At A Glance – DeepTech
The mysteries in the depths of technology. . .
DeepTech, or deep technology, is an ambiguous term that is generally used to refer to AI, robotics, chip development, Virtual Reality, Augmented Reality and the Internet of Things combined. It is also described as a merger between science, creativity and entrepreneurship. DeepTech companies are founded on scientific discovery and innovative engineering as opposed to business models. This means they have the freedom to work towards positively affecting humanity without adhering to a specific strategy.
Due to their complicated nature and perceived lack of business applications, DeepTech startups have found it difficult to gain funding. However, this is beginning to change. Between early 2015 and the end of 2016, $2.3 billion was invested in deep technologies, and new ‘investment marketplaces’ like PropelX have been launched to connect investors and deep technology startups. Just last month, UK based VC fund SILK Ventures raised $500 million to fund DeepTech. The growth of DeepTech in Europe is an emerging trend, although US and Asian markets still dominate. Despite this, VC Fund Atomico released a report last year that applauded European developments. Atomico partner Mattias Ljungman even described the expansion of Europe’s DeepTech as a ‘renaissance’.
DeepTech is important because it has the potential to impact all and any sectors. The growing enthusiasm for deep technologies is linked to worldwide, corporate recognition of digital disruption and the impact it will have on businesses. As publicity and funding increases, DeepTech will continue to foster industry wide transformations.