Top deep tech deals: who’s got what from whom?

We’ve pulled together some of the top deals from across deep tech, showcasing funding in the worlds of quantum, semiconductors, robotics, AI, and advanced materials.

Quantum (computing & sensing)

• PsiQuantum: Raised $1 billion, valuing it at $7bn, to build its first fault-tolerant photonic quantum computers in Chicago and Brisbane. The funding, led by BlackRock, Temasek, and Baillie Gifford with backing from Nvidia’s VC arm and Qatar Investment Authority, will also boost development of its GlobalFoundries-made chips that use light to generate and manipulate qubits.
• Phasecraft:  $34m in Series B funding, bringing its total haul to over $50m including grants. The round was co-led by Plural, Playground Global, and Novo Holdings’ Quantum Fund, its first direct quantum software investment, with AlbionVC, Latitude and Parkwalk Advisors also taking part.
• QuEra Computing: >$230m financing (11 Feb 2025). Led by Google’s Quantum AI business unit (pre-announced), SoftBank Vision Fund 2 and Valor Equity Partners, with existing backers QVT Family Office and Safar Partners also participating. $60m of the $230m is contingent on meeting specific milestones.
• Quantum Machines: $170m Series C (25 Feb 2025). Led by PSG Equity; participants include Intel Capital and Red Dot Capital. 
• Multiverse Computing: €189m Series B (12 Jun 2025). Post-quantum/quant-inspired AI; largest in Spain this year.
• SandboxAQ: $150m add-on (4 Apr 2025). Extension brings Series E to $450m; investors include Google and Nvidia. 
• QuiX Quantum: €15m Series A (3 Jul 2025). Photonic quantum computing; Dutch government participation.
• Zero Point Motion: £4m pre-Series A (Mar–Apr 2025) to scale quantum-grade inertial sensors; backed by SCVC, Foresight, and Verve.
• Quantinuum: $600m raise giving firm a $10bn valuation. Rajeeb Hazra, Quantinuum’s chief executive, said its new funding would “strengthen the entire quantum ecosystem.”

One to watch…

• KETS Quantum Security: Completed a £1.7m Innovate UK SBRI project with a QKD prototype now being tested by BT. Already raised ~£5.5m to date and is preparing for a new fundraising round with international partners.

Semiconductors & photonics

• Paragraf: UK graphene-based semiconductor manufacturer raised $55m (£41m) Series C investment from the sovereign wealth fund of the United Arab Emirates (UAE).
• Q.ANT: €62m Series A (17 Jul 2025). Touted as Europe’s largest photonic-computing Series A. 
• Teramount: $50m round (29–31 Jul 2025). Led by Koch Disruptive Technologies; strategic investors include AMD Ventures, Samsung Catalyst, Hitachi Ventures, Wistron. 
• Avicena: $65m Series B (14 May 2025). Led by Tiger Global; participants include SK hynix, Lam Research and others. 
• Phlux Technology: £9m Series A (31 Mar–1 Apr 2025). Infrared detectors; led by BGF with Octopus, Northern Gritstone, Foresight. 

Ones to watch…

• Siloton: Raised £1.45m seed funding and in 2025 unveiled a world-first photonics-powered eye scanner. Positioned at the intersection of photonics, medtech, and the UK’s healthcare push. 
• Duality Quantum Photonics: 2025 focus is scaling photonic chips and building on work for UKAEA around solving signal processing issues.

Robotics (hardware & autonomy)

• Anduril Industries: $2.5bn Series G (6 Jun 2025). Defence autonomy; one of the largest private rounds of the year.
• Gecko Robotics: $125m Series D (12–13 Jun 2025). Led by Cox Enterprises; unicorn valuation ~$1.25bn.
• Coco Robotics: ~$80m (Jun–Jul 2025). Strategic/venture financing to scale pavement delivery fleets.
• XTEND: $70m Series B (9 Jul 2025). Human-guided autonomous drone systems.
• Nomagic: €41.94m Series B round (15 Jan 2025) from EBRD Venture Capital (lead), Khosla Ventures, Almaz Capital, and European Investment Bank (EIB) for robotics warehouse tech.

One to watch…

• Shadow Robot: Backed by £11m from the ARIA (2025) and earlier Innovate UK support, this long-standing robotics pioneer delivers advanced dexterous hands and teleoperated systems. Now scaling toward surgical and remote‑controlled applications.

AI (general & applied)

• Cohere: $500m round (14 Aug 2025). Led by SoftBank; adds to Canada’s gen AI war chest.
• Runway: $308m (3 Apr 2025). Video-gen leader; round led by General Atlantic, Coatue et al. 
• Glean: $150m Series F (10 Jun 2025). Enterprise AI/agents; led by Wellington at $7.2bn valuation. 
• Ambience Healthcare: $243m Series C (19 Aug 2025). Ambient clinical AI scribe; co-led by Oak HC/FT and a16z.
• PhysicsX: £105–£110m Series B (22–23 Jun 2025). Industrial physics and AI; led by Atomico with Gryphon/Koch.

One to watch…

• PolyAI: Raised $50 million Series C in May 2024, led by Hedosophia and Nvidia’s NVentures, with continued support from Khosla Ventures, Zendesk, Georgian, Point72, Sands Capital, and Passion Capital. In 2025, enterprise rollouts with major UK corporates are accelerating, pointing to another funding push.

Advanced materials / energy

• CuspAI: $100m Series A investment round. Backed by OpenAI co-founder Ilya Sutskever, as well as NEA, Temasek, Nvidia, Samsung and Hyundai.
• Helion Energy: $425m Series F (28 Jan 2025). Led by SoftBank Vision Fund 2; supports Polaris and first fusion plant build-out. 
• Electra (low-temp ironmaking): $186m Series B (24 Apr 2025). Investors for the Bill Gates-backed start-up include Amazon’s Climate Pledge Fund, Breakthrough Energy, Temasek. 
• Proxima Fusion: €130m Series A (11 Jun 2025). Stellarator fusion; one of Europe’s biggest fusion rounds.
• Base Power: $200m Series B (9–10 Apr 2025). Home battery/virtual-power-plant play; co-led by Addition, a16z, Lightspeed, Valor. 
• Nyobolt (UK): $30m (16 Apr 2025). High-power fast-charge batteries; growth financing to scale. 
• Lyten: >$200m equity (28 Jul 2025). Lithium-sulphur battery maker; funds acquisitions/expansion (plus BESS assets from Northvolt).
• Vulcan Elements: $65m Series A (11 Aug 2025). Advanced metals for batteries and energy tech.

One to watch…

• iCOMAT: Raised $22.5m (~£17.6m) Series A in June 2024, co-led by 8VC and the NATO Innovation Fund. Its RTS composite-manufacturing tech promises up to 65% weight reduction and 10x faster production, with a new Gloucester factory backed by £4.8m UK Space Agency support.