💸 Growth money backs SMRs and counter-UAS; early-stage cash targets fusion, HALE aircraft, and oncology platforms & more | Deep Tech Capital Movements 46
The Week’s State of Deep Tech Capital: who’s Raising, who’s Betting, and why.
If you Build or Back Deep Tech, you can’t afford not to know where capital moves. Deep Tech Capital Movements is your weekly, global read on who got funded, which funds wrote the checks, and what that means for your next investment, raise, or strategic move.
In this week’s issue, you’ll:
See how capital from pre-seed to Series D concentrated across compute & data infrastructure, climate and industrial decarbonization, defense-grade autonomy, and biotech / medtech.
Understand the handful of rounds that truly move the frontier — in AI-native infrastructure, quantum and advanced materials, oncology and automated chemistry — and what they signal for timing, valuations and moats.
Get a clean snapshot of the new funds and vehicles behind them, from fresh early-stage deep-tech funds to large European growth capital and national RDI programs reshaping the next 6–24 months of deep tech deployment.
This week at a glance:
54 items tracked – 48 startup and transaction rounds + 6 funds & vehicles.
By stage: the bulk of activity sits at pre-seed, seed and Series A (from methane-to-hydrogen reactors, high-temperature industrial heat pumps and geothermal cooling for AI data centers to cancer-diagnostics automation, women’s health imaging, AI procurement tools and ESG risk platforms), while late-stage dollars concentrated in nuclear small modular reactors, reasoning-focused AI models, military and counter-UAS drones, and growth equity for metal recycling and regenerative wastewater.
By theme:
Compute & data infrastructure: ultra-stable optical memory, quantum communications, sovereign AI silicon, AI-native cyber and operations layers, data-extraction and commerce-infra platforms.
Climate & industrial decarbonization: geothermal cooling, fusion at sea, hydrogen and nanocarbon co-products, industrial heat and steam, distributed C&I solar, EV batteries, livestock-emissions tools, cultivated poultry, regenerative wastewater, sustainable insulation and AI-driven ESG risk.
Defense & dual-use autonomy: construction and earthmoving autonomy, construction-site robotics, high-altitude unmanned aircraft, frontline drone guidance and interception, and dual-use hydrogen generators battle-tested in conflict zones.
Biotech & medtech: livestock-emissions biology, forestry fungi, cultivated meat, immuno-oncology, ADCs, neuroimmunology, molecular-glue therapeutics, cancer diagnostics, infection diagnostics, gynecological imaging and non-invasive BBB opening.
By geography: North America and Europe led both by deal volume and check size, with the U.S. strong in energy, AI and life sciences; UK, Nordics, DACH, Baltics and Eastern Europe spanning clean energy, drones, materials and gaming; Asia-Pacific (India, China, Japan, Australia, New Zealand) active in batteries, hydrogen, medtech, oncology, HALE aircraft and funds for deep tech; and MENA & Israel contributing geothermal cooling for AI and industrial loads, sovereign AI compute and cultivated poultry expansion.
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WEEK 48, 2025
Power, deterrence, and biological leverage: data-center cooling, counter-drone stacks, and math-native AI
Capital clustered around three poles: