www.business-review.eu Business Review | June 2020
24 ENTREPRENEURSHIP
Local entrepreneurs looking to strike big in deep tech market Companies in Romania attracted over USD 1 billion worth of deep tech investments by 2019, in a growing field that encompasses a wide array of startups using artificial intelligence (AI), blockchain or robotics solutions. By Ovidiu Posirca
E
Romania was ranked 11th in Europe by the amount of capital invested in deep tech companies
ntrepreneurs developing deep tech
ment fund targeting startups. “Although
to 2015, according to data from the State of
startups are facing roughly the same
the talent is here, the challenge is that 3F
European Tech report. The European market
set of challenges related to attract-
(Friends, Family & Fools) early financing op-
is dominated by AI companies, which got
ing funding and talent as other players in the
tions are not that accessible in this area due to
close to USD 5 billion worth of investments
startup ecosystem. But companies in this field
the lack of financial power and therefore it is a
last year.
need to put research & development (R&D)
challenge for founders to support themselves
operations in place from the early stages,
through the R&D process until an MVP (mini-
the amount of capital invested in deep tech
which makes them more capital intensive.
mum viable product - e.n.) is ready. There is
companies. In 2019, the investment volume
also scarcity in terms of capital on the market
reached USD 762 million, mainly due to the
chain, the technology behind Bitcoin, might
and an R&D project means bigger technical
USD 570 million funding round secured by
cost you USD 200,000, while for biotech the
risks while investors want to see something
UiPath, the robotic process automation (RPA)
cost could reach USD 1.3 million, according
functional,” Bogdan told BR.
startup founded by Daniel Dines and Marius
Developing your first prototype in block-
Romania was ranked 11th in Europe by
Tirca. Between 2014 and 2018, investments in
to joint research by Boston Consulting Group
ROMANIA’S GROWING PROFILE IN THE DEEP TECH INDUSTRY
Romanian deep tech firms stood at USD 456
Less than 20 percent of newly created startups in Romania and Central and Eastern
Across Europe, investments in deep tech
Tech report. The potential of deep tech start-
Europe are doing deep tech, says Alexandru
companies reached a record USD 8.4 billion
ups is best proven by UiPath, says Cristian
Bogdan, CEO of Roca X, a domestic invest-
in 2019, soaring almost threefold compared
Munteanu, managing partner of Early Game
and Hello Tomorrow.
million, according to the State of European
