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Dealroom doesn't specify its definition of "deep tech", but the increased funding figure for 2019 is an indicator of growing investor interest. UK companies included in that figure are Babylon Health, CMR Surgical, and Benevolent AI.It's also a political sore point that there is no national tech champion to rival Google, Facebook, Microsoft, or Amazon. There's some hope that such a champion could emerge from a deep tech sector.
The area around the University of Cambridge earned the nickname "Silicon Fen" thanks to a cluster of high-tech startups and companies originating in the region. In 2004, tech startups from the area received about a quarter of the UK's total venture capital funding, per the Cambridge Cluster Report that year.
Optimistic investors note that it's much easier to get a deep-tech startup off the ground in terms of technology. "Companies tend to be successful by embracing the US market. It's totally different circumstances there; it's bigger, there are more people, there is more money, they've tarmacked large areas to build research facilities and campuses to make it work, the UK has not been willing to do that."
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