The Deep Tech Frontier: 10 Game-Changing Companies

Alumni Ventures is one of the world’s most active venture capital firms, backing trailblazing companies that are reshaping industries and defining the future. Over the past decade, we’ve invested in breakthroughs across AI, biotechnology, quantum computing, and next-generation manufacturing — domains that push the boundaries of what’s possible. Today, we’re excited to introduce the AV Deep Tech 10 — a curated selection of 10 game-changing portfolio companies at the forefront of deep tech innovation.
What Is Deep Tech?
Deep tech isn’t about incremental improvements — it’s about paradigm shifts. These companies are built on revolutionary scientific discoveries and advanced engineering principles, often merging expertise from multiple disciplines like physics, biology, and AI to tackle some of the world’s most complex challenges. Unlike traditional startups that refine existing technology, deep tech ventures forge entirely new capabilities, often requiring years of rigorous R&D before commercialization.
Some of today’s most transformative companies — like Apple, which redefined personal computing; and NVIDIA, whose GPUs fueled the AI boom — began as deep tech startups. Now a new wave of innovation is emerging, with developments in AI, quantum computing, and advanced materials reshaping industries at an unprecedented pace.
Why Deep Tech?
Deep tech doesn’t just disrupt industries, it reinvents them. These innovations are driving advancements in computing, healthcare, and sustainability, solving problems once thought insurmountable.
Now accounting for 20% of global venture funding, deep tech is widely recognized as a powerful driver of economic opportunity. The market is on a rapid growth trajectory, projected to soar from $150B in 2025 to $425B by 2034 at a 12% CAGR. As of January 2025, deep tech companies accounted for 25% of new unicorn startups, a significant increase from 2019. Combined with AI, these ventures now represent more than half of new unicorns.
Investing in deep tech isn’t just about advancing technology. It’s about backing the future’s most valuable enterprises.
Why Now?
Deep tech is no longer a vision of the future — it’s happening now.
- HomeAI is moving beyond software, transforming autonomous manufacturing, precision agriculture, and self-learning robotics.
- HomeQuantum computing is poised to transform cryptography, drug discovery, and financial modeling, unlocking previously unimaginable computational power.
- HomeBiotech innovations like gene editing and AI-driven drug discovery are redefining personalized medicine and disease treatment.
We’re on the cusp of a tech revolution where venture capital is both an investment and an opportunity to shape the future.
Our AV Deep Tech 10
At Alumni Ventures, we invest alongside top-tier VC firms to support the most promising deep tech startups — companies driving scientific breakthroughs, disrupting markets, and redefining industries. Below, we share the list of our AV Deep Tech 10, which highlights groundbreaking opportunities in this rapidly evolving space. The companies were selected for their opportunity, innovative nature, achievements, and notable co-investors.
Arda Therapeutics: Breakthrough Chronic Disease Treatment

- HomeDeveloping breakthrough therapies for conditions like fibrosis and autoimmune diseases
- HomeUses proprietary machine learning to identify pathogenic cells and design targeted drugs
- HomeLed by top researchers from Calico Life Sciences, UC Berkeley, and Stanford Medicine
Co-Investors: a16z, Eli Lilly, Google Ventures, Two Sigma
Ascend Elements: Revolutionary Battery Recycling

- HomeInnovating lithium-ion battery recycling to build a sustainable EV supply chain
- HomeProprietary process recovers and reuses cathode materials with high efficiency
- HomePlans to produce >99% pure, sustainable lithium carbonate from used batteries by 2025
Co-Investors: Fifth Wall, TDK Ventures, Temasek, BlackRock
Axiom Space: Next-Generation Logistics & Space Station

- HomeConstructing the first commercial successor to the International Space Station
- HomeExpanding space access for agencies, nations, and corporate R&D
- HomeSecured multi-billion-dollar contracts to advance space tourism and microgravity research
Co-Investors: Prime Movers Lab, Declaration Partners, C5 Capital
Ayar Labs: Efficient Data Transfer With Light

- HomeDeveloping optical interconnect technology to replace copper wires
- HomeUnlocking faster, energy-efficient data transmission for AI, cloud computing, and HPC
- HomeIn Dec. 2024, the company achieved unicorn status
Co-Investors: Advent Capital, Light Street Capital
Bionaut Labs: Precision Medicine With Micro-Robots

- HomeEngineering micro-robots that navigate the body to deliver targeted therapies
- HomeAiming to revolutionize treatment for cancer and neurodegenerative diseases
- HomePreparing for first-in-human clinical trials after successful animal studies
Co-Investors: Khosla Ventures, Upfront Ventures, Mayo Clinic
Frore Systems: Next-Gen Cooling Technology

- HomeCreator of the world’s first solid-state active cooling solution
- HomeEnables thinner, lighter, dustproof, and waterproof electronic devices
- HomeBoard includes Navin Chaddha of Mayfield, a 15x Midas List investor
Co-Investors: Mayfield Fund, Addition, Clear Ventures, Fidelity
Ghost Robotics: Agile, Resilient Quadruped Robots

- HomeDesigning cutting-edge, legged, unmanned ground vehicles for defense and industry
- HomeSecured major defense contracts with the U.S. Air Force and global agencies
- HomeMajority stake acquired by LIG Nex1 for $400M, delivering a $7.3M return on AV’s $850K investment
Co-Investors: In-Q-Tek, Motus Ventures
Groq: AI Acceleration at Scale

- HomePioneering a unique AI hardware architecture for large-scale AI computations
- Home10x more energy-efficient than GPUs and easier to program, streamlining AI deployment
- HomePartnering with industry leaders in cloud computing, healthcare, and autonomous tech
Co-Investors: BlackRock, Tiger Global
Neuroscience: Advanced Brain-Computer Interfaces

- HomeDeveloping minimally invasive brain-computer interfaces (BCIs) for neurological disorders
- HomeDesigned for safe removal and high-volume neural data processing
- HomeFounded by a former Neuralink co-founder
Co-Investors: B Capital, Draper Associates
Rigetti Computing: Full-Stack Quantum Power

- HomeFull-stack quantum computing company transforming AI, cryptography, and simulations
- HomeDeveloping software to seamlessly integrate quantum computing into cloud infrastructure
- HomeLaunched the 84-qubit Ankaa-3 system, achieving a 99.5% two-qubit gate fidelity milestone
Co-Investors: Bessemer, Y Combinator
Redefining the Future
The AV Deep Tech 10 showcases the transformative power of deep tech, driving breakthroughs in AI, quantum computing, biotechnology, and next-generation infrastructure. These companies are not only tackling some of the world’s most complex challenges but also reshaping industries and unlocking vast economic opportunities.
As deep tech innovation accelerates, Alumni Ventures remains dedicated to backing visionary founders and disruptive technologies that will define the future. From healthcare and computing to sustainable energy, the next wave of world-changing advancements is happening.
For more about AV’s Deep Tech Fund, please explore here.
Why a Deep Tech Fund?
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Massive Outlier Returns
Deep tech is uniquely positioned to create entirely new markets and category-leading companies, delivering outsized returns. Companies like NVIDIA, Tesla, SpaceX, and Anduril exemplify the immense value generated from breakthrough innovation. </br> Founders are targeting massive sectors – from manufacturing to defense and energy – that form the backbone of the global economy yet remain relatively untouched by disruptive technology, presenting a rare, generational opportunity for value creation. - Home
Magnet for Top Talent
Deep tech attracts exceptional entrepreneurs, scientists, and engineers by offering the opportunity to tackle ambitious, meaningful challenges. World-class talent is drawn to bold ideas with the potential for transformative impact. - Home
Falling Barriers to Innovation
Costs to build and scale deep tech startups have plummeted, driven by improved infrastructure and rapidly advancing core technologies (e.g., genome sequencing, AI compute). - Home
Maturing Funding Ecosystem
Robust, full-stack funding ecosystem ranging from specialist early-stage funds (e.g., Boost VC, Fifty Years) to established late-stage investors (DCVC, Lux).
This communication is from Alumni Ventures, a for-profit venture capital company that is not affiliated with or endorsed by any school. It is not personalized advice, and AV only provides advice to its client funds. This communication is neither an offer to sell, nor a solicitation of an offer to purchase, any security. Such offers are made only pursuant to the formal offering documents for the fund(s) concerned, and describe significant risks and other material information that should be carefully considered before investing. For additional information, please see here. Example portfolio companies are provided for illustrative purposes only and are not necessarily indicative of any AV fund or the outcomes experienced by any investor. Example portfolio companies shown are not available to future investors, except potentially in the case of follow-on investments. Venture capital investing involves substantial risk, including risk of loss of all capital invested. This communication includes forward-looking statements, generally consisting of any statement pertaining to any issue other than historical fact, including without limitation predictions, financial projections, the anticipated results of the execution of any plan or strategy, the expectation or belief of the speaker, or other events or circumstances to exist in the future. Forward-looking statements are not representations of actual fact, depend on certain assumptions that may not be realized, and are not guaranteed to occur. Any forward-looking statements included in this communication speak only as of the date of the communication. AV and its affiliates disclaim any obligation to update, amend, or alter such forward-looking statements, whether due to subsequent events, new information, or otherwise.
Co-investors are provided for illustrative purposes only, do not represent all organizations with which AV co-invests, and are not necessarily representative of future co-investors. The identity of a co-investor does not guarantee investment quality or performance.
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