Europe's funding for deep tech like AI and VR fell 13% in 2020

As European startups try to gain a competitive edge against the U.S. and China, there has been a big push to promote "deep tech." And recent years have indeed seen a surge in European startups developing products based on scientific breakthroughs. But it looks like the pandemic has put a dent in that momentum, at least for now. According to the latest State of European Tech report, funding for deep tech in Europe fell from $10.2 billion last year to $8.9 billion in 2020. The report is produced annually by venture capital firm Atomico in partnership with Slush, Orrick, and Silicon Valley Bank.