The Deep Tech Frontier: 10 Game-Changing Companies

Written by

Matt Caspari

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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.

Start Investing With the Deep Tech Syndicate Today

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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.

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    AI is moving beyond software, transforming autonomous manufacturing, precision agriculture, and self-learning robotics.
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    Quantum computing is poised to transform cryptography, drug discovery, and financial modeling, unlocking previously unimaginable computational power.
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    Biotech 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

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    Developing breakthrough therapies for conditions like fibrosis and autoimmune diseases
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    Uses proprietary machine learning to identify pathogenic cells and design targeted drugs
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    Led 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

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    Innovating lithium-ion battery recycling to build a sustainable EV supply chain
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    Proprietary process recovers and reuses cathode materials with high efficiency
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    Plans 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

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    Constructing the first commercial successor to the International Space Station
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    Expanding space access for agencies, nations, and corporate R&D
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    Secured 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

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    Developing optical interconnect technology to replace copper wires
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    Unlocking faster, energy-efficient data transmission for AI, cloud computing, and HPC
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    In Dec. 2024, the company achieved unicorn status

Co-Investors: Advent Capital, Light Street Capital


Bionaut Labs: Precision Medicine With Micro-Robots

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    Engineering micro-robots that navigate the body to deliver targeted therapies
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    Aiming to revolutionize treatment for cancer and neurodegenerative diseases
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    Preparing for first-in-human clinical trials after successful animal studies

Co-Investors: Khosla Ventures, Upfront Ventures, Mayo Clinic


Frore Systems: Next-Gen Cooling Technology

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    Creator of the world’s first solid-state active cooling solution
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    Enables thinner, lighter, dustproof, and waterproof electronic devices
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    Board includes Navin Chaddha of Mayfield, a 15x Midas List investor

Co-Investors: Mayfield Fund, Addition, Clear Ventures, Fidelity


Ghost Robotics: Agile, Resilient Quadruped Robots

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    Designing cutting-edge, legged, unmanned ground vehicles for defense and industry
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    Secured major defense contracts with the U.S. Air Force and global agencies
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    Majority 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

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    Pioneering a unique AI hardware architecture for large-scale AI computations
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    10x more energy-efficient than GPUs and easier to program, streamlining AI deployment
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    Partnering with industry leaders in cloud computing, healthcare, and autonomous tech

Co-Investors: BlackRock, Tiger Global


Neuroscience: Advanced Brain-Computer Interfaces

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    Developing minimally invasive brain-computer interfaces (BCIs) for neurological disorders
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    Designed for safe removal and high-volume neural data processing
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    Founded by a former Neuralink co-founder

Co-Investors: B Capital, Draper Associates


Rigetti Computing: Full-Stack Quantum Power

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    Full-stack quantum computing company transforming AI, cryptography, and simulations
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    Developing software to seamlessly integrate quantum computing into cloud infrastructure
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    Launched the 84-qubit Ankaa-3 system, achieving a 99.5% two-qubit gate fidelity milestone

Co-Investors: Bessemer, Y Combinator

Start Investing With the Deep Tech Syndicate Today

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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.
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    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.
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    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).
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    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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