1、Royal Academy of Engineering 2025 State of UK Deep Tech1Royal Academy of EngineeringState of UKDeep Tech2025Royal Academy of Engineering 2025 State of UK Deep Tech2Contents1.Foreword 32.Executive summary 63.Defining deep tech94.Deep tech investment landscape 124a.The value of the UK deep tech ecosys

2、tem134b.Funding overview154c.Nondilutive funding:grants and debt financing184d.Round sizes and conversion between stages204e.Global comparisons 224f.Deep tech segments274g.Investor Landscape304h.Acquisitions and exits344i.Corporate investments 425.Scaling UK Deep Tech and the role of Mansion House R

3、eforms456.Deep Tech and the UKs Modern Industrial Strategy527.Strategic capability:deep tech and defence innovation578.Regulatory Innovation Office:regulation as a deep tech catalyst 639.Spinouts6610.Deep tech beyond the Golden Triangle6910a.Deep tech at the national level7010b.Golden triangle7211.M

4、ethodology,additional details and differences from previous reports7411a.Key definitions and methodology7511b.Differences with past report edition78Royal Academy of Engineering 2025 State of UK Deep Tech31.ForewordRoyal Academy of Engineering 2025 State of UK Deep Tech41.ForewordForewordDr Caroline

5、Hargrove CBE FREng Chief Technology Officer,Ceres PowerChair of the Royal Academy of Engineering Enterprise CommitteeThe story of UK deep tech in 2025 is one of ambition,achievement,and urgent challenge.Since 2019,UK deep tech startups have attracted$43.7 billion in venture capital,ranking third glo

6、bally behind only the United States and China.Our ecosystem is home to thousands of companies,with privately held startups now valued at$155 billion.Over 50 UK deep tech firms have crossed the$1 billion valuation or$100 million revenue threshold,and 2025 is set to be the second-strongest year on rec