Portugal Business News – During the Web Summit 2024 in Lisbon, Portugal announced a 100-million-euro fund to invest in deep tech startups, stating that the fund would be 50% public and 50% private, while the European Investment Fund also announced an investment of €90 million in 3 Portuguese VCs.
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Together with its new 100-million-euro deep-tech fund, Portugal’s Prime Minister also announced the launch of the first Large Language Model (LLM) in Portuguese, that are both scheduled for early 2025. This new AI tool will revolutionize education, facilitate access to public services and support companies to innovate in Portuguese.
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Deep Tech is one of the biggest VC investment categories in Europe, growing at a rapid rate. In 2023, over $16 billion in venture capital was invested in Deep Tech startups in Europe, according to Dealroom. Deep Tech encompasses many industries, from Health & Tech-Bio to SaaS, AI, Space and Robotics. Deep Tech startups develop technology based on tangible engineering innovation or scientific advances and discoveries that are applied for the first time as a product.
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According to Dealroom, Deep Tech startups can often target applications in multiple markets and, unlike traditional startups, have a stronger moat towards competition thanks to technology edge and IP portfolio. Deep Tech startups can also generate higher ROI thanks to lower initial valuations and high attractiveness as acquisition targets.
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Switzerland’s tech ecosystem is the most focused on Deep Tech in Europe, followed by Sweden, France, Finland and Norway. In Portugal, 13% of total VC investment went into Deep Tech between 2018-2023.
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Here is the ranking of European countries investing in Deep Tech:
During the Web Summit 2024 in Lisbon, further investment from the European Investment Fund was also announced, for a total value of €90 million to be channeled to three Portuguese venture capital funds, namely Armilar, Faber and 33N. Ultimately, these funds are expected to generate more than €400 million for the European venture capital ecosystem to accelerate the growth of startups, namely in the areas of AI, cybersecurity and machine learning.
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