Good morning {{first_name}},
This week in Deep Tech Now, we explore two verticals shaping Europe’s future – and both demand a new kind of ambition from their builders, buyers, and backers:
Space: featuring the top 5 scaleups advancing reusable capsules, orbital launchers, and radar satellites.
Defence: showcasing the best 5 startups transforming autonomy, sensors, and command AI.
This momentum is built on bold bets, not cautious steps. That’s exactly the spirit at the heart of Martin’s latest column, challenging us all to aim higher.
We’re bringing this philosophy to life all year, from our recently launched marketplaces DTM Space and DTM Defence to the content and community you’ll find in every issue.
Also inside: this week’s ecosystem gift is a mentoring session with Elisheva Marcus, VP Communications at Earlybird, who can help you turn your complex tech into a clear, compelling story.
Let’s aim higher, and see who’s already reaching orbit.
THE LEAP, BY MARTIN SCHILLING
Go Big or Go Home: Why Europe Needs Bolder Buyers, Backers, and Builders
The Exploration Company's Mission Possible: First European private capsule to de-orbit and re-enter successfully in operational conditions. (Illustrative image | Credits: The Exploration Company)
Dear all,
“I would rather underpromise and overdeliver,” a young CEO of a Deep Tech startup told me last week at the Stage Two conference. “If I’m too bold, investors challenge me, and my team doesn’t follow.”
This mindset runs deep in Europe—especially in Germany. Don’t I always need to live up to my promises? Don’t I need to always be a beacon of reliability?
No, you don’t. Sometimes it’s better to aim for the stars and land on the moon. “Better safe than sorry”? No, not when you’re building a category-leading company. No when you invest. No when you test Deep Tech collaborations as corporate buyers. Rather: go big or go home.
A man who lived this philosophy is former Volkswagen CEO Herbert Diess, whom I had the pleasure of speaking with this week (fingers crossed he joins us at DTM26). “There is no alternative to electromobility in passenger cars,” he said in 2021. Technological openness, such as hydrogen or alternative fuels for passenger cars, is the wrong path according to him.
This level of courage to take risks is what we need to re-learn. And we can do so by following the lead of some great examples of European Deep Tech founders:
Hélène Huby (The Exploration Company): Building Europe’s leading reusable space transportation system.
David Reger (NEURA Robotics): Building Europe’s first production-ready humanoid robot.
Markus Pflitsch (Terra Quantum): Building Europe’s leading hybrid quantum computing platform to rival Google and IBM.
Rafał Modrzewski (ICEYE): Creating the world’s leading synthetic-aperture radar (SAR) satellite constellation.
Daniel Metzler (Isar Aerospace): Launching Europe’s first orbital launch service provider to compete with SpaceX.
Francesco Sciortino (Proxima Fusion) and Moritz von der Linden (Marvel Fusion): Building Europe’s first fusion power plants.
So: Does your ambition level live up to this?
If not, remember one of my favourite quotes:
“Impossible is just a big word thrown around by small men who find it easier to live in the world they’ve been given than to explore the power they have to change it. Impossible is not a fact. It’s an opinion. Impossible is not a declaration. It’s a dare. Impossible is potential. Impossible is temporary. Impossible is nothing.”
— Muhammad Ali
Wishing you a bold and ambitious rest of the week,
Martin
DEEP TECH OPEN | SPACE
Best 5 European Space Scaleups | > $100M Funding
Isar Aerospace | Munich, Germany
Technology: Develops the Spectrum rocket, a two-stage launch vehicle specifically designed for small and medium satellites
Why it matters: Helps Europe reduce reliance on foreign launchers
Major contracts: Agreements with the European Space Agency (ESA) and commercial satellite operators
Funding: $614.6M to date
Recent milestone: First test flight in March 2025; €150M convertible bond in July 2025
→ Stay tuned for first commercial launch expected in 2026
ICEYE | Espoo, Finland
Technology: A network of small satellites using Synthetic Aperture Radar (SAR) that captures high-resolution images of Earth’s surface even through clouds and in darkness
Why it matters: Provides reliable, 24/7 Earth imaging for defence, disaster response, and environmental monitoring, regardless of weather or time of day
Major contracts: Finnish Defence Forces, NATO Allied Command Operations, Armed Forces of Poland, European Maritime Safety Agency, and commercial insurers
Funding: $529M to date
Recent milestone: Launched Tactical Access for customers requiring prompt imagery delivery
→ Check out ICEYE’s guide on ‘How to use Satellite Data for Better Decision Making’
The Exploration Company | Oberpfaffenhofen, Germany
Technology: Building the Nyx space capsule, a reusable vehicle for transporting cargo (and eventually people) to and from space stations
Why it matters: Building sovereign European capability
Major contracts: Partnerships with Axiom Space, Starlab, Vast Space and the ESA
Funding: €196.8M to date
Recent milestone: Opened a new HQ
→ Operations at the new HQ are due to begin this December
D-Orbit | Fino Mornasco, Italy
Technology: ION orbital transfer vehicles that transport satellites and provide in-orbit services
Why it matters: Reduces the time and cost of launching and operating satellite constellations
Major contracts: Aistech Space, Arkadia Space, ESA, Italian Space Agency, Planet Labs
Funding: $201.2M to date
Recent milestone: Part of the consortium led by Thales Alenia Space that completed the System Preliminary Design Review for Italy’s In-Orbit Servicing demonstration mission
→ Note that ION can carry third-party payloads from startups and research entities
EnduroSat | Sofia, Bulgaria
Technology: Modular small and mid-sized satellites
Why it matters: Lowers barriers to access for a wide range of applications
Major contracts: ESA, NASA, research centres, and clients in agriculture, maritime, and energy
Funding: >$150M to date
Recent milestone: Opened a space centre for manufacturing
→ Read more about Endurosat’s $104M funding round, led by Riot Ventures, with participation from the European Investment Council Fund, Google Ventures, Lux Capital and Shrug Capital
DEEP TECH OPEN | DEFENCE
Top 5 European Defence Rising Stars to Watch | $10-50 M Funding
Arondite | London, UK
Technology: Software and AI for autonomous defence systems
Latest funding: $12 M
Recent milestone: Part of recent NATO-linked exercise in Latvia
→ Find out more about Arondite’s AI platform, Cobalt
ARX Robotics | Oberding, Germany
Technology: Unmanned ground vehicles and digitalisation platform for legacy fleets
Latest funding: €11 M Series A extension led by Speedinvest, bringing Series A total to €42 M
Recent milestone: Partner RENK Group will power ARX’s industrial growth and expansion
Comand AI | Paris, France
Technology: AI applications to transform the way defence operations are commanded
Latest funding: €8.5 M seed round led by Eurazeo, bringing total to €11.5 M
Recent milestone: Alongside a new London office, Comand AI will invest >$47.5 M in the UK
→ Email [email protected] to request a demo
Delian Alliance Industries | Athens, Greece
Technology: Autonomous anti-access/area denial (A2/AD) for surveillance and deterrence
Use cases: Coastal defence, border surveillance, fire prevention, drone ops, and more
Latest funding: $14 M Series A
→ Read the FT’s article about Delian’s CEO, Dimitrios Kottas (ex-Apple)
Harmattan AI | Paris, France
Technology: Developing autonomous, scalable defence systems
Latest funding: $30 M
Recent milestone: Awarded multi-million dollar strategic program of record
→ Be ready for Harmattan’s valuation to skyrocket with its next round
DEEP TECH OPEN | OPPORTUNITIES
This Week in the Ecosystem
🚀 DTM.Space ➕ DTM.Defence 🛡️
Space and defence are two of the most critical sectors for Europe’s future — and it is no coincidence that they have attracted the kind of bold founders we would like to see more often.
To support these two verticals all year round, we are launching Europe’s #1 marketplaces for their builders, buyers and investors: DTM Space and DTM Defence.
You’ll hear more soon about the special place they’ll both have at DTM26. But first, one key opportunity:
→ SPARTA: Strengthen Europe’s defence ecosystem at this invite-only side event of the Munich Security Conference 2026 on February 12, 2026, co-hosted by DTM and TUM Venture Labs in collaboration with the MSC Startup Hub.
SPARTA brings together Europe’s leading Ministries of Defence, armed forces, procurement agencies, primes, SMEs, startups, and scaleups.
Using curated matchmaking across key DefTech fields such as AI, robotics, cybersecurity, dual-use space, and advanced materials
Expect real impact: 1500+ curated 1:1 meetings, 100 startups & scaleups, 50 primes & SMEs, 50 public stakeholders, and 25 investment funds.
→ Apply to join SPARTA.
🤝 Bosch MatchCamp 2025 | Berlin, Germany | November 26–28, 2025
Bosch’s corporate venture builder Bosch Business Innovations will run Bosch MatchCamp – a 2.5-day invite-only cofounder matching and ideation event for carbon capture, utilization, and storage (CCUS).
5 key moments, and 5 reasons to join:
Meet your next cofounder among researchers, engineers, scientists and entrepreneurs
Get a chance to enter Bosch’s 12-month venture building path
Explore new venture ideas with support from Bosch experts and assets
Prepare your pitch
Get inspired by opening keynotes and presentations
→ Find out more and apply here.
ECOSYSTEM GIFT
Great Tech Needs Even Greater Storytelling: Learn from a VC Communicator
This week's ecosystem gift is a mentoring session with Elisheva Marcus, VP Comms at Earlybird, one of Europe’s most active VC firms.
Why Elisheva?
With a foot in both VC and portfolio support, Elisheva helps companies get their stories across, no matter how complex their tech might be.
She grew Earlybird’s LinkedIn from 23K to 119K while shaping every major announcement, including Earlybird Health.
If you are looking for advice on how to best leverage comms and PR for your company, make sure to enter the draw here.
Last Week’s Winner: Congratulations to Steffen Erath, Jord Janssen, Bastian Bullmann, Jin Jeong, and Lukas G.! We’ll be in touch soon to send you your copies of the book Give First.
Enjoying Deep Tech Now? Here are 3 easy ways to support and stay connected this week:
Explore our new marketplaces DTM Space and DTM Defence.
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