DeepTech The Future Of Technology November 2023 @Lattice Technologies Pvt. Ltd. About the product At 1Lattice, we take great pride in our ability to meticulously In sectors such as EdTech, AgriTech, FoodTech, and many tailor a comprehensive suite of solutions to precisely meet others, 1nsights becomes your strategic partner, providing the unique demands of our esteemed clients operating comprehensive insights to drive your success. We within the ever-evolving Technology and Internet space. Our understand that thriving in these fields hinges on a deep unique product, 1nsights, consistently occupies a central understanding of market dynamics, the identification of role in gathering strategic and insightful knowledge in these untapped opportunities, and a proactive approach to dynamic industries. overcoming challenges. With 1nsights, you gain a significant advantage in navigating the complex and ever-changing We excel in delivering in-depth market assessments, landscape. complete with meticulous market sizing, granular competitive benchmarking, and precise price benchmarking 1nsights is the key to our commitment to empowering to ensure that your product or service stands out in the clients across various industries. Its robust suite of tools competitive landscape. Our rigorous competitive analysis and data equips you to excel and outperform in your provides you with a deep understanding of your industry respective markets. We eagerly look forward to the peers, while our expertly conducted business plan validation opportunity to partner with you and provide the same level ensures that your strategies are rooted in market realities. of dedication and excellence that has become synonymous Market sizing, due diligence, and other services are carried with 1Lattice. Your success remains our primary mission. out with the utmost precision, delivering valuable insights that serve as the foundation for your success. DeepTech refers to technology that is DeepTech startups work in high-risk Foreword grounded in tangible engineering environments and are focused on solving innovations or scientific advancements complex fundamental problems by and discoveries. It distinguishes itself by developing and commercializing its profound enabling capabilities, cutting-edge technologies rooted in potential to create differentiation, and advanced scientific research and ability to catalyze change and disruptions engineering. From artificial intelligence & across various industries. DeepTech quantum computing to biotechnology usually involves intricate and innovative and advanced materials, DeepTech solutions that can tackle fundamental startups operate at the forefront of issues and generate new opportunities. technological innovation. While they offer exciting opportunities for scientific The purpose of this report is to offer a breakthroughs and economic growth, better understanding of the DeepTech they also face unique challenges, such as ecosystem. DeepTech startups specialize longer development timelines and the in developing advanced solutions to tackle need for specialized expertise. intricate problems using groundbreaking technologies that often incorporate both The industry is evolving rapidly, and this digital and physical innovations. These report showcases our perspective on the types of startups typically require a longer overall market as of September 2023. research and development period and We, at 1Lattice, look forward to continuing have a higher likelihood of encountering the discussion with our friends across challenges in the market. sectors and exchanging notes. Abhishek Maiti Director Executive summary – [1/2] DeepTech, which is short for "DeepTechnology," encompasses cutting-edge innovations and technological advancements that are grounded in scientific research and engineering principles. These technologies usually require significant expertise in specific scientific domains and have the potential to bring about significant changes and disruptions in various industries. DeepTech often involves complex and innovative solutions that can address fundamental problems and create new opportunities. DeepTech startups are playing a critical role in creating jobs, managing data, and natural resources, and strengthening the overall startup ecosystem. As these startups are constantly providing customer-centric solutions, the adoption of DeepTech is increasing exponentially. These patentable technologies are responsible for the faster commercialization of these high-end solutions, and together these factors are driving growth in the overall sector. Startups that focus on DeepTech require investments from various stakeholders, including investors, corporations, and government agencies due to their capital-intensive nature. These startups' applications are expanding into different industries, such as healthcare & biotechnology, financial services, energy, and sustainability, breaking barriers. The most focused and monetized areas of DeepTech are AI, ML, IoT, drones, robotics, and space technologies, where innovations are primarily taking place. © 1Lattice | © 1Lattice | 04 0 Executive summary – [2/2] In both global and Indian markets, there has been a significant increase in the number of startups operating in the DeepTech industry. In 2021, India had over 3,000 active startups, with enterprise tech accounting for 30% of them. India was also leading the world in the number of AI startups. Overall, DeepTech startups raised approximately $2.7 billion in funding in 2021. As the DeepTech market continues to grow, we can also expect to see new startups focused on solving problems at different points of convergences of different industries making it even more fruitful and easy for investors to participate in the market. © 1Lattice © 1Lattice | 05 Agenda Overview DeepTech landscape & market Future of DeepTech startups Recommendations Case studies DeepTech: overview DeepTech startups focus on complex, revolutionary technologies & typically face higher R&D risk with a higher product-market fit risk Deep tech DeepTech High-tech High-tech Low-tech Low-tech • Seeks to solve humanity’s • Typically focuses on • Focuses on meeting problems by addressing specific business & basic needs such as Focus area societal & environmental industry problems energy, food, water concerns access, or health • Specialized markets that • Tend to enter newer • Work in existing market DeepTech : Market are typically smaller & unexplored markets with leading to increased Higher R&D more niche an aim to capture market competition Biotech preference risk, product- share market risk • Longer time of market • Longer time of market • Easy & faster entry to Market entry in comparison with entry in comparison with market entry high tech low tech Startups • Typically focuses on • Focuses on technologies • Easy to create & replicating complex, revolutionary that require high-level produce Technology other Innovative technologies experts successful startups using • Difficult to replicate • Less risk of product • High risk of product startups in hi-tech copying as compared to being copied digital space IP • Patented technology low-tech startups using low-tech typically commercialized • Require substantial • Require significant • Low-tech innovation is Product-market risk long-term investment to investments & time for inexpensive Investments (risk of not finding fit) support their R&D efforts return Examples Source(s): Media publications, 1Lattice analysis © 1Lattice | 07 DeepTech vs tech start-ups DeepTech startups focus on cutting-edge technologies that require knowledge in specific specialized fields & often operate in high-risk environments Tech start-ups (Low & high) Tech start-ups (Low & high) Deep tech start-ups DeepTech start-ups • Target broader consumer or enterprise market • Target specialized markets that are typically smaller & more niche Target market • Typically have faster time-to-market compared to DeepTech • Commercialization of DeepTech products may require longer Time to startups as they often build & launch products or services time-to-market due to factors such as regulatory approvals, safety market relatively quickly using existing technologies testing, or market adoption of emerging technologies • Focus on building applications or solutions on top of • Focus on cutting-edge & disruptive technologies with an aim to existing technologies , or leveraging established solve complex technical problems & develop breakthrough Technological technologies in new ways innovations that require substantial research & development innovation (R&D) efforts • Require broad range of technical expertise across different • Require high level of technical expertise in specific specialized areas , such as software & web development, mobile app fields such as artificial intelligence (AI), machine learning (ML), Technical development, database management, UI/UX design, & other quantum computing, blockchain, robotics, biotechnology, or other expertise general-purpose technologies emerging technologies • Operate in more established markets which results in lower • Require substantial capital investment to support their R&D risks & uncertainties compared to DeepTech startups, leading efforts, prototyping, testing, & commercialization efforts to reduced capital requirements Capital • Require significant IP protection to safeguard their competitive • Rely more on execution, branding, user experience, or other advantage which can be expensive & time-consuming, & may requirements competitive advantages that are not as heavily reliant on IP increase the capital requirements for DeepTech startups protection • • Focus on quicker product iterations or improvements as • Often require significant time & resources to develop & compared to DeepTech start-ups commercialize their technologies Development • R&D process can involve years of scientific research , prototyping, timelines testing, & navigating regulatory approvals & compliance requirements • Lower technological risks because of use of established • Often operate in high-risk environments due to the uncertainty Development technologies or existing tools & platforms associated with developing & commercializing cutting-edge timelines technologies Source(s): Media publications, MIT knowledgebase, 1Lattice analysis © 1Lattice | 08 Success factors DeepTech startups are problem-oriented, use multiple technologies, combine digital & physical innovations & typically work in a complex ecosystem Problem Multiple Physical Ecosystem oriented technologies footprint • Problem-focused approach • Ventures combine multiple • Ventures look to combine • Ventures work within a complex centered around solving technologies to create a digital & physical ecosystem of partner firms, real-world issues holistic solution to issues at innovations to provide readily venture capital firms, Description hand implementable real-world universities & governments • Solutions built around solutions existing problems • 97% of DeepTech ventures • 96% of DeepTech ventures • 83% of DeepTech ventures • 1.5K universities & research contribute to at least one use at least two technologies engaged in building physical labs involved in DeepTech United Nations sustainable products Market • Proposed launch of Digital development goal (UN-SDG) evidence India Innovation Fund by Indian Government in CY23 to support DeepTech startups • Commonwealth Fusion • AgNext, an agri-tech based • MIT runs a DeepTechnology • Ginkgo Bioworks, a Systems, a nuclear DeepTech firm combines AI boot camp to enable students biotechnology venture tacked fusion-based energy venture technology with various & professionals to better enter the harmful environmental developed strengths in physical sensors & & engage with the DeepTech effects of nitrogen fertilizer by material & data science assessment tools to assess space utilizing existing nitrogen in the enabling faster & more food value chains • SmartThings – a smart home air through nitrogen fixation efficient development • Carbon Lighthouse uses a automation DeepTech startup • Blue River Technology’s Example • Waymo, a autonomous combination of advanced integrates IoT devices, a hub, flagship product, "See & Spray," vehicles startup, combines AI, sensors, real-time data cloud infrastructure, a control uses ML algorithms & cameras ML, computer vision, sensor analytics, & machine learning center, & mobile apps to to precisely target & spray fusion, deep neural networks, algorithms to create a simplify management, herbicides only on weeds, high-definition mapping, & comprehensive automates routines, thereby reducing chemical usage & robotics to develop safe & understanding of a building’s enhancing convenience, promoting sustainable farming efficient self-driving cars energy usage & comfort, & security in smart practices environmental conditions homes Source(s): Media reports, research reports, company websites, 1Lattice analysis © 1Lattice | 09 Levels of DeepTech The scope of DeepTech innovations can be classified as the degree of its added value, impact, complexity & time to scale Tech System System System of system transformation substitution upgradation transformation • Involves incremental • Involves upgrade of existing • Involves altering or changing • Involves complete overhaul of upgrades or replacements systems & processes a system or process an existing system or process Definition • Generally, requires policy intervention • Few ways of tech substitution- • Few types of upgrading- • Key aspects of system • Key aspects of system of transformation- system transformation- Added value, - Hardware, software, data, - Hardware, software, data, functionality methodology, infrastructure algorithm, infrastructure, - Rethinking goal & vision, - Architecture & design, data integration redesigning infrastructure integration & analytics, & efficiency & processes resilience & security • Product or product line • Product or product line • Product line or organization • Region or nation wide Scale of wide impact Complexity • 5-20 years • >20 years Time to scale • Replacing a solid state • Adding sensors to vehicles to • Constructing a charging • Electrifying the entire battery with newer materials, detect nearby objects while network for electrical automotive sector in a region, to improve safety, energy driving, enhancing the vehicles increasing the value increasing the efficiency of the density & cost functionality of the vehicle of existing electric automotive transportation in Examples automotive transportation for the region • Adding solar panels to manufacturers & its buildings to utilize solar energy, customers enhancing the functionality & real estate value Impact, complexity & added value Time to scale Low High Low High Source(s): Media reports, research reports, company websites, 1Lattice analysis © 1Lattice | 10 Benefits of DeepTech to economy DeepTech startups are playing a crucial role in creating jobs, managing data, natural resources & labor, ensuring traceability, & strengthening startup ecosystem Resource management • Use of DeepTech to harness information about groundwater, oil, gas, etc., & manage resources effectively • Subsequent DeepTech-based resource planning can be carried out for addressing capacity planning, consumption or any other contingency-related issue Transparency & traceability Meta data management • DeepTech plays a crucial role in • Use of advanced technologies such as securing country’s data sovereignty blockchain to manage supply chain of by actively working towards preventing essential goods data breaches • DeepTech can provide access to • Technologies such as AI can speed up information about products across governance processes , consequently their lifecycle which could assist saving time & money for institutions / customers while making informed organizations purchase decision Strengthening Job creation & start-up ecosystem labor management • DeepTech creating disruptive • DeepTech start-ups require highly technologies that can make India skilled professionals leading to new more competitive on global stage job opportunities in areas such as artificial intelligence, robotics, - These start-ups are creating new cybersecurity, & data analytics products & services that can transform various industries, • DeepTech has led to an increase in including healthcare, agriculture, workforce automation leading to & transportation better output per worker at multiple levels Source(s): Media articles, NASSCOM Tech Start-up Report 2022, 1Lattice analysis © 1Lattice | 11 DeepTech growth drivers Increased adoption & investments, patentable & consumer centric solutions, & faster commercialization are the primary factors driving growth in DeepTech space Increasing sector Increasing sector Consumer-centric Patentable Increasing Faster adoption adoption solutions solutions investments commercialization • Various previously • 3x increase in • ~70% of DeepTech • 270+ unique Deep • Steady shift in the untapped sectors DeepTech ventures have filed Tech start-ups traditional Deep adopting Deep adoption by for at least one raised US$ 2.7B in Tech model’s Technologies such startups in 25 B2C patent globally India in 2021 emphasis on long as : sectors in India R&D timelines & • ~12% CAGR in - 23% of which slow - Environment • Most prevalent patent filings from being B2C in commercialization tech sectors being DeepTech firms nature to go to market BFSI*, HealthTech, between 2010-17 - Aviation • SCM** & logistics, times EdTech, & fitness globally HealthTech & BFSI - Maritime & & wellness in India • Prominent Deep • Highest patent are the sectors defense Tech startups such - Accounts for filings in the with the highest - Life sciences as IndieBio & 57% of Deep advanced received funding MycoWorks have Tech ventures materials space entered founded (~75%) globally commercial between partnerships early 2020-21 in their funding cycle Note(s): *Banking, financial services, & insurance, **Supply chain management © 1Lattice | 12 Source(s): NASSCOM Tech Start-up Report 2022, Venture capital journal, 1Lattice analysis Challenges faced by DeepTech startups Longer time to market, high level of capital intensity & high technological risks are some of the key challenges faced by DeepTech start-ups in India Time to market Talent search • Longer time to market due to lengthy research & • Limited hiring options due to lesser availability of personnel development phase with the required skills & expertise in specialized field • Longer product development time as it takes longer to find • High competition from larger companies due to inability to offer right workforce with necessary skills competitive compensation • Hard to identify the right market & customer base , delaying • Lack of financial resources to hire the right talent resulting in the time it takes to bring a product to market low-quality hires Capital intensity Regulatory framework • High level of capital intensity results from both expensive • Start-ups need to comply with several regulations related to infrastructure & need to develop products over long periods data protection , privacy, security, & other legal requirements of time which can be taxing for startups with limited resources • Early experimentation & prototyping often rely on specific & • Limited availability of adequate infrastructure such as costly equipment (such as a DNA sequencing machine) high-speed internet, cloud computing, etc. required by DeepTech startups to develop their products & services • Costly testing & scaling processes Technology risk Intellectual Property rights • Use of technologies at a low technology readiness level • Patent thickets limit the freedom to operate, & hinder development & commercialization of DeepTech innovations • Lack of confidence in highly complex technology • Meeting the patentability & novelty requirements can be • Lack of sufficient demand from customers for highly challenging as startups need to prove their technology being expensive technology novel, non-obvious, while having industrial applicability • May face compatibility issues when integrating their • Enforcing & managing IP* rights over international markets add technology with existing systems or infrastructure complexity Note(s): *Intellectual Property © 1Lattice | 13 Source(s): Research articles, Media reports, 1Lattice analysis Key enablers of DeepTech ecosystem Academia, government, investors & corporates are the key stakeholders boosting DeepTech startup ecosystem in India Academia Government Investors Corporates • Collaborations with academic • Government acts as a significant • Investors play a critical role in • Corporations establish innovation researchers can provide Deep ecosystem enabler for DeepTech, DeepTech startups ecosystem by programs supporting the Tech companies with access to providing funding, regulatory providing funding, mentorship, development of DeepTech resources, expertise, support, infrastructure, & other industry connections, market solutions & partner with Deep infrastructure, etc. & help them critical resources that support access, & risk tolerance to Deep Tech startups to co-develop & accelerate their research & innovation & economic growth Tech startups & entrepreneurs commercialize new technologies development efforts - National Supercomputing - Sequoia Capital India invested - Intel India Maker Lab helps - Research partnership Mission ( NSM ), an initiative in Pravaig Dynamics , a DeepTech startups to between IIT Kanpur & GE launched by the government developer of electric vehicles, develop prototypes & test Global Research to develop to provide high-performance & Embibe , an AI-powered their products using Intel’s DeepTech solutions for the computing infrastructure to education platform technology energy sector support DeepTech R&D - Nexus Venture Partners - Microsoft for Startups , a initiatives - Joint initiative between Indian invested in Arya.ai , an program that aims to help School Of Business (ISB) & - National Programme on AI-based deep learning startups build scalable Microsoft to provide Advanced Manufacturing platform, solutions using Microsoft’s mentoring, training, & funding ( NPAM ) initiative to promote Azure cloud computing - Orios Venture Partners opportunities to DeepTech the adoption of advanced platform invested in Signzy , a digital startups manufacturing technologies, onboarding platform for including robotics, - Collaboration between IIT financial services automation, & AI Bombay & Intel India focusing on AI & ML, with a targeted focus on applications in healthcare & transportation Source(s): NASSCOM Tech Start-up Report 2022, media reports, 1Lattice analysis © 1Lattice | 14 Initiatives by the Government Government has taken several initiatives to promote the adoption of DeepTech & create a conducive environment for their development Blockchain • MeitY* initiated a project focusing on developing a National Blockchain Framework (NBF) which is a shared blockchain infrastructure & offering as a service ( BaaS ) • MeitY supported a project Distributed Center of Excellence in Blockchain Technology which aims to create blockchain-based POCs for multiple domains Artificial Intelligence • AIRAWAT , an AI-specific Cloud Computing infrastructure, which will be set up by NITI Aayog focusing on R&D to help businesses & governance use cases • NITI Aayog has established National Program on AI, focusing on R&D in emerging technologies Drones • Drone Rules 2021 , published by the Ministry of Civil Aviation aims to provide a framework for the drone ecosystem & make India the drone hub by 2030 - Platforms like Digital Sky will focus on the registration & licensing of drones • Seeing opportunities in the future, government wants to enable it with a liberalized drone policy Cybersecurity • MeitY has launched the Cyber S urakshit Bharat initiative with an aim to strengthen the cybersecurity ecosystem in India & following the Government’s vision of a “digital India” • Approval of the Personal Data Protection Bill by the Union government to protect Indian users from global breaches, which focuses on data localization Quantum computing • Indian government established collaborations with international organizations & companies to promote the development of quantum computing in India - DST** has signed a Memorandum of Understanding with IBM to establish a quantum computing education & research initiative in India Note(s): * Ministry of Electronics & Information Technology, ** Department of Science & Technology © 1Lattice | 15 Source(s): NASSCOM Tech Start-up Report 2022, 1Lattice analysis Key application areas of DeepTech Application of DeepTech is spreading across various industries & is being used for different purposes Healthcare & Biotechnology Education & EdTech • Advancements in genomics, personalized medicine, drug discovery, • Helps in enabling more effective & engaging learning experiences medical imaging, diagnostics, & telemedicine leading to revolutionized • Aims to transform the education sector through personalized learning healthcare industry & improved patient outcome platforms, adaptive learning systems, virtual reality (VR) & augmented • Includes areas such as precision medicine, bioinformatics, reality (AR) applications, & AI-powered educational tools gene-editing, regenerative medicine , & AI-powered healthcare systems Energy & Sustainability Financial services • Helps in development of sustainable energy • Innovations help in improving security, solutions & addressing climate change transparency, & efficiency in financial transactions • Includes areas such as renewable energy • Aims to optimize the process of algorithmic trading, technologies (solar, wind, hydro), energy storage risk assessment, fraud detection, robo-advisory (batteries, fuel cells), smart grids, carbon services, blockchain technology, & digital Key capture & storage, & energy efficiency currencies application areas of Agriculture & Food Technology Materials science & Nano-technology DeepTech • Helps to increase crop yields, optimize resource • Innovation in materials science & nanotechnology usage, & improve food safety by the development of new materials with enhanced properties , such as strength, • Aims at transforming the agricultural sector conductivity, flexibility, & self-healing capabilities through precision farming, remote sensing, IoT-enabled smart farming, vertical farming, genetic • Such materials find applications in various engineering, & food processing technologies industries, including electronics, healthcare, construction, & aerospace Manufacturing & Industrial Automation Transportation & Logistics Transportation & Logistics • Enables improved efficiency, product quality, customization, & • Aims to improve safety, efficiency , & sustainability in the movement cost-effectiveness in industries such as automotive, aerospace, of goods & people electronics, & consumer goods • Drives innovation in transportation & logistics through autonomous • Helps in enhanced manufacturing processes through robotics, vehicles, smart transportation systems, route optimization, predictive automation, 3D printing, IoT, & predictive maintenance maintenance, & drone delivery Source(s): Economic Times, SaasWorthy, 1Lattice analysis © 1Lattice | 16 Agenda Overview DeepTech landscape & market Future of DeepTech startups Recommendations Case studies Comp Landscape of DeepTech startups India DeepTech startups in India are driving innovation across AI, blockchain, drones, big data, IoT, cybersecurity, web 3.0, & robotics to create a smarter future Technologies Use case / products Artificial Intelligence Blockchain Drones Cyber security Internet of Things Big Data & Analytics Web 3.0 Robotics Source(s): Media articles, NASSCOM Tech Start-up Report 2022, 1Lattice analysis © 1Lattice | 18 Comp Landscape of DeepTech startups ROW DeepTech startups across AI, blockchain, drones, big data, IoT, cybersecurity, web 3.0, & robotics to drive technological advancement & create new opportunities Technologies Use case / products Artificial Intelligence Blockchain Drones Cyber security Internet of Things Big Data & Analytics Web 3.0 Robotics Source(s): Media articles, company websites, 1Lattice analysis © 1Lattice | 19 DeepTech: Current markets IoT & sensors is the leading product globally; Healthcare is the leading industry served globally Technologies Technologies Technologies Technologies Products / Use case Products / Use case Products / Use case Products / Use case Drones New materials & IoT AI & Data Biotechnology AR / VR nanotechnology & robotics & sensors Healthcare Agriculture Consumer products & services Automotive & transportation Energy & utilities Manufacturing & construction Financial Food & beverage Environment & water Mobile & telecommunications Retail Aerospace & airline services Source(s): Media reports, research reports, company websites, 1Lattice analysis © 1Lattice | 20 Competitive landscape: India Examples of DeepTech players by technology, & by use case / products in India Specific operation Specific operation Deep Tech players DeepTech players Line of operation Line of operation • AI-powered agricultural produce quality assessment & grading Intello Labs • Indian cryptocurrency exchange & wallet provider Unocoin • Indian cryptocurrency exchange with spot & futures trading Wazirx • Provider of Industrial Internet of Things (IoT) solutions & the Datonis platform for data Technologies Altizon monitoring & analysis • Wearable technology & smart sensor solutions SenseGiz • Automated cryptocurrency trading platform for algorithms Mudrex • Social media analytics & intelligence for businesses Germin8 • Manufacturer of unmanned aerial vehicles (UAVs) for defense & surveillance IdeaForge • Software platform for autonomous drone management & control Flytbase • Robotics company specializing in warehouse automation solutions GreyOrange Use cases • Container security solutions for protecting applications DeepFence /Products • Digital security solutions provider for businesses Uniken • Platform connecting developers with open-source projects Gitcoin • Robotic solutions for healthcare industry applications Accio Robotics Note(s): # Unnati, Farmley, Agrowave – Tracxn FY 2019 data, Ninjacart - Tracxn FY 2020 data © 1Lattice | 21 Source(s): AgriTech players websites & apps, 1Lattice analysis Competitive landscape: RoW Global examples of DeepTech players by technology, & by use case / products Specific operation DeepTech players Line of operation • Agri-tech company providing digital solutions for crop monitoring & farm management Cropin • Industrial AI & predictive analytics software for asset performance optimization UpTake • Cryptocurrency exchange platform for buying, selling, & storing digital assets Coinbase • Blockchain technology company offering Ethereum-based solutions & Consensys Technologies development tools • Multinational conglomerate operating in power, renewable energy, aviation, General Electric healthcare, etc. • Cloud communications & collaboration solutions for businesses RingCentral • Data enrichment & identity resolution platform leveraging public data People Data Labs • Technology company specializing in data management & analytics solutions Exxar • Provider of infrastructure monitoring & management solutions for data centers Voltela • Decentralized file storage & content management platform for blockchain applications Pinata Use cases • Blockchain data infrastructure platform for developers & enterprises Covalent /Products • Identity management & access control platform for secure authentication & Okta authorization Kawasaki • Manufacturer of industrial robots & automation systems Robotics • Global automation company offering sensing, control, & robotics solutions Omron Note(s): # Unnati, Farmley, Agrowave – Tracxn FY 2019 data, Ninjacart - Tracxn FY 2020 data © 1Lattice | 22 Source(s): AgriTech players websites & apps, 1Lattice analysis DeepTech: Emerging markets AI & cognitive algorithms is an emerging DeepTech product / service receiving highest interest from technology, retail & energy industries across the globe Types of emerging DeepTech products / services Technologies Products / Use case AI & cognitive Quantum Advanced 3D & universal Blockchain AR / VR Biotech algorithms computing materials printing Chemicals & other industries Pharmaceuticals & health Technology, media & telecommunications Real estate & hospitality Financial institutions & insurance Retail & consumer goods Transportation & infrastructure Energy & natural resources Interest level Source(s): Media reports, research reports, 1Lattice analysis Lower interest Higher interest © 1Lattice | 23 DeepTech: Market statistics ~3,000+ DeepTech startups were active in India in 2021; ~30% of these were EnterpriseTech; ~US$ 2.7B funding was raised by DeepTech startups in 2021 ~12% 3,000+ ~53% 28% 1,900+ Share of DeepTech Cumulative Enterprise tech AI-based DeepTech Total DeepTech startups in the growth of Deep DeepTech startups in India, start-ups in India overall startup Tech startups in startups, highest highest across all ecosystem the last 10 years among all sectors industries 78% US$ 2.7B 30+ 60% Total funding Share of DeepTech startups raised by Indian M&A deals in acquirees from focused on B2B DeepTech 2021 Enterprise tech business model startups in 2021 & BFSI sectors Source(s): Media articles, NASSCOM Tech Start-up Report 2022, 1Lattice analysis © 1Lattice | 24 Agenda Overview DeepTech landscape & market Future of DeepTech startups Recommendations Case studies DeepTech focus areas Focus of DeepTech lies at the intersection of market demand, global needs & DeepTech capabilities Factors determining focus areas Focus areas Healthcare • Adoption of AI to assist & accelerate drug development by ventures such as Insilico Medicine • Adoption of AI to assist with personal diagnosis accounting for patient’s genetics, disease characteristics, medical history, etc. by ventures such as PreComb Therapeutics DeepTech • Adoption of AI to assist with detection of ailments by ventures such as Nirami’s non-invasive thermal imaging to detect breast cancer with the assistance of AI Climate change • Need for zero-carbon electricity generation , being done by Oklo, an energy Focus venture building a compact nuclear reactor fueled by existing nuclear waste areas • Need for control of existing carbon emissions , being done by Carbon Cure’s Market carbon removal technology which injects CO into concrete 2 demand • Need to develop low carbon alternatives to existing industries, being done by Airbus’s quantum computing center to research low carbon air travel Solving global challenges Food sustainability • Need for development of alternatives to animal products , being done by Shiok Meats though usage of stem technology to grow meat from the muscles of shrimp or lobster • Need for better use of agricultural resources such as use of sensors to apply only required amounts of water, fertilizer, etc. Source(s): World Economic Forum, Dealroom, Tech in Asia, Media reports, 1Lattice analysis © 1Lattice | 26 Future trends in DeepTech market Quantum sensing & imaging, outer space exploration, human-machine collaboration, & converging technologies are few future trends in the DeepTech market Quantum sensing Exploration of Human-machine Convergence of Synthetic biology & imaging outer space collaboration echnologies & bioengineering • DeepTech to advance • DeepTech to help in • DeepTech to enable • DeepTech thrives to • DeepTech to drive the field of quantum exploration of space & more seamless converge multiple advancements in sensing & imaging , colonization in other collaboration between technologies such as synthetic biology & leading to planets humans & machines AI, robotics, bioengineering, breakthroughs in that would leverage nanotechnology, enabling the design & • Advancements in high-precision the strengths of both biotechnology, & IoT creation of new robotics, AI, & material measurements, organisms with science to enable the • Might lead to • Expected to lead to imaging at the specific functionalities development of advancements in breakthroughs in areas molecular scale, & autonomous natural language like personalized • Implications on enhanced medical spacecraft , processing, sentiment medicine, smart cities, biomanufacturing, diagnostics extraterrestrial analysis, chatbots, & precision agriculture,& pharmaceutical resource utilization , & virtual assistants advanced production, renewable the establishment of manufacturing energy, & sustainable habitats environmental sustainability Source(s): Economic Times, SaasWorthy, 1Lattice analysis © 1Lattice | 27 Growth strategies implemented by DeepTech startups Strategic collaboration & partnerships, niche market solutions, establishing test beds & a focused group of investors help a DeepTech startup grow & succeed • DeepTech ventures in India receive support from • Investment by firms in deep-tech startups provides government programs such as clean energy research support & pushes growth initiative, Atal innovation mission , sustainable finance • 30+ mergers & acquisitions in 2021 scheme, etc. • Investment of ~US$ 132M into Addverb, a robotics firm • Government initiatives such as Telangana government’s for a 54% stake by Reliance to support its business “ Medicine from the sky ’ program for drone delivery of expansion plan pharmaceuticals • DeepTech startups access new markets, tap into local • Targeting niche markets lead to rapid growth & scalability customer bases , & gain a competitive edge by forming due to less competition, strong market position & global partnership premium price for unique solutions • Opportunity to share knowledge, exchange best practices, • For e.g.,Spyne is an AI-powered software solution tool collaborate R&D efforts, leverage existing infrastructure & offers image editing features & virtual tour creation distribution channels leads to increased market services to automotive dealerships & businesses penetration • Test beds offer DeepTech startups a controlled & • Industry expertise, access to networks & partnerships, collaborative environment to showcase their alignment of vision & goals, financial support provided by technologies helping them to build a strong foundation for investors significantly contribute to the success & successful commercialization & market adoption of their acceleration of DeepTech startups DeepTech innovations • Blume ventures supports GreyOrange in every funding • Maruti Suzuki winning the MAIL program helped them round; Continuous growth of a startup results from regular raise their first round of funding investment & trust from a reliable partner & investor Source(s): Media articles, NASSCOM Tech Start-up Report 2022, 1Lattice analysis © 1Lattice | 28 Agenda Overview DeepTech landscape & market Future of DeepTech startups Recommendations Case studies Recommendations for a DeepTech startup Problem identification along with building a strong tech team are key recommendations for DeepTech startups to succeed & stabilize in the market Problem Set up of a strong Protection of Early validation Development of Embracement of identification technical team Intellectual & proof-of- strong network agility & iterations Property concept testing • Identification of a • Strong • Protection of • Proto-typing & • Building • Embracing significant technical team the intellectual proof-of-concep relationships agility, iterating problem or an foundation property (IP) t testing helps in with key technology & opportunity possessing early on to validating the stakeholders by business model where DeepTech necessary establish a technology & attending based on can make a expertise to competitive the concept industry feedback & significant develop & advantage & before scaling conferences, market insights impact is implement Deep prevent others up the business joining relevant is necessary to important Tech solutions is from copying or professional remain • Determines important replicating the associations, & competitive in • DeepTech feasibility, technology is engaging in the market startups often • A diverse team efficacy, & required networking thrive when they with potential impact • Being activities is address complementary • Legal experts of the adaptable, essential real-world skills bring can help technology in responsive to challenges or tap different navigate the IP real-world • Helps to expand changes, into emerging perspectives & landscape & scenarios the network & continuously opportunities contribute to ensure proper stay updated on learning & innovative protection industry trends refining the problem-solving approach leads to success of the startup • Source(s): Media articles, NASSCOM Tech Start-up Report 2022, 1Lattice analysis © 1Lattice | 30 Agenda Overview DeepTech landscape & market Future of DeepTech startups Recommendations Case studies Case study-DeepTech in FinTech iCapital is a B2B FinTech company providing technology-driven solutions provider for wealth management firms, financial advisors & individuals Offerings Inception Headquarters Total funding Solution for wealth management firms, 2013 New York US$ 670M financial advisors,& individuals Key digital solutions Overview Feature Offering Feature Offering • Online investment platform connecting • A FinTech platform providing access to • ML & AI techniques leveraged to investors, & registered investment alternative investments enhance various aspects of their advisors Machine platform including algorithmic analysis of • Serves as a technology-driven solution Investment investment data, personalized • Platform facilitates the end-to-end Learning provider for wealth management firms, Platf orm investment recommendations, risk investment process , from browsing & AI financial advisors, & high-net-worth assessment models, & fraud detection investment options to executing individuals, offering a streamlined & systems transactions efficient way to invest in private equity, • Enables efficient onboarding of new hedge funds, & other alternative assets • Investors are provided with portfolio investors onto the platform • Platform acts as a marketplace , monitoring tools & reporting capabilities Digital • Through digital interfaces & streamlined connecting investors with a curated Portfolio • Technology aggregates investment data Investor processes, investors can create selection of investment opportunities from Monitoring & performance metrics, allowing accounts, complete necessary Onboarding top-tier fund managers investors to track the progress & & Reporting documentation, & undergo verification performance of their alternative processes investments Business expansion • Advanced analytics algorithms utilized to • Seamless integration with partner Data Integration process & analyze data, providing • Acquired 11 companies in systems, including those used by investors with insights , performance Analytics with Partner registered investment advisors & wealth last 10 years with UBS Fund metrics, & customized reporting Systems management firms Advisor being its latest Due • Technology-driven due diligence acquisition • Automation of various workflows within process evaluates factors such as fund Diligence & Workflow their platform, reducing manual tasks & track records, investment strategies, risk fund Automation improving operational efficiency management, & operational infrastructure selection Key competitors • Application Programming Interfaces (APIs) • Company leverages cloud computing utilized to integrate with third-party infrastructure to host & manage their systems platform Cloud Infra- API • Enable seamless data exchange & • Cloud services provide scalability, structure Integrations interoperability between different flexibility, & high availability of data systems, streamline processes & enhance allowing efficient operations user experience Source(s): Company website, Startup Talky, 1Lattice analysis © 1Lattice | 32 Case study-DeepTech in manufacturing General Electric (GE) has a rich history of innovation & manufacturing excellence led by the continuous integration of digital technologies Offerings Inception Headquarters Total revenue Manufacturing & industrial solution 1892 United States US$ 76.5B provider in various sectors Key digital solutions Key digital solutions Overview Overview Feature Offering Feature Offering • A prominent manufacturer of a wide range • Utilization of 3D printing techniques to of products, including power generation Additive produce complex parts, prototypes, & • Use of advanced materials & Advanced equipment, aircraft engines, locomotives, components for various industries composites in their manufacturing Manufact- medical imaging devices, appliances, Materials & processes, offering enhanced • Allows improved design flexibility, uring (3D lighting, & more strength, durability, & weight reduced material waste, & faster Composites Printing) reduction • Integrates digital technologies into their production times products & services to optimize performance & provide data-driven Digital • Utilization of sensors, alarms, • Automated systems & robots insights Manufact- connectivity, & data analytics to monitor employed for tasks such as assembly, Robotics & & optimize production processes which uring & inspection, & material handling with an improve efficiency, & enables Automation Business expansion Industrial aim to increase productivity, predictive maintenance IoT precision, & efficiency • Acquired 33 companies • Employment of advanced inspection & with Opus One Solutions • Leverage advanced data analytics & quality control technologies to ensure being its latest algorithms to optimize the supply Supply the high standards of their acquisition chain operations Quality manufactured products Chain • Company has spent over • Includes demand forecasting, inventory Control & Optimiz- • Includes non-destructive testing $ 28.71B for the management, logistics planning, & techniques, automated inspection Inspection ation acquisitions supplier relationship management systems, & advanced imaging technologies to detect defects & ensure product integrity Key competitors • Integrates energy-efficient practices & sustainability initiatives into their Energy • Includes the use of robotics, manufacturing operations Efficiency & computer numerical control (CNC) • Includes the adoption of energy-efficient machines, & advanced automation Sustain- Automation equipment, waste reduction, & systems to enhance precision, ability environmental sustainability programs productivity, & quality control Source(s): Company website, Startup Talky, 1Lattice analysis © 1Lattice | 33 Case study-DeepTech in material science & nanotechnology UbiQD, Inc. is a cleantech & an advanced materials company manufacturing harmless quantum Quantum dots are nanoscale dots (QDs) & nanocomposites cost effectively semiconductor particles that exhibit unique optical & electronic properties Offerings Inception Headquarters Total funding Inexpensive manufacture of low-hazard 2014 Los Alamos, USA US$ 10.2M quantum dots (QDs*) & nanocomposites Key digital / DeepTech solutions Overview Feature Offering Feature Offering • Luminescent greenhouse films improve • Produces low toxicity quantum dots at low • Develops & manufactures advanced photosynthetic efficiency by shifting UV cost with applications in safety, design, materials that incorporate quantum dots, AgriTech radiations, enhancing chlorophyll solar energy, lighting, security, & personal such as films, coatings, & inks Advanced absorption care enhance- • Integration of advanced materials into materials • Emits light in all directions, maximizing ment • Creates ideal conditions for reproducible various products & technologies to light absorption by lower leaves & nanomaterial production enhance performance, efficiency, & optimizing plant growth functionality • Awarded ‘ Best overall venture ’ at National Renewable Energy Laboratory industry • Sunlight harvesting window aids in • Committed to developing efficient power generation by absorbing growth forum in May 2023. Photovol- environmentally sustainable solutions sunlight without visual disruptions taic & Sustainable • Quantum dots designed are less-toxic & • Designed to fit into existing Key Investors electronic solutions environmentally friendly, making them manufacturing & installation practices, system suitable for a range of applications that these are seamlessly incorporated into • Nanosys & Keiretsu prioritize sustainability buildings of today & tomorrow Capital are the most • Quantum dot security ink offers a recent investors • Offers custom quantum dot unique optical signature that is development services to cater to specific Security • Company has raised recognizable & challenging to replicate application requirements enhance- ~$10.2M over 9 funding Customi- • Tunable Optical Properties allows for • Works closely with partners to develop rounds from 10 different zation ment a controlled & distinct optical signature tailored quantum dot solutions to wide investors for enhanced security range of industries & applications • Utilizes QDs to create optical filters & Key competitors • Ability of quantum dots to absorb & emit sensors with enhanced performance light efficiently helps in energy Optical & versatility. Energy harvesting systems filters & • Applied in fields such as spectroscopy, harvesting • Develop solutions for improved energy sensors imaging & sensing, enabling precise conversion & storage in solar cells & detection & measurement of various energy-efficient lighting substances & phenomena Note(s): *Quantum Dots © 1Lattice | 34 Source(s): Company website, Crunchbase, Media reports, 1Lattice analysis Case study-DeepTech in transportation & logistics Optibus harnesses the capabilities of machine learning & optimization algorithms to revolutionize the planning & operation of mass transportation Concept of integrating various transportation services into a single platform Offerings Inception Headquarters Total funding AI-enabled SaaS platform for planning 2014 Tel Aviv, Israel US$ 260M & operating public transportation Key digital solutions Key digital solutions Overview Overview Feature Offering Feature Offering • Optimizes routes considering factors • Supports integration with • Provides cloud-native solution powered Route Mobility-as such as passenger demand, traffic Mobility-as-a-Service platforms, by AI & advanced optimization algorithms optimiz- -a-service conditions & operational constraints facilitating seamless integration of driving efficiency, improving service quality, ation (MaaS) multiple modes of transportation & & reducing costs • Plans routes, minimizes travel time & integration offering travelers a unified & convenient improves service quality • Trusted by transportation agencies & mobility experience operators in over 2,000 cities worldwide • Promotes sustainable transportation & • Offers dynamic scheduling capabilities, • Leveraging machine learning & Dynamic Demand enhances efficiency & ridership allowing for real-time adjustments to historical data to predict passenger Scheduling forecasting routes & schedules based on live data demand patterns feeds • Helps operators to allocate resources Key Investors • Helps optimize operations & adapt to effectively, adjust service levels , & changing conditions on the go, ensuring proactively respond to changing demand • Volvo Group VC & Bessemer efficient service delivery Venture Partners are the • Offers comprehensive data analytics & Data • Utilizes AI algorithms to analyze vehicle most recent investors AI-powered reporting features, allowing operators to analytics & & equipment data, predicting predictive gain valuable insights • Company has raised ~$260M reporting maintenance needs & proactively mainten- over 6 funding rounds from 12 • Enables operators to analyze key scheduling maintenance activities ance different investors performance indicators, identify • Helps reduce downtime, increase fleet improvement areas, make data-driven reliability , & lower maintenance costs. decisions , & optimize resource allocation Key competitors • Assists in determining the optimal fleet Capacity • Enables operators to track vehicles , Real-time size & composition based on demand monitor performance, & make real-time planning monitoring patterns & operational requirements adjustments to maintain optimal level of & operations • Ensures efficient resource allocation & dispatching helps minimize costs while meeting • Enhances operational control & service demands responsiveness to unforeseen events Source(s): Company website, Crunchbase, 1Lattice analysis © 1Lattice | 35 Case study-DeepTech in Ed-Tech Embibe is AI & ML focused Ed-Tech platform which is backed by Reliance Industries (primary investor) Offerings Headquarters Founding year Total users Artificial intelligence-based Ed-Tech 2012 Bangalore, India ~14M solution provider Key digital solutions Key digital solutions Overview Overview Feature Offering Feature Offering • Artificial intelligence based Ed-Tech • Personalized test generation through • Natural language understanding platform with a focus on learning through AI enabled chatbot Personal- technology providing students with practice • Questions based on student’s l earning ised test personalized learning content to allow MEDHAS • Personalized feedback & guidance history generation them to achieve desired learning provided to students though AI enabled • Available in vernacular languages outcomes technologies • Utilizes machine learning & AI to optimize • Personalized & optimal learning path • Ability to solve mathematical word services using leaning patterns of Personal- Problem for each student basis their current problems in real time students solving ized knowledge , time duration, curriculum, • Assists students with step-by-step achieve- capabilities concepts, target exam & effort Investments & collaborations solutions ment required • Multiple investments by Reliance Industries • AI based doubt resolution for all totaling US$ 250M curriculum related queries of students • In-built neural machine translation Doubt • MoU signed with Goa to for 11 Indian languages • Achieved trough character or diagram Regional resolution make platform available recognition & validation with similar language • Each model able to translate to government & aided questions in data bank support academic English into various schools languages • Knowledge database with ~74,000 Key competitors nodes representing a discrete unit of Knowledge knowledge • AI enabled chatbot which answers classifi- • Proprietary MetaTags Ranker tool in student queries, assesses the Knowledge cation & student’s learning as per desired place to allow subject matter experts to Buddy tagging outcomes & translates questions into tag nodes to specific subjects, units, vernacular languages chapters, etc. Source(s): Company website, Media reports, 1Lattice analysis © 1Lattice | 36 Case study-DeepTech in Agriculture Intello Labs uses computer vision & AI to develop solutions for quality assessment & grading of agricultural produce Offerings Inception Headquarters Total funding Objective quality assessment & grading 2016 Gurugram, India US$ 16.5M solutions for agricultural produce using AI Key digital / DeepTech solutions Overview Feature Offering Feature Offering • An AgriTech startup that enables farmers, • Digital sorting solution to physically traders, & buyers to make i nformed segregate hard fruits & vegetables as • Buyer to seller matching based online decisions based on accurate & unbiased Param per color, size & visual defects marketplace for agriculture products Intello Sort quality assessments • Allows for segregation as per needs of • Leverages computer vision algorithms to growers, packers, aggregators, analyze images of agricultural produce & traders & retailers • Mobile app for agriculture producers assess various quality parameters such as • Automated packaging solution for allowing for supply chain optimization & size, shape, color, & defects fruits & vegetables adoption of standardized processes Intello • Eliminates subjective judgments & brings through AI aided workflow plans - 10x faster compared to manual objectivity to the grading process Track Intello Pack packing • Allows users to trace commodity Key Investors journey & get consistent quality • Packaged though vertical fill & seal technique • Agfunder & Avaana • AI enabled shelf monitoring solution • Automated sorting solution optimized Capital are the most • Allows users to ensure freshness of to handle soft fruits recent investors produce with hourly quality checks Intello • 360-degree integrated lighting & • Company has raised Intello fruit ShelfEye • Uses AI & data analytics to allow users camera solution to capture all ~$16.5M over 9 funding sort to optimize quality, customer surfaces of the fruit rounds from 11 different satisfaction & increase consistency investors • Allows for segregation basis size, color, weight & defects Key competitors • Allows for competitive benchmarking for Competition • Automated AI based grading solution users to better understand bench- Intello for nuts, spices & coffee grading performance relative to other marking grade • Grading done basis size, color, weight agribusinesses & volume Source(s): Company website, Media reports, Media reports 1Lattice analysis © 1Lattice | 37 Case study-DeepTech in UAS IdeaForge provides mapping & surveillance solutions using unmanned arial vehicles (UAVs) Offerings Founding year Headquarters Total funding Unmanned aircraft systems (UAS) for 2007 Mumbai, India ~US$ 47.2M mapping, security & surveillance purposes Key digital solutions Key digital solutions Overview Overview Feature Offering Feature Offering • Market leader in the UAS market with 6 • UAV based traffic monitoring system • UAV based land survey solutions to UAVs in IdeaForge’s product portfolio with features & benefits such as ensure accurate property mapping Land bottleneck identification, managing Traffic • UASs have applications in mapping, survey • Provides 3D models, digital elevation development work, investigation of monitoring security & surveillance models & digital terrain models accidents, incident response & • First player to develop & manufacture UAVs parking management with vertical landing & takeoff in India in 2009 • Aids the mining planning & execution • UAV based disaster management Disaster process by mapping the area, solution capable of monitoring Mining area manage- identifying hauling route optimization inaccessible disaster zones to aid planning & ment Investments & collaborations & ensuring the safety of workers search & rescue missions mapping through surveillance • UAV based solutions to monitor forest • Prominent investors & wildlife areas include Qualcomm • UAV based volumetric estimation Ventures, Infosys, • Aids in collecting accurate natural & services aimed at oil, gas & mining BlackStone & Celesta Forest & wildlife data including species industries Volumetric Capital wildlife population count • Results in faster decision making estimation • Assists in monitoring for illegal greater collection of information , activates such as unlawful improved productivity & improved deforestation or poaching worker safety Key competitors • UAV based solutions for site surveying • UAV based national borders Construct- & mapping prior to construction monitoring solution Border ion & real security • Allows for real time project monitoring • UAV capable of covering a range of estate & aids in identifying potential risks 2-15 Km Source(s): Company website, Media reports, 1Lattice analysis © 1Lattice | 38 Case study-DeepTech in 3D Printing Fabheads specializes in advanced manufacturing technologies, specifically in the field of composite materials & 3D printing Offerings Headquarters Inception Total Funding Robotic 3D printing solutions for fabrication 2015 Chennai, India ~US$ 1M of complex composite parts Key solutions Key digital solutions Applications/ Use cases Overview Overview Feature Offering Feature Offering • Lightweight automotive parts • Quick Proof of Concept (POC) or Minimum • Specializes in manufacturing of composites Viable Product (MVP) development • Carbon fiber body panels parts of automobiles, drones, robots, Auto • Rapid prototyping of product designs • Suspension components aviation etc. Prototyping • Iterative testing & refinement of product • Focuses significant resources on • Lightweight drone frames concepts developing better, more reliable, • Reinforced composite wings & fuselage automated fabrication technologies for • Combining multiple materials in the • Payload compartments Drones manufacturing process composites parts • Antenna enclosures Hybrid • Hybrid structures with a combination of • First company in Asia with in-house • Rapid prototyping of drone components carbon fiber, composites, & other Manufact- developed fiber 3D printing capabilities • Customized drone designs materials uring • Aerospace-grade carbon fiber • Enhanced performance & functionality Key Investors components through material combinations • Satellite parts • Scaling up production for large volumes • Rockstud Capital & Bliss • UAV (Unmanned Aerial Vehicle) Space / Mass • Streamlining manufacturing processes for Flow are the most recent structures efficient mass production Aviation Manufact- investors • Reinforced composite aircraft wings & uring • Consistent quality control & • Raised ~US$ 1M over 2 fuselage cost-effective production at scale funding rounds from 9 • Spacecraft fairing • Quick design & analysis assistance to different investors progress your product towards the • Lightweight robotic frames Design & fabrication stage • Carbon fiber arms & grippers CAD & FEA Key competitors Robotics • Utilizing Computer-Aided Design (CAD) & • Composite robot end-effectors Finite Element Analysis (FEA) techniques • Robotic exoskeleton components • Optimizing designs for efficient & • Carbon fiber tooling & molds Design For cost-effective manufacturing using • Reinforcement components for machinery composites Manufact- Industrial • Wear-resistant components uring • Collaborating on design review & providing • Tooling & fixtures recommendations for manufacturability Source(s): Company website, Crunchbase, Media reports, 1Lattice analysis © 1Lattice | 39 We are here for you Let us know how we can meet your business requirement? 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