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Finland is one of the most deep tech-focused countries in Europe — The European Deep Tech Report 2023


Finland and Espoo's deep tech strengths are featured prominently in the European Deep Tech Report 2023. Here are some of the most notable findings from the report: 

  • Deep tech leader: Finland is in the top 3 most deep tech-focused countries when looking at the period between 2016 and 2022. 32% of all VC investments went to deep tech startups during the period. The report features VTT, Aalto University, the University of Helsinki, and the University of Oulu among Finland's leading deep tech clusters. 
  • Trailblazing startups: The Espoo-based startups ICEYE (new space, $136 million Series D) and IQM (quantum tech, €128M Series A) are highlighted among the six European deep tech companies that received the biggest VC investment rounds in their tech sectors. 
  • City of future technologies: Espoo offers you world-class expertise and promising startups in all the report's "new/true frontier" sectors: the future of computing, novel AI, novel energy, and space tech. 
  • University-born startups: According to the report, one of Europe's significant challenges in deep tech is that universities don't produce enough startups. Therefore, Aalto University and its students are a rare breed among the Euro-academia. One prominent example of the entrepreneurship mentality at Aalto University is Aalto Entrepreneurship Society (Aaltoes). Aaltoes is a student-driven entrepreneurship club that was the driving force behind Slush and the creation of the whole Finnish startup scene. Meanwhile, Aalto Startup Center was ranked in the global top 3 among university business accelerators.

The European Deep Tech Report 2023 is made by Dealroom, together with Lakestar and Walden Catalyst, to discover what deep tech strengths, obstacles, and opportunities Europe offers.