31JUL

Dealroom projects $34.2bn for UK tech

3 min read

12:32UTC

Dealroom's UK page now shows $17.1bn raised across the first half of 2026 and projects $34.2bn for the year, a 45% rise on 2025.

← Back to Humanoid hit $1.35bn on a customer order Jump to analysis ↓

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Key takeaway

Dealroom's headline number is a projection, and one round explains most of the week beneath it.

Dealroom updated its UK page on Thursday 23 July with $9.5bn raised in the closed second quarter and $17.1bn across the first half of 2026 ¹. It projects the full year at $34.2bn, a 45% rise on 2025. Dealroom labels that full-year number a projection rather than a recorded total, and no methodology sits beside it on the page.

Set the projection against what the record already holds. The Department for Science, Innovation and Technology (DSIT) counted £8.3 billion across 1,284 deals for all of 2025 in its own sector scorecard . The British Business Bank found AI companies taking a record 44% of smaller-business equity value in the same year . A 45% rise on that base would be the largest annual increase this desk has tracked.

The week of 20 to 24 July shows how such an aggregate gets built. Eleven UK deals totalled £587.3 million ². One growth round, CuspAI's £335 million, accounts for 57% of that. Strip it out and the other ten come to £252.3 million, roughly flat against the £209.4 million the previous week produced. One company explains the headline swing.

This is also the strongest argument against reading Humanoid's round as a pattern. CuspAI's £335 million was pure financial capital with no customer attached, and it dwarfed every industrial cheque in the window. Three rounds inside four days do not make a trend, and Humanoid, Greenjets and Moa Technology sell into three unrelated markets. Bosch and Schaeffler's triple role may belong to Humanoid robotics specifically, a field where the buyer has to co-develop to get anything deployable at all. The industrial-buyer observation holds for British hardware this month. It does not extend to UK tech generally, and one quarter would overturn it.

Deep Analysis

In plain English

Dealroom is a data company that tracks how much money goes into European tech startups. It looked at the first half of 2026, found $17.1bn had been raised in UK startups, and used that pace to guess the whole year might reach $34.2bn, which would be 45% more than 2025. That $34.2bn number is a forecast, not money that has actually arrived yet, and a lot of it depends on whether a handful of very large AI deals keep happening in the second half of the year.

Deep Analysis

Root Causes

Dealroom's projected total is concentrating rather than broadening because the tier that would normally spread capital across more companies has shrunk at the same time: HMRC's own 2024/25 data showed EIS-relief investors falling 7% to 33,220 even before April's cut to Venture Capital Trust relief from 30% to 20% took effect, the first such cut since VCTs were created in 1995.

With fewer angels writing small cheques, the deals that do close skew toward the institutional-scale rounds Dealroom's aggregate weights most heavily.

University spinout deals fell 33% by count and 51% by value in 2025 on the British Business Bank's own tracker , which removes exactly the kind of smaller, more numerous deal that would otherwise pull a national total up through volume rather than through a handful of outlier cheques.

What could happen next?

Risk
A $34.2bn full-year projection built on H1 pace could fall well short if no further mega-round the size of CuspAI's £335m materialises in H2, since that single deal already supplied more than half of one week's entire national total.
Consequence
Government and investor rhetoric citing the $34.2bn figure will likely outpace confirmation of it, since Dealroom's own confirmed number stops at $17.1bn until the year closes.

Source Landscape

This story draws on neutral-leaning sources

Primary parallel: DSIT's Digital and Technologies Sector Plan scorecard (ID:4192), published 10 June, logged £8.3bn in UK tech equity for the whole of 2025 across 1,284 deals; Dealroom's $34.2bn 2026 projection, even after currency conversion, implies roughly triple that annual figure, an escalation of the same measurement Britain's own government used as its baseline five weeks earlier.

Counter-parallel: London startups raised £2.14bn in March 2026 alone, but Nscale's single round supplied 70% of that month's total (ID:2348); a monthly or annual headline built on one or two outlier companies has repeatedly proven not to predict the following period's total once the outlier rolls out of the comparison window.

Dealroom's $34.2bn is a projection, extrapolated from $17.1bn actually raised across H1 2026, not a recorded total; the recorded H1 figure itself splits into $9.5bn for Q2 alone, meaning the second quarter already ran ahead of the first. Reaching $34.2bn for the full year requires H2 to roughly match H1's pace even without a repeat of a CuspAI-sized outlier, which is the assumption most exposed to a single quiet quarter.

On a weekly view, UKTN's £587.3m total for 20-24 July splits 57% to CuspAI's previously-reported £335m round (from our update #12, 22 July) and only £252.3m across the other ten deals combined shows the same pattern a fortnight earlier, when five sub-£15m rounds totalled just £41.5m). Strip the single largest cheque from any week this topic has tracked since April and the remainder looks like a normal, unremarkable week.

Consensus view: The British Business Bank's own tracker, published 2 July, recorded AI taking a record 44% of UK smaller-business equity value in 2025 while the wider market shrank 4%; Dealroom's analysts build the $34.2bn projection by extrapolating that same concentration forward, so the projection is a bet that whichever handful of AI mega-rounds close in H2 2026 will be larger, not that deal count across the market will rise.

Counter-view: Atomico, the European venture firm that publishes its own annual State of European Tech report, has argued in past editions that headline national totals dominated by two or three outlier rounds tell you about capital availability for a small number of founders, not about the health of the ecosystem beneath them, a caution that applies directly to a UK figure where CuspAI's £335m round alone was 57% of one week's total.

Key tension: Whether a $34.2bn full-year figure represents broadening UK tech investment or the same narrow set of AI and materials-Science outliers simply getting larger, a question Dealroom's own methodology, aggregating total capital rather than weighting by deal count, cannot answer.

Sources:UKTN·Dealroom

Mentions:Dealroom →CuspAI →British Business Bank →DSIT →Atomico →London →Bosch →Humanoid →Schaeffler →Science →Greenjets →Nscale →UCL Technology Fund →

First Reported In

Update #13 · Humanoid hit $1.35bn on a customer order

UKTN· 31 Jul 2026

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Causes and effects

Caused by

PhysicsX hits $2.4bn on Temasek cash

PhysicsX's Temasek-led round shows foreign growth capital entering UK deeptech without an industrial-buyer mechanism, the contrast Dealroom's aggregate obscures.

Occurred 8 Jun 2026

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AI takes record 44% of UK equity market

The 44% AI equity-share record set the concentration pattern Dealroom's week-on-week figures now repeat.

Occurred 1 Jul 2026

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DSIT scorecard maps the funding barbell

DSIT's £8.3bn 2025 total is the baseline against which Dealroom's $34.2bn projection is measured.

Occurred 10 Jun 2026

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This Event

Dealroom projects $34.2bn for UK tech

A 45% annual rise would be the largest this desk has tracked, but the figure is a projection with no published methodology, and one round explains most of the week beneath it.

Different Perspectives

Fubon Financial

Fubon Financial joined Humanoid's Series A on 21 July as a minority financial investor alongside Schaeffler and Bosch, who also hold the customer and manufacturer roles. A pure-play investor from Taipei is pricing a London robot maker on terms two German industrial groups effectively set.

NATO Innovation Fund

The Fund joined Greenjets' £30m Series A on 21 July alongside NSSIF, betting on ducted electric propulsion's civil market to fund a technology with an obvious defence application. It is backing a company that took twenty-one years to reach this stage, on the expectation that certification-cycle timelines reward patient capital over a quick return.

Prime Movers Lab

Prime Movers Lab led Humanoid's Series A on 21 July as the round's only pure financial investor, sharing the cap table with two co-investors who are also the anchor customer and the factory. That leaves the fund's usual arm's-length pricing role diluted by partners with a direct commercial stake in the valuation holding up.

Bosch and Schaeffler

Schaeffler signed what Humanoid calls the industry's largest publicly announced commercial agreement, while Bosch took equity and became contract manufacturer, filling capacity a shrinking combustion supply chain freed. Neither company has disclosed a unit count or an invoice, so their public commitment stops well short of Forbes' 100,000-unit projection.

UK founders raising seed through Series A

A London robotics founder raised $152m this week against a signed industrial customer and a reserved factory, while a Cornwall founder more typically draws a £25,000 loan from a regional fund manager. Both call it British venture funding, but one route runs through Bosch's production line and the other through diligence built for businesses too small for any VC's attention.

EQT

EQT was reported on 3 July to be in advanced talks for a further CuspAI stake on behalf of the EU's Scaleup Europe Fund, but does not appear on the round CuspAI closed. Whether Europe's own sovereign vehicle secured a position, was outbid, or withdrew is unresolved.