2. Agenda
1. SOSV Intro
2. Defining Deep Tech
3. Deep Tech & Food
4. Why Invest
5. Investment Landscape
6. How to Invest
7. Deep Tech Biases
3. About SOSV
Deep Tech & Hands-on
$250m Global Fund ($650m AUM)
Early Stage
Deep Tech
Hands-on programs
with Labs & Experts
150 investments per year
Hardware, Biotech, Food…
6. Agenda
1. SOSV Intro
2. Defining Deep Tech
3. Deep Tech & Food
4. Why Invest
5. Investment Landscape
6. How to Invest
7. Deep Tech Biases
7. Deep Tech by any Other Name…
Deep Tech
Science Tech
Hard Tech
Tough Tech
Physical Tech
DeepTech
Trends2019
Emerging Tech
Future Tech
Frontier Tech
Extreme Tech
Dirty Tech
48. Human Microbiome
‘The Second Brain’
2 kg of bacterias
1,000+ species
3 million genes
(150x humans)
Our microbiome also determines how we respond to food
53. Timing
Risk
18 months is great
3 years is terrible
Getting to market / the next milestone in 18 months is great.
Longer makes it harder to fundraise.
60. Agenda
1. SOSV Intro
2. Defining Deep Tech
3. Deep Tech & Food
4. Why Invest
5. Investment Landscape
6. How to Invest
7. Deep Tech Biases
61. 1 in 5 Unicorns is in Deep Tech
LIFE SCIENCES — 17
Henlius
Novogene
Sinocelltech
WuXi NextCODE
CureVac
IronSource
Nanopore
Roivant
10X Genomics
23andMe
Ginkgo BioWorks
Grail
Human Longevity
Indigo Ag
NantOmics
Samumed
Tempus
Envision
Prologium
Northvolt
Ovo Energy
ReNew Power
ChargePoint
Microvast
Rubicon
Sila Nanotech
View
NEW ENERGY — 10
Aiways
BAIC*
Bordrin
Byton
Chehejia
Enovate
Hozon
Leapmotor
Nio*
Singulato
Skywell
WeltMeister
Yinglong
Youxia
Xpeng Motors
Aurora
Cruise**
Faraday Future
Nikola Motor
Otto**
Rivian
TuSimple
Zoox
AV/EV — 23
Hellobike
Mobike**
Bolt
Ola Electric
Bird Rides
Lime
Uber ATG
MOBILITY — 7
Ankon
iCarbonX
United Imaging
Alphaeon
Auris**
Butterfly Network
HeartFlow
MindMaze
Proteus Health
SmileDirectClub
HEALTH TECH — 10
DJI
Geek+
Ninebot
Ubtech
Nuro
Zipline
Zume
Carbon
Desktop Metal
Formlabs
Magic Leap
MindMaze
ROBOTICS — 7
3D PRINTING — 3
AR/VR — 2
SPACE TECH — 4
OneWeb
Rocket Lab
SpaceX
Virgin Galactic*
US
China
RoW 14
33
48
Cambricon
Horizon Robotics
Graphcore
OrCam
Bitmain
Canaan
Ebang
BitFury
IC & SEMI — 4
CRYPTO MINING — 4
IOT — 2
Nest**
Infinidat
* IPO
** M&A
100 Unicorns Soon
Sources: Crunchbase,
Hurun Report, SOSV Analysis
Beyond Meat*
Impossible Foods
NEW FOOD — 2
62. EUROPE
Oxford Sciences Innovation (UK) £450m
High-Tech Gründerfonds (Ger/EU) €316.5m
IQ Capital (UK) $300m
Ahren Innovation Capital (UK) $250m
Inventure (Nordics) €110m
USA btov (EU) €100m
Lux Capital $1.1b NordicNinja (Nordics & Baltics) €100m
Data Collective $725m Karma Ventures (EU) €70m
Eclipse Ventures $500m Elaia (EU) €65m
OS Fund $250m Adara Ventures (EU) €65m
The Engine $205m Future Positive Capital (EU) €51m
Future Ventures $200m Voima Ventures (Nordics & Baltics) €50m
Anzu Partners $150m Vito Ventures (EU) €30m
Bolt $80m Apex Ventures (EU) €10m
Root Ventures $76.7269m
Runa Capital $70m OTHER
Main Sequence Ventures (Australia) $240m
GLOBAL Abies Ventures (Japan) $100m
SOSV $250m Beyond Next Ventures (Japan) $50m
Entrepreneurs First $115m Real Tech Fund (Japan) $18m
Hardware Club $50m Pi Ventures (India) $31m
Some Deep Tech VCs
>$5b to invest
DeepTech
Trends2019Note: Chinese funds are mostly generalists.
70. New Models
Supporting Science Startups
To go from Lab to Market
i-Corps (~100 locations in US)
7-weeks coaching program
Created by Steve Blank
Focus on customer development
Entrepreneur First (7 countries)
‘Talent investor’
14 weeks program
Team formation + idea validation
Deeptech Founders (France)
6 months part-time program
Focus on customer development
SOSV (global)
‘Hands-on VC’ with experts & labs
3+ months programs
Product & business development
Non-investing Investing
74. Founders
Risk
Give up early
Severe Asperger
Can’t execute
‘Artist’
Silicon Valley Burn Rate
Caught Up In ‘Startup Theatre’
Can’t get along
‘Maker’ Addiction
DeathHarassment
1 2
3 4
5 6
7
8
9 10
At early stage the biggest risk is Founders Risk
77. HBDI Herrmann Brain Dominance Instrument
Spock
Rational & logical
Scotty
Processes
Kirk
‘The final frontier’
Bones
People
Teams often need to find a Scotty and a Bones
78. Agenda
1. SOSV Intro
2. Defining Deep Tech
3. Deep Tech & Food
4. Why Invest
5. Investment Landscape
6. How to Invest
7. Deep Tech Biases
79. Biases
1. Star Wars bias
2. Ugly Duckling bias
3. Make-up bias
4. Darwin bias
Four biases we had to learn about the hard way…
80. Biases
1. Star Wars bias
2. Ugly Duckling bias
3. Make-up bias
4. Darwin bias
We grew up with sci-fi and get excited when we see it come true
100. Biases
1. Star Wars bias
2. Ugly Duckling bias
3. Make-up bias
4. Darwin bias
Great ideas are hard to recognize.
101. “The year has not been
productive in contributions
of interest and value”
Thomas Bell (1858)
President, Linnean Societ
Experts did not care much for Darwin’s theory at first…