2024 in Review: Deep Tech Startups & Venture Capital - In Data
50 data points revealing how Deep Tech ventures are rewriting the rules of global competition.
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2024 was a year where superlatives and cautionary tales lived side by side.
On Monday morning, you might hear about a $6.6 billion capital raise for an AI lab valued at over $150 billion—the kind of figure that makes even seasoned VCs spit out their coffee. By Tuesday, you’d be reading about a once-promising battery venture filing for bankruptcy after failing to match China’s relentless cost advantages.
The rest of the week? Another wave of announcements: a nuclear “microreactor” startup signing a flamboyant two-decade supply agreement (non-binding, of course), a vertical farm touting the largest greenhouse campus in North America, and a robotics outfit claiming it slashed trailer-loading times from an hour to five minutes. Each story felt momentous on its own, yet the real meaning only emerged when you saw how these puzzle pieces interlocked—or in some cases, collided.
Over the past year, week after week, our Deep Tech Briefings explored these pivotal moments. We analyzed the trends, connected the dots, and reflected on the implications—not just for the present, but for the future of the industry.
Now, as we step into 2025, we’ve created a four-chapter series to distill the most pivotal moments of 2024. This isn’t just a look back—it’s a toolkit for navigating what’s next.
2025 isn’t about playing catch-up. It’s about staying ahead, finding leverage in a rapidly shifting landscape, and recognizing that opportunities and challenges are often two sides of the same coin.
Themes as 2024’s Guiding Threads
Rather than attempt a tidy chronological account of all these ups and downs, this overview anchors itself in cross-cutting themes that recurred throughout 2024. Think of these as gravitational forces pulling at every segment of deep tech—influencing how capital was allocated, which policies were championed, and whose big ideas received the benefit of the doubt.
In Chapter One—A Review in Data—we distill 2024 into 50 key data points. Each metric, grouped into four sections, acts as a compass for understanding where the industry is heading.
The following chapters dive deeper, examining the discoveries, dynamics, and lessons that defined the year.
Chapter Two explores the forces that reshaped deep tech’s foundation. Artificial intelligence dominated with unprecedented attention and resources, eclipsing other sectors while driving rapid innovation. Geopolitical urgency pushed industries to secure supply chains independent of China, challenging long-standing norms. Energy megaprojects—from geothermal advancements to nuclear microreactors—emerged as ambitious solutions to growing energy demands. Meanwhile, industrial automation delivered measurable returns, and nuclear energy navigated a mix of progress and regulatory hurdles in scaling small modular reactors.
Chapter Three broadens the perspective to examine intersections with policy, defense, and sustainability. The tension between technological progress and the slower pace of regulation defined the year. Defense priorities accelerated innovation, while space commercialization expanded opportunities and strategic challenges. Sustainability matured as both an ecological imperative and a driver of investment, while quantum computing and semiconductors unveiled both record-setting achievements and structural vulnerabilities.
Chapter Four turns to the often-overlooked sectors foundational to long-term progress. Agriculture adapted to climate pressures with vertical farming, robotics, and supply chain optimization. Reindustrialization efforts redefined manufacturing in a fragmented global economy. Advancements in materials science provided building blocks for sustainability and technological growth. Geopolitical tensions reshaped the pursuit of tech sovereignty, and robotics bridged labor gaps while reframing human-machine interactions. Mobility technologies evolved deliberately, tackling challenges with precision and strategic focus.
A Blueprint for What’s Next
Together, these chapters offer more than a retrospective; they provide a guide to understanding the intricate dynamics that defined 2024 and a roadmap for navigating 2025 and beyond. Each section invites reflection and curiosity, offering a lens to anticipate the questions and possibilities ahead.
2024 was not just a year of milestones; it was an inflection point. It challenged assumptions, expanded possibilities, and exposed the fragility of even the most promising ventures. This report invites readers to explore the architecture of change and anticipate the opportunities and challenges ahead.
Whether you’re an investor charting the next opportunity, a founder navigating industry shifts, or an observer captivated by technology’s evolving role, this series provides a nuanced lens for understanding tomorrow’s dynamics.
1) Power Capital & Market Drivers
Where Deeptech Venture Capital is Flowing
From groundbreaking AI to cutting-edge energy innovation, this section reveals the staggering capital flows shaping the deeptech landscape. Explore how investors are doubling down on high-stakes sectors, leveraging speed and precision to redefine market leadership.
$6.6B – Largest VC round of 2024 (OpenAI).
Why it matters: Elevated OpenAI’s valuation to $157B, showcasing how AI still hoovers up mega-capital even in a choppy market.$100B – SoftBank’s commitment to U.S. AI ventures, aiming for 100,000 jobs.
Why it matters: Signals an intensifying arms race for infrastructure, talent, and specialized HPC resources in stateside AI.$10B – Databricks’ new late-stage round.
Why it matters: Pegged the valuation at $62B. A powerful vote for cloud data lakehouses as the backbone of advanced enterprise AI.$60B – Anthropic’s rumored valuation in current fundraising.
Why it matters: Reinforces market appetite for “responsible” foundation-model AI and cement Anthropic as a top-tier competitor.$3B – Databricks’ annual revenue run rate.
Why it matters: Few AI-inflected startups scale to near profitability; Databricks’ success is the exception, not the rule.$10B → IPO – Analysts forecast a Databricks public listing by 2025.
Why it matters: The outcome of this potential IPO will guide valuation benchmarks for the rest of the AI analytics ecosystem.$1.28T – Projected cumulative infrastructure investment for AI data centers by 2034.
Why it matters: AI booms are sparking huge builds in HPC facilities, shifting the focus to power availability and advanced chip supply.$45/kWh – Competitive floor cost for Chinese lithium-ion packs.
Why it matters: Forces Western manufacturers to pivot to alternative chemistries like lithium-sulfur or sodium-ion—unless they want to be priced out.14,000+ satellites – Slated for launch by 2028.
Why it matters: Expanding constellations drive a $1.25T satellite broadband market by 2035, but intensify orbital congestion headaches.$3M – Molten Salt Solutions’ funding to produce enriched lithium isotopes domestically.
Why it matters: Reduces reliance on Russian supply chains, critical for fusion reactors and advanced nuclear power.
58,000 satellites – Potentially crowding Earth’s orbit by 2035.
Why it matters: The ballooning numbers mean new business for in-orbit servicing, collision prevention, and regulatory complexities.$4.7 B – Projected 2030 market for Space-Based Solar Power (SBSP).
Why it matters: While speculative, SBSP gets big R&D bucks thanks to 24/7 space sunlight—though cost-to-orbit remains a barrier.€6.5M – Proxima Fusion’s funding to optimize stellarator designs with AI.
Why it matters: Highlights Europe’s commitment to fusion energy as a key to the clean energy transition.
$8.5M – Tidal Metals’ seed to extract magnesium from seawater.
Why it matters: Showcases “ocean-based” approaches for metal supply, cutting out heavily polluting land mines—and realigning supply chains.$100M – Fleet Space’s Series D, doubling its valuation from $250M to $525M.
Why it matters: The Earth + Moon synergy: leveraging satellites for mineral exploration at home, while planning seismic sensors for lunar missions.
2) Scale & Complexity: Next-Level Tech & Projects
From Lab to Scale: The Journey of Deeptech Projects
Scaling transformative technologies is no small feat. This section delves into the ambitious projects pushing the boundaries of what’s possible, from autonomous systems to renewable breakthroughs, and the strategic bets unlocking exponential returns.
387,500 sq ft – The “GigaFarm” in Cobleskill, NY.
Why it matters: 100 vertical towers forecast to grow 3,000 tons of produce a year, with a purported 33% cost cut in indoor farming if it can scale.$28M – Slip Robotics’ Series B.
Why it matters: Their SlipBots reduce trailer load from 60 minutes to just 5, real ROI for e-commerce distribution centers.$150M – Fleet Space’s Series D funding to expand its satellite-linked seismic sensing technology.
Why it matters: Accelerates mineral exploration by mapping the ground up to 2.5 kilometers below the surface.
$52 B – Projected global logistics robotics market by 2030.
Why it matters: There’s headroom for new entrants that solve shipping bottlenecks—RaaS models could see mass uptake.31 months – Figure’s time to first revenue from its humanoid robot F.02.
Why it matters: With $675M from Nvidia, Microsoft, OpenAI, and Jeff Bezos, humanoids are moving from hype to commercial traction faster than expected.$178M – Total funding for Agility Robotics.
Why it matters: Illustrates real money backing “legged robots” for warehouses, factory lines, and last-mile tasks—past the R&D stage.70–80% – Estimated idle rate for existing industrial robot arms in SMEs.
Why it matters: Complexity stalls adoption. Lowering that barrier could unlock a multi-billion-dollar automation wave in midmarket manufacturing.99.9993% – SPAM fidelity from Oxford Ionics.
Why it matters: This nuclear-grade accuracy in quantum readout could slash error rates, inching quantum computing closer to industrial HPC usage.>90% – Potential energy reduction in EV battery manufacturing with advanced dry-coating.
Why it matters: This cost advantage is crucial to compete with hyper-efficient Chinese production lines.10 gigawatts – Magma-based geothermal power target from Magma Power’s $20B plan.
Why it matters: Tapping into magma for AI data center power is as radical as it sounds. Potentially a huge 24/7 baseload if commercialized.~$20B – The capital requirement for that magma-geothermal project.
Why it matters: We’re playing at a “moonshot” scale. If it works, big returns; if not, it’s a cautionary tale about big money bets.$25M – Modern Hydrogen’s new raise for methane pyrolysis.
Why it matters: Bridges fossil gas and green hydrogen, mitigating emissions while “making do” with existing infrastructure.$700M – Total capital into geothermal startups since 2020.
Why it matters: A fraction of AI’s multi-billions, but the growth curve is steep—Google, Meta, and others lock in geothermal for their data center expansions.$5B – Potential TAM for high-heat industrial batteries by 2030.
Why it matters: Lithium-ion can’t handle industrial steam needs; specialized thermal storage batteries fill that niche.50% – Cheaper microreactors vs. conventional nuclear, in some analyses.
Why it matters: Factory-assembled, minimal footprints, and “walk-away safe” designs are drawing data centers and remote industries to nuclear again.
3) Operational Realities: Execution, Competition & Adoption
Navigating Costs and Tasks in Deeptech Operations
Big ideas only matter if you can operationalize them. This section cuts through the hype, zooming in on the gritty realities of scaling innovation. From automating industrial inspections to overcoming cost overruns, the focus here is on who’s actually delivering results in fiercely competitive markets.
$1.22B – Beyond Meat’s debt load.
Why it matters: Even high-profile disruptors can stumble under capital intensiveness and slow adoption. A warning for overscaled deep tech bets.$5.4M – T-robotics seed to integrate GPT-based tools for robot programming.
Why it matters: Small check but big potential. If it eliminates “robot complexity,” the next wave of SME automation could unlock $30B+ in productivity gains.60 → 5 minutes – The difference in trailer load times Slip Robotics touts.
Why it matters: Hard data is compelling for customers in e-commerce, manufacturing, and distribution verticals.$14M – Sidus Space’s raise for mission enablement.
Why it matters: Not every space startup sees a $100M+ round. These sub-$20M deals fill critical service gaps for the next wave of smallsat expansions.$91M – AMP Robotics’ Series D funding to expand its network of automated recycling facilities.
Why it matters: Addresses inefficiencies in U.S. recycling, where only 32% of eligible waste is recycled, unlocking a $32B opportunity in lost materials.
€5.8M – Orqa’s seed round to build “China-free” drones.
Why it matters: Government RFPs often demand no Chinese components. Creating an EU-based supply chain is costly but politically favored.200 robots – Deployed by ANYbotics for industrial inspection.
Why it matters: Boosts efficiency in sectors like oil and gas by automating extreme-condition inspections.
50% – Potentially shortened SMR development cycles, per NuScale’s new E2 simulator approach.
Why it matters: Minimizing workforce gaps and smoothing licensing can accelerate the path to commercial small modular reactors.2,048 GPUs – The capacity for NetworkOcean’s proposed underwater data center.
Why it matters: A radical solution for data center cooling, but heavy pushback from regulators underscores how “move fast, ask forgiveness” can backfire.$21M – Darkhive’s Series A for advanced secure UAVs.
Why it matters: Drone warfare and GPS jamming are real. Defense is hungry for tamper-proof, AI-driven flight systems.
4) Sovereignty & Security: The Geopolitical Undercurrents
Deeptech as a Battleground: Investments in Geopolitical Power
In an era where tech supremacy equals geopolitical power, this section looks at the intersection of innovation and national strategy. With quantum R&D races, satellite supply chain sovereignty, and reshoring initiatives, the numbers tell a story of how nations are rewriting the rules of global competition.
$32.6M – Turion Space contract from U.S. Space Systems Command.
Why it matters: Rendezvous and proximity ops for satellites reflect an escalating U.S.-China “dual-use tech” rivalry in orbit.$30M – Bureau’s round for a single no-code cybersecurity platform.
Why it matters: Consolidation in identity/fraud solutions is vital as cross-border commerce scales, making multi-solution security unsustainable.$2–3M – Price tag for satellite inspection from “Optimus Viper.”
Why it matters: A new commercial category (orbital first responders) arises to reduce collision risk in jam-packed LEO.8 months – Target timeline for Palantir’s FedStart to onboard startups into DoD contracting.
Why it matters: A drastically shorter cycle than the usual multi-year procurement, giving AI/drone upstarts a real shot to supply the Pentagon.≥10x – China’s rumored quantum R&D advantage vs. the U.S. in pure budget.
Why it matters: Quantum dictates future encryption/HPC dominance. Budget disparities fuel legislative urgency to reauthorize the National Quantum Initiative Act.$300M – SandboxAQ’s fresh round, pegging its valuation at $5.6B.
Why it matters: Alphabet spin-out merges quantum + AI, bridging two areas of strategic competition for global leadership.€2.1B – European robotics funding in 2024, up from €2B in 2023.Why it matters: Indicates growing appetite for industrial automation across the EU.
€11B – The EU’s entire budget for Iris².
Why it matters: Symbolic or not, it’s a sign that the EU wants to lock in its own secure comms, adding impetus for local space supply chains.>30% – The cost premium for Western vs. Chinese components in drones/satellites.
Why it matters: “Self-sufficiency” can drive up costs. This premium is often offset by public funds or strategic investment.$650M – The U.S. Export-Import Bank’s letters of interest for Lyten’s battery lines.
Why it matters: A direct reflection of the “reshoring” mania. The U.S. doesn’t want to rely entirely on Asia for EV battery supply.
Why These 50 Numbers Matters
Each of these data points is a signpost of how 2024 shaped up: AI mega-checks, a battery arms race, the unstoppable march of satellite constellations, quantum leaps, and robotics that went from academic curiosity to business-lining productivity. We also see looming regulatory shifts, from the U.S. and EU to China’s own standard-setting, rewriting supply chains in everything from advanced semiconductors to critical minerals.
As we step into 2025, a few constants remain: execution, compliance, and capital discipline. The winners won’t just be the ones with the biggest raises—they’ll be the ones who show that these big, bold projects can scale to real ROI in a world short on resources and rife with geopolitical tension.
Stay with us—this is just the beginning.
That’s all for today. See you in Chapter Two, where we’ll dive into the forces reshaping deep tech: AI’s explosive growth, the race for supply chain independence, ambitious energy megaprojects, and the steady rise of industrial automation and nuclear innovation. Stay tuned.