The “State of Dutch Tech 2024” report highlights the growth of deep tech companies in the Netherlands, with investments increasing by 14 per cent from 2022 to 2023. This rise is driven by university spin-offs and research institutes, though scaling challenges remain.
Over the past five years, deep tech venture capital (VC) investments have grown from €938M in 2019 to €1.07B in 2023, even as total VC investments in the country have seen a decline from €4.42B in 2021 to €1.07B in 2023. This shows the growing importance of deep tech in the Dutch innovation landscape.
Deep tech companies in the Netherlands often start in academic or corporate R&D, transforming research into practical solutions. Since 1990, over 2,500 companies have been founded by researchers and students, with 1,200 going through Knowledge Transfer Offices (KTOs) at research institutes. Over 500 of these have an IP license agreement with a university, while the rest are mainly student startups supported by incubators and accelerators.
With such development in the sector, today we are excited to bring you the list of Amsterdam-based deep tech startups that have raised €1M or more in 2024. Check them out below!
Cradle
Cradle’s AI platform transforms protein engineering by enabling scientists to discover and develop improved proteins more efficiently. By significantly reducing the number of experimental rounds required—up to 90 per cent compared to traditional methods—Cradle makes the process faster, easier, and more cost-effective for companies.
In November, the biotech startup raised $73M (€69.5M) in a Series B funding round led by IVP with participation from previous investors Index Ventures and Kindred Capital. The company currently has various open job opportunities, check them out here.
Quatt
Quatt aims to install 3 million heat pumps by 2030. The Amsterdam-based scale-up develops and installs the Quatt Hybrid, a smart software-driven hybrid heat pump, along with add-ons like the “All-Electric” heat pump and the patented “Chill” cooling system. Quatt claims its hybrid heat pump can reduce gas bills by up to 80 per cent compared to traditional central heating boilers.
In July, Quatt secured €25M in growth equity funding led by Blue Earth Capital, with support from Seaya Andromeda and Impact Equity Fund. The company is expanding and currently hiring—explore open positions here.
Monumental
Monumental, founded by Salar al Khafaji and Sebastiaan Visser, addresses labor shortages in the construction industry, particularly in Europe and the U.S., where housing demand outpaces skilled worker availability. The company develops small, electric, autonomous ground vehicles (AGVs) equipped with sensors, computer vision, and cranes to assist with bricklaying and reduce costs.
In February 2024, after two and a half years in stealth mode, Monumental launched and announced a $25M (€23.2M) funding round co-led by Plural and Hummingbird. The company is currently hiring for various roles.
Next Sense
Next Sense, formed from the merger of EDGE Next and Sense by PHYSEE, helps clients decarbonise buildings across their lifecycle. Its offerings include pre-construction and redevelopment simulations, AI-driven monitoring and control solutions, and tailored sessions to ensure compliance with regulations like the EU CSRD and Paris Agreement energy goals.
In December, the company raised €11.5M in Series A funding to scale its smart building platform globally and is currently hiring for two positions. Check them out here.
CarbonX
Global battery manufacturers face supply chain risks due to reliance on Chinese graphite. CarbonX offers a locally produced carbon anode material that matches graphite’s cost while improving charging speed, battery life, and reducing carbon footprint. The company expects initial agreements by mid-2025.
In February, the company secured €10M in growth funding co-led by Innovation Industries, InnovationQuarter, and Borski Fund. This December, the round was extended by an additional €4M. Currently, CarbonX is looking to hire a Battery Technician.
Ore Energy
Ore Energy offers a battery technology that has the potential to reduce the cost of long-duration energy storage by up to 10 times compared to current lithium batteries. The technology is based on the process of rusting and unrusting of metallic iron to store energy, using abundant materials such as iron, water, and air.
In May, the company emerged from stealth with €10M in funding from Positron Ventures and SPRIND. Ore Energy is currently hiring, apply here.
Confocal.nl
Confocal.nl, a spin-off from the University of Amsterdam, develops advanced microscopes for live cell imaging. These microscopes use minimal laser light at high resolution, preventing cell damage and enabling scientists to study living cells longer and more accurately.
In October, the company secured €5M from a consortium of investors, including ROM InWest and Nascent Ventures. Currently, Confocal.nl is hiring for a Service Engineer.
Findest
Findest, a spin-off from VU University Amsterdam, develops IGOR^AI to help companies like ASML, Philips, Unilever, and Shell tackle R&D challenges. Its platform, R&D Universe, streamlines R&D processes, reduces costs, and accelerates innovation projects, making it an essential tool for meeting the growing demand for advanced R&D across industries.
In July, the company secured €2.2M in a fresh funding round led by Stockholm-based Partinc, a European investment firm. Currently, Findest is looking to hire a Customer Success Manager.
Brineworks
Brineworks is an early-stage startup developing technology to convert waste brines into drinkable water and value-added minerals, such as fertilisers and carbon-negative construction materials, while removing CO2 from the atmosphere.
The company aims to scale its technology to address global water scarcity and climate change. In September, Brineworks secured $2.2M (€2M) in funding led by VC firm Pale blue dot, and is currently hiring.
Avalor AI
Avalor AI has developed hardware-agnostic AI software that supports the integration and operations of unmanned systems from various original equipment manufacturers (OEMs) and countries.
The company’s Nexus platform facilitates “multi-domain distributed mission autonomy”, enabling unmanned vehicles (across air, land, and sea) to independently plan, coordinate, and execute complex missions via a unified human-machine interface.
In June, Avalor AI secured €2M in a seed round of funding led by Keen Venture Partners and is currently hiring for various roles. Check them out here.
Nicolab
Nicolab streamlines emergency workflows by connecting physicians with vital information at the right time. Its AI-powered StrokeViewer app supports rapid clinical decision-making by providing AI-analysed patient scans and centralised data, enabling accurate diagnoses and faster treatment.
This improves patient outcomes, giving them the best chance to resume normal life while offering healthcare professionals peace of mind. In June, the company raised €1.9M in funding and is currently hiring for a Head of Clinical Affairs.
Kepler Vision Technologies
Kepler Vision Technologies develops AI-driven solutions to enhance well-being, particularly in eldercare centers. Its proprietary computer vision technology, including the Kepler Night Nurse system, monitors patients’ body position and posture to detect falls, discomfort, and abnormal behavior.
By utilising machine learning and computer vision, the system provides real-time notifications to nursing staff, ensuring prompt response and minimising false alarms.
In April, Kepler Vision Technologies received a €1.5M investment from ROM InWest. Currently, it is looking to hire an Account Manger.
Tur.ai
Tur.ai is an AI-driven robotic process automation (RPA) platform that enables companies to automate complex workflows independently, without IT involvement. The platform streamlines both internal and customer-facing processes in real-time, saving over 700,000 work hours annually and reducing customer service intervention by 50 per cent.
In October, Tur.ai secured $1.45M (€1.29M) in a seed round of funding.
Ellogon.ai
Ellogon.AI helps medical experts select the right patients for cancer immunotherapy by providing fast and accurate biomarker quantification through a breakthrough deep-learning approach developed with the Netherlands Cancer Institute (NKI). Its CE-certified solution, EIDOSTM, is fully integrated into existing medical treatment protocols.
In March, Ellogon secured €1M in fresh funding from ROM InWest and UvA Ventures Holding.
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