“From Cost Factor to Value Creation”: How traide AI and PwC Germany are Rethinking Customs  

Anyone trading products internationally knows the problem: customs tariff classification is complex, prone to errors, and in many companies still a manual process with growing liability risk.

Berlin-based startup traide AI has developed an AI-powered platform that classifies customs tariff codes in seconds, provides legally defensible justifications, and automatically checks them against regulations. Since 2024, traide AI and PwC Germany have been combining AI technology with customs-law expertise. For HTGF, it’s a nice full-circle moment: traide AI is a portfolio company, and PwC Germany a long-standing fund investor. We spoke with Leonie Althaus, Co-Founder & CEO of traide AI, and Dr. Michael Tervooren, Partner at PwC Germany and Head of the Customs & International Trade team. 

How did the collaboration between traide AI and PwC Germany come about? 

Leonie Althaus: From the very beginning, we were very active on LinkedIn, sharing what we do at traide AI. This was still early on; we were maybe a year and a half old. Then Sarah from Michael’s team reached out to me and asked whether we could look at the platform together. That quite quickly turned into an in-person meeting in Hamburg. The special thing was that PwC Germany approached us, which we didn’t expect. And that they actually decided to work with us was a real vote of confidence for us as a young startup. 

Michael, would you like to add your perspective? 

Dr. Michael Tervooren: We regularly look at startups. Especially in customs and international trade, we’ve seen many approaches over the years: early tech solutions, shared-service-center models, and much more. What convinced us early about traide AI was that the technology and the domain-specific use case fit together in a very concrete way. That’s why we reached out, and we were quickly convinced. 

Where do clients currently feel the pinch when it comes to customs classification? 

Dr. Michael Tervooren: You can illustrate it with a simple example. A company with 10,000 goods would need to spend around 4,000 to 5,000 hours for full classification: researching product descriptions, applying the law, and then carrying out quality assurance. Manually, that’s simply not feasible. That’s exactly where the core problem lies, and exactly why the approach of AI-supported classification is so interesting. 

Leonie, how do you explain to an SME what traide AI does? 

Leonie Althaus: We like to say: we clean up customs master data. We give companies the ability to do this efficiently, but above all, securely. Sure, especially for SMEs, efficiency matters. Getting faster is always important. But above all, we lead with the compliance argument. And I think in the last two or three years, most managers have realized how important legally defensible processing is. That’s where we really add value. We help companies legally de-risk on the trade compliance side. 

Michael, what changes concretely for customs teams when AI supports the work? 

Dr. Michael Tervooren: First you need to understand how central the customs tariff code is, because it affects far more than customs duties themselves. It can be relevant for topics such as CBAM, the deforestation regulation, the applicable VAT rate, or first indications for export controls. The tariff code is therefore a hub from which many regulatory threads run. 

The time gained through AI relieves companies significantly, especially now, when everyone is looking at resources and efficiency. In the end, however, what stands out most is better compliance, and in both directions. It’s not only incorrect tariff codes that are identified and need to be corrected, but also those for which a more favorable classification would have been legally eligible. Classification is one of the three central audit points in every customs audit. Anyone who can demonstrate that they have this under control has a clear advantage. 

From when does it make sense to use AI in customs classification? Is there a rule of thumb? 

Leonie Althaus: Not for every team, but in general I would say: from a product catalog of around 10,000 products, using AI makes sense. Below that, you’re a bit like using a sledgehammer to crack a nut. But it also depends on how critical the goods are. We work a lot in industries with highly critical products, such as medical technology, pharma, and automotive, where there are particularly many implications attached: the deforestation regulation, the Carbon Border Adjustment Mechanism (CBAM), export control. There I’d say it’s worth it already from 5,000 products. In the consumer goods sector, where a lot is less regulated, you can often get by with manual processing for longer. But on average, we work with most customers from 10,000 products in the catalog, and upward there’s no limit. There are companies with up to 10 million items. 

How is the customs department changing through AI, and what role will humans play in the future? 

Dr. Michael Tervooren: A difficult question, because we’re experiencing a real technology booster right now, especially with regard to AI. Still, two things can be predicted. Humans will continue to play a central role. AI supports specialist decisions, but it won’t fully replace them, among other reasons, for legal reasons. And there will be much more transparency. I still remember the introduction of ATLAS Export, i.e., the electronic export declaration. Since then, digitization in the customs environment has made enormous progress. This transparency enables companies to act instead of just reacting. In the past, you would find something in an audit and then have to fix it afterwards. Acting proactively used to be very difficult. 

Leonie, what’s your view on that? 

Leonie Althaus: One hundred percent. We see exactly this shift: away from purely operational “firefighting,” similar to how it used to be in accounting, toward an auditing and strategically impactful department. Precisely because so much is happening geopolitically right now, a department that was previously seen as a value drain can, for the first time, really act as value-creating. That was hardly possible before. Teams were operationally overloaded, and the topic often lacked relevance. That has changed; press coverage over recent years has certainly contributed. The view of the customs department is changing: away from a pure problem area, toward a function that actively helps the business run better. 

Dr. Michael Tervooren: Exactly. Customs is now no longer seen only as a tax collection mechanism, but as a political instrument. Since more recent trade-policy developments, especially the U.S. tariff measures of recent years, the topic has received much more attention at C-level, as Leonie says, than it had in previous years. 

Where is the collaboration heading next? 

Leonie Althaus: What we’re pushing particularly strongly right now, and what Michael insisted on from the start, is export control. In international trade, you distinguish between customs law and export control law, and at traide AI we’ve so far focused strongly on customs law. Since January, we’ve been live with our export control tool, traide Export, with a lot of specialist support from PwC. This is an area where the consequences of errors reach a completely different order of magnitude than in customs law and where the market has been waiting an extremely long time for a solution. 

Dr. Michael Tervooren: In this area, we currently see comparatively few integrated solutions that combine domain expertise and technological scalability. From our perspective, that is a key differentiating factor. 

Leonie, what advice would you give other founders who are aiming for a partnership with an established player? 

Leonie Althaus: Back then, many people advised us against it. From today’s perspective, it was one of our best decisions. Two things are crucial in my view. First, you have to feel that you’re being seen on an equal footing, not just as a small startup, which you, in fact, are. Second, you really must understand the motivation the other side has for entering the partnership and keep checking that, because that motivation shifts over time. Both sides need to continuously derive value from it. 

What helped us a lot is that we agreed on exclusivity early on. People advised us against that. “Don’t do anything exclusive, too risky, stay broadly positioned.” But precisely showing your own commitment led to the other side showing commitment as well. In retrospect, I’m very glad we didn’t listen to anyone. 

And from your perspective, Michael: what does a startup need to bring to the table for such a collaboration to really work? 

Dr. Michael Tervooren: We review at least one startup per month. The market is very active. A few basics: first, you need a really good idea with a well-thought-through use case. That sounds banal, but this clarity is crucial. Then the technology must work in principle. Some teams are in a very early development phase. But for a collaboration it’s important that the technology is at least fundamentally robust. And the solution needs to be scalable. As advisors, we also look at the business case, because the solution has to be viable for our clients beyond individual one-off solutions. 

Those were the hard facts. At least as important is the human level: the willingness to truly engage with each other so that trust can emerge. We are working on technological applications in an environment where many detailed questions have not yet been fully mapped out, especially at the intersection of AI, customs law, and operational implementation. In these projects, there are always situations that have to be clarified together because they simply haven’t existed like this before. With traide AI, this collaboration works very well. 

From the schoolyard to a European EdTech champion

Interview with Daniel Zacharias, CEO and co-founder of Seven Education

What happens when two school pupils build an app for their own school – and it grows into one of Europe’s most ambitious EdTech companies? Daniel Zacharias lived exactly that story. In 2019, HTGF invested in Sdui, then a young startup from Koblenz aiming to bring digital infrastructure to schools. Today, the company operates under the name Seven Education and is active in over 20,000 schools across DACH and Spain — with a clear expansion trajectory. In this interview, Daniel talks about the origin of the idea, the strategy behind the buy-and-build expansion, what the “7 hours” are all about — and what advice he has for founders just starting out.

You started out as high school students with a ‘Jugend forscht’ project. Could you have imagined back then that you’d be building a European tech champion?

No, absolutely not. If someone had told me at 17 that we’d one day have even more than 10 employees, I would have thought that was completely crazy. You’re excited about building software that changes the lives of students, teachers, and parents at your own school. You don’t think that far ahead. You don’t think about it becoming a company or growing huge. You enjoy the process of building and founding without that in mind. And the dream grows over the years. Today we say we are an Education OS — the operating system for European educational institutions: from kindergarten to school to continuing professional education.

HTGF invested in 2019. What brought you together, and what did that partnership mean for you beyond the capital?

A huge compliment is due to HTGF: Maurice Kügler and Markus Kreßmann discovered us very early and saw our potential even before the pandemic. It was very bold to invest back then in an EdTech startup laying digital infrastructure in schools. We’re from Koblenz, not far from HTGF’s Bonn office. Maurice approached us. The first phase was relationship building, and then we realized: we want to raise capital to leverage the potential and grow faster. Since we already had a good relationship, concrete conversations started quickly. The time right after the investment was very valuable for us. Until then, we were good at building technology that solves problems. But we needed support: how do you turn this into a truly scalable company? That starts with structure, hiring, reporting structures — I’d say we laid a very solid foundation there for the scaling that followed in the years after.

You recently announced that you’ll be operating under the name Seven Education. What does the new name stand for?

It’s a fresh start. I’ve drafted a letter to the whole company – entitled ‘Day One’. We’d made seven acquisitions leading up to the rebranding, but that’s not the reason for the name. We wanted a new identity as a group. We are no longer a German startup, but a European platform. Yet at the very heart of this champion lies what connects all the companies we’ve brought into the group: we want to give time back to teachers, administrators and everyone who works hard in the education system – so that they have more time for what really matters.

What’s the significance of the number seven?

There’s a study from the 1960s that found schools in Europe back then had seven more hours per week available for teaching. Back then, you would have had to come to Koblenz by car or train for our interview instead of talking over Teams — that alone would have easily cost two extra hours. Think about it: despite all technological progress, the situation in schools has reversed — administrative systems cost educators more time today, not less. We want to change that. Giving back those seven hours per week — that’s our heartbeat.

What was your strategy for your acquisitions?

It’s a mix of everything, including technology – and the synergies of it all working together. We were a German company and wanted to expand into Europe. If you try to tap into markets entirely organically, it takes a very long time, especially in the education sector. You have to build up a track record, put together a local team – that’s tough. By expanding into new countries through M&As, we’ve received a massive boost there. But this is also closely tied to talent: through the acquisitions, we’ve brought incredibly good managers into the company – people I now see as co-founders, because we’re creating something new together.

Where do you still see opportunities for growth, and which technological innovations do you want to tackle next?

Firstly: Many people say you have to go to America and Asia to build large companies. But I believe Europe has incredible potential, and we’re very committed to it. We’re currently active in the DACH region and Spain, and we want to reach further countries – we’re staying firmly on course for expansion.

And secondly: I believe AI will change the way teachers work on a day-to-day basis. Education usually adopts technology much more slowly than other sectors. We want to be the partner for schools that helps them move forward into this AI era: both those who are enthusiastically leading the way and those who find it more challenging.

What’s your first impression when comparing markets – specifically Germany and the rest of Europe?

Schools across Europe are at similar stages, but have different priorities – what I call the ‘top-of-mind problem’. Their focus varies because they are shaped by different cultures. We’re seeing a trend where smaller countries are making faster progress. Switzerland is an absolute pioneer. But we want to meet every country where it stands.

What is your vision for the future?

I’m hoping for two things: firstly, that we get as close as possible to the seven-hour mark – five or six is realistic. Secondly, that we reach significantly more schools. Today there are more than 20,000 – we want to double that figure in 3–4 years. And I hope, for the whole start-up scene, that we can show: you can build a great company in Europe, in a challenging market. As young founders straight out of school, without any rational reasons why it should work – and still build a European champion. That’s very important to me personally.

What advice would you give to founders who are just starting out?

I used to always say: ‘Be brave.’ I still stand by that. But I also believe that starting a business is brutally tough. The journey has many ups and downs. That’s why I wish every founder a great deal of resilience. Everyone draws it from different sources – from their mission, but also from their surroundings. Not losing sight of the joy just because you’re working on an exciting idea: that’s important. It’s not a sprint, it’s a marathon. There will be deep valleys – but in the end, resilience makes all the difference. If you work disciplined and focused on the right things for long enough, your chances of success are significantly higher.

Thank you so much for your time and the great insights!

Rethinking Law: The AI That Does the Work

Interview with René Fergen, Co-Founder and CEO of JUPUS, and Max Bergmann, Investment Manager at HTGF

JUPUS has just raised 13 million euros, quadrupled its ARR last year, and processes more than 2,000 new cases every day – more than any single law firm in Europe. The Cologne-based startup has developed Europe’s first AI secretarial service for law firms: an AI that does not merely assist, but works autonomously. Behind it lies a structural problem that many underestimate – and a partnership that started with the very first conversation. We spoke with co-founder René Fergen and HTGF Investment Manager Max Bergmann about how it all came together – and what comes next.

René, why are law firms under so much pressure right now – and why can’t a job posting solve it?

René: More than 50 percent of the work in a law firm is not done by lawyers, but by legal assistants. And that profession is dying out. Over the past 30 years, the number of lawyers has tripled, while the number of newly trained legal assistants has fallen by more than 70 percent. In Berlin, 88 people started the training last year – for a city with more than 12,000 lawyers.

A job posting does not solve this, because there is no one left to apply. The result is that lawyers take on fewer cases, work more, and earn less – until running a firm is barely economically viable. In the future, someone will have to do this work, and it can no longer be people. That is exactly the gap we fill.

Max, how did you first come across René and Jannis – and what convinced you back then?

Max: We had an early conversation with René quite soon after he started. He is someone who, in a conversation, gives you the feeling that he truly understands his market. Shortly after, we received an introduction through an investor in our network – and at that point it was clear: this is worth looking at more closely.

What convinced us was the combination of team, market, and early traction. René understands the target group, and Jannis brings founding and exit experience as CTO. The early backing from the right people was also a strong signal – the chairman of the Legal Tech Association Germany and Felix Plog, formerly COO at Enpal, were already on board as angels. And the structural tailwind was clear: more and more lawyers, but a massive collapse in new legal assistants coming through.

René, why did you choose HTGF – what were you hoping for from this partnership, beyond the capital?

René: A key factor was HTGF’s broad network. Access to contacts, fellow founders, and potential partners saves an enormous amount of time at this stage and opens doors you would otherwise have to knock on one by one. On top of that, we wanted a partner who understands the German B2B market and shares the ambition.

“AI secretarial service” sounds ambitious – René, what actually happens when a law firm starts using JUPUS?

René: In concrete terms, the JUPUS AI takes over the work that a legal assistant would otherwise do – autonomously and around the clock. Calls are answered, clients are qualified, appointments are booked, files are created, documents are drafted, client communication is handled. The AI does not just assist – it executes tasks independently and delivers them ready to use.

For lawyers, that means more cases handled with the same team, without filling a role they cannot fill anyway. Clients do not buy us as software – they buy us as a replacement for staff they cannot find. Today, we work with more than 2,000 lawyers daily, processing more cases than any single law firm in Europe.

Global players are now announcing their own legal products. Does that worry you, René?

René: No, and the reason is data. A foundation model provider can deliver excellent general capabilities, even legal-adjacent features. What it does not have is real data from the day-to-day work of law firms. And that is precisely what determines whether an AI cannot just describe a task but execute it reliably.

We are building one of the largest legal datasets in Europe, with millions of real case records seen – the complete chain of action from hundreds and soon thousands of law firms. The more firms use JUPUS, the better the system gets. A generalist cannot close that gap on the side, because they simply do not have the data.

Max, how do you see the role of specialised solutions like JUPUS compared to the large generalist players?

Max: The market is showing that specialisation matters, especially in regulated industries. Generalist models can assist; specialised ones can act. Law firms operate under attorney-client privilege, GDPR, and professional conduct rules. Building for that is not a feature – it is the foundation. That takes years and real domain knowledge to get right, and it creates a moat that a generalist cannot replicate overnight. The big players entering the space validate the market. But depth wins it.

Max, you have backed JUPUS across Pre-Seed, Seed, and now Series A. What has changed along the way – what has impressed you?

Max: What has impressed me most is that René and the team have brought the same clarity and ambition across every round – it has not worn off, it has sharpened. They know exactly what they want and where they are going. And that clarity radiates outward.

You see it most clearly in the team they have built over the past year. People from Doctolib, DeepL, Google, and sevdesk – people with plenty of options – have consciously chosen JUPUS. That does not happen by chance. It is the result of a compelling vision that attracts and retains top talent.

René, what has working with Max and HTGF actually delivered – is there a moment you could point to?

René: The greatest value was not any single piece of advice, but the fact that Max brought the same clarity we had across all three rounds – and stayed calm in the moments that mattered most. He was always there when we needed him. He made connections that helped us enormously, for example in hiring. He never took the decision away from us, but he asked the right questions so we could decide faster and more clearly.

13 million euros – what exactly for, and where will JUPUS be in two years, René?

René: Scale the sales team, develop the product further, and defend the data advantage. We grew more than fourfold in 2025. Now we are accelerating. In two years, we want to be the clear market leader in Germany and have launched our European expansion.

Max, what does this round mean from an investor perspective – what does it say about the LegalTech market?

Max: It shows that the European LegalTech market has been underestimated for a long time – and that is changing now. The EU Data Act is breaking up the lock-in of legacy providers, and AI adoption in law firms is rising fast. In moments like this, the next ten years are decided.

The race is not over. In the legal market, data sovereignty is becoming a real differentiator: firms are increasingly aware of whose systems are processing their client data. A European provider has a structural advantage over US-based generalists – and specialised vertical AI players with proprietary data from real workflows are building a moat that no generalist can simply close.

What would you tell founders entering a regulated, risk-sensitive market like Legal, René?

René: In a regulated market, it is not the best technology that wins – it is the deepest understanding of the customer. Build for the real reality of your users, not for the demo. For us, that means radical simplicity for non-technical lawyers, because every layer of complexity is a reason not to switch. And move fast anyway. Regulation is not a reason to hesitate – it is often exactly the window in which a market reorganises itself.

What have you each learned – René as a founder, Max as an investor – that you wish you had known from the start?

Max: As an early-stage investor, you never have complete information – and you still have to decide. With JUPUS, it was team and market understanding that convinced us. Beyond that, I have learned how much availability matters: the greatest value often does not come from formal meetings, but from the conversations in between – when a quick read or a contact is needed right away.

René: The hardest part is not the technology, it is the clarity about what you deliberately do not build. Large clients will always come with requests for complex custom solutions. The question we always asked ourselves was: does this short-term revenue actually move us closer to our long-term vision, or does it extend the journey? The answer was almost always no. I wish I had understood earlier that fast, clean rejection is one of the most valuable skills a founder can have.

Thanks, René and Max, for the insights!

AgriTech Pitch Day 2026: Twelve Startups, One Clear Signal for the Future of Agriculture

AgriTech Pitch Day has become an institution in Germany’s agritech innovation landscape. This year, the event once again brought together more than 70 experts, investors, and founders to tackle some of agriculture’s most pressing challenges — and to find the bold ideas that could reshape the sector for decades to come.

Organised together with NBank Capital and Big Dutchman AG, and powered by partners Seedhouse and RootCamp, HTGF brought twelve startups to the stage across three focused pitch sessions: Biologics, Enabling Tech, and FoodTech.

Session 1: Biologics

The day opened with four startups working at the frontier of biological solutions for crop and livestock production:

• AegisBio – An Evonik spin-out with its first product entering registration trials, offering a scalable encapsulation system for bioactives that addresses the stability gap holding back biological crop protection in real field conditions.
• Cerryx GmbH – A precision biotic feed additive for livestock that boosts productivity, fights pathogens, and reduces enteric methane emissions by up to 50%.
• NoMaze – An AI platform for plant breeding that compresses 10-year development cycles down to one year and reduces costs by more than 70%.
• BIOPLANTIC GmbH – Biodegradable, microplastic-free coatings for seeds and fertilisers, engineered with AI to maximise performance at scale.

Between sessions, a high-calibre panel explored what it takes to drive systemic change in agriculture. André Drissler (AGRAVIS Raiffeisen AG), Konstantin Kahle (Big Dutchman), and Ingo Kloeckner (Leaps by Bayer) shared perspectives on industry transformation, the role of startups in large value chains, and the conditions that allow deep tech to move from the lab to the field — moderated by Dr. Nik Raupp from HTGF.

Session 2: Enabling Tech

The afternoon brought five startups presenting technology that makes farming smarter, more efficient, and more sustainable:

• Ant Robotics GmbH – Modular outdoor robotics for fruit and vegetable farming that can cut pesticide use by up to 80% through autonomous spraying and UV-C treatment.
• SLS NextDrip – Making drip irrigation viable for broad-acre crops by shifting manual installation effort off the field and into factory-prefabricated, field-specific units.
• rain2soil – Developer of Rainbutler, an autonomous high-efficiency irrigation robot that drastically reduces labour, water, and energy usage.
• VetVise GmbH – AI and camera-based analysis of chicken and pig behaviour, advising farmers to improve animal welfare, farm efficiency, and eco-friendliness while reducing working time.
• Maschinenlotse – An AI-powered platform that guides farmers to the right machinery dealer — faster, more transparently, and better prepared.

Session 3: FoodTech

The final session spotlighted three startups innovating along the food production and processing chain:

• FluIDect – Bringing biological analytics directly into industrial production to help food and fermentation companies improve process control, reduce losses, and increase sustainability.
• PlasmaGrainInnovation (PGI) – Aiming to completely eliminate chemical pesticides from grain storage by using Cold Atmospheric Plasma (CAP).
• UMYNO Solutions – An AI Worksuite for food and beverage innovation that automates R&D workflows to slash time-to-market and end data chaos.

A Strong Signal for AgriTech in Germany

From biological crop protection and precision livestock management to autonomous irrigation robots and AI-driven food R&D — the breadth and depth of innovation on display in Hannover made one thing clear: the next generation of agricultural technology is not a distant prospect. It is being built right now, by founders who are turning bold ideas into field-ready solutions.

Thank you to every startup, investor, and ecosystem representative who joined us — many of them on one of the hottest days of the year. And a special thank you to NBank – Investitions- und Förderbank Niedersachsen for hosting, and to all co-organisers and partners: Big Dutchman AG, RootCamp, and Seedhouse.

We look forwardAgriTech Pitch Day 2027!

Europe’s Deep Tech Promise Needs Bold Capital

The newly published TUM Deep Tech Report delivers a sobering reality check for Europe’s innovation ecosystem – and a clear call to action for investors like us.

An article by Gregor Haidl, Partner and Head of HTGF Munich and one of the co-authors of the Global Deep Tech Report 2026.

The data speaks volumes: Europe hosts 45% of global Deep Tech startups but captures only 17% of funding. Germany, despite its economic weight, ranks fifth globally with just 500 startups – behind the UK (1,100) and France (800). Most striking: Europe’s Series A to Series B conversion rate sits at a mere 10%, compared to North America’s 24%.

Understanding the Deep Tech Founder Profile

European founders aren’t lacking in scientific depth or technical excellence. In fact, 61% of Deep Tech founders hold Master’s or PhD degrees, with Engineering, IT, and Management being the top educational fields. This highlights the foundational role of advanced education in building ventures rooted in frontier science and engineering. However, the report also indicates that European Deep Tech founders, while highly educated, trail their North American peers in prior founding experience (36% vs 43%), prior Deep Tech experience (24% vs 33%), and top-10 university attendance (14% vs 29%). This suggests a unique founder landscape in Europe that demands a tailored support system, recognizing and nurturing the deep scientific talent available as well as encouraging entrepreneurial experiences.

At HTGF, we’ve always believed that backing Deep Tech does take early conviction first and foremost, when technologies are still unproven. However, the report shows that patience, when timelines extend, and follow-through when scale-up capital is needed most, are even more important. As a multi-stage platform from seed to growth, we’re building towards exactly this kind of commitment.

The report confirms what we see daily: the “Valley of Death” is real, and over 90% of Deep Tech startups fail due to funding gaps – not technology failures. Hybrid financing models combining equity, grants, and debt are needed.

This challenge is further compounded by critical disparities in exit opportunities and the ability to scale. North America’s M&A exit rate stands at 8%, double Europe’s 4%. This “scaling bottleneck,” where 81% of European startups remain at or below 50 employees compared to 68% in North America, points to a systemic issue in providing clear pathways to successful exits for Deep Tech ventures. Addressing this requires not only strategic deployment of capital but also fostering a more robust ecosystem to support scale-ups and enable large acquisitions.

Europe’s Deep Tech could generate €1 trillion in enterprise value and up to 1 million jobs by 2030. But only if we fundamentally rethink how we deploy capital. We need more investors who understand that Deep Tech isn’t a sprint – it’s an ultramarathon requiring endurance, trust, and the willingness to build category-defining companies over decades.

The New Wirtschaftswunder requires bold capital that aligns with bold founders.

download the report

Energy, connections and a fresh start for the New Wirschaftswunder

A look back at HTGF Family Day 2026

Just when Europe needs a new direction, the people who will shape it are coming together here.

On 11 and 12 May, the HTGF Family Day took place for the third time in Berlin – and once again demonstrated what makes this format so special. The answer to the challenges of our time lies in three things: people, technology and capital. When all three come together, something greater emerges. That is exactly what we mean when we talk about the New Wirtschaftwunder.

What stood out particularly this year was the mood. Despite a challenging global environment, the atmosphere was characterised by deep optimism. The belief that Germany and Europe can be the architects of the next economic upswing was palpable. It is a joint project. An endeavour that has its origins in the ideas, teams and technologies that the HTGF ecosystem drives forward every day.

“Our society cannot function without space technology”

Koen Geurts on strategic gaps, strong ecosystems and the role of patient capital in Europe

Hardly anything works today without space technology: navigation, logistics, telecommunications and climate monitoring all depend on satellites. We spoke with Dr. Koen Geurts, Senior Investment Manager at HTGF and a former space professional with 15 years of experience – including on the Rosetta comet landing in 2014 – about what this means for our society and Europe, and the role startups play in it. In this interview, Koen explains where Europe is strong, which gaps we need to close, and why patient capital is crucial for New Space startups to become true European champions.

Space technology is increasingly understood as strategic infrastructure. What concrete role does it play today?

Koen: Without space technology, our society as we know it cannot function. Navigation, logistics, telecommunications and large parts of our critical infrastructure are enabled by it. We can currently see this in Ukraine, where satellite-based internet determines the operational capability of troops, or in Iran, where we can often only track internal developments through satellite data, not subject to any borders. Satellite-based reconnaissance is also crucial for civilian crisis prevention and response, whether for wildfires, floods or monitoring illegal deforestation.

Space technology is equally important in the civilian sector: weather forecasts, soil and vegetation analysis, as well as urban planning and infrastructure development depend directly on satellite data. The systematic collection of climate data – from ice masses to sea levels to greenhouse gas concentrations – would also be hardly possible without them. Europe is very well positioned here with the Copernicus program – the data is freely available in Europe and has enabled numerous new business models.

In which areas is Europe a frontrunner in space technology, and where do you see gaps?

Koen: In the Earth observation sector, Europe is clearly in the lead, both in infrastructure and in many applications. Copernicus is a reference program worldwide. Europe is also on par with the US in navigation thanks to Galileo, especially in value-added services enabled by Galileo and its security standards. We’re also seeing the first European New Space scale-ups becoming global leaders, such as Iceye from Finland. This is an absolute success story for Europe.

At the same time, we have strategic gaps. In the LEO broadband sector – internet from space – there is currently no fully-fledged European alternative to existing systems. And we also lack our own capabilities in high-resolution optical reconnaissance with high repetition rates. If we’re serious about technological sovereignty, we need to invest smartly and precisely in exactly these areas.

How is this reflected in the startup ecosystem?

Koen: The momentum is impressive. Ten years ago, hardly anyone could have imagined that privately funded companies would develop complex space systems. Today, we’re seeing exactly that: Atmos is working on novel re-entry capsules, The Exploration Company on spacecraft capsules and rockets, LiveEO uses Earth observation data to identify risks along railway lines and power grids, for example. ISPTech is developing new propulsion technologies that are becoming even more relevant due to the changed security situation also in space. And Reflex Aerospace is building high-performance, configurable satellite platforms. Such teams would have been barely fundable in Europe just a few years ago. Today, there are founders who think big, and investors willing to take on this level of technology risk.

Why do some companies develop faster than others?

Koen: It depends heavily on where you sit in the value chain. Those who sell complete end-to-end services or systems to end customers can often more easily explain market size and business case – this helps with fundraising and winning large contracts. Teams at the component or subsystem level often develop crucial technologies but have more work convincing investors of market potential and tend to need longer to develop significant revenue. However, they are often very profitable.

This is exactly where we need patient capital. Deep tech startups need time to build markets and gain trust. HTGF deliberately takes on early risks in such cases, and DTCF can support such companies in later scaling phases. That this pays off is demonstrated by examples like Dcubed, which today sells unique components globally and is internationally recognized.

Large budgets are currently flowing into the space sector. What does this mean for startups?

Koen: These budgets are enormously important, especially in security and defense-related areas. Of course, established companies play a central role in large infrastructure projects. At the same time, we should integrate startups and scale-ups much more consistently.

On paper, this is often desired, but in practice, large tenders still too rarely go to young tech companies. Experience shows successful scale-ups may not deliver 100 percent of the requirements, but they fulfill 80 percent in 20 percent of the time or cost. We need this mindset in Europe if we’re serious about innovation.

Looking ahead to the next few years: what is needed?

Koen: We need three things: teams that think big technologically; investors who understand deep tech as a long-distance race; and public procurers who structurally integrate startups into large projects. It’s also important to think more in European categories rather than building separate champions in each country.

If these come together, Europe can not only catch up in the space sector but take a leading role in many areas.

Thank you for these fascinating insights, Koen.

Rewiring Engineering: How Neural Concept Is Building the AI Intelligence Layer for Manufacturing 

Neural Concept develops AI driven engineering software that enables industrial companies to design and optimise products faster. The Lausanne-based company, an HTGF portfolio company since its seed stage, recently closed a USD 100 million Series C round led by Growth Equity at Goldman Sachs Alternatives to accelerate the global expansion of its AI-native engineering platform. In our interview, founder and CEO Pierre Baqué shares how AI is redefining engineering and what it takes to build a global deep tech champion from Europe.

Pierre, when you meet someone who has never heard of Neural Concept, how do you explain what you do in a few sentences? 

I usually start with the status quo in industry. Today, all advanced manufacturing companies rely on what I call the digital layer. These include simulation and 3D CAD tools that virtualize product development. Engineers design products, run simulations, analyse results and decide what to do next, all inside this virtual environment. 

But even though everything is digital, it’s still humans driving most of the actions and decisions: drawing in 3D, launching simulations, interpreting results. 

What we are building with Neural Concept is the intelligence layer on top of that digital layer. This layer drives the virtual environment and creates a new type of interface with these tools, one that is AI-augmented and AI-driven. It augments engineers, but ultimately it augments entire engineering organisations. 

In short: we’re adding intelligence on top of the digital tools that already run modern product development. 

AI and product development are evolving rapidly. Which developments are you watching most closely? And where do you see the biggest opportunities for Neural Concept? 

I think all developments around AI agents for code and software development will have a tremendous impact on the software industry, and also on software for engineering, which is where we operate. 

I believe everyone is still underestimating how big this impact will be. There has been some turbulence in the market recently, but this is really just the beginning. 

What this means for our space is that many very large incumbents currently control the digital layer, the traditional CAD and simulation tools. With AI entering the equation, the cards will be reshuffled for the next generation of engineering software. 

For new companies like ours, this is incredibly exciting. It’s a moment where you can rethink how value is created for customers and imagine entirely new ways of working. That’s a rare window of opportunity. 

Can you share a concrete example that illustrates the impact Neural Concept has on day-to-day engineering work? 

A good public example is our work with MAHLE, the German automotive supplier. They’ve been using our technology for some time now. 

One result was achieving unprecedented product performance. For example, when designing blower fans used inside electric vehicles, they were able to significantly reduce noise levels, making them best-in-class in the market by a wide margin. This matters a lot, because in electric cars you can hear these components much more clearly than in combustion vehicles. A quieter fan directly improves perceived vehicle quality. 

But beyond performance gains, the real shift is in the process itself. MAHLE is establishing a new development process around AI. They can now reduce development effort and respond much faster to specific requests from automotive OEMs. 

So it’s not just about better products. It’s about faster iteration, more flexibility and a fundamentally different way of engineering. 

You recently closed a USD 100 million Series C funding round led by Growth Equity at Goldman Sachs. What does this milestone mean for you and the company? 

It’s a very exciting time, not only for us, but for technology in general. This round is really fuel for us to position Neural Concept as one of the companies that will redefine our market. More than an achievement, I see it as an opportunity to build something that will be remembered and that will shape how engineering is done in the future. And that’s the mindset we have going forward. 

HTGF has supported Neural Concept from the seed stage as one of the first institutional investors, participating in every financing round. How would you describe our role on your journey? 

HTGF has been an amazing and trusted partner for us. They’ve found the right balance between support and challenge, being there during more difficult times and sharing success with us as well. 

What differentiates them for me is their breadth of exposure to the startup ecosystem. Through HTGF, and especially through Gregor, our investment manager, we have access to a very broad view of what’s happening across many companies and technologies. 

As you grow, you often lose some visibility on early-stage developments and emerging startups. Having someone who sees the bigger picture and can act as a channel of information is extremely valuable. It helps us stay connected to what’s happening in the ecosystem. 

Looking back on your own journey, from researcher to founder and scale-up CEO, what key lessons would you share with deep tech founders just starting out? 

One important lesson is that at some point, you have to accept forgetting about the technology, at least for a while. 

When you start as a deep tech founder, you naturally think about how to push your technology into the market. But eventually you need to flip that perspective. You have to look first at the market and ask: What does this market actually need? What problems do customers really have? 

Only then should you think about how your technology can solve those needs. 

This shift can be uncomfortable. In the beginning, your technology feels like your main asset. When you start focusing on the market instead, you might feel like you’re losing that asset. But in reality, your technology is still there. It just becomes a tool to solve real problems rather than the starting point. 

Another lesson is commitment. Building a company is not something you can do at 90 percent. It really requires going all in, 100 percent. That level of focus and dedication is necessary. 

And finally, you need to understand that business is business. Coming from research, you may initially see the world differently. But you have to learn how competition works, how companies operate and how markets function. That understanding is essential to building something that lasts. 

How do you see the deep tech and VC landscape in Europe today compared to when you started? 

It’s difficult for me to answer completely objectively because I’m no longer an early-stage founder myself. But from what I can see, there is definitely funding available in Europe. 

You may not always see the very large, early-stage funding rounds that happen in the U.S., but if you build a strong company, show ambition and aim to win globally, you can find the capital you need in Europe. The ecosystem is there. 

What’s also changing is the speed of development. With new AI tools and coding assistants, reaching a minimum viable product is becoming faster and easier. That’s great for founders, but it also means that other factors will become more important: distribution, network, product experience and execution. 

Competition will likely increase, but so will the speed of innovation. For ambitious founders, that creates real opportunity. 

Thank you, Pierre, for sharing these inspiring insights! 

Interview with Sebastian Borek: Entrepreneurial Spirit, AI and a Vision for Europe 

Since mid-October, Sebastian Borek has joined the HTGF management team as Managing Director, responsible for the Digital Tech division. Together with Romy Schnelle and Achim Plum, he forms the fund’s new leadership trio. In our interview, Sebastian shares what drives his passion for strengthening Germany’s future competitiveness, reflects on HTGF’s role in shaping the VC landscape and innovation ecosystem, and discusses how AI is enabling new business models and transforming the venture world. 

Sebastian, you joined the HTGF management team on October 13 – even though you weren’t actively looking for a new role. What made you want to come on board? 

Sebastian: I’ve always been fascinated by discovering emerging technologies early on and staying right at the forefront of innovation. The world is evolving at a tremendous pace, and I love being part of that change. At the same time, I’m driven by a bigger mission: strengthening the future competitiveness of Germany and Europe in close collaboration with industry and policymakers. HTGF is perfectly positioned for this. Thanks to our public-private setup, we have the resources and expertise to be broadly-positioned. Our team has close links with the research community and is well-connected across Europe, where innovative technologies are emerging. We’re able not only to identify future technologies but also to turn them into real-world applications and create meaningful value. We can serve as a think tank for industry, SMEs and our whole economy. 

Together with Romy Schnelle and Achim Plum, you form HTGF’s new leadership trio. What makes this constellation special for you? 

Sebastian: The team dynamic was one of the key factors for me. I met Romy and Achim early in the process and immediately felt that it was a great fit. We complement each other perfectly – different backgrounds and experiences, but a shared understanding and a really strong rapport. Each of us is responsible for one of three areas, each with its own ecosystem. Dividing this expertise while aligning around a holistic strategy at the management level makes complete sense to me. We think collectively and act in line with market dynamics across our investment areas.

How has your experience with HTGF been so far? 

Sebastian: On a personal level, my experience with HTGF has been really positive: a dedicated team with great commitment, a strong sense of responsibility, and an impressive range of expertise. HTGF is a large and complex organization, and I’ve been pleasantly surprised by how much depth there already is and how well everything is structured. 

Right now, I’m having a lot of conversations and often there’s barely enough time. It’s the informal moments, like chats in the coffee kitchen or over lunch, that give me a really good feeling. I’m also looking forward to getting to know our Berlin and Munich offices even better soon. Overall, my impression so far has been very positive. 

You’ve built companies and created ecosystems yourself – from Founders Foundation to Hinterland. How are you bringing this entrepreneurial mindset into HTGF? 

Sebastian: Over the past few years, I’ve learned a lot about what it takes to build companies and create ecosystems. I want to bring those experiences into HTGF – wherever they can add value. At the same time, there are already many strengths here that I want to build on. My goal is to achieve the best of both worlds. 

From my time with Hinterland, I know how to build bridges – between SMEs and industry, between founders, investors, and policymakers. We already have those capabilities at HTGF; now it’s about sharpening our focus and using them even more strategically. 

But before applying any external concepts, I want to really understand HTGF. What hidden potential lies within the organization? How can we unlock it together? This is the perfect moment to redefine that – and that’s exactly what I’m working on right now. 

How do you see HTGF’s role in the VC market and for the wider economy? 

Sebastian: Twenty years ago, HTGF was one of the driving forces behind Germany’s VC scene. We helped shape the early stage of the ecosystem and fulfilled that mission very successfully. Today, it’s about being a role model again. Our public–private structure gives us the opportunity to take new paths – and that’s exactly our mandate. We need to identify where markets don’t function efficiently and where new, relevant needs arise that other VCs aren’t addressing. That’s where we can make a real impact. 

The economy is undergoing a profound transformation. Artificial intelligence is changing far more than just processes – it’s having major societal implications. So we have to ask ourselves: how do we position ourselves for the future, and where do we want to set our priorities? 
It’s an exciting phase: setting new impulses for the next 20 years, building ecosystems, bringing talented people into entrepreneurship, connecting startups with industry, and strengthening innovation. Our current mission still applies – but it needs to be rethought and applied in a way that fits today’s markets. 

That’s exactly what we’re tackling as part of our strategic process: developing clear investment hypotheses that address not only current but also future market needs. 

We’re more than 100 people with diverse skills and perspectives. We’re using that diversity to shape a strong strategy. My goal is clear: we must be pioneers – and we can be. 

What role does HTGF’s close connection to industry partners and SMEs play? 

Sebastian: Our close ties to industry and the Mittelstand are one of our greatest competitive advantages. We give startups access to established companies while helping industry players recognize and leverage innovation at an early stage. Industry is looking for solutions, while startups bring agility and the courage to test new business models. We bridge that gap — acting almost like an extended R&D arm for the economy. 
AI is growing at an incredible pace and challenges both founders and VCs. The key question is: Which technology should I bet on? Markets are changing fast, so products, business models and we as investors today need to be far more adaptable and agile. 

This is a huge challenge, especially for industrial and family-owned companies. They carry responsibility for their regions and employees and are under significant pressure. That’s where we can help: we’re the partner that identifies the right investments and turns innovation into a competitive advantage. Our role is to build bridges between startups and industry — and with AI and ongoing transformation, that bridge is becoming even more important. 

You’ll be leading the Digital Tech investment division. Which developments will shape the coming years, and how are you preparing for them? 

Sebastian: AI will transform an entire spectrum of business models in the years ahead. We have to look very closely: who will be disrupted by AI, and who can use it to accelerate growth? The challenge is that we often think linearly, while technological progress is exponential. Especially in the digital tech space, everything moves even faster. That’s what excites me, but it also carries risks. We need to understand where the real substance lies: proprietary data, clear applications, and genuine unfair advantages. 

That’s why I’m a big believer in hypothesis-driven investing. We develop guiding theses about which technologies will prevail and what impact they’ll have on different industries, and we continuously validate those hypotheses. It’s the only way to invest intelligently. 

At the same time, it takes a deep understanding of both technology and markets. Today, investors need to be able to engage with founders as equals on a content level. Only then can you earn your place on the right cap tables. 

You recently said that Germany needs to send a clear signal that it attracts founders. What could that signal look like in practice? 

Sebastian: That question has been on my mind for more than ten years. Right now, the U.S. is the strongest magnet for founders, with larger funding rounds, greater risk appetite, and an ecosystem that thinks big. We can’t copy that culture one-to-one, but we can play to our own strengths. 

Germany and Europe need a clear vision for the future, a narrative that shows: this is where the jobs and technologies of tomorrow are being created. Instead of just saying we’ve fallen behind, we need to define and occupy new fields like quantum computing, fusion technology or humanoid robotics. 

That’s not wishful thinking; it’s a strategic necessity. We need to develop hypotheses about where we want to be global leaders in ten years and build the capabilities to get there. HTGF can play a key role here, not only for Germany, but for Europe as a whole. We have the opportunity to connect ecosystems and translate research into real-world applications. 

From Lisbon to Bonn – what would you say Germany could learn from Portugal’s startup scene? 

Sebastian: In Lisbon, the European spirit is much more alive. The ecosystem is international, and Portugal has deliberately positioned itself as a startup hub. That attracts talent and investment and shows what can happen when politics and key players share a clear vision. Attract, don’t chase – that’s the mindset. You need to develop a clear sense of what you want to be and then work towards it with consistency. 

That’s the kind of mindset I want to bring to HTGF as well. We need strong networks, international connectivity, and a narrative that fits our strengths. Europe has enormous potential — we just have to actively unlock it. 

And finally: when you look back in three years, what do you want to be measured by? 

Sebastian: Most importantly, I want everyone at HTGF to genuinely enjoy coming to work, not just because of our culture or the great offices, but because they know that what we do truly matters. We’re shaping future viability. 

If we can create that sense of purpose not only within HTGF but across our entire ecosystem, I’ll be happy. I want to spark a sense of optimism for the future — a feeling that things are moving, that it’s worth the effort. If not us, who? If not now, when?