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Europe’s space economy is no longer theoretical, it is industrialising, fast.

A new generation of companies is moving from prototypes to production: Isar Aerospace, Rocket Factory Augsburg, and HyImpulse are pushing for independent launch capability.

This is not incremental progress, it is the emergence of a full-stack ecosystem, driven by a clear shift: space is now a sovereignty layer. Governments are backing this transition with scale—Germany alone plans to invest ~€35B into reducing dependency in space capabilities, while the European Space Agency has received record funding.

The focus is already shifting beyond launch. A recent report by Tomorrow Ventures makes the next bottleneck explicit: the real value will be created in orbit—through infrastructure, services, and persistent systems that turn space from access into an operational domain.

Also in this issue:

  • DTM’s CEO Martin Schilling discusses moonshots in his column “The Leap” He lists 10 areas where Europe is boldly entering “Neuland” to ensure competitiveness and technological sovereignty

  • The 2026 European Deep Tech Report by Lake Star and Walden Catalyst reveals a sector at record scale and resilience—yet still constrained by structural funding gaps and external ownership.

  • Europe’s Top 5 dual-use robotics startups quietly becoming critical suppliers to the next generation of defense systems.

Enjoy the read!

PS: We are getting ready for DTM26. Are you? In just a few weeks, 20-21 May in Berlin, Europe’s leading deep tech builders, backers, and buyers will convene to fast-track purchase orders, POCs, and funding deals at Europe’s #1 deep tech innovation marketplace. Spots are getting rare, so be quick to secure your tickets now!

THE LEAP | BY MARTIN SCHILLING

10 Moonshots to Power Europe’s Industrial Competitiveness

Dear all,

It was a sunny day in the spring of 1950 when Robert Schuman, then French Foreign Minister, met a small group in the quiet garden of a country house in Houjarray. Europe’s industrial heartlands — coal and steel in the Ruhr and Saar — had fueled both prosperity and devastation. 1870. 1914. 1939. France and Germany had fought three catastrophic wars in less than a century, each tied to the same industrial rivalry.

As they walked among the blossoming trees, a radical idea emerged: make war materially irrational by jointly governing the industries that enabled it. What seemed unrealistic became the European Coal and Steel Community — and later the European Union. It was Europe’s first modern moonshot: redesigning industrial value chains to secure peace through shared strength.

Today, Europe needs new moonshots to ensure competitiveness and technological sovereignty in a world that is becoming more volatile every week.

By combining the scale of Europe’s leading enterprises with the speed of its most promising deep tech scaleups — and aligning value chains around bold missions — Europe can shape the next decade rather than react to it.

Here is a starting point.

1. Ignite Europe’s First Fusion Power Plant

Objective: Bring Europe’s first commercial fusion power plant online in the early 2030s, combining plasma physics, superconducting magnets, and advanced materials to deliver abundant, low-cost, clean energy for AI, hydrogen, and Europe’s energy-intensive industries.

Typical players: Proxima Fusion, Marvel Fusion, Tokamak Energy, First Light Fusion, Renaissance Fusion, Siemens Energy, EDF, RWE

2. Achieve Industrial Quantum Advantage

Objective: Build Europe’s first fault-tolerant quantum platform by 2030, combining scalable qubits, cryogenic control, error correction, and hybrid HPC integration to unlock breakthroughs in chemistry, materials, and optimization.

Typical players: IQM, Pasqal, Alice & Bob, Riverlane, Quandela, BASF, BMW, Airbus

3. Build EURORA

Objective: Build sovereign European orbital infrastructure before 2030, combining reusable launchers, advanced satellites, in-orbit logistics and secure communication networks to ensure resilient connectivity and earth observation intelligence.

Typical players: Isar Aerospace, Reflex Aerospace, Exotrail, Eutelsat, SES, Airbus Defence & Space, OHB, Thales Alenia Space

4. Build the European SkyShield Dome

Objective: Deploy a European multi-layer defence system by 2030, combining ISR satellites, radar and RF sensing, AI sensor fusion and autonomous interception to protect critical infrastructure and industrial assets from drone and missile threats.

Typical players: Helsing, Quantum Systems, TEKEVER, ARX Robotics, Rheinmetall, Hensoldt, MBDA, Saab

5. Build the World’s Most Energy-Efficient AI Gigafactories in Europe

Objective: Build 10 AI gigafactories by 2030, achieving 3× lower energy cost per AI token through efficient AI chips, photonic interconnects, advanced cooling and integrated clean power.

Typical players: Axelera AI, Black Semiconductor, iPronics, EFFECT Photonics, SCINTIL Photonics, ASML, Schneider Electric, OVHcloud

6. Make Europe the New Materials Continent

Objective: Build a European alliance by the early 2030s, combining AI-driven materials discovery, automated labs, and industrial chemistry scale-up to create breakthrough materials for batteries, semiconductors, and energy systems.

Typical players: CuspAI, Dunia, Skeleton Technologies, VSParticle, BASF, Umicore, Solvay, Arkema

7. Deploy 1 Million Humanoid Robots

Objective: Deploy 1 million European humanoid and embodied-AI robots by the mid-2030s, combining world models, robotic hardware and advanced sensing to transform productivity across manufacturing, logistics and healthcare.

Typical players: NEURA Robotics, Agile Robots, ANYbotics, Wandercraft, ABB Robotics, KUKA, Universal Robots, Exotec

8. Build the Autonomous Logistics Continent

Objective: Connect Europe’s major industrial corridors by the early 2030s, combining next-generation batteries, autonomous driving stacks, sensor platforms and fleet orchestration software to reduce logistics costs and increase resilience.

Typical players: Northvolt, Verkor, ACC, Wayve, Oxa, Einride, Daimler Truck, Volvo Group

9. Make Europe the #1 Continent for AI-Driven Drug Discovery

Objective: Establish by 2030 a trusted framework combining multimodal biological data, foundation models, automated wet labs and clinical platforms to accelerate the discovery of personalised therapies.

Typical players: Owkin, Exscientia (merged into Recursion), BenevolentAI, Aqemia, Healx, Roche, Novo Nordisk, Sanofi

10. Build Europe’s Sovereign Semiconductor Stack

Objective: Build sovereign semiconductor capabilities by the early 2030s, combining photonic chips, chiplets, advanced packaging and lithography leadership to secure supply for AI, automotive and robotics industries.

Typical players: ASML, ASM International, BESI, Soitec, Infineon, STMicroelectronics, Black Semiconductor, Axelera AI

These missions are just a starting point. They are not ambitious enough yet.

Can you help take them to the next level? And: which mission is missing?

Write to [email protected]. If you are pursuing a bold idea, we may allocate one of the very last remaining spots on our stages of Deep Tech Momentum 2026 in Berlin this May — an opportunity to present your moonshot to a pan-European audience.

In hope of having enough courage to launch European moonshots together,
Martin

THE PULSE

Europe Builds Deep Tech, but Others Capture the Upside

Source: Lakestar, Walden Catalyst, & Dealroom, 2026 European Deep Tech Report

Europe’s deep tech narrative is quietly crossing a threshold — from promise to power.

The newly released 2026 European Deep Tech Report by Lakestar, Walden Catalyst, Dealroom makes this shift quantifiable: capital is consolidating, geopolitical demand is accelerating, and the sector is proving structurally more resilient than the rest of the venture.

Here are five key takeaways:

  1. Deep Tech is no longer niche — it’s 32% of all VC capital
    Deep Tech captured $20.3bn in 2025, representing 32% of total European VC funding — more than 2x vs. 15% in 2015. It is now structurally central, not cyclical.

  2. Resilience gap vs. “regular tech” is stark
    While traditional tech VC remains ~54% below its 2021 peak, Deep Tech is only -4% down, effectively holding near all-time highs — making it the most durable segment in the downturn.

  3. Europe has scale — but not ownership
    European Deep Tech is now worth $690bn, yet 70% of late-stage capital comes from non-European investors, and 73% of exit value is captured by US acquirers — a clear sovereignty leakage.

  4. AI + Defence are absorbing the capital flow

    • 50% of Deep Tech funding now goes to AI-driven companies.

    • 43% goes to Defence, Security & Resilience (up from 20% in 2022)
    Capital is concentrating on geopolitical and infrastructure-critical technologies.

  5. The real bottleneck: €4–24bn annual late-stage gap
    Europe consistently underfunds scale: a $4–24bn yearly funding gap, lower round progression rates vs. the US, and smaller late-stage tickets — all leading to weaker scaling outcomes.

DEEP TECH OPEN | DEFENSE ROBOTICS

Europe’s Top-5 Dual-Use Robotics Startups | Series B and later ($20m-335m)

ANYbotics | Zurich, Switzerland

  • Technology: Autonomous quadruped robots (ANYmal) for industrial inspection

  • Customers: Pilots and evaluations with European armed forces and defence research programs; deployments with energy operators maintaining defence-critical infrastructure.

  • Use Cases: Inspection of military facilities, ammunition depots, and critical infrastructure; operations in hazardous or denied environments; persistent perimeter monitoring.

  • Funding: Climate Investment (CI) announced a strategic investment in ANYbotics in September 2025, adding to its Series B, bringing the  total funding ~$130M+

  • Why it matters: Legged autonomy unlocks mobility in terrain where traditional UGVs fail—making it highly relevant for real-world defense environments.

Exotec | Lille, France

  • Technology: Warehouse robotics (Skypod) for fully automated storage and retrieval

  • Customers: Indirect deployment via logistics providers and integrators working with government and defense supply chains; increasing interest from sovereign logistics programs.

  • Use Cases: Automation of military warehouses, spare parts logistics, and rapid deployment supply systems.

  • Funding: Series D with $335M, led by the Growth Equity business within Goldman Sachs Asset Management led the round with follow-on investments from 83North and Dell Technologies Capital. On a valuation >$2B

  • Why it matters: Defense readiness is increasingly a logistics problem—and automation is becoming a structural advantage.

→ Exotec was France’s first industry-tech unicorn

NavVis | Munich, Germany

  • Technology: Mobile mapping and spatial intelligence robots (indoor positioning + digital twins

  • Customers: Used by infrastructure operators and government-linked entities; technology applicable in defence facility mapping and operational planning environments.

  • Use Cases: High-precision mapping of military facilities, underground structures, and complex built environments, enabling navigation for autonomous systems indoors.

  • Funding: Series D (~$35M) in December 2021, led by Cipio Partners, with additional capital from previous investors, BayBG, MIG, Target Partners, Digital+ Partners, and Kozo Keikaku Engineering, adding to a total funding of ~$100M+

  • Why it matters: Autonomy requires spatial awareness. NavVis provides the mapping layer needed for robotic operations in GPS-denied environments — a core defence constraint.

Verity | Zurich, Switzerland

  • Technology: Autonomous indoor drone systems for inventory tracking and inspection

  • Customers: Deployed with global logistics operators (e.g. Maersk, IKEA), whose infrastructure and capabilities intersect with government and defence supply chains.

  • Use Cases: Automated inventory tracking in military warehouses; real-time asset visibility; reduced human labour in large-scale logistics environments.

  • Funding: Extended Series B (~$32M+,in July 2023) led by Qualcomm Ventures, Exor Ventures, added to a total funding of ~$50M+

  • Why it matters: Inventory visibility becomes mission-critical in wartime scenarios—Verity brings real-time awareness into otherwise opaque logistics systems.

→ Verity’s drones operate fully autonomously in GPS-denied warehouses at night—meaning some of the world’s largest logistics hubs are already run, in part, by machines after humans leave

Eelume | Trondheim, Norway

  • Technology: Autonomous subsea snake robots for inspection, maintenance, and intervention

  • Customers: Strong overlap with naval and defence-relevant infrastructure through partnerships with Equinor and subsea operators supporting NATO-aligned energy and communications assets; increasing attention from maritime security stakeholders.

  • Use Cases: Inspection and protection of subsea infrastructure (pipelines, cables); covert underwater surveillance; intervention tasks in denied or hard-to-access maritime zones.

  • Funding: ~$25M–30M+ in total funding; Equinor invested alongside continued backing from Norwegian public R&D programs and strategic industrial capital

  • Why it matters: Europe’s strategic vulnerabilities are increasingly underwater. Eelume’s systems directly map onto the protection of critical seabed infrastructure—a top NATO priority post–Nord Stream.

Originally inspired by snake locomotion, Eelume’s robot can remain permanently deployed in the subsea for months—effectively turning underwater infrastructure into continuously monitored, autonomous systems.

DTM OPPORTUNITIES

Berlin Is Calling Increasingly Loud for You

We've said it before — but every day it gets more real.

Deep Tech Momentum 2026 returns this May in Berlin.

Beyond the highly-curated matchmaking sessions designed to fast-track purchase orders, POCs, and funding rounds, DTM26 will bring Europe's most innovative builders, backers, and buyers on stage, including:

Unicorn and Scaleup Founders

  • David Reger, Founder & CEO, Neura Robotics

  • Hélène Huby, Co-Founder & CEO, The Exploration Company

  • Francesco Sciortino, Co-Founder & CEO, Proxima Fusion

  • Ricardo Mendes, Co-Founder & CEO, TEKEVER

  • Markus Pflitsch, Founder, CEO & Chairman, Terra Quantum

Leading Corporate Innovation Leaders

  • Dr. Herbert Diess, Chairman of the Supervisory Board, Infineon Technologies

  • Mathias Pillin, CTO Bosch Mobility, Member of the Board

  • Sven T. Heursch, Chief Digital Officer, Hensoldt

  • Michelangelo Masini, Head of Corporate Research & Technology, ZEISS Group

Tier-1 Investors

  • Hendrik Brandis, Co-Founder & Partner, Earlybird

  • Christian Miele, General Partner, Headline

  • Thomas Oehl, General Partner, Vsquared Ventures

  • David Cohen, Founder & CEO, Techstars

The room will be full. The conversations will compound. And the people shaping the next decade of European industry will be there.

Event Details:

  • When: 20–21 May, 2026

  • Where: Wilhelm Studios, Berlin

Before Berlin, Head North.

DTM is partnering with Mashup — a community-first, curated ecosystem with Nordic flair — for a dedicated Robotics & Physical AI track. Born as an anti-conference by a mix of founders and VC professionals, Mashup is bullish on Europe and the Nordics as the home of the companies that will define the future.

2 days. 500 VCs, founders, angels, and LPs. An invite-only experience giving you access to the best people in the new Nordics ecosystem. The Robotics & Physical AI day is driven by Jan Erik Solem (Stær) and Sid Khullar (Aris Machina), with Headline, Atomico, IKEA, Hitachi, NVIDIA and more in the room.

What to expect:

  • Curated deal flow, vetted startups, deep interactions, and co-investment opportunities

  • A matchmaking app so you waste zero time — everyone you meet is guaranteed to be an interesting person

  • Expert-led roundtable discussions, exclusive side events, saunas, and yes — karaoke

Zero filler. Real deployment conversations. Spots are limited.

Event Details:

  • DTM × Mashup

  • When: 15–16 April, 2026

  • Where: Clarion Hotel Malmö, Sweden

→ Use code DTMMASHUP20 and register here.

ECOSYSTEM GIFT

Fundraising, demystified — before it’s too late

Every founder thinks they understand fundraising — until they’re in it.

What usually comes as fragmented advice, delayed feedback, or expensive learning cycles is being compressed into one room in the Fundraising Masterclass by PXR.

A small, highly selective group of founders will get something rare: aligned, unfiltered perspectives across the entire fundraising stack — from how VCs actually decide, to how momentum is engineered, to what really happens when the term sheet lands.

The Fundraising Masterclass brings together:

  • Florian Heinemann: The VC lens – how funds filter, evaluate, and make decisions when capital is scarce and conviction matters.

  • Iskender Dirik: The momentum playbook – how to structure your process and build real fundraising FOMO.

  • Peter Möllmann: The negotiation layer – what actually moves the needle once terms are on the table and where founders lose leverage.

This is not a panel. It’s a closed, hands-on working session designed for founders actively preparing a round or already in-market (Seed to Series B).

Event Details:

  • Date: April 15, 2026 | 10:00 AM

  • Where: Berlin

The event is already oversubscribed. BUT: 

➔ We’re giving away two spots to hop onto this Masterclass. If you’re gearing up for a round in the next few months, this is one of the highest-leverage rooms you can get into right now. Just reply to this email with “PXR-fundraising” and win your spot. Good Luck!

Last Week’s Winner: Congratulations to Florian Engel and Adeline Koay on getting free tickets to DTM26 in Berlin!

Thank you for reading this far. Here are two ways to grow closer to the Deep Tech Now community:

  1. Become a Guardian of European Deep Tech: Are you a senior leader seeking commercial partnerships with Europe’s leading Deep Tech startups and SMEs? Successful applicants join Deep Tech Momentum’s Guardian network, receiving complimentary VIP access to our flagship event in May. Apply here.

  2. Share the newsletter. Forward it to someone who’d enjoy it. They can subscribe here.

Isabelle and Martin
Co-Founders, DTM

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