Executive Summary

Why LATAM is primed for Deep Tech

Latin America pairs the inputs for frontier science with a market that has chronically underpriced them. The problems and the opportunities are two sides of the same coin. The report combines a database of 2,566 deep tech ventures with more than 100 interviews and five roundtables to map the ecosystem and to chart a path from the "LATAM Discount" to fair value.

# The problems

$15 Per-capita deep tech investment, half of Europe’s, and roughly a tenth of the United States’

~60% Of R&D in LATAM is government-funded, roughly the inverse of advanced economies

–51% MSCI LATAM valuation discount vs. the world, far above the –13.9% historical average

72% Of ventures remain at Seed; only 19% advance to Series A

# The opportunities

865k STEM researchers, but under 1% work in deep tech: a 100× runway of untapped talent

72% Gross average return on LATAM biotech startups, 2015–2023 (SOSV/IndieBio)

219% YoY deep tech funding growth in 2024, the fastest-growing sector

20× Projected deep tech ecosystem growth by 2032 (IDB)

The report groups its 20 recommendations into three arcs: what companies must do to become investable (Market Readiness), what unlocks investor confidence (Investor Readiness), and the regional coalition that ties it together, plus five further-research initiatives. The through-line is that the discount is a temporary mispricing driven by solvable structural factors, not permanently inferior fundamentals.

Explore all 20 recommendations Filter the full playbook by theme and audience.