5. HARDWARE LIFE SCIENCES FOOD
ASIA CROSS-BORDER
INTERNET & MOBILE
HAX (Shenzhen, SF)
IndieBio (SF)
RebelBio (London)
Food-X (NYC)
Chinaccelerator (Shanghai)
MOX (Taipei)
Our Programs
Hands-on support
Robotics Cellular agriculture Functional food e-Commerce
Industry 4.0 Gene therapy Food distribution Fintech
Digital Health Consumer biology Food waste management Edutech
Consumer devices Computational biology Adtech
Neurotech SaaS
$100k-$250k in cash & services
Duration: 3-6 months
Follow-on: Up to series B
8. Agenda
1. SOSV Intro
2. Investment Landscape
3. Consumer
4. Enterprise
5. Frontier Tech
6. Health
7. Biology
8. Investing in Deep Tech
9. 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
13. 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
35
46
Cambricon
Horizon Robotics
Graphcore
OrCam
Bitmain
Canaan
Ebang
BitFury
IC & SEMI — 4
CRYPTO MINING — 4
IOT — 2
Nest**
Infinidat
* IPO
** M&A
95 Deep Tech Unicorns
Sources: Crunchbase,
Hurun Report, SOSV Analysis
Beyond Meat*
Impossible Foods
NEW FOOD — 2
DeepTech
Trends2019
www.sosv.com — www.slideshare.com/sosv
14. 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.
16. Notes: most are B2B
* includes co-investors
SoftBank
Vision Fund
DeepTech
Trends2019
Company Type Sector Funding*
GM Cruise B2B AV tech $2.25B
View B2B Smart glass $1.8B
Nuro HAAS Delivery AV $1B
Zume HAAS Pizza robot $423M
Plenty B2B AgTech $226M
Light Consumer Cameras $186M
Nauto B2B Driving Coach $174M
Brain Corp B2B AV Tech $125M
TOTAL $6.1B*
17. Agenda
1. SOSV Intro
2. Investment Landscape
3. Consumer
4. Enterprise
5. Frontier Tech
6. Health
7. Biology
8. Investing in Deep Tech
18. 3D Printing
The hype is long gone
Stratasys
Val: $1.24b
Consumer 3D Printers
From $500 to $5,000 DeepTech
Trends2019
19. 3D Printing
B2B2C is real
SmileDirectClub
Tele-dentistry
Val: $7b
DeepTech
Trends2019
Chanel
Mascara
20. Smart Speakers
200m+ units
A.I.-enabled IoT boom
Amazon
60%
Google
25%
Apple
5%
DeepTech
Trends2019
Other
10%
Plug Light Nest
Ring Sonos Roomba
Bose Garmin Lexus
Voice at the center of the Smart Home
25. China's A.I. Push
China is the world's largest experiment in A.I. education
China’s new ‘A-B-C-D'
Artificial intelligence
Blockchain
Cloud computing
Data technology
DeepTech
Trends2019
A smart headband to track focus
in a school near Shanghai
Source: WSJ, Aug 2019
26. VR (Consumer)
Sandbox VR (HK)
VR arcade
Raised $71m
Sony, HTC, Oculus…
6M devices in 2019?
Hits: Netflix? Chat? Adult?
Black Box VR
VR gym
Raised $2.5m
DeepTech
Trends2019
Still slow despite 2nd generation devices
Some B2B2C VR for arcades, gym
27. Varjo (High-res VR)
Raised $45.9m
VR (B2B)
Virtual Reality Therapy
Physio, phobias, pain
+ Outpatient tracking
Real Estate Tours
Matterport (cam + soft)
Raised $114M
DeepTech
Trends2019
Training
Maintenance,
surgery,
language,
active shooter
simulations
Training, Touring, Therapy
Applications make sense & multiply
28. AR: B2C new gen >$500
B2B spreads slowly
Magic Leap ($2,295)
Raised $2.6b
Hololens ($3,500)
Glass Enterprise Edition 2
Training, industry, health
$999+
Focals by North
Raised $199.6M
$600+
DeepTech
Trends2019
29. Holograms
OOH ads & desktop solutions
Not Star Wars quite yet
Looking Glass
Raised $13.8m
(On market, $600+)
Light Field Lab
Raised $35m
(Prototype)
HYPERVSN
by Kino-Mo
(On market)
DeepTech
Trends2019
33. Youibot
Vehicle inspection robots
New infrastructure
needed to extend
uptime and compete
DeepTech
Trends2019
PushMe
Battery tech & network
Raised $1.3m
Gogoro
e-Scooters & charging stations
Raised $480m
Charge Point
#1 EV charging network
Raised $532.2m
Charging, maintenance,
and more
34. 0
00
00
00
00
China USA Norway Germany France
31,00035,00046,000
209,000
769,000
Source: CarSalesBase, 2018
Electric Vehicles boom in China
Top EV Brands in 2018
EV sales in 2018
DeepTech
Trends2019
486 EV
makers
in China
9 unicorns
$18B invested
since 2011
0
00
00
00
00
Tesla BAIC BYD Zotye
64,000
105,000
150,000165,000
245,000
Renault
Nissan
35. Agenda
1. SOSV Intro
2. Investment Landscape
3. Consumer
4. Enterprise
5. Frontier Tech
6. Health
7. Biology
8. Investing in Deep Tech
36. 04/ Enterprise & Industry Trends
Labor crisis in
numerous sectors
Agriculture, Manufacturing,
Construction, Mining are next
Boom in Transportation,
Logistics and Retail
China innovates
on all fronts
DeepTech
Trends2019
37. Amazon
Kiva (acq)
>200,000 units
Last-mile delivery
Pilots
Prime Air
Filed with FAA
Blimp Mothership
Fake!
Balyo (IPO)
Partnership
Canvas (acq)
Autonomous carts
Automates everything.
‘Dark warehouses’soon?
DeepTech
Trends2019
38. Fear of Amazon
6 River Systems
Acquired by Shopify for $450m
Raised $46m
Exotec
High density warehousing solution
Raised $21.2m
Fetch Robotics
Raised $94m
Pushes competitors
toward turn-key and
flexible solutions
DeepTech
Trends2019
45. Unmanned
Retail
China leads with
micro-retail
CVS, gyms, karaoke,
nail salons & more
BingoBox
Automated CVS
Raised $94.7m
DeepTech
Trends2019
SuperMonkey
Gyms in containers
$53m series D
M-Bar
Karaoke cabins
Competitors abound
O’2Nails
Nail art printers
16y of nail tech
46. Industry
2.5 million robots
0
40
80
120
160
China Japan US Korea Germany
273840
55
154
China
Japan
US
Korea
Germany
0 200 400 600 800
328
774
217
327
140
Robots Installed in 2018
(‘000 units)
Source :
International
Federation of
Robotics
DeepTech
Trends2019
2x in 3 years
154
40
Robot Density in 2018
(per 10,000 workers)
+422,000 in 2018
1/3 in China
47. Demand for
flexible solutions
Development speed
Integration time
Ease of use
Safety
DeepTech
Trends2019
Elephant Robotics
Collaborative robots
with visual interface
Veo Robotics
Vision, 3D sensing & AI
Raised $28m
Youibot
Mobile applications
in industrial settings
59. China AgTech
Breeding half the world’s 1 billion pigs with A.I.
Face
recognition
China’s Tech Giants
Into Breeding
Netease, Alibaba, JD…
Challenges
(1) Siblings
(2) Fast change
DeepTech
Trends2019
RFID
Tattoo
scan
IR
& motion
Animal tracking
goes high-tech
(3) Facing camera
(4) Dirt
Geese have
small faces
and eyes
on the side
60. Agenda
1. SOSV Intro
2. Investment Landscape
3. Consumer
4. Enterprise
5. Frontier Tech
6. Health
7. Biology
8. Investing in Deep Tech
61. Lilium (Germany)
Raised $101.4m
Ehang (China)
Raised $52m
Flying Cars
Volocopter (Germany)
Raised $89.7m
Dubai, Singapore, Germany
AeroMobil (Slovakia)
Raised €9m
BoeingStartups & corporates
race for safety, autonomy,
launchpads, recharge
and … permits.
Airbus targets Paris in 2024
Uber Air targets Melbourne in 2023
DeepTech
Trends2019
62. Space Tech
Rocket Lab
Small sats launchers
Raised $215m
Viable: launch, sensing, telecom
Not quite: mining, debris, tourism…
< 5,000 satellites orbit the Earth today
~ 35 companies work on launchers
SpaceX Starlink
60 in LEO (target: 12,000)
Estimated cost: $10b
OneWeb
6 in LEO (target: 2,000)
Raised $3b
DeepTech
Trends2019
63. Hyperloops
Hyperloop Transportation Technologies
10km pilot plant in Guizhou, China
Raised $108m (unconfirmed)
The Boring Company
Raised $233m
Virgin Hyperloop One
Pune-Mumbai 120km loop by 2021?
Raised $295m
25 projects
10+ test tracks
Costs & safety concerns remain
DeepTech
Trends2019
64. 'Out There'
Commonwealth
Fusion Systems
MIT startup
Raised $115m
Boom Supersonic
Raised $141m
Commercially viable
within 10 years?
Quantum Computers
IBM, Google, etc.
Up to 160-qubit
D-Wave Raised $204.7m
DeepTech
Trends2019
65. SpaceX (+ Starlink)
Tesla
SolarCity (acq. by Tesla)
The Boring Company
Neuralink
Future of Life Institute (non-profit)
OpenAI (non-profit)
Elon
Musk
Elon Musk projects target either established
or new markets. Several leverage public
funding and subsidies.
$33.3b val.
$46.7b cap.
$2.6b
$920m val.
$158m funding
Think Tank
$1b funding
DeepTech
Trends2019
70. Bisu
Urine test
For health & fitness
Bitome
Nuclear spectroscopy
for molecular analysis
Criam
Blood test
Blood type & diseases
Blood & Beyond
Microfluidics, point-of-care solutions
Elapta
Various fluids
Molecular testing
BBB
Blood test
Glucose, ketones, cholesterol
Raised $21.5m
Biopsin
Microbial detection
F&B, water, pharma
DeepTech
Trends2019
71. Zennea
Snoring
Sleep Tech
Track, Trigger, Treat
DeepTech
Trends2019
Moona
‘Nest for your head'
Kokoon
EEG headphones
Withings
Sleep tracking mat
Bands, watches
Apple, Fitbit, etc.
Eight
Raised $30m
Bravrr
Bruxism (teeth
clinching & grinding)
TRACK
TRIGGER TREAT
72. Sana Health
Chronic pain relief
Caura
Lactate & glucose tracking
Aire by FoodMarble
Digestive health
Digital Therapeutics
Replacing pills
and lab tests?
DeepTech
Trends2019
73. Lief Therapeutics
ECG smart patch
for stress management
$99/month
Flow Neuroscience
Depression treatment
FDA approved
tDCS stimulation
& virtual therapy app
£399
Mental Health HabitAware
Hair pulling, nail biting, etc.
Top 10 in TIME 2018
MSRP: $149
Feel by Sentio
Emotions sensor
for anxiety, depression, etc.
Raised $6.3m (Clinical trials)
DeepTech
Trends2019
Digital Therapies
machine learning
and biofeedback
74. Labrador Systems
Assistive robot for independent living
Raised $2m
MindMaze (Switzerland)
VR treatment for neurorehabilitation
Raised $110.6m
Rehab & x-Diversity
DeepTech
Trends2019
Wandercraft
Exoskeleton wheelchair for the disabled
Raised $23.4m
For independent living
and supporting physical
and mental diversity
75. An Important Challenge
for Health is Behavior
Understanding impact of
food, sleep, environment…
Avoiding mental triggers,
building new habits.
DeepTech
Trends2019
76. Agenda
1. SOSV Intro
2. Investment Landscape
3. Consumer
4. Enterprise
5. Frontier Tech
6. Health
7. Biology
8. Investing in Deep Tech
79. Building Blocks
20,000 known genes
scientists can look up
350,000 proteins
‘on-the-shelf'
250,000 antibodies
ready to order
Low-cost lab robots
& outsourced lab work
DeepTech
Trends2019
DeepTech
Trends2019
82. Land use per gram
of protein in m2 0.01
0.01
0.02
0.04
0.04
0.05
0.08
0.1
0.13
1.02Beef/mutton
Pork
Fresh Produce
Poultry
Eggs
Dairy
Rice
Maize
Pulses
Wheat
Source: Clark & Tilman, 2017
Looking for Sustainable Proteins
Animal
Protein
Issues
Cost
Taste
Texture
Culture medium (FBS…)
Acceptance
Land
Water
Suffering
Antibiotics
Antibiotic resistance
Alternative
Protein
Issues
DeepTech
Trends2019
90. 2nd Domestication of Plants & Animals
From Macro-organisms
To Micro-organisms
Source: Rethinking Food and Agriculture 2020-2030
RethinkX Sector Disruption Report, September 2019
by Catherine Tubb & Tony Seba
91. Inspiration: Rethinking Food and Agriculture 2020-2030, RethinkX Sector Disruption Report, September 2019 by Catherine Tubb & Tony Seba
The Twilight
of the Cow
93. Memphis Meats
Beef and chicken
Raised $20.1m
New Age Meats
‘Hybrid' sausages
Plant-based protein
+ Lab-grown pork fat
Raised $3.5m
Food
Meat
from:
Plants
Stem cells
Integriculture (Japan)
Cultured foie gras
Raised $2.75m
Beyond Meat
Plant-based meat
IPO, $7.6b market cap
DeepTech
Trends2019
DeepTech
Trends2019
94. Good Catch
Plant/algae-based tuna & more
Raised $18.7m
Wild Type
Cultured seafood
Raised $16m
Finless Foods
Fish from stem cells
Raised $3.5m
New Wave Foods
Plant/algae based shrimp
Raised funding from Tyson
Food
Seafood
from:
Plants
Algaes
Stem cells
DeepTech
Trends2019
95. Perfect Day
Dairy (on market)
Raised $201.5m
Clara Foods
Egg whites
Raised $16.8m
Food
CellAg
‘Sweets'
DeepTech
Trends2019
96. Perfect Day
Dairy (on market)
Raised $61.5m
Clara Foods
Egg whites
Raised $16.8m
Food
Other
Products NotCo
Plant-based mayo
Raised $30m
Glyph by Endless West
Molecular Whiskey
Raised $12.7m
New Culture
Plant-based cheese with cultured casein
Raised $3.5m
DeepTech
Trends2019
97. Food
For Animals
Because Animals
Cultured meat and supplements for pets
Ynsect (France)
Insect-based feed for aquaculture and pet nutrition
Raised $172.3m
DeepTech
Trends2019
104. Microbiome
& Gut Health
Kaleido BioSciences
Microbiome solutions
Raised $165.5m
Eligio Biosciences
Targeted bio-therapeutic
Raised $22.2m
DeepTech
Trends2019
BiomeSense
Microbiome testing & storage
Raised $2m
Sun Genomics
Personalized probiotics
Raised $3m
Gut-brain connection
Emerging therapies
e.g. allergies, autism)
105. Bio-
materials
Bolt Threads
Spider silk & more
Raised $213m
AlgiKnit
Seaweed yarn
Raised $2.2m
MycoWorks
Mushroom leather
Raised series A
Tinctorium
Non-chemical indigo dye
Modern meadow
Biomaterials & ingredients
Raised $53.5m
ZOA™
Cultured
Leather
DeepTech
Trends2019
106. Geltor
Synthetic human collagen
For eye cream, etc.
Raised $23m
Lingrove
‘Wood without trees’’
Moldable, CO2-negative composite of flax fiber & resins
Bio-
materials
108. Color Genomics
Genome testing for clinical-grade
hereditary cancer, hearth health,
medication response genes ($250)
Raised $112m
23andMe
Genome research for ancestry,
genealogy, and inherited traits.
Raised $786m
Personal
Genetics
From ancestry
to clinical grade
DeepTech
Trends2019
Chronomics
Epigenetic testing.
Biological age, smoke exposure,
metabolic state.
Raised $1.4m
109. Biomarkers
For pre-symptom diagnostic
and predictive drug design
sRNAlytics
A.I.-based sequencing for small RNA markers
Raised $2.5m
Grail (Illumina spin-off)
Liquid biopsy for early stage cancer testing
Raised $1.6b
Jungla (acquired for by Invitae for $65m)
A.I.-based clinical interpretation tool of genetic
variant. Raised $2.8m
DeepTech
Trends2019
110. New
Pharma
COMPANY FOCUS COST ADVANTAGE
Convalesce Stem cell therapy for Parkinson's disease & more
Low-cost material and
fast-track designation.
Gavilan Biodesign Resistance-resilient (‘4D’) drug design
Computational biology with
‘wetware-in-the-loop’.
Lupa Bio Anti-inflammatory therapeutics
Leveraging existing data for
fast-track FDA process.
Recursion Pharmaceuticals Treatments discovery
Combining automation & A.I.
with experimental biology,
Serenity Bioworks Immune-tolerant gene therapy platform
Improves gene therapies
by dampening immune reactions.
Startups Challenge
Traditional Pharma
Economics
DeepTech
Trends2019
Easier due diligence
Faster time-to-market
Lower capital needs
Lower downstream dilution
111. Cell & Gene
Therapy
Kytopen
Non-viral delivery of molecules into hard-to-
transfect immune cells
Raised $3.6m
Serenity Bioworks
Immune-tolerant gene therapy platform
DNA Lite
Gastrointestinal gene therapy
Raised $1.5m
Getting past, modulating or
harnessing the immune system
112. Other Biotech
SyntheX
Gene therapy enabler. Screening tech for protein-
protein interaction, including cancer pathways.
Raised $6.4m
Diadem Biotherapeutics
Regenerative biologics, offering easier
manufacturing and longer shelf life.
Gavilan Biodesign
Resistance-resilient (‘4D’) drug design using
computational biology w/ ‘wetware-in-the-loop’.
The platform can search through
100,000 trillion molecular
compound structures per day
Targeting the ‘undruggable’,
and other technologies
113. Frontier
Biotech
Prellis Biologics
3D-printing of vascularized organoids
Raised $10.6m
Catalog
DNA-based
data storage
Raised $9.3m
Storing data in DNA
Bio-printing organoids
Neurons grown
on vascular scaffolds
DeepTech
Trends2019
114. Other Exciting Domains
Longevity Therapies
Inflammation, Cells,
Metabolism, Mitochondria
Pre-symptom
disease detection
Live cell therapies
e.g. precision cancer targeting
Organoids
from research to implants
DeepTech
Trends2019
115. Aubrey de Grey (56)
Biomedical gerontologist
CSO, SENS Research Foundation
VP, AgeX Therapeutics, Inc
Author, Ending Aging
“People in
Middle Age
Now Have a
Fair Chance.”
116. Agenda
1. SOSV Intro
2. Investment Landscape
3. Consumer
4. Enterprise
5. Frontier Tech
6. Health
7. Biology
8. Investing in Deep Tech
119. 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
124. Founders
Risk
Give up early
Low social skills
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