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Six years after the launch of the Deeptech plan, France asserts itself as a central player in technological innovation in Europe. With 2,589 active startups and massive public support, the French Deeptech ecosystem benefits from an unprecedented structuring framework. However, the preponderance of the State in its funding raises a fundamental question: is this dynamic sustainable in the long term?
Dependence on public funding
In 2024, French Deeptech startups raised 2.8 billion eurosmarking a contraction of 31 % Compared to 2023. Behind this cyclical drop, a structural reality is emerging: Bpifrance remains the main engine of funding. The public institution has engaged 1.3 billion euros in non -dilutive fundingsupported 400 million euros in direct investments and mobilized 474 million euros in fundsconsolidating its dominant position on the segment.
This massive intervention played a role contractcyclic By maintaining the financing of young shoots despite a more selective market. If this support made it possible to accelerate the structuring of the market, it raises the question of the insufficient engagement of private investors.
Why do private investors are behind?
Despite the boom in French Deeptech, private actors – Family Offices, Business Angels and Private Equity Funds – struggle to make a long -term commitment. Several factors explain this reluctance:
- Too long return on investment horizon : Deeptech development cycles, often superior to 10 years oldcontrast with the expectations of investors looking for rapid liquidity.
- High technological complexity : The analysis of Deeptech projects requires sharp skills in science and engineering, limiting the appetite of general funds.
- A lack of attractive outings : If the number of exits has reached a record 24 operations in 2024the majority are made via industrial acquisitions, limiting the prospects for exponential valuation by IPO.
The case of theArtificial intelligencewho captured 40 % of Deeptech investments in 2024illustrates this asymmetry. Major lifting, like the 468 million euros in Mistral AI or 454 million euros in poolsidedemonstrate an appetite for promising technological segments. However, outside these sectors with a high media traction, Deeptech investment remains exploded and unattractive for traditional funds.
Towards a necessary diversification of financing
Faced with this situation, several levers must be activated to reduce state dependence and structure lasting funding:
- Promote the involvement of Private Equity funds : The rise of Growth and Late-Stage funds in Europe must be encouraged by tax incentives and strategic co-investments.
- Stimulate family offices and business angels : If the Deeptech priming remained stable in 2024 (€ 436 million lifted), the commitment of private capital at this stage remains insufficient. The structuring of a network of specialized investors could streamline this segment.
- Develop more attractive output mechanisms : France must strengthen its capacity to structure credible iPo Deeptech, like the Israeli or American models.
The French Deeptech is at a turning point. If the State has managed to stimulate a strong dynamic, the time has come for private investors to take over. Are the latter ready to fully assume this role and to engage in the financing of long cycle technologies?
