European deeptech scaleups have raised more than €4 billion since joining the EIC Scaling Club, an EIC-funded initiative supporting promising European deeptech companies. According to a new report, their funding has grown 2.3 times faster than that of comparable businesses, measured against funding raised before joining the programme.

The EIC Scaling Club, running under the EIC Business Acceleration Services, launched its first cohort in April 2024, followed by a second cohort in October 2024.

The latest report analyses the funding performance of the Club’s portfolio of 120 companies across 26 European countries, using data up to 29 September 2026.

Deeptech scaleups outperform comparable companies

Of the 119 active companies, 56 per cent raised funding after joining the Club, compared with 38 per cent of companies in a control group of 240 eligible applicants who were not selected.

Among companies that secured investment, Club members raised an average of €60.6 million, compared with €39.7 million for the control group.

New Space and Next-Gen Computing attract the largest investments

The report reveals that investment is increasingly concentrated in technologies considered critical to Europe’s future competitiveness, resilience and technological sovereignty. Companies in New Space and Next-Gen Computing attracted the largest volumes of funding, securing €1.34 billion and €1.32 billion respectively, followed by Renewable Energies with €589 million.

Together, these sectors accounted for approximately 80 per cent of total funding raised.

Nine investment rounds exceeded €100 million, together accounting for more than half of the total funding, and eight of them involved the EIC or another public co-investor. These include a €500 million funding round secured by Spanish quantum and AI company Multiverse Computing, €288 million raised by Spanish space technology company PLD Space, and €234 million secured by Netherlands-based AI computing company Axelera AI.

Funding was also geographically concentrated. Spain led with €1.48 billion raised by portfolio companies, followed by Germany with €750 million, the Netherlands with €508 million, Bulgaria with €390 million and France with €369 million.

Overall, Club companies raised funding equivalent to 128 per cent of their total pre-joining investment, compared with 56 per cent for comparable businesses.

Public investment supports Europe’s deeptech growth 

The report also highlights the importance of public funding, with approximately 80 per cent of the capital secured through investment rounds involving the EIC or another public co-investor. However, international investors remain important to larger funding rounds.

Non-European investors accounted for 18 per cent of investor participations after companies joined the Club, rising to 27 per cent in rounds exceeding €100 million.

Michiel Scheffer, President of the European Innovation Council Board, said:

“Innovation only truly makes a difference when it reaches people in their everyday lives, when workers on the ground develop it and becomes accessible to everyone.

That is why helping deeptech startups grow and bring their innovations to market is so important, both for society and for Europe’s competitiveness.”

Beyond funding: Building connections and commercial opportunities

According to Ezequiel Sánchez, Executive President of PLD Space, Europe must scale its technology, infrastructure and industrial capabilities if it wants to remain competitive and independent.

“For deeptech companies, growth is not only about access to funding. It also requires industrial capacity, talent, market opportunities and connections across the European ecosystem.

Communities such as the EIC Scaling Club can contribute by bringing growth-stage companies together with investors, corporate partners and other relevant stakeholders, helping to create the conditions for European technologies to scale.”

The report also identifies 210 publicly disclosed partnerships involving Club companies, including 67 commercial partnerships, 53 strategic alliances and 40 research and innovation collaborations.

According to the team at Multiverse Computing, the Club and wider EIC support programmes have helped the company access major technology events, including CES in Las Vegas, GITEX Global and Mobile World Congress.

“This support goes beyond opportunities to exhibit: it also includes curating an agenda of executive meetings, helping us present our technology directly to relevant business leaders and potential partners.”

The EIC Scaling Club has also helped Multiverse Computing build relationships with investors, corporate partners and industry experts through events such as the Scale 100 Forum.

A spokesperson for Multiverse Computing said:

“These events have provided opportunities to discuss the commercial applications of our technology, explore potential partnerships and engage with investors around our growth ambitions.”

The company has also gained visibility through the Club’s communications, including an interview with CFO Marta García at the Ignition Forum and coverage of its Series C funding round.

“These activities give us additional channels to explain our technology and share our progress with the European innovation and investment community."

While the report points to strong fundraising momentum among Club companies, it also identifies ongoing challenges, particularly access to growth capital and fragmented European markets. It argues that investment alone will not be enough to support Europe’s deeptech ambitions, calling for stronger industrial demand, commercial partnerships and public procurement to help companies bring their technologies to market.

The EIC Scaling Club is an EIC-funded initiative run in partnership with Tech Tour, Bpifrance (EuroQuity), Hello Tomorrow, Tech.eu (Webrazzi), EurA and IESE Business School.

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SoftBank has led a $500m funding round in German humanoid robotics startup Agile Robots that automates industrial work.

The Japanese multinational led the Series F funding round, which also features Nvidia, Hitachi, and T Capital and valued Agile at $8.5bn. Agile has raised around $2bn in total.

The Munich-based robotics company manufactures robotic arms, hands, autonomous mobile robots and humanoid robots, as well as building the software and AI models behind the tech.

Its robots carry out work such as assembling products, handling components, inspecting equipment and moving materials around factories.

Founded in 2018 as a spin-off out of the German Aerospace Centre, Agile said it would use the new funds to expand in the US and boost production capacity.

Earlier this year, Agile opened a factory close to Munich, which can make up to 10,000 legged and ⁠wheeled humanoid robots a year, the company said. Agile employs over 2,000 research and development specialists and holds over 650 patents. Its customers include automotive, consumer electronics, healthcare and service industries.

Agile CEO and founder Dr. Zhaopeng Chen said: “Physical AI will fundamentally change how the world builds, moves and makes things. Our vision is intelligent robots working alongside people in factories and warehouses everywhere, and Agile Robots is determined to lead that shift.

"We bring Physical AI out of the lab and into industrial production, across logistics, automotive, electronics and manufacturing. This funding allows us to accelerate our global expansion, strengthen our presence in key markets and build out production capacity.” 

European tech funding slowed considerably in October following a strong September. Companies raised €6 billion across 288 funding deals, compared with €15.8 billion across 300 deals in September. This represents a decline of around 62 per cent in funding value, while deal volume decreased by just 4 per cent month on month.

Companies

Out of 288 deals in October, 10 companies raised more than €100 million each. The value of 42 deals remains undisclosed. The month’s largest deal came from British AI chipmaker Fractile, which raised approximately £577 million in a Series C round, according to Companies House filings, to support its development of AI inference chips.

Industries

Healthtech was the leading sector by investment volume in European tech startups in September 2026, capturing €21.8 per cent of the month’s total funding, at €5.2 billion.

Countries

The UK remained Europe's leading fundraising market in October, securing €2.6 billion across 75 transactions.

Exits

Exit activity across the European tech ecosystem remained stable in October, with 39 transactions recorded during the month, matching September's total.

Grab the PDF version of this report for even more critical insights.

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Opdo, an AI-native optical engineering company, has raised $2.3 million in pre-seed funding to accelerate its ambition of automating optical engineering, from initial design to finished components.

The Los Angeles and Berlin startup is developing a self-improving system that connects AI-driven design and simulation with real-world manufacturing data, and has already demonstrated its ability to reduce end-to-end development and manufacturing cycles from months to weeks.

For more than a year, Opdo has worked alongside customers to design complex optical systems, combining AI agents with specialist engineering expertise. Its technology operates within established optical design software, including Zemax and CODE V, allowing engineers to accelerate their workflows without replacing existing tools. Opdo’s own engineers provide additional design expertise, and customers can also source prototypes and finished components through the company.

Optics underpins technologies ranging from quantum computing and aerospace to AR/VR, defence and advanced sensing. Yet designing and manufacturing optical components remains slow and labour-intensive, with growing demand for specialist engineers creating bottlenecks across these industries.

Opdo aims to overcome these constraints by connecting digital design with physical production. Data from manufactured and tested components can feed back into its AI models, improving subsequent designs and progressively automating the journey from initial requirements to production-ready optical systems. Its customer projects already span laser and imaging systems, micro-optics and nanostructured surfaces.

“Every hardware team we talk to has an optics problem waiting in line. The engineers who can solve it are scarce, and the tools were built for a different era,” said Stephan Kuehr, co-founder and CEO of Opdo.

“With AI doing the heavy lifting, our engineers have dramatically cut our customers’ time to market.”

Opdo was founded by repeat entrepreneurs Stephan Kuehr and Yousef Arzhangnia, its CTO, whose backgrounds span manufacturing, optical engineering, artificial intelligence and automation.

Kuehr previously co-founded 3YOURMIND, whose software automates distributed manufacturing.

Customers including the US Department of Defence, Ford and Bosch use its technology to identify and re-engineer qualified parts with AI, store their designs digitally and enable automated production on demand at connected manufacturing sites.

The $2.3 million pre-seed round was led by Angular Ventures, with participation from Inflection and Tiny.vc.

“Optics is one of the last deep engineering disciplines that AI has barely touched, yet it underpins some of the most important technologies being developed today,” said Jerry Dischler, Partner at Angular Ventures.

“What makes Opdo interesting is that it isn’t asking engineers to abandon the tools and expertise they’ve spent years developing, but rather making those engineers substantially more productive."

“I believe the next frontier in applied AI will be physical,” said Alexander Lange, Founding Partner at Opdo.

“Opdo is building a self-improving system that takes real-world optical manufacturing data and feeds it back into AI-based simulation tools. 

That creates a powerful feedback loop between design and production, with the potential to transform optical engineering at a time when it has become a strategic bottleneck for several critical industries.”

The investment will help Opdo expand its engineering capabilities, develop its AI tooling and take on more customer projects. Companies looking to accelerate an existing optical design project, or bring a new optical component into development, can submit their use case at opdo.ai.

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AI-powered B2B pricing platform Mondrio has raised a $3.75 million funding round led by Heartcore Capital, with participation from Pretiosum VC, Hersir Ventures, Cambrena Capital and Momo VC, alongside angel investors with experience in pricing, CPQ, AI and payments.

Founded in 2026 by Gregor Biljardt and Joep van den Nieuwenhoff, Mondrio operates across Amsterdam and San Francisco. The company develops an AI-powered platform designed to help businesses develop and execute pricing strategies, optimise revenue and automate related workflows.

As AI accelerates product development, businesses are introducing new features, products and business models at a pace that traditional pricing processes often struggle to match. Pricing strategies that previously remained relevant for extended periods can quickly become outdated as market conditions, customer expectations and competitive dynamics change.

The growing adoption of AI also introduces new pricing challenges, particularly for software companies. Unlike traditional software products with relatively low marginal costs, AI-powered services can generate variable costs with each interaction, making effective pricing increasingly important for maintaining profitability.

Mondrio aims to address these challenges by combining AI agents with pricing expertise to help businesses continuously adapt their pricing strategies. Its platform analyses product changes, customer behaviour, competitive intelligence and market signals to identify pricing opportunities and recommend adjustments.

The platform consists of two complementary products. Pricing Studio supports the design and optimisation of product packaging, pricing models and price levels, while Deal Engine brings pricing intelligence into individual transactions, providing guidance on quotes, discounts, negotiations and renewals. It also automates quoting and approval processes within predefined parameters.

By connecting pricing strategy with deal execution, Mondrio enables information from individual transactions to inform future pricing decisions. Businesses can use the platform to support their existing pricing teams or access Mondrio's pricing experts for additional assistance.

AI is moving beyond answering questions to proactively identifying opportunities and taking action. For the first time, we can build agents that combine quantitative data with qualitative insights, such as customer conversations and market feedback, opening up entirely new possibilities for how companies make pricing decisions,

said Gregor Biljardt, Mondrio’s co-founder and CEO.

Mondrio's platform also addresses changes in B2B purchasing, as AI increasingly influences how businesses research products, compare solutions and negotiate commercial terms. The company aims to help businesses manage pricing decisions when interacting with both human buyers and AI-powered purchasing tools.

With the new funding, Mondrio plans to expand its AI, engineering and pricing teams, advance its agent capabilities and further connect pricing strategy with deal execution. The company also intends to strengthen its commercial presence in the United States and Europe, while expanding its reach beyond B2B technology into manufacturing and professional services.

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Griffin, whose CEO David Jarvis is a former Airbnb executive, has now raised around $95m in total.

Griffin is what is called a banking-as-a-service provider. It has a UK banking licence, which allows fintechs and businesses to offer banking services to their customers without them having to acquire the necessary banking licences.

Its tech allows companies to integrate bank accounts and payments into their own apps and platforms, as well as offering services such as KYC and anti-money-laundering. It says that since launching as a licenced bank two years ago, more than 80 companies are building on its infrastructure, including Uber.

The London-based fintech says it will use the funds to expand its suite of banking services, such as card issuing and stablecoin services. The funds, it says, will also help steer the UK fintech through to making a full-year profit.

Jarvis, CEO and co-founder, Griffin, said: “This round lets us go further: cards and stablecoins are the natural next layer for our infrastructure, and the response from investors so far reflects the scale of the opportunity ahead of us. We’re delighted to have Octagon leading this round alongside our existing investors."

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European spacetech companies attracted approximately €2.8 billion in funding during H1 2026, reflecting continued investor interest in satellite infrastructure, space intelligence, launch services and advanced propulsion technologies.

Investment was concentrated in a relatively small number of large transactions, with France and Finland attracting the largest shares of funding, followed by Germany and Spain. Meanwhile, smaller rounds supported emerging companies developing technologies for orbital mobility, space manufacturing and satellite data services.

Debt financing also played a significant role, reflecting the sector's capital-intensive nature and the need to finance infrastructure development, technological advancement and commercial expansion.

For further insights into funding trends across the European technology ecosystem, explore Tech.eu's Funding Explorer, which is free and open to everyone.

Here are the European spacetech companies that raised the most funding in H1 2026.

Amount raised in H1 2026: €975M Paris-based Eutelsat provides satellite communications and broadcasting services to customers worldwide. Following its combination with OneWeb, the company operates both geostationary and low Earth orbit satellite networks, serving the video, mobile connectivity, fixed connectivity and government sectors. Its OneWeb constellation supports connectivity services through hundreds of LEO satellites. In February 2026, Eutelsat secured €975 million in debt financing from commercial banks, backed by a French state guarantee through Bpifrance Assurance Export. The financing will support the procurement of 340 new Airbus-built LEO satellites to replace ageing spacecraft in its OneWeb constellation and maintain service continuity.

Amount raised in H1 2026: €900M Finnish spacetech company ICEYE develops and operates synthetic aperture radar (SAR) satellites that capture high-resolution images of Earth regardless of weather conditions or daylight. Its satellite constellation provides monitoring and intelligence capabilities for defence, security, environmental monitoring, insurance and disaster response. ICEYE also supplies sovereign satellite systems to governments seeking independent Earth observation capabilities. During H1 2026, ICEYE announced €900 million in financing, comprising a €150 million Series E, a €300 million revolving credit facility and a €450 million Series F. The funding will support satellite production, constellation expansion, sovereign intelligence deployments and international growth, while the credit facility provides financial flexibility and guarantees for customer contracts.

Amount raised in H1 2026: €270M Isar Aerospace develops launch vehicles designed to provide access to orbit for commercial and government satellite operators. Its Spectrum rocket is intended to carry small and medium-sized satellites into space. The company combines rocket development with manufacturing and launch infrastructure, including a production facility near Munich and launch operations from Andøya, Norway. In June 2026, Isar Aerospace closed a €270 million Series D round to finance serial production of its Spectrum rocket, expand manufacturing capacity and support international operations and launch infrastructure development.

Amount raised in H1 2026: €210M Spanish spacetech company PLD Space develops reusable launch vehicles and space transportation systems for commercial and institutional customers. The company designs, manufactures and tests its own rockets, including MIURA 5, a two-stage launch vehicle intended to transport small satellites into orbit. Its activities also include developing industrial and launch infrastructure to support regular commercial missions. In H1 2026, PLD Space secured €210 million in financing, consisting of a €180 million Series C equity round led by Mitsubishi Electric and a €30 million venture debt loan from the European Investment Bank. The financing will support the final development and testing of MIURA 5, expand manufacturing and launch infrastructure, and advance the company's transition to commercial launch operations.

Amount raised in H1 2026: $140M EOS-X Space is a Spanish aerospace company developing stratospheric balloon-based tourism experiences designed to take passengers to high altitudes on flights lasting approximately five hours. Beyond tourism, the company is expanding into technology solutions for civil and defence applications, focusing on artificial intelligence, advanced data management and infrastructure security. It is also pursuing aerospace projects involving satellite networks for civilian and military uses. In May 2026, EOS-X Space raised $140 million in Series D funding to support its expansion into AI, data analytics and aerospace technology, ahead of a potential New York stock market listing in 2027.

Amount raised in H1 2026: €110M Italian spacetech company D-Orbit develops orbital transportation and logistics solutions for satellites and other spacecraft. Its ION Satellite Carrier enables operators to transport and deploy satellites into designated orbits, supporting more flexible and efficient space missions. The company also provides services related to satellite operations, mission management and in-orbit infrastructure. In H1 2026, D-Orbit secured €110 million through an investment club deal arranged by Azimut. The financing is intended to support the company's growth and development in the space logistics sector.

Amount raised in H1 2026: $40M PAVE Space is a Swiss space infrastructure company developing orbital transfer vehicles designed to transport satellites between different orbits. Its technology aims to reduce the time needed to move satellites from low Earth orbit to higher destinations, including geostationary and lunar orbits. The company is developing a flagship kickstage vehicle and a smaller platform for flexible satellite repositioning, serving commercial satellite operators, telecommunications providers and defence organisations. In March 2026, PAVE Space raised $40 million in seed funding, led by Visionaries Club and Creandum. The investment will accelerate spacecraft development, support initial demonstration missions, expand engineering capabilities and prepare for commercial deployments.

Amount raised in H1 2026: €27M French spacetech company UNIVITY is developing satellite-based telecommunications infrastructure to provide high-speed, low-latency internet connectivity. Its approach combines very low Earth orbit satellites with existing 5G networks, enabling telecom operators to extend their services to remote and underserved areas. Rather than selling connectivity directly to consumers, UNIVITY aims to provide shared space infrastructure that operators can integrate into their existing networks while maintaining control over customer relationships and services. In April 2026, UNIVITY raised €27 million in Series A funding, backed by Blast, Expansion, Bpifrance's Deeptech 2030 fund and two family offices. The investment will support its uniShape demonstration programme, including the development and orbital testing of two satellites to validate space-based 5G connectivity.

Amount raised in H1 2026: €25.7M Germany-based ATMOS Space Cargo develops spacecraft for transporting payloads into orbit and returning them safely to Earth. Its PHOENIX platform combines orbital operations with controlled atmospheric re-entry, using an inflatable decelerator that functions as both a heat shield and an aerodynamic brake. The technology is designed to support research, commercial space activities and government missions, including the recovery of materials, hardware and data from orbit. In April 2026, ATMOS Space Cargo closed a €25.7 million Series A round to build and operate three PHOENIX 2 vehicles, establish its ATMOS WORKS business for government and defence customers, and advance the development of its larger PHOENIX 3 spacecraft.

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UFORCE, a defencetech company founded in Ukraine and headquartered in London, with major hubs in Kyiv and Washington, DC, today announced a $700 million Series A financing round at a $6 billion valuation.  

UFORCE builds autonomous uncrewed platforms across sea, land and air, and the AI software,  orchestration, and command-and-control (C2) layer that operates them. Its goal is to make defence a  hundred times cheaper than offensive operations.  

Its products include the MAGURA family of uncrewed surface vessels, the NEMESIS family of strike platforms, the LIUT family of ground robotic platforms, the PREDATOR turret family counter-UAS systems, and C2, the software that controls them. The MAGURA Unmanned Surface Vessel (USV) family has contributed to the destruction of more than a dozen Russian warships in the Black Sea and has shot down multiple helicopters and fighter aircraft in combat. The Ukrainian armed forces have used MAGURAs as a mobile maritime base for multi-domain operations, launching NEMESIS UAVs for long-range strikes against targets like air defence systems.

NEMESIS Class 1 heavy strike UAV platforms, both multi-use and one-way attack, are among the most widely deployed bombers and strike UAVs on the Ukrainian battlefield, with more than 300,000 combat flights and adopted across 100+ units.  

Valor Equity Partners and the UK National Wealth Fund (NWF) co-led the funding round, with participation from the US–Ukraine Reconstruction Investment Fund (URIF). The round also drew leading investors from across Silicon Valley, Europe, and Asia, including Menlo Ventures, Xantium, and Hiro Capital. Existing investors, including Shield Capital, Ballistic Ventures,  Lakestar, and Squadra, also increased their stakes in UFORCE.

According to Oleg Rogynskyy, Chief Executive Officer of UFORCE, the war in Ukraine has shown that in an increasingly volatile world, effective defence requires systems that can keep improving as threats change.  

“Governments and the technology ecosystem need to come together to develop cost-effective,  interoperable, and autonomous platforms that are ready to fight now, and can evolve to meet future needs. They are doing that by investing in UFORCE.

This investment will help us scale production for Ukraine and  bring to allies solutions they can field, integrate and sustain at the speed of modern combat. UFORCE and  our investors are united in our determination to make aggression unaffordable.”

The funding round will empower UFORCE to expand and distribute its production capacity across the US,  Europe, Asia-Pacific and the Middle East, manufacturing its platforms close to the theaters where they are needed while helping allied nations expand their sovereign manufacturing capabilities.  

This distributed capacity will enable UFORCE to maintain continuous production and supply front-line troops with uncrewed systems despite continued attacks in Ukraine, while bringing advanced capabilities to the battlefield. ​

General (Ret.) Christopher G. Cavoli, former NATO Supreme Allied Commander Europe and Partner at Valor Equity Partners:

“Ukraine has shown the world how quickly battlefield innovation can move when engineers work side by side with the people who rely on their systems. UFORCE turns that hard-won frontline experience into both unmanned systems and the operational know-how to use them effectively.  

I’m proud to join the board and look forward to supporting the team as it strengthens Ukraine’s defence and that of its allies”.

Oliver Holbourn, Chief Executive Officer of the UK National Wealth Fund, said:

"Today’s investment is a testament to the special relationship that the UK and Ukraine have fostered. With the National Wealth Fund’s support, UFORCE’s expansion is bringing the production, engineering, and application of combat-tested autonomous systems to the UK.

It will help create high-skilled jobs, strengthen domestic  supply chains and reinforce the UK’s position as a leading centre for innovation in technologies that are increasingly important to national security and economic resilience.”

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