Key takeaways
- Top pick: Helsing, best for: European defence ministries and armed forces. Helsing's July 2026 Series E included Dragoneer, Lightspeed, General Catalyst and returning investor Accel.
- Also near the top: Wayve, best for: Carmakers and robotaxi operators; and ICEYE, best for: Governments and insurers needing imagery through cloud and at night.
- How it was ranked: 10 startups compared. Each verdict is below.
Best Deep Tech Startups in Europe: Top 10 Ranked. Helsing ranks first, with a Lister Score of 97.1.
Helsing leads Europe's deep tech startups on funding and defence work,
Wayve is the most advanced in AI driving software, and
ICEYE is the most commercially proven, with what it says is the largest radar satellite constellation globally.
Proxima Fusion is the best-funded European bet on fusion power.
Best Deep Tech Startups in Europe in 2026, compared| RANK | ENTRY | BEST FOR | SCORE | FROM |
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| 1 |  HelsingHelsing's July 2026 Series E included Dragoneer, Lightspeed, General Catalyst and returning investor Accel. | European defence ministries and armed forces | 97.1 | Custom |
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| 2 |  WayveWayve's Series D investors included Microsoft, Nvidia, Uber, Mercedes-Benz, Nissan and Stellantis. | Carmakers and robotaxi operators | 95.9 | Custom |
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| 3 |  ICEYEICEYE says it passed €250 million in revenue in 2025, with more than €100 million in EBITDA. | Governments and insurers needing imagery through cloud and at night | 94.7 | Custom |
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| 4 |  Quantum SystemsQuantum Systems closed a $1.2 billion Series D at about an $8 billion valuation on 2 July 2026. | Survey and security teams that need long-range VTOL drones | 93.4 | Custom |
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| 5 |  NEURA RoboticsNEURA says its order book and strategic deployment pipeline exceed $1 billion. | Manufacturers adding collaborative robots | 92.2 | Custom |
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| 6 |  Proxima FusionGoogle and RWE joined Proxima Fusion's €411 million round in July 2026 as strategic investors. | Utilities and investors tracking fusion power | 90.9 | Custom |
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| 7 |  Isar AerospaceIsar Aerospace says it has raised more than 500 million euros in private capital. | Satellite operators wanting a launch from Europe | 89.6 | Custom |
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| 8 |  The Exploration CompanyIts Mission Possible demonstrator reentered and sent data in June 2025 but lost contact before splashdown. | Space station operators needing cargo delivery and return | 88.4 | Custom |
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| 9 |  IQM Quantum ComputersIQM's $320 million Series B was led by Ten Eleven Ventures and brought its total funding to about $600 million. | Research centres buying on-premise quantum computers | 87.1 | Custom |
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| 10 |  VerkorVerkor's Dunkirk gigafactory targets 16 GWh of annual cell production. | European carmakers wanting locally made cells | 85.8 | Custom |
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How to choose
Start from what you need it for. Where each entry fits best:
- Helsing (#1): European defence ministries and armed forces
- Wayve (#2): Carmakers and robotaxi operators
- ICEYE (#3): Governments and insurers needing imagery through cloud and at night
- Quantum Systems (#4): Survey and security teams that need long-range VTOL drones
- NEURA Robotics (#5): Manufacturers adding collaborative robots
- Proxima Fusion (#6): Utilities and investors tracking fusion power
- Isar Aerospace (#7): Satellite operators wanting a launch from Europe
- The Exploration Company (#8): Space station operators needing cargo delivery and return
- IQM Quantum Computers (#9): Research centres buying on-premise quantum computers
- Verkor (#10): European carmakers wanting locally made cells
Each entry's full verdict is below.
The ranking, in detail
01
AI software and systems for defence
Helsing, founded in 2021 and based in Munich, Germany, builds AI software for defence, the HX-2 strike drone and the CA-1 Europa uncrewed combat aircraft. It raised a $1.8 billion Series E at an $18 billion valuation in July 2026.
PROS- Builds both software and hardware
- Very large funding base
CONS- Defence customers only
- Military AI draws ethical scrutiny
- Best for
- European defence ministries and armed forces
- Where it falls short
- It serves only defense customers, excluding commercial or civilian buyers.
- Pick something else if
- you need solutions for non-military sectors.
97.1
02
AI driving software for any vehicle
Wayve, founded in 2017 and based in London, develops AI driving software that learns from driving data. In February 2026 it raised $1.2 billion in a Series D at an $8.6 billion valuation, with further milestone-based capital from Uber for robotaxi deployments.
PROS- Backed by carmakers and Uber
- One AI driver across vehicle types
CONS- Robotaxi service not yet at scale
- Long path to large revenue
- Best for
- Carmakers and robotaxi operators
- Where it falls short
- Robotaxi service not yet at scale.
- Pick something else if
- you need immediate scalable robotaxi operations.
95.9
03
Radar imaging satellites and data
ICEYE, an Aalto University spin-out based in Espoo, Finland, builds and operates synthetic aperture radar satellites that image through cloud and at night. In June 2026 it raised €450 million in primary Series F funding led by General Atlantic, at a valuation of over €10 billion.
PROS- Profitable, by its own figures
- Sells complete sovereign satellite systems
CONS- Demand weighted to government and defence
- Radar imagery needs specialist analysis
- Best for
- Governments and insurers needing imagery through cloud and at night
- Where it falls short
- Radar imagery requires specialist analysis.
- Pick something else if
- you lack specialist analysis capabilities.
94.7
04
Long-range VTOL drones for mapping and security
Quantum Systems, founded in 2015 and based near Munich, Germany, makes the Trinity Pro mapping drone for surveyors and the Vector and Twister drones for defence and security.
PROS- Long-range fixed-wing VTOL designs
- Very well funded
CONS- Mostly focused on defense
- Enterprise pricing only
- Best for
- Survey and security teams that need long-range VTOL drones
- Where it falls short
- Mostly focused on defense.
- Pick something else if
- you need affordable options for non-defense use.
93.4
05
Cognitive robot arms and humanoids
NEURA Robotics, founded in 2019 in Metzingen, Germany, builds cognitive robot arms, mobile robots and the 4NE1 humanoid on an open software platform. In June 2026 it announced a Series C of up to $1.4 billion, with backers including Tether, Qualcomm, Amazon, NVIDIA and Bosch.
PROS- Range runs from robot arms to humanoids
- Strategic backers including Qualcomm and Bosch
CONS- Humanoid still at an early stage
- Order pipeline figure is company-reported
- Best for
- Manufacturers adding collaborative robots
- Where it falls short
- The humanoid product remains at an early stage of development.
- Pick something else if
- you need a mature humanoid robot today.
92.2
06
Stellarator fusion power plants
Proxima Fusion, founded in 2023 in Munich, Germany, by former Max Planck Institute for Plasma Physics researchers, designs stellarator fusion power plants and plans Alpha, a net-energy demonstrator. In July 2026 it raised €411 million, which it describes as the largest private investment in European fusion.
PROS- Strategic backing from Google and RWE
- Builds on decades of stellarator research
CONS- Pre-revenue
- No power plant built yet
- Best for
- Utilities and investors tracking fusion power
- Where it falls short
- It is pre-revenue and has not built a power plant yet.
- Pick something else if
- you need a commercial fusion provider today.
90.9
07
Spectrum small satellite launcher
Isar Aerospace, founded in 2018 and based in Ottobrunn, Germany, builds the Spectrum small launch vehicle. Spectrum reached orbit and deployed payloads on its second flight in September 2026.
PROS- Reached orbit on its second flight
- Launches from Andøya in Norway
CONS- Short flight record
- Launch prices not published
- Best for
- Satellite operators wanting a launch from Europe
- Where it falls short
- Launch prices are not published, so you cannot determine costs upfront.
- Pick something else if
- you need to know launch costs before committing.
89.6
08
Nyx reusable cargo spacecraft
The Exploration Company, founded in 2021 and based near Munich, Germany, with teams in France, develops Nyx, a reusable capsule for carrying cargo to and from space stations. It raised a $450 million Series C led by Bessemer, Atomico and the Scaleup Europe Fund in September 2026.
PROS- Contracts with ESA and commercial station builders
- Reusable capsule design
CONS- Nyx has not flown yet
- First demonstrator was lost before splashdown
- Best for
- Space station operators needing cargo delivery and return
- Where it falls short
- Nyx has not flown yet, so buyers need a proven track record.
- Pick something else if
- you require a flight-proven vehicle.
88.4
09
Superconducting quantum computers
IQM, founded in 2018 and based in Espoo, Finland, builds superconducting quantum computers that customers can install on-premise or use through the cloud. It raised a $320 million Series B in September 2025.
PROS- Sells systems for on-premise installation
- Cloud access as well as hardware sales
CONS- Practical quantum advantage still unproven
- Prices not published
- Best for
- Research centres buying on-premise quantum computers
- Where it falls short
- Practical quantum advantage remains unproven for current use cases.
- Pick something else if
- you need proven practical quantum advantage today.
87.1
10
European battery cell gigafactory
Verkor, founded in 2020 in Grenoble, France, makes lithium-ion battery cells at its Dunkirk gigafactory, which was inaugurated in late 2025, with Renault Group as a major partner and backing from EQT Ventures, Bpifrance and Macquarie.
PROS- Gigafactory already producing
- Anchor carmaker partner
CONS- Conventional lithium-ion chemistry
- Faces strong Asian competition
- Best for
- European carmakers wanting locally made cells
- Where it falls short
- It uses conventional lithium-ion chemistry and faces strong Asian competition.
- Pick something else if
- you need advanced battery technology or want to avoid Asian competitors.
85.8
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Frequently asked questions
What are the best Deep Tech Startups in Europe?
Helsing ranks first on Lister. Helsing, founded in 2021 and based in Munich, Germany, builds AI software for defence, the HX-2 strike drone and the CA-1 Europa uncrewed combat aircraft. It raised a $1.8 billion Series E at an $18 billion valuation in July 2026.
What are the top 10 Deep Tech Startups in Europe?
1. Helsing; 2. Wayve; 3. ICEYE; 4. Quantum Systems; 5. NEURA Robotics; 6. Proxima Fusion; 7. Isar Aerospace; 8. The Exploration Company; 9. IQM Quantum Computers; 10. Verkor.
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