This report takes stock of the state of deep tech funding in Southeast Asia. Capital raised by startups in the sector tumbled 34% year-on-year in 2024, while deal volume fell 16%, marking a significant departure from the resilience shown between 2021 and 2023, when deep tech outperformed mainstream sectors.
Despite the 2024 correction, deep tech’s momentum remains well above pandemic-era benchmarks. More notably, deep tech’s share of Southeast Asia’s overall VC activity has grown steadily, from just 3.6% of funding value in 2021 to a record 17.6% in 2024.
