La deeptech se finance désormais selon plusieurs économies du capital
欧洲 deeptech 企业在 2025 年共融资 203 亿美元，几乎占到整个欧洲风险投资总额的三分之一。不过，这一看似统一的数字背后，资金流向正在明显分化：不同技术赛道正进入“多种资本经济”并行的阶段，融资逻辑不再一致。
其中，新能源技术的融资出现显著回落，较前一年下降 41%。这意味着，尽管 deeptech 仍是欧洲创投市场的重要支柱，但资本正在从原本被视为同一类的前沿技术中，重新筛选更具确定性或更快商业化路径的方向。文章指出，deeptech 的资本配置正在变得越来越不均衡，不同子领域所面对的融资环境、投资人偏好和增长预期已经开始分化。
这一变化的核心含义在于：欧洲 deeptech 不再只是一个统一的投资叙事，而是由多个彼此不同的资本逻辑组成。某些技术领域仍能吸引大量资金，而像能源技术这样的板块则明显承压，反映出投资者对周期、回报速度和产业落地能力的判断正在重塑整个市场。
European deeptech companies raised $20.3 billion in 2025, nearly one-third of all venture capital invested on the continent. But that headline figure masks increasingly divergent funding dynamics across the sector, with deeptech no longer behaving as a single market.
According to the article, new energy technologies were the clearest weak spot, with funding down 41%. Other parts of deeptech followed very different trajectories, suggesting that investors are now allocating capital according to several distinct “capital economies” rather than one unified deeptech cycle. The result is a more fragmented landscape in which some technologies continue to attract strong backing while others face a sharp slowdown.
The broader implication is that European deeptech remains a major destination for venture money, but the sector’s internal balance is shifting. Capital is concentrating unevenly, and the funding environment is becoming more selective, reflecting different risk profiles, maturity levels and investor expectations across deeptech categories.
Les entreprises européennes de la deeptech ont levé 20,3 milliards de dollars en 2025, soit près du tiers de l’ensemble du capital-risque investi sur le continent. Ce total apparemment homogène rassemble pourtant des trajectoires qui le sont de moins en moins. Les financements des nouvelles technologies énergétiques ont reculé de 41 % quand ceux du …
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European deeptech raised $20.3B in 2025 (~one-third of the continent’s VC), but funding is increasingly diverging by “capital economies,” with energy-tech rounds down 41%, signaling shifting investor risk appetite.
European deeptech startups — raise VC for advanced R&D and commercialization across Europe.
European venture capital (VC) — allocates capital across deeptech sub-sectors, increasingly unevenly.
[Monitor] — sector-by-sector capital divergence (notably energy) can quickly reshape which deeptech themes scale in Europe.
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