character Biosciences raised $93M Series B to push its AMD drug candidates CTX203 and CTX114 into clinical trials. By stratifying polygenic eye disease subtypes via a 6,500-patient observational study, Character is redefining the development pipeline.
Deal: Series B
Region: USA
Industry: Biotech
Sector: Ophthalmology, Precision Medicine
Tech: Genomics-Driven Drug Discovery, AI-Driven Patient Stratification
🔸 Qneiform Raises €3M in One of Hungary’s Largest Seed Rounds
Talent intelligence startup Qneiform closed a €3M seed round led by PROfounders and Day1 Capital to scale its predictive recruiting tech beyond finance. Already adopted by 5 of the 10 most profitable hedge funds, the AI platform unifies fragmented talent data into real-time decision engines.
Deal: Seed
Region: Hungary
Industry: HRTech
Sector: Talent Intelligence
Tech: Proprietary Candidate Signals, Predictive Insights, Market Intelligence
🔸 Fiberdom Raises €3.5M to Replace Plastics with High-Performance Fiber
Finnish materials startup Fiberdom raised €3.5M to scale its super material made from pulp and paperboard. Backed by Heino Group and Nordic FoodTech VC, Fiberdom is expanding into food-safe, compostable alternatives to single-use plastics.
Deal: Early Growth
Region: Finland
Industry: ClimateTech
Sector: Sustainable Materials
Tech: Fiber-Based Composites, Recyclable + Compostable Packaging
🔸 DeepIP Raises $15M to Revolutionize Patent Drafting With AI
DeepIP secured $15M to modernize IP law with its AI-powered assistant embedded in Microsoft Word. The platform helps patent attorneys cut prep time by 50%, maintain consistency, and flag risky omissions. Investors include Resonance, Headline, and Balderton.
Deal: Series A
Region: France/USA
Industry: LegalTech
Sector: Intellectual Property
Tech: AI Copilot for Patent Drafting, Legal Document Augmentation, Pattern-Based Writing Models
Venture Capital
🔹 CBPE Closes $925M Fund XI at Hard Cap
UK-based CBPE Capital has closed its Fund XI at £714M ($925M), hitting the hard cap within four months. The oversubscribed vehicle will continue targeting buyouts in industrials, healthcare, and infrastructure-heavy verticals in the UK and Ireland.
🔹 Daphni Raises $215M to Back Science-Led Startups
Paris-based Daphni has secured €200M (~$215M) for its third fund, focused on companies rooted in life sciences, physics, chemistry, and math. LPs include Bpifrance, EIF, and Crédit Mutuel Arkéa. The firm aims to back 40 companies across Europe.
🔹 Emergence Capital Closes $1B Fund VII
San Mateo-based Emergence Capital has raised a $1B fund to back AI-first companies in technical sectors. It’s the firm’s largest fund to date and includes longtime LPs like Stanford. Past investments include Zoom, Veeva, and Bill.com.
🔹 SemperVirens Closes $177M Across Two Funds
SemperVirens has raised $141M for its Core Fund III and $36M for its Opportunity Fund II. The firm invests in healthcare, labor, and infrastructure-heavy industries, working closely with LPs like ADP Ventures, Cigna Group Ventures, and Paychex.
🔹 Mainsail Partners Raising $1.4B Growth Equity Fund
Austin and San Francisco-based Mainsail Partners is targeting $1.4B for its latest fund, up from $915M in 2022. The firm backs control-stage companies building in regulated, capital-intensive environments.
🔹 Nazca and Bridge Merge Ahead of New Fund Launch
Mexico City’s Nazca and Bridge Ventures have merged and will raise a new joint fund later this year. The combined platform manages over $300M and will continue focusing on early-stage companies in industrial and scientific sectors across Latin America.
🔹 2am VC Launches Fund II to Back 30 Indian Startups
Bangalore-based 2am VC has launched its second fund to invest in 30 pre-seed to seed-stage Indian companies. The fund targets emerging sectors driven by structural shifts in domestic production and advanced manufacturing.