💸 Carbon Cell £1.2M; Realta Fusion $36M; Lignin Industries €3.9M; Zeno Power $50M & more...| Deep Tech Capital Movements Vol. 18

The Week’s State of Deep Tech Capital: who’s Raising, who’s Betting, and why.

Welcome back to Deep Tech Capital Moments — the weekly analysis from The Scenarionist that tracks and highlights capital dynamics in deep tech, from early-stage funding rounds to major fund launches.

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Dear friends,

This week, deep tech investing showed its hand—not with hype or headlines, but with discipline. Capital moved not toward narratives, but toward bottlenecks. What we’re seeing now is a recalibration: from growth-at-any-cost to constraint-driven deployment. Power, latency, cost of iteration, sovereignty, and strategic redundancy now define the frontier.

Fusion led the headlines with two signals that couldn’t be more different but equally important. Commonwealth Fusion raised over $1 billion in a Series