Sofia QueirozHow science has been a long-time friend of impact
How science and deeptech can unlock impact at scale, and why intentionality, accountability, and early-stage capital are key to doing it right.
In a world where science and innovation are growing at unprecedented levels and are central to unlocking societal and planetary health, impact stakeholders play a crucial role in ensuring that technology is applied with intentionality.
Why deeptech and impact are a natural and timely fit
We live in a world shaped by rapid innovation, where science is at the heart of transformative change, and constantly challenges our understanding of what is possible. From reversing climate change to curing diseases, science has proven its ability to tackle humanity’s most complex problems. Technologies such as MRI have revolutionised non-invasive diagnostics, while carbon capture is helping improve quality of life on earth.
However, if we look at the challenges ahead - such as the increasing consumption of energy from data centres with the growing applications of AI, the growing global warming that challenges food security, the prevalence of bacteria that is now ultra resistant to existing antibiotics, the growing number of cancers in younger population - we understand we are only beginning to tap the potential of scientific innovation.
The application of deeptech to impact sectors has grown significantly in the past years. According to dealroom, the percentage of deeptech funding directed at climate technologies alone increased massively from 7% in 2016 to 38% in 2022, demonstrating a strong signal of momentum.¹
As deeptech becomes more attractive to investors - strengthened by growing exit activity and strong returns - funding remains critical to scaling these technologies. The Draghi report highlights deeptech as one of Europe’s greatest impact investment opportunities. Yet, to unlock its full potential, more capital needs to be mobilized at the earliest stages of innovation.²
We (Europe) must unlock our innovative potential
— Mario Draghi, former European Central Bank President
- Adapted from page 24 — The 2025 European Deep Tech Report³
Is technology inherently good? The importance of accountability
Science and deep technology have the power to unlock solutions to massive challenges - and with that, access to massive markets. Yet, with such potential also comes an important responsibility. Many technologies underlying scientific advancements can have a dual-use nature, i.e. they can be directed towards positive outcomes or not.
Take Biorce, for example - one of our portfolio companies. They’re developing a model that interprets clinical data to power a platform of products accelerating clinical trials and bringing drugs faster to market. Their technology is being used to shorten the time and reduce the cost of delivering drugs for life-threatening diseases to patients. But the same model could be used to develop products without an intentional impact angle. As impact investors, we act as a sounding board and help influence the direction toward intentional, positive outcomes.
Does this mean that technology is bad? Not at all. It means intentionality matters. Technology is a tool; it is how we use it that makes it beneficial or harmful. Those that shape how these technologies are used have an important role to play. At early stages, that includes founders and investors.
Technology can do great things, but it does not want to do great things – it does not want anything.
— Tim Cook, Apple CEO
At maze, we manage our VC funds with an impact aligned carry structure. Our returns as fund managers are directly tied to the impact performance of our portfolio companies. Simply put: if companies don’t achieve the agreed impact outcomes - validated by our fund advisory board - we don’t earn carry. We believe this alignment of incentives is key in mitigating dual-use risks and ensuring that technology scales with intentional, positive impact.
What the data is telling us about science and impact investing
If the people influencing how science and technology are applied matter - then who’s actually shaping those decisions today?
Internal research at Maze, reviewing the portfolios of 31 early-stage impact funds in Europe, revealed that only 1 in 5 companies backed by impact funds are based on scientific innovation or engineering breakthroughs. Yet, when we look at the impact unicorns created in 2022, 75% are rooted in science.
If science-based companies hold both the highest impact and value creation potential, we asked ourselves: what if we can contribute to mobilise more impact-aligned capital to scientific innovation?
Our hypothesis is that the more impact capital that goes to scientific innovation, the more likely we are to see these technologies used for positive outcomes. This is particularly important at the earliest stages, where aligning intentionality from the outset can shape the trajectory of a product’s development. Today, with technologies like Artificial Intelligence accelerating time-to-market, that early alignment matters more than ever.
Impact as a tool to direct tech intentionality
We believe science holds the greatest impact opportunities of our time - solutions capable of reshaping entire markets and with capacity to transform our planet into one we can live healthier lives.
By investing with an impact mindset and embedding accountability into investment structures, we can help steer scientific innovation toward positive social and environmental outcomes, while de-risking the negative externalities that the use of technology can have.
If you are an investor exploring science through an impact lens, I would love to hear from you at sofia@maze-impact.com.
References
² The Future of European Competitiveness – A Competitiveness Strategy for Europe
³ The 2025 European Deep Tech Report (page 24)