Out of more than 5,000 applicants from 128 countries around the world, four Hungarian startups have been recognized as “deep tech pioneers” at the Hello Tomorrow Global Challenge in Paris. Biopesticide (agricultural pesticides), ITMedicine (gynecological diagnostic tool), Lupfe (ultra-light generator for electric aircraft) and jFermi (low-cost mini bioreactor) will now move on to present at the Hello Tomorrow Global Summit March 12-13, 2020.
The deep tech sector has been growing in recent years. Given their focus on intensive R&D to answer various concerns of today, these startups typically need more time – and money – to deliver a product or service. But there has been more and more interest from the private sector, with investments in deep tech growing an average of 20 percent annually since 2014; 2018 saw close to $18 billion (HUF 5.5 trillion) invested in such businesses.
The four Hungarian startups chosen to move on to the semifinals in March will have the opportunity to present in front of some 1,100 corporate executives, nearly 1,000 researchers and scientific innovators, 250 leading investors and 150 international journalists. They will also be competing for the title of best in their given category.