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AI报告摘要

Summary: The State of Defence Tech 2025

Core Content

The State of Defence Tech 2025 report provides an overview of the growth and development of the Defence, Security, and Resilience (DSR) sector in Europe and NATO countries. It highlights the increasing investment, key trends, and the role of specialized funds and military expertise in shaping the sector.

Main Points

1. Defence Tech Growth in Europe

In 2025, Defence VC funding in Europe reached $1.5B, marking the most active year ever for the sector.
NATO has also seen significant growth, with $9.1B in VC funding raised so far, 1.4x more than in 2024.
The EU 27 has grown notably, now accounting for 6.2% of total European VC funding in 2025.
Germany is the leading region in Europe for defence tech funding, both in absolute terms and as a percentage of overall VC funding.

2. Investor Ecosystem

The investor ecosystem has expanded significantly, with the number of unique investors active in at least one defence deal increasing 3.9x since 2019.
Defence specialist funds are becoming more prominent, participating in over one third of all defence rounds in 2025, nearly double the share from the previous year.
US investors dominate European defence tech funding, contributing 40-50% of the total, with mega rounds driving much of the growth.
Notable investors include NATO Innovation Fund (NIF), Project A, Expeditions Fund, ScaleWolf, Omnes Capital, and Keen Venture Partners.

3. Talent and Leadership

14% of C-level leaders in European defence tech startups have a military or MoD background.
26% of defence tech investors have military or defence ministry experience, compared to 12% in generalist funds.
AI x Defence is the most funded segment in European defence, driven by Helsing, while Robotics & autonomous systems attract the most rounds.
Military experience is increasingly valued in leadership roles, with a growing number of teams seeking leaders from armies and ministries of defence.

4. Key Sectors and Trends

Defence Tech is now attracting 4% of total European VC funding, up from 0.5-1% in 2020.
Quantum technology is a major focus, with over 160 VC-backed startups in Europe and $1.6B in funding.
Space is also a growing area, particularly in Earth Observation Satellites and In-Space Operations.
Drones and UAVs dominate investment in robotics and autonomous systems, with $541M in combined funding.
Defence expenditure in the EU is expected to reach 2.1% of GDP in 2025, surpassing the historical 2% NATO target, but still below the new 3.5% target.

5. Regional Hubs

Munich is the top city in Europe for defence tech VC funding, driven by Helsing.
London and Paris follow as major hubs.
Southern Europe also contributes, with Lisbon and Madrid making the top 10 list.
Four of the top ten hubs are in the UK, indicating a distributed defence tech scene.

6. Defence First vs. Defence Applications

Defence First companies focus exclusively on military use.
Defence Applications companies work across different segments, with defence as one of the key applications.

Key Information

Defence Tech is a deep tech sector that enhances military capability, protects critical infrastructure, and strengthens societal resilience.
AI x Defence is the most funded segment in Europe, while Robotics & autonomous systems have the most rounds.
Quantum is a key dual-use sector, with Europe leading in Quantum cryptography and computing.
Defence expenditure in the EU is expected to reach 2.1% of GDP in 2025, but still falls short of the 3.5% target.
Military or MoD experience is increasingly common among founders and C-level leaders in the sector.
Defence specialist funds are playing a growing role, with many new funds launched in the last three years, including ScaleWolf, Keen Venture Partners, and Darkstar.

Conclusion

The Defence Tech sector is experiencing rapid growth in Europe, driven by increased VC funding, a rising number of specialized investors, and a growing pool of talent with military or MoD backgrounds. While the US remains the dominant player in funding, the EU is catching up, particularly in quantum, space, and drone technology. The sector is expected to continue its upward trajectory as more capital flows in and more companies focus on military applications and dual-use technologies.

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