WHAT IS DEEP TECH AND HOW DOES IT DEFINE OUR FUTURE?
Deep Technology: Definition, Use Cases & Perspectives. Part 2
Explain the phenomenon of deep tech, the core features of deep tech companies, and basic use cases of deep tech across different scopes.
Part 1 is here.
What Are the Examples of Deep Tech Enterprises & Startups?
While the characteristics of deep tech companies might seem a bit challenging to understand at first, it’s much easier to learn the potential of deep tech startups from real-world examples. Below you’ll find a list of deep tech ventures with a diverse industry focus.
- BorderPass (Malaysia) — an intelligent management project that leverages biometric data to enable automated and secure solutions for airports (check-in, boarding, etc). This venture has already been implemented across the market and is currently at the scaling-up stage.
- ViSenze (Singapore) — the world’s smartest product discovery platform that empowers visual search and image processing tools for online retailers across diverse fields. So far, the startup has raised over $34 million in Series C (2019) and intensively invested in partnership development with smartphone makers including Samsung, LG, and Huawei.
- Beit (EU) — a quantum computing software company that is targeted at developing and implementing novel quantum algorithms to create versatile and powerful software solutions for quantum computers.
- Helix (US) — a population genomics company with a core focus on empowering every person to improve their health outcomes and life through DNA. In other words, it enables healthcare organizations to accelerate the integration of genomic data into patient care and public health decision-making.
- Fundbox (US) — an AI-powered financial platform for small and mid-sized businesses that offer fast and intuitive access to business credit up to $150,000. Currently, Fundbox has enabled over 70,000 enterprises to launch successful and profitable businesses across a wide range of industries.
These are only a few examples of deep data companies that have already contributed to various industries or have a strong potential to change their development in the near future. Nevertheless, the application fields of deep technologies are not solely limited to the ones mentioned in the examples above.
Keep on reading to define the major fields of deep tech implementation!
Basic Use Cases for Deep Tech
Previously, you have discovered the definition of deep technology, the main features of deep tech companies, and some real-world examples. Now, let’s take a closer look at the major application options of deep tech across the five key industries.
A 2020 research by Boston Consulting Group found that every second deep tech startup is focused on the healthcare market. This impacted the development of a broad spectrum of fields, which include (but are not limited to):
- Cancer treatment
- AI diagnosis
- Consistent health indicators tracking
- Patient health information management
- Personalized treatment
All these advancements have already improved precision medicine, allowing doctors and scientists to create personalized, new tailor-made treatments based on health data and even simulate the treatment progress for faster and more efficient patient recovery.
Processing & Computing
Since the first computer was invented in 1946, the design and functionality of modern devices have undergone significant changes. Today, they can handle all the world’s current needs, from ordering food online to a deep analysis of big data. With deep tech, however, computers will be able to address more significant problems and areas.
One such solution, for instance, is quantum computing — a rapidly-emerging technology that harnesses the laws of quantum mechanics to solve problems too complex for classical computers (IBM). Simply put, that’s a powerful computing and processing solution that enables conducting a variety of complex calculations in a shorter time.
Food & AgriTech
With the current world’s population almost reaching 8 billion, the question of food insecurity becomes more acute these days. However, deep tech solutions have all the potential to significantly enhance farming practices by introducing more sustainable methods of food production.
For instance, promising startups within the target industry are now widely exploiting big data, blockchain, and biotech solutions to empower farming systems with predictive capabilities. Thus, farmers can analyze the soils, define the best crops for certain areas, and predict the yields and harvests with better efficiency for their businesses and society’s welfare.
Energy & Clean-Tech
Another essential area that requires optimization due to the increasing demand is the energy market. Deep tech companies can contribute to the research of the development of renewable sources, including hydropower, wind, and solar energy generation.
As an example, some of the most notable challenges which are currently in progress are battery advancement and cloud solutions implementation.
Another emerging challenge for deep tech, which is caused by an increasing population, is infrastructure development, maintenance, and optimization. This scope includes transport networks, housing, sewers, power plants and supplies, and other subjects of humanity’s good. Similarly, this also covers the aspect of reducing the environmental impact caused by disposable culture and consumerism.
What is more, the latest G20 insights highlight the increasing number of global pandemics in the upcoming years, which only highlights the importance of developing secure and sustainable infrastructure without sacrificing the quality of human life.
Within the target area, deep tech companies are concerned about collaborating with urban planners and ecologists to launch innovative technologies that can meet this challenge.
What are the Challenges for Deep Tech Today & in the Future?
The challenges of deep tech companies also differ from those of regular tech startups. As a rule, a large research and development cycle makes their projects more time and resource-consuming to set up.
Additionally, due to the considerable complexity of the addressed challenges, it becomes more difficult to secure the investments and showcase the potential of a certain idea that is to be explored. This vicious circle creates many problems in both the studying and development stages, which may end up in failure.Apart from funding difficulties and considerable resources required to launch the project development, the other challenges deep tech ventures need to overcome include the following:
- Difficulties in scaling up — mainly due to the limited budget and a vast number of development resources required;
- The need to push science boundaries — unlike the standard tech-based companies, deep tech enterprises are targeted at making a revolutionary breakthrough while addressing acute, large-scale challenges and issues;
- The need for reimagination — finding the best model to reshape processes or solve particular problems.
Despite these challenges, deep tech solutions still have an excellent perspective for future growth, with billions of investments raised for a variety of projects proving that. Advanced tech projects like sustainable batteries, surgical robots, satellite Internet access, agile robots, AI-powered platforms, and others are expected to make powerful revolutionary breakthroughs across many industries, thus, significantly enhancing mankind’s life quality.
As you can see, more and more mainstream companies and institutions are recognizing that solutions to big problems and the future of innovation lie in deep tech. That is why various deep-channel technologies such as AI, blockchain, machine learning, robotics, and many others have already transformed into the core tools for addressing significant problems, such as food insecurity, climate change, overpopulation, and more.
Since there are a considerable number of societal challenges to resolve, deep tech companies still need to develop many areas. Have you already got the deep tech project to embody into reality?
Feel free to contact Jelvix deep tech company and get your comprehensive assistance from a tech partner with years of experience and profound expertise today!
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Originally published at https://jelvix.com.