Dealroom reports that in 2025, 76 European deep tech and life sciences companies spun out from universities reached either $1B valuations or $100M in revenue, or both.
The 2025 funding environment was defined by two numbers: the billions flowing into AI infrastructure and the compressed timelines between rounds. Companies that would have taken 18 months between Series B and C were closing in 6. Valuations reached levels that required new financial structures — revenue-based milestones, structured equity, and convertible instruments replaced simple priced rounds.