Another deep tech chip startup becomes a unicorn: Frore hits $1.64B https://t.co/yffuwwB0Lu ...

A planned European Union fund to finance companies working on quantum computing, artificial intelligence and other deep tech fields has shortlisted management firms from France, Sweden and the UK. https://t.co/B31dYxevVf ...

Company Overview - As of 31 December 2025, INVL Technology's equity and net asset value reached EUR 64.6 million, marking a 26% increase from the previous year, with a NAV per share of EUR 5.4 [1][3] - The unaudited net profit for 2025 was EUR 13.3 million, which is 1.6 times higher than the previous year's profit of EUR 8.1 million [11] NRD Cyber Security - NRD Cyber Security was valued at EUR 23.7 million as of 31 December 2025, which is 2.6 times higher than at the end of 2021 [5] - The company's revenue for 2025 reached EUR 14.2 million, reflecting a 24% year-on-year increase and 2.3 times higher than in 2021 [5][6] - Normalised EBITDA for NRD Cyber Security amounted to EUR 2 million, up 65% year on year and 2.6 times higher than four years ago [5] Novian - Novian was assessed at EUR 29.4 million by Deloitte, representing a 34% increase compared to year-end 2024 and a 50% growth since 2021 [7] - The unaudited consolidated revenue for Novian in 2025 was EUR 40.1 million, roughly flat year on year but 56% higher than four years earlier [7] - Normalised EBITDA grew by 23% compared to 2024 and doubled versus 2021 [7] NRD Companies - The NRD Companies group reached a value of EUR 16.9 million at the end of 2025, up 20% year on year [9] - Unaudited consolidated revenue for NRD Companies was EUR 11.9 million, with normalised EBITDA of EUR 1.9 million, reflecting increases of 20% and 67% respectively compared to 2024 [9][10] Aggregate Results - The combined unaudited revenue of companies managed by INVL Technology was EUR 77.4 million in 2025, a 12% increase compared to 2024 [11] - Aggregate gross profit increased by 15% year on year to EUR 22.4 million, while normalised aggregate EBITDA grew by 42% to EUR 7.5 million [11] Strategic Developments - INVL Technology has signed a cooperation agreement with ICON Corporate Finance for the divestment of its portfolio businesses [12]

Core Insights - India has approved a $1.1 billion state-backed venture capital program aimed at funding startups through private investors, focusing on high-risk sectors like artificial intelligence and advanced manufacturing [2] Group 1: Program Details - The ₹100 billion fund received cabinet approval over a year after being proposed in the January 2025 budget speech, allowing for the deployment of government funds into the startup ecosystem [3] - This program is structured as a fund of funds, which means the government will indirectly support startups by investing in private investment firms, with a focus on deep-tech and manufacturing startups that require longer investment horizons and larger capital [4] Group 2: Startup Growth - The number of startups in India has surged from fewer than 500 in 2016 to over 200,000 today, with more than 49,000 startups registered in 2025 alone, marking the highest annual total on record [5] Group 3: Regulatory Changes - Recent changes to India's startup rules have extended the classification period for deep-tech companies as startups to 20 years and increased the revenue threshold for startup-specific benefits to ₹3 billion (approximately $33 million) from ₹1 billion [6] Group 4: Upcoming Events - The approval of the venture capital program coincides with the upcoming India AI Impact Summit, which will feature participation from global AI companies and Indian corporates, highlighting India's attractiveness as a market for tech expansion [7]

India has redefined what qualifies as a deep tech startup and extended eligibility to 20 years https://t.co/FseNoYN8JX ...

India has changed its startup rules for deep tech https://t.co/dXpVasURM8 ...

Core Insights - Europe is investing billions into early-stage climate startups, but many fail at the Series B stage, highlighting a gap in growth capital [2] - Mundi Ventures has launched Kembara Fund I, raising €750 million in its first close, with a potential final closing of €1.25 billion [3][4] Fund Details - Kembara Fund I received a €350 million commitment from the European Investment Fund as part of the European Tech Champions Initiative [2] - The fund is managed by a specialized team within Mundi Ventures, with offices in Madrid, London, Barcelona, and Paris [3] - The fund's general partners include experienced venture capitalists and industry experts, enhancing its credibility and fundraising capabilities [4] Investment Strategy - Kembara Fund I aims to focus on Series B and C funding rounds, planning to invest between €15 million and €40 million in approximately 20 companies [6] - The fund's total investment per company could reach up to €100 million, allowing for follow-on investments to support scaling and global expansion [6] Market Context - The European startup ecosystem is facing a scale-up problem rather than an innovation or startup problem, as noted by Kembara's co-founder [6] - The fund's strategy is designed to address the challenges faced by European climate and deep tech startups, particularly in securing necessary growth capital [5][6]

Core Insights - A significant influx of Japanese capital is being directed towards European tech startups, particularly in the deep tech sector, as Japanese investors seek a more mature entrepreneurial environment [1][9] - Since the EU-Japan Economic Partnership Agreement in 2019, Japanese investors have participated in over 33 billion euros ($38 billion) in European financing rounds, a stark increase from 5.3 billion euros in the five years prior [2][3] Investment Trends - Japanese venture capital firms, including NordicNinja, are increasingly backing European startups, with a focus on deep tech and artificial intelligence, which accounted for 70% of their deals in 2024 [9][10] - The top-funded companies with Japanese participation include Wayve, Quantinuum, and Multiverse Computing, which raised significant amounts in recent funding rounds [10] Market Dynamics - There are more VC-backed startups in Europe than in Japan, with a ratio of over two times per capita and 4.3 times more unicorns [5] - Japanese firms are leveraging their extensive manufacturing and industrial expertise to fill gaps in Europe’s scaling capabilities, particularly in sectors like energy and critical minerals [12][14] Cultural and Operational Considerations - Language barriers and cultural differences pose challenges for collaboration between Japanese and European firms, affecting decision-making processes and partnership dynamics [16][17][18] - Japanese investors tend to have a slower decision-making pace due to thorough research and preparation, contrasting with the more rapid approaches seen in other regions [18][21] Future Outlook - Expectations indicate that Japanese investors will participate in rounds worth 3 billion euros in 2025, a decrease from previous years, amidst shifting investment interests towards the Middle East [23][24] - Political motivations in Japan are driving a strategic push for greater collaboration with Europe, aiming to enhance the geopolitical positioning of Japanese corporates [25]

Core Insights - Nvidia has joined the India Deep Tech Alliance (IDTA) as a founding member, committing to support deep tech startups in India with a focus on AI and other emerging technologies [2][3] - The IDTA is a $2 billion investment alliance aimed at fostering innovation in deep tech sectors such as semiconductors, AI, biotech, and robotics [2][4] - Nvidia plans to provide technical training and mentorship through its Deep Learning Institute, enhancing its engagement in India's growing startup ecosystem [1][2] Group 1: Nvidia's Involvement - Nvidia's participation in the IDTA signifies its commitment to mentoring and guiding emerging startups in India, particularly in AI systems and responsible deployment [3][4] - The company aims to collaborate with policymakers, investors, and entrepreneurs to foster innovation and development in the deep tech space [3][4] Group 2: Indian Government Initiatives - The Indian government is actively promoting research and innovation in deep tech, with significant funding initiatives including over 100 billion rupees ($1.1 billion) for its AI Mission and a 1 trillion rupees ($11.2 billion) fund for research and development [5] - Upcoming events like the AI Impact Summit, announced by Prime Minister Narendra Modi, are expected to attract global leaders and further highlight India's commitment to AI and deep tech [5][6] Group 3: Market Context - There is a growing global interest in India's AI market, with OpenAI recognizing India as its second-largest user base, indicating a robust potential for deep tech growth [6] - Competitors like Google are also investing heavily in India's AI landscape, with a recent pledge of $15 billion to establish an AI hub in Visakhapatnam [6]

Core Insights - NVIDIA and Qualcomm Ventures have joined a coalition of U.S. and Indian investors to support India's deep tech startups, with over $1 billion in commitments aligning with India's new ₹1 trillion (approximately $12 billion) research and development initiative [1][7] Investment and Participation - NVIDIA is participating as a strategic technical advisor without financial commitments, while Qualcomm Ventures has joined with additional capital commitments exceeding $850 million alongside six Indian venture firms [2][4] - The coalition aims to invest capital and provide mentorship and network access to Indian deep-tech startups over the next five to ten years, collaborating with the Indian government on policy initiatives [5][7] Ecosystem Development - India has over 180,000 startups and more than 120 unicorns, with a shift towards ventures addressing infrastructure-scale problems, supported by government initiatives to secure technological sovereignty [3][10] - The India Deep Tech Alliance (IDTA) was launched to bridge the funding gap for deep tech ventures, bringing together major U.S. and Indian investors [4][6] Strategic Contributions - NVIDIA will provide strategic guidance, technical insights, and scalable computing resources to startups, while Qualcomm plans to connect startups with its portfolio companies and partner networks [12][15] - The coalition is described as a "loose coalition of the willing," focusing on knowledge sharing and deal flow among participating investors [17][18] Market Growth and Future Outlook - India's deep-tech funding increased by 78% year-over-year to $1.6 billion in 2024, although it still lags behind developed markets like the U.S. [18] - The alliance is expected to attract global attention and more investors to India's startup ecosystem, fostering confidence among entrepreneurs and potentially leading to more companies listed on major exchanges in the future [19]